Home Sale Statistics in Northern Virginia – February 2024
The Belt Team
by The Belt Team
2w ago
The Spring market has arrived and with that has come more homes coming on the market compared to several months ago. However, the inventory is still extremely low with most areas in the region only having 1-2 months supply of homes. It’s still a great time to be a seller but remains challenging for buyers. See all of the market statistics below for Northern Virginia for February. Then use the links at the bottom of the page to see how your specific community is doing! Northern Virginia February 2024 home sales: • 2,003 homes went under contract in the region. This is down 1.7 ..read more
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Why Today’s Seller’s Market Is Good for Your Bottom Line
The Belt Team
by The Belt Team
2w ago
Thinking about selling your house and wondering if now’s a good time to do it? Here’s what you need to know. Even though the number of homes for sale has been growing this year, there still aren’t enough homes on the market for all the buyers who want to buy. So, what does that mean for you? To keep it simple, it means it’s still a seller’s market. Here’s how it works: A neutral market is when supply and demand is balanced. Basically, there are enough homes to meet buyer demand based on the current sales pace, and home prices hold fairly steady. A buyer’s m ..read more
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Some Experts Say Mortgage Rates May Fall Below 6% Later This Year
The Belt Team
by The Belt Team
1M ago
There’s a lot of confusion in the market about what’s happening with day-to-day movement in mortgage rates right now, but here’s what you really need to know: compared to the near 8% peak last fall, mortgage rates have trended down overall. And if you’re looking to buy or sell a home, this is a big deal. While they’re going to continue to bounce around a bit based on various economic drivers (like inflation and reactions to the consumer price index, or CPI), don’t let the short-term volatility distract you. The experts agree the overarching downward tre ..read more
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Fairfax County 2024 Real Estate Tax Assessments Are Available!
The Belt Team
by The Belt Team
1M ago
Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly. For a large number of you (73%), the assessment went up. On average, residential real estate assessments are up 2.86%. The average assessment for homes in Fairfax County in 2024 was $744,526 (up from $723,825 in 2023). “Throughout 2023, mortgage rates remained relatively high, and in Fairfax County sales volume was down significantly from 2022. On average, home prices have continued to increase due to demand exceeding supply, but only moderately compared to the previous two year ..read more
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Home Sale Statistics in Northern Virginia – January 2024
The Belt Team
by The Belt Team
1M ago
In January 2024, Northern Virginia witnessed robust real estate activity despite some year-over-year declines. While the region saw a decrease in homes going under contract compared to 2023, a notable portion of properties sold swiftly within 10 days of listing. In addition, the number of new listings saw a decline from the previous year, contributing to a tighter inventory. Northern Virginia maintained its status as a Seller’s Market, with early signs of market strengthening compared to year-end 2023. The average sold price continued its upward trajectory from the previous year, signaling con ..read more
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Houses Are Still Selling Fast
The Belt Team
by The Belt Team
1M ago
Have you been thinking about selling your house? If so, here’s some good news. While the housing market isn’t as frenzied as it was during the ‘unicorn’ years when houses were selling quicker than ever, they’re still selling faster than normal. The graph below uses data from Realtor.com to tell the story of median days on the market for every January from 2017 all the way through the latest numbers available. For Realtor.com, days on the market means from the time a house is listed for sale until its closing date or the date it’s taken off the market. T ..read more
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Why Pre-Approval Is Even More Important This Year
The Belt Team
by The Belt Team
1M ago
On the road to becoming a homeowner? If so, you may have heard the term pre-approval get tossed around. Let’s break down what it is and why it’s important if you’re looking to buy a home in 2024. What Pre-Approval Is As part of the homebuying process, your lender will look at your finances to figure out what they’re willing to loan you. According to Investopedia, this includes things like your W-2, tax returns, credit score, bank statements, and more. From there, they’ll give you a pre-approval letter to help you understand how much money you can borrow ..read more
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Are More Homeowners Selling as Mortgage Rates Come Down?
The Belt Team
by The Belt Team
2M ago
If you’re looking to buy a home, the recent downward trend in mortgage rates is good news because it helps with affordability. But there’s another way this benefits you – it may inspire more homeowners to put their houses up for sale. The Mortgage Rate Lock-In Effect Over the past year, one factor that’s really limited the options for your move is how few homes were on the market. That’s because many homeowners chose to delay their plans to sell once mortgage rates went up. An article from Freddie Mac explains: “The lack of housing supply was partly driven by the rat ..read more
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2 Reasons Why Today’s Mortgage Rate Trend Is Good for Sellers
The Belt Team
by The Belt Team
2M ago
If you’ve been holding off on selling your house to make a move because you felt mortgage rates were too high, their recent downward trend is exciting news for you. Mortgage rates have descended since last October when they hit 7.79%. In fact, they’ve been below 7% for over a month now (see graph below): And while they’re not going back to the 3% we saw during the ‘unicorn’ years, they are expected to continue to go down from where they are now in the near future. As Dean Baker, Senior Economist at the Center for Economic Research, explains: “It ..read more
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Home Sale Statistics in Northern Virginia – December/Q4 2023
The Belt Team
by The Belt Team
2M ago
The year finished on a strong note. Dipping interest rates brought out more buyers than the Fall and prices are still inching upward due to the low inventory of homes available. See all of the market statistics below for Northern Virginia for December 2023, as well as some year-over-year numbers.  Then use the links at the bottom of the page to see how your specific community ended the year! Northern Virginia December/Q4 2023 home sales: • 1,400 homes went under contract in the region. This is down 2% from the same time period in 2022. • 45% of the homes that went to ..read more
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