Real Estate Blog

Fairfax – Home sale closings landed at 2,527 sales in June, barely declining by one-half percent from the 2,544 transactions posted in June, 2015. The strong Northern Virginia spring market ebbed into summer mode. “While low interest rates remain encouraging, our biggest challenge continues to be our local market’s lean inventory,” said Virgil Frizzell, NVAR Chairman of the Board. “This makes for a competitive marketplace when bidding on entry level homes for millennials who are ready to commit.”

“Buyers watch HGTV, and they want a move-in ready home,” said Craig Lilly, NVAR Board member and Long & Foster Real Estate of Vienna Realtor®. “That means there should be signs that the home has been well maintained, he said. “I can’t tie buyer sentiment to events in the world, but there has been a lot of turmoil and perhaps that has had an effect,” Lilly said, referring to Brexit fears and China’s sluggish economy.

“Employment numbers in June were excellent, and so were mortgage applications because of ultra-low interest rates,” said NVAR CEO Ryan Conrad. “Qualified buyers should be able to buy a lot more house today, that is if they can find – and clinch – the right home.” Consistent job creation has always played a major role in upticks of real estate, and those indicators are looking up right now, he explained.