Lack of Inventory Creates Sellers Market in NoVa Real Estate Market
So far this year in the Northern Virginia Real Estate Market, you have – no doubt- heard about the complete lack of inventory that we are experiencing for buyers who are looking to purchase in NoVa. There are hardly any homes for sale, there is less than two months of inventory on the market, which totally puts us in the seller’s market category in Northern Virginia Real Estate.
What this means for buyers is that they are competing with all of the other folks who are looking to purchase homes in Northern Virginia within the same exact pool of homes within the same price-point. So, if there are maybe 10-15 homes that meet a specific group of people’s requirements for their home purchasing needs, they will be competing with all of the other people who are looking at the same exact pool of homes, creating a very competitive market, in some cases dropping contingencies and even waiving valuable deadlines. Buyers will be possibly paying a bit more for homes, because they may need to out-bid many other people in order to get the house that they want, or have to start from square one in their home search.
What a seller’s market means for someone who is putting their house on the market, especially someone who has taken the time to price it correctly for the market, and keep the home in tip-top shape is that they may be putting themselves in place to receive multiple offers in a very short amount of time. They may even be able to have a short closing time, if that is what they so desire. A seller’s market is generally what anyone who holds real estate and is looking to sell dreams for, and hopes that they can hold out for in the Northern Virginia market!
We haven’t seen anything like this situation in the last ten years in Northern Virginia, and what we need are more homes on the market so that prices don’t get so incredibly escalated that we create difficulty when it comes time for appraisals to come in. That would be my concern as an expert Realtor in the Northern Virginia Real Estate market. I want my buyer clients to get the best possible property at the best possible price, all the while taking advantage of the low rates that we’re still experiencing. Also, I want for my sellers to achieve a great benefit from the sale of their property and have a fantastic experience during this interesting real estate market that folks are still trying to purchase in, with such a lack of inventory.
If you know anyone who is thinking selling their home in Northern Virginia, as an NVAR Ask Me Ambassador, I can strongly say that this is a fantastic time for people to be selling real estate in NoVa and I would love the opportunity to discuss any questions that they may have.