Real Estate Blog

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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Fairfax - "Our Northern Virginia market finished strong in 2019," says Nicholas Lagos, 2020 President of the Northern Virginia Association of Realtors® (NVAR). "Total dollar volume and sales prices were up, and total sales were on par with 2018," Lagos says.   Preliminary Bright MLS data show a 2019 total dollar volume of $13,582,371,231 in the NVAR region, representing an increase of 3.88% over 2018 sales volume. Average and median prices were both up around 4% in 2019 compared to 2018. Despite reports of declining inventory, the total number of homes sold in the NVAR footprint last year, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, held steady at…
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October Market Keeps Seller Spirits High Properties Continue to Move at a Rapid Pace in Northern Virginia

Fairfax - "Not only are the days getting shorter, but so are the days on market for properties listed in Northern Virginia," says Christine Richardson, president of the Northern Virginia Association of Realtors® (NVAR) and an agent with Weichert, Realtors® in Great Falls, Va.

"The average number of days on the market for listings in our NVAR footprint was down about 27% compared to last October," Richardson says. "And in Alexandria, properties stayed on the market for an average of just 10 days - a 68% drop in the course of one year," Richardson adds.

Today marks the one-year anniversary of Amazon's announcement of its HQ2 location coming to

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