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Early Spring Market Update

The Market is off to a Strong Start

According to BrightMRIS, 269 homes were listed in January within 5 miles of Vienna VA. This mirrors January 2018 and 2019 with 362 and 372 respectfully. 128 homes (48%) are already under contract or sold. Currently, 51%* of the overall inventory is under contract with extremely heavy traffic. The Casey Samson Team had over 100 showings on a listing last week which then went under contract after receiving 41 offers (a record)! Earlier this month, we saw 185 showings on 5 listings launched and received 19 contracts. All 5 homes are under contract at or above list price within. 4 within the first week.

Although the market is strong, last year homes over $1M sat on the market for an average of 126 days and only 50% sold. The rest are still on the market, withdrawn or expired unsold.

10 Things Sellers Must do to Get Maximum Value in the Shortest Period of Time:

  1. Select the proper Realtor, interview at least 3
  2. Price the home, using authenticated intelligence NOT artificial intelligence
  3. Place the home in a transitional style**. This appeals to the maximum amount of buyers. It is easy and cost-effective.
  4. Use state-of-the-art photography and websites to highlight the best attributes of the home
  5. Target buyers using today’s most effective technology
  6. Make sure all top realtors get a personal, targeted email showcasing the home
  7. Reach out to all renters in the school district
  8. Do open houses to meet all potential buyers.
  9. Ask for only the highest and best offers to get the best price and terms
  10. Make sure the buyers use a local correspondent lender like First Heritage, Mclean Mtg. Or Intercoastal.

*33% of homes under contract denote a neutral market. 50% denotes a seller’s market

**Transitional Style-Most homes are staged in a traditional style, which dates a home. See more at “Preparing your home” at www.caseysamson.com

Watch our latest Sips of Coffee with Casey Episodes for buyers and sellers.

A Word From Mike Filan – Vice President and Senior Loan Officer at  First Heritage 

Over the past few months, rates have dipped to the lowest levels in many years.  As we come into the Spring Market – which is traditionally the busiest time for home selling and buying – it is looking like this may be the best time to buy or sell your home in years.  The Washington DC area has had low inventory over the past few years.  What this means is that the number of homes that are up for sale when compared to the total amount of housing units has been lower than typical.  Well now with historically low rates this is a great motivation for homeowners that are looking for a change.  Whether to move up from a smaller to a larger home to accommodate their growing family, for empty nesters to downsize or for people to buy their first home now is an amazing time!  The current low rates are a great catalyst to help people make a change when looking at great financing terms.  If you are considering making a move please contact our team of professionals to see how we can help!

Contact Mike HERE!