A low inventory of homes for sale has remained a huge challenge for buyers. A national housing shortage, caused in good measure by new home construction failing to keep up with demand, will likely take decades to recover. But other changing economic conditions, particularly those that affect mortgage interest rates, could help increase opportunities for buyers and sellers in … [Read more...] about Home Inventory Likely to Go Up as Mortgage Rates Drop What Might that Mean for Home Buyers and Sellers?
Market News
Dropping Mortgage Rates Offers Hopeful Trend What Might that Mean for Home Buyers and Sellers?
Mortgage rates are finally coming down in a significant way, a trend that will hopefully continue next week after the Federal Reserve meeting and beyond. According to Mortgage News Daily, rates have dropped to their lowest level since February 2023, despite increased inflation because now the labor market has taken center stage. Today’s (September 12, 2024) average 30-year … [Read more...] about Dropping Mortgage Rates Offers Hopeful Trend What Might that Mean for Home Buyers and Sellers?
Northern Virginia Sellers are Looking Strong through Mid 2024 What Might that Mean for Home Buyers and Sellers?
Northern Virginia sellers today find themselves in perhaps one of the best markets we’ve seen in recent years. It’s the culmination of a decades-long lack of home inventory in a region where so many want to live. Even with 30-year fixed mortgage rates remaining near the 7 percent level (as of this writing), demand continues to far outpace supply—rough for buyers but a boon for … [Read more...] about Northern Virginia Sellers are Looking Strong through Mid 2024 What Might that Mean for Home Buyers and Sellers?
Be a Competitive Buyer in Northern Virginia More properties on market, but prices continue their climb.
While low inventory has plagued Fairfax County and Alexandria City buyers for years, the number of listed units has crept up ever so slightly this year over the same period in 2023. Of course, those waiting on the sidelines for lower interest rates could shatter any buyer advantages spurred by increased inventory if they decide to re-enter the market, but this inventory … [Read more...] about Be a Competitive Buyer in Northern Virginia More properties on market, but prices continue their climb.
Sellers Still Ahead in Local Market Low inventory continues to drive demand throughout the region.
As tight inventory continues to dominate the region, both Fairfax County and Alexandria City inventories were up in April compared to April of 2023. But even with these slight inventory increases, median and average sale prices continued to climb as we move into the summer months. In Alexandria City, the number of active listings were up nearly 3.3 percent over active … [Read more...] about Sellers Still Ahead in Local Market Low inventory continues to drive demand throughout the region.
