Best Time to Sell? When Competition Is at an All-Time Low

Best Time to Sell? When Competition Is at an All-Time Low | MyKCM

In a recent survey of home sellers by Qualtrics, 87% of respondents said they were concerned their home won’t sell because of the pandemic and resulting economic recession. Of the respondents, 51% said they are “seriously worried.” That concern seems reasonable considering the current condition of the economy. The data, however, is showing that home purchasers are still very active despite the disruptions American families have experienced this year.

The latest Existing Home Sales Report published by the National Association of Realtors (NAR) revealed that 340,000 single-family homes sold in this country last month. NAR’s most recent Pending Sales Report (homes going into contract) surpassed last month’s number by over 44%, which far exceeded analysts’ projections of 15%. ShowingTime reported that appointments to see homes (both virtually and in-person) have increased in every region of the country and are up 21.4% nationwide over the same time last year.

While buyer activity is surging, the number of listings has fallen to an all-time low. Zelman Associates, in their latest residential real estate report, revealed that housing inventory as a percentage of households has fallen to 1.2%, which is half of the long-term average and lower than any other time in our history.

Bidding Wars Heating Up Again

With buyer demand growing and the supply of available homes shrinking, purchasers are again finding themselves needing to outbid other buyers. NAR, in a recent blog post, revealed:

“On average, there were about three offers on a home that closed in May, up from just about two in April 2020 and in May 2019 (2.3 offers).”

Bidding wars guarantee houses sell quickly at a price near or even slightly over the listing price.

Bottom Line

If you’re thinking of selling, don’t be concerned about putting your house on the market right now. There’s no better time to sell an item than when demand for it is high and supply is low. It is exactly at that time when you will negotiate your best possible deal.

Give us a call or shoot us an email if you want to discuss how we have been successfully navigating the current pandemic environment for our sellers…703-242-3975 | sales@thebeltteam.com.

Wondering what your home is worth? CLICK HERE for a free home valuation today!

205 Magnolia Ct, Sterling VA 20164 – Just Listed by The Belt Team!

Price, video & floor plan tours and LOTS more photos: 205 Magnolia Ct, Sterling VA 20164

Beautifully updated contemporary in quiet neighborhood in a prime Sterling location. Stand out features of this 3BR/2BA home includes family room with vaulted ceiling, large windows, wood-burning fireplace, eat-in kitchen with granite, stainless steel appliances, under cabinet and above cabinet lighting, overlook to family room, totally renovated baths, updated modern light fixtures, finished lower lever, 3-tiered deck with entrance from family room and kitchen to fenced in back yard, a large 2 car detached garage with an abundance of storage space, pulley system for ceiling hanging storage system, corner lot and so much more. Location is awesome, close to W&OD trail through neighborhood (no busy roads) and close proximity to route 28 and 267 make for quick commutes. Centrally located 6-7 minutes from most major shopping options in Sterling. Do not miss the opportunity to make this your next home!

Call Beth Dadisman & The Belt Team at (703)577-1144 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

The Belt Team was honored to be “Spotlighted” by Vibrant Vienna!

Vibrant Vienna talks to Terry about all things Vienna, real estate, reputation, experience and trust.  “If you don’t have that trust with people and they don’t have your word…you don’t have a business.” Watch the whole interview above or visit our YouTube page…www.YouTube/TheBeltTeam

Special thanks to Barry Schwartz @dunhillbuilders for letting us shoot at one of his gorgeous new homes!

And remember…NOW is the perfect time to buy and sell! If you have questions about the market or when’s the right time to act, give us a call and let our market knowledge and years of experience help guide you!

703-242-3975 | Info@TheBeltTeam.com | http://www.TheBeltTeam.com

Algae, Seepage and Leaking…OH MY!

Terry sits down with NV Roofing’s CEO, John Francis, and gets some valuable advice on roof damage and replacement.

We want to hear from YOU! Comment below with any questions for John and tell us what expert you would like us to feature next!!

Or, if you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.

Home Sale Statistics in Northern Virginia – May 2020

This pretty much sums up the current state of the market…

Prices are up.  New listings are down due to COVID-19.  Home sales are down because inventory is low.  Buyer demand is extremely high.  Interest rates remain historically low.  It is a Sellers market in most areas.  

Check out the details below…

Northern Virginia Region

3766 homes went under contract in the region. This is down (17.2%) from the same time period in 2019.

60% of the homes that went to settlement in May 2020, sold in 10 days or less from when they hit the market. 

• Average sold price was $574,102 (up 3.4% from the same time period in 2019).

3930 homes came on the market. That’s down 33.4% from April 2019.

• Homes that sold (closed) averaged 17 days on market, 1 day faster than in May of 2019.

• There is currently a 1.1 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 Northern Virginia – and 3,521 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market is again significantly lower year-over-year…expected given the current Coronavirus environment.    And, the homes that are listed continue to sell quickly and inventory across the area remains low.

If you need to sell your home, contact us NOW at 703-242-3975 or Info@TheBeltTeam.com or Click Here to help get your home ready and to make sure you DON’T MISS OUT on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

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

Vienna: May 2020 Home Sales

Oakton: May 2020 Home Sales 

McLean: May 2020 Home Sales 

Great Falls: May 2020 Home Sales 

Reston: May 2020 Home Sales 

Falls Church: May 2020 Home Sales 

Arlington: May 2020 Home Sales 

Alexandria: May 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

WHat Is My Home Worth

Sit down with Terry Belt Part 2 – How have you been working with out of town buyers given the COVID environment?

Part 2 of Krissy O’Malley’s sit down with Terry Belt! In this episode, Terry talks about how he has been working with out of town buyers who were not able to travel here to see homes given the COVID-19 situation. And don’t miss the special cameo!!

If you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 | info@thebeltteam.com or Click Here!

And…if you are in the market for a home, be sure to check out our state of the art website for buyers and set up a free search today! https://beltteamrealestate.com/

Sit down with Terry Belt Part 1 – How has the current environment changed your business?

Part 1 of Krissy O’Malley’s sit down with Terry Belt! Terry shares more of his wisdom on the state of the current real estate market and answers questions Krissy and others have.

Stay tuned for Part 2 of their talk along with more valuable and fun content from The Belt Team!

If you have a question for Terry, real estate related or not, please don’t hesitate to contact him at 703-242-3975 or info@thebeltteam.com.

Update! Real Estate Property Tax to Remain Unchanged in Fairfax County

On May 12th, the Fairfax County Board of Supervisors approved the Fiscal Year 2021 budget.   They chose to keep spending levels the same as the FY 2020 budget because of the impact of the coronavirus pandemic. 

In April, a revised budget was proposed from the original presented in February (which included a 3% increase in Real Estate Tax rate) which took into consideration the effects of COVID-19 on the economy.  The FY 2021 budget approved this month has a Real Property Tax Rate of $1.15 per $100 of assessed value…the same rate in the FY 2020 Budget.  So, the current tax rate will also not change through the rest of this calendar year.

Click here to read the full FY 2021 Adopted Budget Package.

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly. But there remains opportunities for sellers AND purchasers given the historically low interest rates.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients this spring. So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

Click here for an INSTANT online estimate of your home’s market value. Then give us a call at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Home Sale Statistics in Our Area – April 2020

The housing market in Northern Virginia remains very healthy, but different.  The volume of the market has temporarily shrunk because many sellers have postponed putting their home on the market because of COVID-19. Inventory of new homes on the market significantly decreased in April by between 25-50 plus percent in all sub markets where we work. 

The market needs more inventory and if we had that there would be more sales because of continued high demand.  The current situation is resulting in positive pricing pressure with values increasing in many sub markets and in the more affordable price ranges below $1,000,000. 

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly.  There remains opportunities for sellers AND purchasers given the historically low interest rates.

Northern Virginia Region

2,960 homes went under contract in the region. This is down (35.2%) from the same time period in 2019.

75% of the homes that went to settlement in April 2020, sold in 10 days or less from when they hit the market.

• Average sold price was $598,511 (up 7.6% from the same time period in 2019).

3,755 homes came on the market. That’s down 33.8% from April 2019.

• Homes that sold (closed) averaged 14 days on market, 6 days faster than in April of 2019.

• There is currently a 1.2 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 3,843 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remains in a Seller’s Market.  The number of homes that went under contract and that came on the market decreased significantly year-over-year…expected given the current Coronavirus environment.    However, the homes that are listed are selling quickly and inventory across the area remains low.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients. So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

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

Vienna: April 2020 Home Sales

Oakton: April 2020 Home Sales 

McLean: April 2020 Home Sales 

Great Falls: April 2020 Home Sales 

Reston: April 2020 Home Sales 

Falls Church: April 2020 Home Sales 

Arlington: April 2020 Home Sales 

Alexandria: April 2020 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

WHat Is My Home Worth

Welcome Krissy O’Malley!

The Belt Team is thrilled to announce a new addition to our team!  Krissy O’Malley has joined us as our Social Media/Digital Marketing Intern.  Krissy will be developing and distributing social media content for the team, as well as supporting our marketing efforts. 

Krissy is a rising sophomore at Liberty University.  She played volleyball at Flint Hill High School and has carried that over to college volleyball and is entering her 2nd season as a collegiate athlete. While she has spent most of her free time playing volleyball, she has developed a passion for pursuing a career in real estate.  She has grown up knowing many members of the Belt Team.  Terry Belt played baseball with Krissy’s father when they were growing up in Northern Virginia.  Sarina Belt has known the O’Malley family since she and Krissy’s mother were in elementary school together at Spring Hill Elementary.  In addition, Krissy has literally grown up in the house that The Belts built!  Gail Belt sold her personal home to Krissy’s family when Krissy was 4 years old and they have lived there in Vienna ever since.  Krissy is very acquainted with the Vienna, Oakton and McLean/Tyson’s area and seeks to learn more about the real estate business in her home town.

And watch the video below to learn even more about her!

Welcome Krissy…we are so excited to have you!