Wondering when the current mortgage rate rollercoaster will end? The main explanation for the recent rise in rates is simple: The Federal Reserve is on a mission to combat inflation. That means the Fed plans to raise short-term interest rates in 2022, and mortgage rates generally follow the same path. On the other side of the coin, competing forces are pushing rates lower. For example, investors are taking money out of the stock market and putting it into safer investments like mortgage bonds. This growing demand leads to lower rates. Ultimately, the good news is that rates have a good chance of becoming attractively low in the long-term if a recession doesn't begin to affect the economy.

 

How Crypto and Blockchain Are Influencing Real…

1139 Views, 0 Comments

Read Full Post

WOODBRIDGE, VA. June 14, 2022 – Flowers are in bloom this season and so are the recent Prince William County market statistics. The stats, generated by Virginia REALTORS Chief Economist Ryan Price and SmartCharts and gathered through data provided by VAR and Bright MLS, give readers a valuable snapshot of what’s hot on the charts, and what’s not in the current housing market.   A grand total of 864 homes were sold across the month of May, this is a minimal decrease of 13.3 percent in comparison to May 2021. New listings also showed a slight 11.1% decrease with 1079 new listings as opposed to 1214 in May 2021. On a lighter note, active listings were shown to be more readily available with 489 listings, a significant 30.8% increase to last year’s…

804 Views, 0 Comments

Read Full Post

Regional Housing Sales Cool but Still Hot Compared to Pre-Covid, Reports NVAR April Housing Sales Down but Prices Up from Last Year

  FAIRFAX, Va. (May 13, 2022) – Housing sales slowed compared to April of last year but grew compared to March, according to the Northern Virginia Association of Realtors® (NVAR). Even with easing sales, it remains a seller’s market and home prices continued to surge.   “Rising mortgage rates and limited supply have finally cooled the market but when considered in context of our pre-covid world, we are still experiencing outstanding growth in housing sales,” said Derrick Swaak, NVAR Board Member and Partner/Managing Broker, TTR Sotheby's International Realty. “Long-term this slowing may help more…

855 Views, 0 Comments

Read Full Post

March Brings Record High Pricing to Fast-Moving Northern Virginia Housing Market

  Fairfax, Va. – Buyers acted quickly to make offers on homes in Northern Virginia in March. “I put a listing up at 8 a.m., and by 10 a.m. would have the first showing,” said Thai-Hung Nguyen, Northern Virginia Association of Realtors® (NVAR) secretary-treasurer and principal broker with Better Homes and Gardens Real Estate Premier in Falls Church. “What Realtors® are dealing with now are a lot of showings within the first 48 hours of listing,” said Nguyen.   Homes in the NVAR region, which covers Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton, sold with an average of just 14 days on…

1169 Views, 0 Comments

Read Full Post

February Northern Virginia Home Buyers Jump at New Listings; High Price Pattern Persists   Fairfax, Va. – “New listings jumped in our region in February compared to January,” said Reggie Copeland, president of the Northern Virginia Association of Realtors® (NVAR) and principal broker of C.R. Copeland Real Estate, “but even with a 38.5% month-over-month increase in new listings, buyers still snapped them up quickly.”    More than half (846) of the 1,355 home sales in the NVAR region in February were on the market for 10 days or less.    “Long gone are the days when buyers could go home and ‘sleep on it’,” said Copeland.   According to data from Bright MLS, the region’s Multiple Listing Service, there was a 29.6% monthover-month…

645 Views, 0 Comments

Read Full Post

January 2022 Regional Home Sales Compared to January 2021: Northern Virginia Data from Bright MLS as of February 4, 2022; total sales and listings may not include garage/parking spaces. 

  The Northern Virginia Association of Realtors® reports on January 2022 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.    A total of 1,172 homes sold in January 2022, a 14.3% decrease below January 2021 home sales of 1,368   The number of active listings decreased last month compared with 2021. Listings were 46% below last year, with 855 active listings in January, compared with 1,585 homes available in January 2021. The average days on market…

1022 Views, 0 Comments

Read Full Post

Brisk Year-End Sales Climate Sets the Stage for 2022 Northern Virginia Forecast

  Fairfax, Va. – “Buyers in Northern Virginia added homes to their holiday shopping lists, pushing the number of sales to an 11% increase above last November and outpacing the slight dip seen in October by 4%,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Sales also outpaced the pre-pandemic 2019 November market by almost 49%,” McLaughlin said.    “Reflecting a paradox that has existed in the market for at least a year, in November the number of homes sold increased, while the number of homes on the market continued to drop,” said Derrick Swaak, 2021 NVAR president   There were 2,125 homes sold in the NVAR region in…

1417 Views, 0 Comments

Read Full Post

Northern Virginia Housing Market Outpaces Pre-Pandemic Activity

  Fairfax, Va. – “The Northern Virginia housing market continued to outpace fiveyear averages in October, with sales and listings higher than October activity in 2019,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR). “Comparisons to 2020 pandemic market conditions don’t really provide an accurate picture of current market strength, given the extenuating factors impacting buyer and seller sentiment during that time,” McLaughlin said   There were 2,038 homes sold in the NVAR region in October. While that number trails the pandemic rebound sales activity that continued into October of last year by around 8%, it is almost 19% higher than October…

981 Views, 0 Comments

Read Full Post

Northern Virginia Housing Market Continues Balancing Act in September; Competition Eases for Home Buyers

Fairfax, Va. – “Across northern Virginia, sales are still brisk and inventory is still low. But what we experienced for September was more of a reversion to the mean, resembling a more typical fall market like we had in 2019 or 2018, rather than the outlier of 2020,” said Derrick Swaak, president of the Northern Virginia Association of Realtors®(NVAR) and a partner and managing broker with TTR Sotheby’s International Realty in McLean, Va.    The result is that home buyers in the NVAR region faced less competition in September, compared to earlier in the year.    “Comparing September activity to the previous year, the number of houses…

819 Views, 0 Comments

Read Full Post

Fairfax, Va. – With numbers still outpacing five-year averages, August residential housing data showed signs of a more balanced market, providing a break for Northern Virginia buyers.    “Homes continue to sell at a brisk pace in Northern Virginia, with an increase in the number of available homes for sale in our region in August,” said Ryan McLaughlin, CEO of the Northern Virginia Association of Realtors® (NVAR).    There were 2,337 homes sold in the NVAR region, representing a 1.7% increase above the number of homes sold in August of last year according to Bright MLS, the region’s multiple listing service. The number of total listings in the NVAR region was about 26% higher than last August, with 2,678 homes available for sale.   There…

1085 Views, 0 Comments

Read Full Post