Monetary Policy, Tax Changes Do Not Affect Northern Virginia's Serious Clients,
March Home Sales Track Evenly with Last Year,
Reports the Northern Virginia Association of Realtors®

Fairfax - March home sales numbers in the combined area of Fairfax County, Arlington County, Alexandria and Falls Church totaled 1,768 sales, which is close to the 1,779 homes sold last year in March. This volume of transactions in the Northern Virginia Association of Realtors® region reflects stability: demonstrating that qualified clients are proceeding with their housing decisions regardless of interest rates or tax bill change news, said NVAR Chairman of the Board Lorraine Arora. "That said, we see caution in some buyers since our region's home prices have steadily risen and bidding wars have been occurring for many homes."
Some entry level buyers are taking their time. Realtor® Dallison Veach of The Veach Realty Group withRE/MAX Executives sees that entry-level clients of all ages can be frustrated. "I was working with a first-time home buyer, with a modest income as a [long-time local] teacher. She's been renting all her life and decided to buy because [of rising rents]," she said. Her client had a Virginia Housing Development Authority loan, and bid full-price on two condos. Both offers were rejected because the client couldn't participate in a bidding war that would have priced her out, Veach said. My client ultimately decided to continue to rent.
Traffic at properties had been busy in spite of last month's record cold temps. "March has been an exceptionally brisk market as prepared buyers are rushing to take advantage of current interest rates," said Ann Yanagihara, Coldwell Banker Residential Brokerage branch vice president. "Properly priced properties often sell in the first week on the market and over list price because of multiple contracts." She advises that clients be aware of the critical market factors that could cause listings to become stale quickly. "The maximum exposure that a listing agent can provide is also critical to ensuring that the sellers attract buyer traffic during the first weekend on the market," said Yanagihara.
Buyers can also benefit by being among the first buyers viewing properties and competing with strong, reasonable offers, she explains.
According to NVAR CEO Ryan Conrad, "
Our Realtor® members are reporting that serious clients are not basing their housing decisions on issues in the news. Our March sales numbers track perfectly level with last year. What would help the market the most would be an influx of new affordable homes."
Veach notes that the current lean inventory presents a headwind. "Clients who are moving into the area are having a little more difficult time finding a suitable property," she explained. "They are often having to make some compromises in their selections."
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