The housing market is HOT! HOT! HOT! There are several possible explanations for why the DMV area spring housing market is so crazy right now:
- Inventory is historically low! The Omicron surge certainly didn’t help.
- Mortgage rates are going up! The rate on a 30-year fixed mortgage is now 3.6%, up sharply from 3.1% at the end of 2021. The Fed recently announced an aggressive inflation-fighting plan, which should create upward pressure on rates. Buyers worried about further increases are rushing to buy now.
- The long, cold winter we have experienced! Whereas a warm winter could have helped drive new listings, many sellers opted to hold off on showing and selling because of the snow and cold weather. This week, just as the weather finally warmed up, we started to see more new listings and “Coming Soon” notices. Buyers “starved” for listings are competing aggressively by escalating their offers to figures above sellers’ asking prices.
- Will this market continue to be so hot? Yes, almost all top real estate agents believe this to be case! Although mortgage interest rates have risen considerably over the last year, the 30-year fixed rate is still low comparing with pre-pandemic rate, which average 4% in 2019 (Please see the rate history since 2016 in below)
- On a more granular level this is what we are seeing/doing:
- More small investors investing in real estate! More people have been choosing to purchase rental properties as an inflation hedge. I personally helped multiple clients purchase investment properties in 2021 as inflation rose to a 39-year high. The rental market is strong!
- We wrote offers that escalated to more than 10% over the asking price in order to win a contract despite 20+ competing offers!!
- A listing in Potomac priced at $1M saw 160 groups of buyers going through the house within 3 days!
- A listing in Vienna in the $600K range received over 20 offers in just 2 days!
- A listing in Mclean in the $1.8M range had showings for 27 groups within 3 hours!
What our clients are looking for?
— Maybe you want to sell or know who might want to sell?
- Townhouse or single family house in Herndon, Fairfax, Vienna area, 3Br+ 2Ba+, up to $750K
- Single family house near East/or West Falls Church Metro in Falls Church/Mclean/N.Arlington area, new or newly renovated, minimum 3000SF, attached garage, up to $1.5M
- Single family house in Oakton, Vienna, Mclean, 4Br+ with office, built after 1990. Up to $1.9M
- Condo in Arlington Ballston/Virginia Square/Clarendon metro area, 2Br+, 2Ba+. Up to $875K. Ideally corner unit.
- Single family house in Navy EM or Poplar EM or Oakton HS Pyramid. 3Br+, 2Ba+, 2200SF+ above ground finished space. Flexible closing time frame! Can offer seller rent back.
- Single family house in Haycock EM school district, need 1 Br & 1Ba on the main level. Newer home. Up to $2M
Our Coming Soon Listings
— Are you looking? Give me a ring before others grab!
- New construction in Kent Garden EM school district. 6Br 6.5Ba w/office. Deliver in June-July,2022
- New construction in Haycock EM school district, 6Br 6.5Ba, w/office. Deliver in May, 2022
- Condo in Rotonda, Tysons. 2Br 2Ba. Coming soon in March.
- Single family house in N.Arlington (26th Rd), 22207. Yorktown HS district. 4Br 2Ba, completely remodeled!