How's the Northern Virginia Real Estate Market?

How's the Northern Virginia Real Estate Market for 2018?

While this is one of the most common questions that I get asked, it is one of the most difficult to answer without further information. So that is what I am going to do here: Ask for some further information.

Where in Northern Virginia?

Actually where matters a lot. While there are some common factors that affect Northern Virginia real estate prices a lot (interest rates, the overall economy, the employment market, etc), the truth is that local specific development (rail lines, new sudivisions, new condo developments, school district changes  will affect the real estate market MUCH more in most cases than other economic factors.

So let's start with WHERE and then I can help you in a much more specific way. 

What are you doing? Buying or selling? What is your time frame?

This also affects the real estate market greatly. Real Estate markets tend to flucuate between a buyers market, a seller's market, and an indifferent market. So my answer to you will likely be different for each of those scenarios.

And sometimes you are doing BOTH selling and buying. Maybe you are moving up to a bigger home. Perhaps you are getting out of that condominium complex that you bought into a few years ago and are moving to a larger single family residence? Or perhaps the kids are grown and you are downsizing to a more comfortable lifestyle. 

Why are you needing to buy or sell?

I ask people often WHY they are thinking of buying or selling a home. I realize that is a very personal question, but it helps me help them in a much more effective way. 

How does your WHY affect the real estate market for your home? Let's look at an example:

Let's say that you are in Manassas and are selling your home because you are in financial difficulty. You do not want to sell but you think that is the only way out. You are not sure how much equity your home has and your home needs some repairs to get it market ready. 

Or a different scenario with the same home, and you have lived in it for a number of years, you have significant equity and you are looking to get the most that you can from the sale of your home to purchase a smaller home that is easier to maintain. 

As a REALTOR, my marketing solution for each of these scenarios MAY be widely different.

You have  an INDIVIDUAL Northern Virginia real estate market. Give me a call today and let's discuss it. For years I have helped people understand THEIR Northern Virginia real estate market. I can help you with that too.