Available Inventory after the rate bump has increased. Trend is unlike previous years. Click to enlarge.
Really, what’s the deal?
Have you been looking at homes recently only to find that the listing you saw on Trulia.com Wednesday afternoon is now under-contract?
Well, that’s an issue in some areas for many buyers engaged in Northern Virginia real estate going into Fall 2013. But this three year chart for the entire Northern Virginia real estate market tells a different story with the overall inventory actually increasing. Take a look at this three-year snapshot and note the number of “active” listings increasing at the end of August.
If you are a current home buyer then you are probably thinking, “that’s what I am seeing”.
The factors that have been influencing consumer behavior have been:
- uncertainty about the economy and job market like most parts of the country
- the continuous downward trend in mortgage interest rates have made existing mortgages more affordable through refinancing.
- a decision to stay-put
A stronger interest in “staying-put” has become the big influencer for existing home owners that are making real estate decisions. People are taking a second look at their communities in Northern Virginia and recognizing that they live in nice areas already.
So, why move? The grass certainly doesn’t look any greener and the commute looks longer!
As a result, I have met with many home owners in Vienna, McLean and Oakton Virginia who have decided to remodel and expand their homes rather than move.
My buyer clients understand that our strategy is essential
So, if you are a home buyer then you are caught in a “squeeze play” – the home owner affordability index works in your favor but fewer people are selling their homes. Rather than a hit or miss approach, having a clear strategy from the get-go includes much more than having a pre-approval letter from a mortgage professional.
These charts will update monthly so let’s watch the trend change. (Hint: BOOKMARK this page)
Vienna Virginia Real Estate Trends
McLean Virginia Real Estate Trends
These charts can be re-engineered depending on what you are looking for from the real estate stats, so if there is something missing then let me know via email or comment below.
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