Is Now the Time to Buy in Northern Virginia?

Today we have got the latest market update for you for Northern
Virginia, and we are excited to share the great numbers we have
been seeing. Here’s what’s been happening in the Northern Virginia
real estate market: New pending contracts increased 14% from August
of 2014 Inventory was up as well, for the 25th consecutive month.
There were 4,418 new listings added in August, a 1.5% increase over
last August Our current active inventory in Northern Virginia is
high, and sits at 10,599 The median sale price of $430,000 stayed
pretty similar to last year The average days on market is up 8.89%
So, we are entering the fall market with high inventory and the
days on market increasing. However, buyer demand in Northern
Virginia continues to increase, while significant gains in new
contracts and closed sales continues to be a trend. “Closed sales
are up for the 9th straight month.” Our market is still very strong
and continues to improve every year. If you are on the fence about
buying now, just know that an impending increase in interest rates
could push you out of the price point that you could afford today.
So don’t wait, get prequalified today. If you don’t have a trusted
lender, we have plenty that we can refer to you. If you have any
questions for us at all, give us a call or send us an email. We
look forward to hearing from you!