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  • Writer's pictureJohn Roames

Seize the Opportunity: A Seller's Market in Real Estate

Summer days have flown by, and as we enter August, the real estate market is showing no signs of cooling down. As your trusted real estate professional, I'm eager to shed light on the current market conditions, where rising mortgage rates and low inventory have created a compelling landscape for prospective sellers. So, if you're wondering whether now is the right time to list your home, read on to discover the unique opportunities that lie ahead.

Embracing the Market's Momentum:

Despite the typical seasonal slowdown during this time of year, the real estate market has been buzzing with activity. High demand, driven by demographics and life circumstances, has led to a surge in property prices. It's crucial to note that our region is experiencing a seller's market, with homes going under contract within a blazing 16 days, signaling the fierce competition among buyers.

The Lowdown on Inventory and Prices:

Inventory levels are the talk of the town, and the numbers don't lie. As of the end of July, we had a mere 1,746 homes for sale in Northern Virginia—a staggering 53% decrease compared to the previous year and 58% below the five-year average. At the same time, contracts written in the past week were 20% lower than last year, further tightening the housing market. Consequently, we currently have a .9-month supply of homes available, making it a haven for motivated sellers.

Price Appreciation and Media Hype:

While the pace of price appreciation may ease compared to the spring market, there's no cause for alarm. We all know that misinformation is the key to selling media headlines, so let’s get ahead of it now. Headlines might try to sensationalize the situation, proclaiming price plunges due to higher mortgage rates. However, rest assured that what we're experiencing is merely a slowdown in the pace of growth, not a decline in housing prices. As your trusted real estate advisor, I'm here to separate fact from fiction and provide you with accurate market insights.

Building Wealth through Homeownership:

Despite the media's theatrics, the truth remains crystal clear—homeownership is a proven path to wealth-building. As prices remain up by 1.3% over last year, and a staggering 26% since 2019, those who invest wisely in real estate are reaping the rewards. Our region stands out as one of the most stable markets in the US, avoiding the extreme price fluctuations experienced elsewhere. (I am happy to show you the data)

Seizing the Moment: Your Opportunity Awaits:

Now is the time to act, to capitalize on the current market dynamics. Whether you're considering selling your personal property or getting rid of that short term rental, I am here to guide you through the process with precision and expertise. Don't let media hype or uncertainty hold you back—rely on a seasoned professional to navigate this dynamic landscape.

The real estate market in Northern Virginia is red-hot, presenting an incredible opportunity for sellers to make the most of their investment. With low inventory, high demand, and stable prices, it's an advantageous time to list your home and embrace the seller's market. If you're seeking the right information and guidance, reach out to me, and together, we'll seize this moment and turn it into your greatest advantage. Let's make your real estate dreams a reality!

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