I’ve got a quick update for you today on the Northern Virginia real estate market and some shocking news about the things that are going on. There are five things you need to know about our real estate market right now:

1. There are 37% fewer homes for sale in our area compared to last year.

2. We’re in a balanced market. You may have heard some stories about multiple-offer situations and high sale prices, and they’re absolutely true. But not all homes have multiple offers, and some homes also have price reductions! This is a balanced market.

3. Buyers are having to bid on multiple homes. Oftentimes, buyers need to make multiple bids on multiple homes in order to win because demand is so high. You have to put a lot of cash down to secure a property.

4. Inventory is still extremely low. This is due to a number of factors. First, a lot of homeowners are refinancing their properties and staying put. We have low unemployment thus lots of people coming in/out of this area for jobs, schools, and features of this great area.

5. Loudoun County home prices have gone up average of 3% in the last year. This is a slow down from years past. Some home values have flattened, and some have increased more, thus creating an average of 3%. This dwarfs the increases of up to 21% in years past.

As you can see, we have a really interesting market right now. If you want to learn more about what’s going on in your specific area or you have any questions at all about real estate, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

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