Laura Schwartz is a licensed Realtor in VA, D.C. and MD with McEnearney Associates in McLean. Reach the office at 703-790-9090.
I want to wish each of you a Happy Holiday season. May the coming days bring you peace, love and joy and may you be surrounded by happiness heading into 2020!
I have loved every time someone has told me in person they read this column. If you like it, please let me know! If you want a specific topic addressed, let me know! I’m open to suggestions and content to keep you informed and involved!
A quick note about the upcoming start to a new decade.
Real estate is local, but it’s also very cyclical. Normally the market goes quiet during the winter months, with a large increase in activity around March, which sustains through June. July and August are usually quiet months again, followed by activity in September and October before going quiet again into November.
Not this year!
Our inventory shortage has been ongoing for so long now, paired with low interest rates again (under 4%!), that the market hasn’t really stopped. Good homes come on the market and they’re being snatched up quickly! Some lingering inventory obviously remains, but the Vienna and McLean markets are still active.
This leads me to my predictions heading into January. The market will pop early. It will start with a bang and it’ll probably keep going that way making for an early “Spring Market.” Don’t wait for April or May, unless you have to. There are creative ways to stay in your home if you need to for the school year. Buyers are ready!
In November in 22180 (mostly town of Vienna), 1/3 of the sold homes went under contract in a week, which resulted in an increase in average sale price of 7%. In 22182, the numbers were a little larger but the average sale price was also up 17% from this time last year. In McLean, prices increased 19% in 22101 and 47% in 22102 (I have a degree in Statistics, if you want to get into these numbers more, let’s talk!). The homes in 22102 span a great deal in price, which can cause this large increase. I can attribute almost all of the data points to the fact that active inventory is down by double digit percentages across the board.
If you’re sitting on a home to sell, stop waiting!
If you have new years resolution to change where you live, there’s no time like the present.
Now that I’ve used too many exclamation points (I’m really excited for winter break apparently), again, Happy Holidays!