Your Spring 2012 Northern Virginia Real Estate Market Update
The Northern Virginia Association of Realtors lets us all know that the housing market in NoVa has been gaining traction for the last several months! With increased consumer confidence and unemployment rates down, people are buying homes right and left. In Arlington, Alexandria, Falls Church, Vienna, Oakton, McLean and surrounding Northern Virginia real estate markets, I have been seeing this in action.
This recent increase in sales is likely to increase per NVAR; they say that the active inventory is down and has helped to stabilize the housing market. Note that sellers have entered the Spring market in full swing, but there is still not enough inventory and we are truly in a seller’s market…
$365,000 is the average home sale price in Northern Virginia Real Estate which is UP from last year and last month!
Good news for those looking to sell their homes:
This market is only trending upward. We are in a sellers market. All of my recent listings have had multiple offers, and have gone off the market in under 3 days! Of course, a seller will need to make sure that their property is ready for sale, by ensuring that they have taken every measure to have a show-ready home. A house that is clean and maintained properly is much more likely to be one that garners all of the attention on the market.
What does this mean for those looking to purchase in NoVa?
Buyers need to prepare themselves to go into multiple offer situations or know what their deal breakers are. They will also need to know what a good offer package looks like. Sometimes in this sort of climate for home sales, where multiple offers with escalation clauses and the like, all you have to do is talk about ideal “situations” with the listing agent. A skilled real estate professional will be able to help you navigate a multiple offer situation and ensure that you are getting a sound investment in the property of your dreams.
The real estate market in the DC Metro area is hot and there is currently not enough inventory, especially in Arlington where everyone is seeking to be close to the pulse of the Nation. This means we just watch and wait for the perfect home to come on the market for you if you’re a buyer, and if you’re a seller… we prep your home strategically for sale.
