Home Sale Statistics in Our Area – March 2019

Welcome to our monthly post of home sale statistics for our region and some hyper local markets!  Below you will find the numbers for March.

Please call or text The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

Mid-Atlantic Region March 2019 home sales:

11,647 homes went under contract in the region. This is up significantly (30.59%) from the same time period in 2018!

26% of the homes that went to settlement in March 2019, sold in 10 days or less from when they hit the market. 

• Average sold price was $404,518 (up 2.6% from the same time period in 2018 when it was $394,114)

20,338 homes came on the market. That’s down 1.4% from March 2018.

• Homes that sold (closed) averaged 70 days on market, 11 days faster than in March of 2018.

• There is currently a 2.5 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 28,094 homes for sale (townhouse, condo and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

Let’s take a deeper dive into the numbers of our local market areas, and see if there continues to be segments that are experiencing a somewhat different market.  The upper-end price points in some areas have been experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points have less inventory and homes are selling much faster.  

To see what the conditions are like in your community, click on the link to your desired city below! 

Remember…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

10210 Vale Rd. Vienna, VA 22181- Just Listed by The Belt Team – Kemper Park!

10210 Vale Rd. Vienna, VA 22181 was Just Listed by The Belt Team!

This gorgeous custom rambler is in sought after Kemper Park! Featuring 4BR/2.5 BATH, shining hardwood floors, spacious eat-in kitchen, large windows, master en-suite, english style basement with guest room, stunning stone patio & private fully fenced backyard (backs to trees & Kemper Park!). You are tucked away yet close to everything including the town of Vienna, Oakton shopping center, Tysons Corner, Reston Town center, & Mosaic district. This one won’t last long!

Price, lots more photos & additional info 10210 Vale Rd. Vienna, VA 22181

Call Terry & The Belt Team at (703) 242-3975!

Call or text Terry & The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

10510 Adel Rd. Oakton, VA- Just Listed by The Belt Team – Luxury tucked away in Oakton!OPEN SUNDAY 4/21 12:30-3PM!

10510 Adel Rd. Oakton, VA 22124 was Just Listed by The Belt Team!

This beautiful brick colonial is in sought after Avon park! Featuring 5 bedrooms, and 5 full and two half baths. Plus, it’s a car enthusiast’s dream, featuring an attached 3 car garage & detached 3 car garage. The detached garage also includes apartment/home office/”man cave” above with full bathroom. Exceptional features include: shining hardwood floors, vaulted ceilings, high-end architectural details, five fireplaces, a gourmet kitchen featuring professional Viking stainless steel appliances, double oven, cooktop, wine refrigerator, upgraded granite and marble countertops, and much more.Additionally, there is extensive hardscaping/landscape upgrades throughout property, along with a recently renovated heated pool, pool house, gazebo, spacious deck, and travertine and brick patios. This is luxury tucked away in Oakton!

Price, lots more photos & additional info 10510 Adel Rd. Oakton, VA 22124

Call or text Terry & The Belt Team at (703) 242-3975!

Call or text Terry & The Belt Team at (703) 242-3975 if you would like to buy or sell in Northern Virginia this year. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

Text BELTVALUE to 59559 for your FREE home valuation!

3 Graphs that Show What You Need to Know About Today’s Real Estate Market

3 Graphs that Show What You Need to Know About Today's Real Estate Market | MyKCM

The Housing Market has been a hot-topic in the news lately. Depending on which media outlet you watch, it can start to be a bit confusing to understand what’s really going on with interest rates and home prices!

The best way to show what’s really going on in today’s real estate market is to go straight to the data! We put together the following three graphs along with a quote from Chief Economists that have their finger on the pulse of what each graph illustrates.

Interest Rates:

“The real estate market is thawing in response to the sustained decline in mortgage rates and rebound in consumer confidence – two of the most important drivers of home sales. Rising sales demand coupled with more inventory than previous spring seasons suggests that the housing market is in the early stages of regaining momentum.” – Sam Khater, Chief Economist at Freddie Mac

Income:

“A powerful combination of lower mortgage rates, more inventory, rising income and higher consumer confidence is driving the sales rebound.” – Lawrence Yun, Chief Economist at NAR

Home Prices:

“Price growth has been too strong for several years, fueled in part by abnormally low interest rates. A mild deceleration in home sales and Home Price Index growth is actually healthy, because it will calm excessive price growth — which has pushed many markets, particularly in the West, into overvalued territory.” – Ralph DeFranco, Global Chief Economist at Arch Capital Services Inc.

Bottom Line

These three graphs indicate good news for the spring housing market! Interest rates are low, income is rising, and home prices have experienced mild deceleration over the last 9 months. If you are considering buying a home or selling your house, let’s get together to chat about our market!

Thinking of selling or buying? Give us a call at 703-242-3975!

Every time a home sells in your neighborhood the equity in your home rises. Text BELTVALUE to 59559 for your current home valuation!

9926 Blake Ln. Oakton, VA- Just Listed by The Belt Team – Amazing Oakton Location!

9926 Blake Ln. Oakton, VA 22124 was Just Listed by The Belt Team!

Welcome home to this newer Built (’01) custom home in OHS district. 4BR/3.5 BATH, 9′ ceilings, shining hardwood floors, crown moldings, wood burning fireplace, gourmet kitchen, gorgeous master en-suite, spacious rec room, large deck & patio on a spacious private lot. It’s super rare to see something this nice, this new and with so much land appear on the market in Oakton! Fantastic location; Great layout. Move in Ready!

Price, lots more photos & additional info 9926 Blake Ln. Oakton, VA 22124

Call Tom Hanton & The Belt Team at (703) 242-3975!

Call Tom Hanton & The Belt Team at (703) 242-3975 if you would like to buy or sell in Northern Virginia this year. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

Text BELTVALUE to 59559 for your FREE home valuation!

22579 Blue Elder Terr. Brambleton, VA 20148 by The Belt Team – Amazing Brambleton Location!

22579 Blue Elder Terr. Brambleton, VA 20148 was Just Listed by The Belt Team!

Welcome home to this 1 BR/1 BATH condo in a great location! Right by the Brambleton Town Center filled with shops, dining, and entertainment. Close to all major commuter routes including Loudoun County Pkwy, Route 7, Route 28, Route 50, & the Dulles toll road. Ground floor unit with attached garage & driveway. Full size washer and dryer. Community offers swimming pool, basketball & tennis courts, clubhouse and more. Move in Ready!

Price, lots more photos & additional info 22579 Blue Elder Terr. Brambleton, VA 20148

Call Tom Hanton & The Belt Team at (703) 242-3975!

Call Tom Hanton & The Belt Team at (703) 242-3975 if you would like to buy or sell in Northern Virginia this year. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

Text BELTVALUE to 59559 for your FREE home valuation!

Your Tax Refund Is The Key To Homeownership!

According to data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $3,143 this year when filing their taxes. This is down slightly from the average refund of $3,436 last year.

Tax refunds are often thought of as ‘extra money’ that can be used toward larger goals. For anyone looking to buy a home in 2019, this can be a great jump start toward a down payment!

Your Tax Refund Is The Key To Homeownership! | MyKCM

The map below shows the average tax refund Americans received last year by state.Many first-time buyers believe that a 20% down payment is required to qualify for a mortgage. Programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae all allow for down payments as low as 3%. Veterans Affairs Loans allow many veterans to purchase a home with 0% down.

If you started your down payment savings with your tax refund check this year, how close would you be to a 3% down payment?

Your Tax Refund Is The Key To Homeownership! | MyKCM

The map below shows what percentage of a 3% down payment is covered by the average tax refund by taking into account the median price of homes sold by state.

The darker the blue, the closer your tax refund gets you to homeownership! For those in Virginia looking to purchase their first homes, their tax refund could potentially get them 40% closer to that dream!

Bottom Line

Saving for a down payment can seem like a daunting task. But the more you know about what’s required, the more prepared you can be to make the best decision for you and your family! This tax season, your refund could be your key to homeownership!

Thinking about buying or know someone thinking about buying? Share this with them. They could be closer to their down payment than they think & we would love to help them along the way.

Give us a call at 703-242-3976 or email us at info@thebeltteam.com

Think you are ready to sell? Text BELTVALUE to 59559 for a FREE valuation of your home!

Home Sale Statistics in Our Area – February 2019

Welcome to our monthly post of home sale statistics for our region and some hyper-local markets! Below you will find the numbers for February.

Please call The Belt Team at (703) 242-3975 or email info@thebeltteam.com to discuss in more detail what is happening in your market or if you are interested in buying and/or selling…we’d love to hear from you!

11,840 homes went under contract in the region. This is down 1.94% from the same time period in 2018.

19% of the homes that went to settlement in February 2019, sold in 10 days or less from when they hit the market. 

14,043 homes came on the market. That’s down 3.07% from February 2018.

Homes that sold (closed) averaged 78 days on market, 9 days slower than in February of 2018.

There is currently a 2.4 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Mid Atlantic Region – and 26,637 homes for sale (townhouse, condo, and single family).

OVERALL: The Mid-Atlantic Region remains in a Seller’s Market.  The inventory continues to be low favoring sellers.

However, as you dig deeper into the numbers of our local market areas, you will find segments that are experiencing somewhat different market conditions.  The upper-end price points in some areas are experiencing more of a Balanced (even Buyers in some cases) market where prices are not appreciating and properties are sitting on the market longer.  Whereas the lower price points are less inventory and homes are selling much faster. 

To see what the conditions are like in your community, click on the link to your desired city below! 

And…if you are thinking of buying and/or selling, contact us NOW (703-242-3975) to make sure you are working with an agent that will provide you with the data you need to make good decisions. The reality is that Buyers & Sellers who are successful in today’s market look at the data and act accordingly. All of this data about the variances in different price ranges is a perfect example of why.  If you’re looking to buy, and you “make an offer” below list price – you might be successful in the upper ranges where there is a more abundant supply of homes. Taking that same action in the lower price range will likely mean you don’t get the house of your dreams. Someone else will.

BUYERS: Did you know that Belt Team Buyers are eligible for our FREE Priority Notification List for new listings not yet in the MLS?! Call 703-242-3975 for details.

SELLERS: Call The Belt Team at 703-242-3975 for our FREE Report “42 Questions To Ask Your Realtor BEFORE You Sell”. And find out how our listings sell FASTER and for MORE MONEY than the average agent’s listings. Or Text BELT to 59559 for a FREE home valuation!

4 Reasons to Buy a Home in the Spring

4 Reasons to Buy a Home in the Spring | MyKCM

Spring has sprung, and it’s a great time to buy a home! Here are four reasons to consider buying today instead of waiting.

1. Prices Will Continue to Rise

CoreLogic’s latest U.S. Home Price Insights reports that home prices have appreciated by 4.4% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 4.6% over the next year.

Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates Are Projected to Increase

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year fixed rate mortgage came in at 4.41% last week. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac, and the National Association of Realtors are in unison, projecting rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way, You Are Paying a Mortgage

Some renters have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move On with Your Life

The cost of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Examine the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, greater safety for your family, or you just want to have control over renovations, now could be the time to buy.

Bottom Line

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.

Give us a call with any questions you have. We are here to help! We can also connect you with some of the industries best lenders & title companies.

703-242-3975 or info@thebeltteam.com

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Tips For Getting Your House Ready For Sale

It is a sellers market! If you want to sell your home soon, it’s worth putting in the work now. Let’s get together to chat and start the process!

The Belt Team specializes in creating real estate success stories, and we would love to be a part of yours! If you, a friend, or family member are looking to buy or sell we would love to connect.

Thinking about selling? Visit http://www.TheBeltTeam.com

Thinking about buying? Visit http://www.BeltTeamRealEstate.com

Or give us a call at 703-242-3975