Does the Northern Virginia Market Favor Buyers?

Because the weather has been miserable with near-record days of
rain, we’ve seen fewer showings than we did earlier in the spring.
Hang in there though, because **we’ve still got plenty of buyers
and low inventory. ** Compared to last April, both sales and units
sold were up 8.99% and 6.6%, respectively. The average for days on
market dropped from 53 to 51. This April compared to last April,
the number of new listings was down. Additionally, closed sales
this April shot up 24.7% from the month before. In Loudoun county,
the number of units sold fell 1.42%, but the average for days on
market improved to 49 days this year from 68 last year. Nationally,
home prices are up 6%, and up 2.6% compared to last year.
“HOMEOWNERSHIP IS A GREAT INVESTMENT, BOTH FINANCIALLY AND
EMOTIONALLY.” Looking ahead to future projections, waiting until
next year could cost you almost $200 more in your mortgage payment.
This proves why homeownership is a great investment both
financially and emotionally. Harvard University’s Joint Center of
Housing Studies recently released a study showing the top reasons
why. Financial Reasons: Financially, housing is typically the one
leveraged investment available, because you’re paying for housing,
whether you own or rent. Housing is usually a form of forced
saving. There are tax benefits to owning. Owning is a hedge against
inflation. **Emotional Reasons: ** Owning a home is a good way to
build wealth that can be passed along to your family. You have an
actual structure providing space and safety for your family. You
have control over your space, like renovations or updates. Owning a
home provides a place to raise children and give them a good
education. Although rates are still low, waiting to buy could be
costly for your monthly mortgage payment. Call your lender today
and get pre-qualified. If you have any questions about real estate
in Northern Virginia, please don’t hesitate to reach out to me!