As we are finding that the world's starting to go back to normal, homes are now starting to hit the market as we speak. Right now, nearing the end of 2021, we're finding that though that gap between the sellers and the buyers diminished, it is still in the seller's favor as the supply rate rises, and that will probably reduce a little bit more as well.
What is causing the real estate market right now to favor sellers rather than buyers? Watch this short video.
What is it for you?
There are two things to consider:
Interest Rates
It's not as much in favor of the sellers as it once was.
If the seller's favor was, here, say in the middle of 2021, and the buyers were here. So the gap is diminished somewhat, yet, it's still in favor of the sellers. The buyers, however, do have the opportunity to get very, very low-interest rates, which will help to balance that off.
Mortgage rates right now our ultimate lows are like 2.9 percent, 2.8 percent. In the 1980s they were over 12%.
Appreciation rates have been steadily appreciating. Here in Northern Virginia, from 2020 to 2021, the appreciation rates of the homes for sale have been in most places in double digits.
Pandemic Effect
The home supply remained low throughout the entire marketplace by about 35 percent throughout the pandemic.
So average time on the market, you know, again it depends if you're in Woodbridge, Alexandria, or Vienna, but on average, you're looking at a couple of weeks.
From start to finish, if you're a seller.
60 days expectancy
30 days or less for marketing
30 days or 45 days - (for the buyers to do their due diligence and get their financing to set up their inspections, etc.)
If a property is well priced, we're still seeing multiple offers on it, two or three offers. That's not the same as it was in the middle of 2021 when there were 15 offers. I had one home that I had listed and sold, and I think there were about 27 offers on it. That was one of the record ones that I had. It took my staff and me about 60 hours to get the offers organized to negotiate them and present them to our clients.
Those are some things that impact the real estate market today - towards the end of 2021.
My name is Dan Rochon. I've been selling homes here since early 2007. There's no nook or cranny in Northern Virginia that I don't know.
If you have questions, I'd be happy to answer any questions for you. You can text, email, or call me day or night. If I don't answer the phone, I'll get back to you relatively soon, and you can contact me on the weekends and the weekdays.
I look forward to helping you. Thanks!
If you're interested to learn more about Real Estate Investing or tips and strategies about Real Estate, you can reach me at 703-346-2776 or send me an email at Dan@greetingsvirginia.com. We will be more than happy to help you.
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