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Understanding inventory pressure

February 13, 2012 By Doug Francis

Northern Virginia Real Estate Trends 2013

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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  • Luxury Home Builders betting on Vienna Virginia (dougfrancis.com)
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Filed Under: Blog, Home Buyer Tips Tagged With: Northern Virginia, real estate, Vienna Virginia

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

https://youtu.be/ClqEIV1zoQg
Viva Vienna Vienna Idol event on the Town Green sponsored by Caffe Amouri

The Vienna Town Green

The Town Green in Vienna, Virginia is located where Maple Avenue intersects the W&OD Bike Trail and Mill Street. The Town

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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2022 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

Office: 703-319-3344
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