Real Estate Blog

Summer Is the New Spring for Northern Virginia Home Sales July Housing Data Shows Continued Demand   "The summer season may be starting to wind down, but the real estate market continues to remain sizzling hot," NVAR 2020 President Nicholas Lagos said. "The traditional spring market has been delayed to the summer months, and the pent-up buyer and seller demand that began in in late spring continued full force into July."   New listings continued an upward trend that began in June, when new listings of homes in Northern Virginia were positive for the first time since February. The number of new listings increased 14.5% from June 2020 to July 2020, indicating that sellers are feeling increasingly confident in local market and economic…
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"For the first time since February, new listings of homes in Northern Virginia were in positive territory," says Nicholas Lagos, 2020 president of the Northern Virginia Association of Realtors® (NVAR) and associate broker with Century 21 New Millennium in Arlington. "Last month, there were 21% more new listings on the market in the NVAR region than we saw in May," Lagos says, "and new listings were also 1.5% above the number we saw in June last year."   Weekly new listings showed steady upward movement for most of June, according to real-time data published by the George Mason University Center for Regional Analysis (GMU-CRA) at cra.gmu.edu/covid19. NVAR partners with GMU-CRA to publish market and economic data for the NVAR footprint, which covers…
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Trendline for New Pending Home Sales in Northern Virginia Ticks Up; Decrease in May Closings Reflects Initial Buyer and Seller Reaction in Early Stages of Pandemic

"While there were few surprises in the May residential closed sales data for our region, new listings of homes in Northern Virginia continue to show signs of resilience," says Nicholas Lagos, 2020 president of the Northern Virginia Association of Realtors® (NVAR) and associate broker with Century 21 New Millennium in Arlington. "Uncertainty surrounding the COVID-19 pandemic pushed pause on listing and showing activity in March and April, which caused the number of closed transactions last month to fall," Lagos says   There was a modest strengthening of new residential listings in the…
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Wary Northern Virginia Sellers Delayed Listing Homes in April; Competition for Limited Inventory by Undeterred Buyers Kept Prices at a Premium

"As our Northern Virginia real estate market approaches the two-month mark under COVID-19 conditions, residential housing is still a hot commodity for motivated buyers," says Nicholas Lagos, president of the Northern Virginia Association of Realtors® and associate broker with Century 21 New Millennium in Arlington. "Responding to the needs of buyers and sellers, Realtors® have been nimble in adjusting their procedures while ensuring safe practices under the circumstances," Lagos says.

"With inventory levels reaching all-time lows, homes across the NVAR footprint averaged more than 100% of their list price.

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NAR: Realtors® Report That 77% of Potential Home Sellers are Preparing to Sell Following End of Stay-At-Home Orders

Realtors® Report That 77% of Potential Home Sellers are Preparing to Sell Following End of Stay-At-Home Orders    WASHINGTON (May 7, 2020) - More than 3 in 4 potential sellers77% - are preparing to sell their homes following the end of stay-at-home orders, with half completing do-it-yourself home improvement projects, according to a new survey from the National Association of Realtors®.   "After a pause, home sellers are gearing up to list their properties with the reopening of the economy," said NAR Chief Economist Lawrence Yun. "Plenty of buyers also appear ready to take advantage of record-low mortgage rates and the…
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March Real Estate Transactions in Northern Virginia Remained Virtually Possible for Those Who Needed to Make a Move
From Facemasks to Facetime, Realtors® Pivot to Keep Transactions on Track

In a world where conducting business has become virtually impossible, Northern Virginia real estate transactions were virtually possible during the month of March. Advances in technology, combined with initiative and creativity, have enabled those who must buy or sell a home during the COVID-19 crisis to do so - while maintaining compliance with mandated safe business practices.   "The health and safety of the community at large is our primary concern," says Nicholas Lagos, 2020 NVAR president. "We also recognize that the ability to buy or sell a home is an…
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FEDERAL RESERVE CUTTING RATES AND WHAT IT MEANS   The Fed announced yesterday a .5% rate cut to "short term" interest rates    Here is what this all means:   ~Fed cutting rates is a short term overnight bank to bank lending rate and does not have a direct impact on long term Mortgages.   ~It will lower rates on Home equity line and credit cards   ~It COULD move mortgage rates lower but they could also go up higher on the news. If the stock market rallies this week on this news, it could cause long term rates (mortgages) to increase.   ~What is missed on the headlines as it pertains to mortgage rate is the FED is starting another round of Quantitative Easing (QE). QE is when the
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Eager Buyers Spur Early Spring Real Estate Market in Northern Virginia; Changes to VA Home Loan Program Expand Opportunities for Local Veterans

Fairfax - "With falling interest rates and rising mortgage application rates, prospective home buyers in Northern Virginia joined the ranks of others across the U.S. in January hoping to take their housing dollars further," said Ryan Conrad, CEO of the Northern Virginia Association of Realtors®. "Buyer interest, combined with a limited number of homes on the market, kept our NVAR Realtor® members busy in a traditionally slower time for home buyers and sellers," says Conrad.   Prices continue to reflect the shortage of available homes for sale in Northern Virginia. The NVAR region saw the average sold…
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