April 2023 Northern Virginia Housing Market Update
Updated: Apr 4
Spring is here, folks, and it's bringing a real estate market frenzy with it in Northern Virginia. I'm talking dozens of showings on homes right out the gate, and multiple offers for sellers to choose from. But let's not forget about the frustrated buyers. Open houses are a circus, and you can't even get a good look at the place with so many people in there. It's got buyers, Realtors, and sellers all stressed out.
Some of these buyers are going all out, bidding 6 to 8% over the list price in the $850,000 range, waving every contingency, and even offering a free 60-day post-settlement occupancy. But they still lose out. Tough break, huh?
Realtors are getting bombarded with calls, texts, and emails from agents demanding answers. And listing agents aren't helping matters by holding their tongue about the status of offers, how many are on the table, when they'll be presenting them, and where the contracts rank. It's just adding more tension to an already nerve-wracking situation.
Now, you might be thinking, why are the sellers stressing too? Well, they've had to prep their homes for sale, make sure they did everything right to attract buyers, and are now faced with the tough decision of choosing one offer over another knowing they are leaving some buyers "homeless". Other buyers wonder why their home didn't receive more offers. It's a tough market out there, folks, but communication is key to ease the pain of the buyers and agents that lose.
So, what's causing all this madness? The short answer: there aren't enough homes for sale. Homeowners are holding onto their homes because they've got great interest rates and payments that they don't want to lose. And buyers know that the interest rates won't go back down to 3% anytime soon, so they're ready to buy now. It's a vicious cycle, my friends.
If you're looking to buy or sell, give me a call. You need a pro in your corner to navigate this wild market, and I'm here to help.