Answering 5 Common Market Questions
Here are the answers to the main five questions about our market.
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Today I’m sharing the top five questions people are asking about our Northern Virginia real estate market:
1. Is this a buyer’s or seller’s market? We’re currently in a seller’s market, meaning sellers have a bit of an upper hand in this market.
2. What is the current inventory like? Inventory is the number of houses available for sale. It’s very low right now; we don’t have many houses on the market, which is one of the main reasons we’re in a seller’s market.
3. How does the low inventory affect home values? The good news is that the values of homes here in Northern Virginia are increasing because we have very little inventory.
4. What do interest rates look like right now? Great news for buyers: Interest rates are historically low, meaning your dollar goes further when you purchase a home. You can now purchase a little more home than you could previously because of the low interest rates.
"The values of homes here in Northern Virginia are increasing."
5. How does this information help me? These days, sellers have the opportunity to put their homes on the market and receive a higher price and a quicker sale. Today buyers can expect to compete with a few others for the home they want because there are so few homes on the market.
If you have questions of your own or want more information about the answers I just gave, contact me via phone or email. I hope to speak with you soon.