Today’s real estate headlines can be confusing for home sellers and homebuyers in Northern VA – perhaps even concerning. What is happening with up and down mortgage rates? Are Northern VA home values dropping or are they just rising at a slower pace? What impact will the economy have on the housing market?
If you are a seller, buyer, or both this year or next, you need to know the implications if you go ahead with the move now or later. Here are three things to understand about the market:
1. What is happening in the overall housing market now?
Those who are buying or selling soon, must get past those fear-mongering headlines and understanding what is truly happening in the market. How strong is buyer demand? How much competition do listings have today compared to what they will have in the spring or summer? People want to make an educated decision on the facts on what is likely the greatest financial asset for most.
2. Why is it happening?
Understanding each important fact about the market and impact on the sale or purchase of real estate is important. Understanding how each market fact impact each other is critical. How does a 1% increase in mortgage loan rate impact purchase power in 24 moths? Is pricing a house a ‘little ahead’ of the market a good strategy and still be sure it will sell? Is winter the best to to buy in order to get the best deal?
3. How do the first two affect the local Northern VA market?
You want an understanding of the overall Northern VA housing market and a simple and effective explanation of how it will impact your personal real estate goals. There is no advice that is all encompassing for each individual and their unique needs. Home sellers and buyers should be wary of any advice that has all the answers without know your unique goals.
The best way to get these three things is to work with a professional REALTOR. One who understands this shifting real estate market in Northern VA and can expertly guide you on the journey to reach your individual goals. Call, email, or text me and I can discuss your real estate goals in Northern VA, and how or if I can help!
Call Joey Remondino, an exceptional real estate agent and REALTOR with RE/MAX Preferred Properties, for selling or buying a home in Northern VA. Your Home My Passion.