May 2023 NOVA Market Update
Updated: May 10
OMG, can you believe what's going on in the Northern Virginia real estate market?! It's INSANE! The number of homes for sale is seriously lacking, while the demand is sky-high, and even with interest rates higher, the market shows no signs of slowing down.
Seriously, we're talking less than a month's supply of homes here! That's right, if no additional homes were put on the market, every single one of 'em would be sold in just over two weeks. And get this, inventory levels today are at an all-time low compared to the past three years, with just 1,529 homes for sale in the last week of April. WTH?!
You'd think this would be the time of year when we'd see a surge in inventory, right? But nope, not this year, and not for a while, according to my crystal ball. People usually try to time their move to coincide with the end of the school year, and because of the warmer weather, yards look more appealing. But it ain't happening this year, and I don't see it happening anytime soon.
So what's the dealio? Homeowners are locked into their mortgages, and they don't want to give up those sweet, sweet low rates they got when rates were in the mid-2s to mid-3s. And for those who are willing to move and give up their rate, there's nothing for them to buy, so they can't put their house up for sale. It's a vicious cycle!
And the result? Prices are continuing to soar, making it difficult for some people to qualify for higher mortgages. But there's still high demand at virtually every price point, and multiple contracts are being written on most homes. Crazy, right?! People are even waiving all contingencies just to get their foot in the door, and bidding well above the list price. We even had a client who lost out on a home because several buyers wrote on it sight unseen. Can you believe it?! This market never ceases to amaze me!
But fear not, because if you're considering selling or buying, I'm here to help you navigate this wild and crazy market. I've got the best advice and strategies to help you achieve your goals, so don't hesitate to hit me up. And on that note, have a fabulous Memorial Day Weekend!