A question we get frequently is “So how is the real estate market, really?”
This year has been one that none of us really expected filled with lots of surprises, most of which could negatively impact the real estate market.
But here is the truth... the real estate market is THRIVING💥
✅We didn’t have our normal “summer slump.” It’s common to have a slower spell in the summer when people are out enjoying their summer vacations and such. However, due to Covid, those vacations didn’t happen this year for most people and the market shows it.
✅There are a lot of buyers so houses are getting scooped up quickly. Homes in northern Virginia are quickly going into multiple offers and most of our clients are getting above asking price. While the market in the Shenandoah Valley is slightly different (we aren’t consistently getting multiple offers in within the first week of listing), most of our sellers are getting asking price for their listings.
✅Our team especially is seeing a lot of northern Virginia clients come out to the Valley looking for homes because of Covid. They are all saying the same thing- which is that it was terrible being stuck inside the city when the pandemic hit- so we have had many clients contact us to buy a home in the Shenandoah Valley to have a getaway place to relax, recharge and escape.
✅Inventory is low, meaning that when our buyers are looking for a home, there isn’t a ton of options. If you’re thinking about selling your home, now is definitely a great time since we have so many buyers looking and few options for them.
✅Mortgage rates are also at historical lows meaning you can borrow money with very little interest. This makes it far easier to pay off your home sooner with a significantly smaller mortgage payment.
All these factors combined have surprisingly led to a STRONG real estate market for 2020.
Now, we are not market forecasters- our game is selling homes- so while we can't speak directly to the future of the market, this is what we do know from our scope of practice: The market is currently strong and is staying steady at this time. Anyone notice all the national builder developments popping up in our area? That's a good sign for the market. Why? Well they have market forecasters on their payrolls. They have paid people to look at a particular areas and assess the market. If they are building, it means that they feel confident enough in the market over the next several years to invest their time, money and effort in that locale.
The market is going to shift at some point. It always does. But we wouldn't let that scare you either. If the market can teach you anything, it's patience. If the market does drop, it's only a matter of time before it rises again.
We will end it with this:
"Now, one thing I tell everyone is learn about real estate. Repeat after me: real estate provides the highest returns, the greatest values and the least risk." – Armstrong Williams