“Is it a buyer’s or seller’s market?” I get that question all the time, and it’s a loaded question. In Northern Virginia, we kind of live in a bubble; our real estate reality is not the same as the rest of the nation’s.
Let’s dive into some numbers so you can be proactive about your real estate decisions instead of reactive.
The average days on market right now is 40 days. If you’re out in tertiary markets, the suburbs, or Loudoun, that number is a bit higher. If you’re in Alexandria, Arlington, or Annandale, that number is a bit lower.
The X factor that determines whether we’re in a buyer’s or seller’s market is actually the price of your money. Interest rates were expected to go a bit higher this year but rates have actually gone down. Right now, rates are hovering around 3.5%. To put that in perspective, the lowest rates ever recorded were low to mid three’s in 2012.
Low interest rates have spurred the market on and made homes more affordable.
We didn’t see these interest rates coming, but they have spurred the market on and made homes a bit more affordable. If you’re thinking of moving up into a different property, buying your first home, or investing in real estate, now is a great time to get into the market.
Thanks to all of the political uncertainty in our country, you will see rates stay this low until we know who’s going into office. Now is the time to get into the real estate market. If you have any questions, give me a call or send me an email. I would be happy to help you!