Home sellers are in a strong position in the hot northern Virginia market, but these conditions won't last much longer.
What's been happening in the northern Virginia real estate market?
The first bit of good news to note is that mortgage rates have stabilized. From a low of about 3.41% last July, they spiked at 4.31% in December, and we're now seeing them in the low 4% range.
The second bit of good news is that jobs are up here too. One of the great things about living here in northern Virginia is that jobs are always up and we've got a lot of government-supporting companies that make our economy thrive.
MORTGAGE RATES HAVE STABILIZED AND THE ECONOMY IS STRONG, WHICH IS GREAT FOR THE REAL ESTATE MARKET.
When it comes to housing, we know that inventory is low. I recently placed three properties on the market on a Friday, and by that Monday, we had 13 offers on those three homes! We even had a buyer offer $7,000 in cash above the property's appraised value.
If you've ever thought about selling your house, right now is the time to do so. It's the hottest market I've seen in 10 years in real estate. You can't take it for granted though because it won't be around forever.
If you have any questions about what's going on in your specific area or community, let me know! Email or call me and I'd be happy to give you any information you need about our market.