Hot summer climate is pouring into the real estate market

The buzzing real estate market in Alexandria, Mount Vernon and beyond keeps agents busy as multiple offers often result in higher prices for the

nicer properties, but location is still a big selling point.

Chris White, a real estate agent at Long and Foster’s Old Town office, and his team have made 71 sales so far in 2021. White said low interest rates and attractions attract buyers. Some are looking to live along the boardwalk in the Mount Vernon Zone for open space, larger grounds and more greenery, he said. “I think the cycle path plays a big role,” he said.

Team Jen Walker is busy in the city of Alexandria, as well as points to the south such as Waynewood in Mount Vernon.

“It was crazy,” said Nicky MacNaughton, a team agent. She listed a three bedroom, 1.5 bath home at DelRay that drew seven bids. “It showed up well with a huge backyard,” she said. “Lovely but still within walking distance for yoga, Aldi and others, all in one package,” she added.

This is the way it is all over Northern Virginia this summer and signs keep going up on the front lawns, but they don’t stay there for long.

Donna Cramer of McEnearney Associates Realtors has seen many surges in the real estate market during her career, but a recent transaction with a mid-century modern home in Springfield was a good example of how warm the market is.

There were 26 offers and the house cost about $ 300,000 more than the listing price. “I didn’t realize mid-century modernity was this hot,” Cramer said. “It made my salespeople very happy.”

This is the way it is all over Northern Virginia this summer and signs keep going up on the front lawns, but they don’t stay there for long.

NVAR Statistics for Home Sales in May in Northern Virginia

The inventory of homes on the market was 3,452 new listings in May 2021 compared to 2,174 in May 2020

The city of Alexandria achieved 1,318 sales from January to May 2021 compared to 889 for the same period in 2020

Fairfax County, properties sold for 103.5% of list price

A total of 2,656 homes sold in May 2021, an increase of 63.8% over May 2020 home sales of 1,622

The average price of homes in May 2021 was $ 745,323 compared to the average price in May 2020 of $ 641,002

Cramer says there are a lot of bidding wars, but not always. Sometimes a buyer comes up with a high bid and no one disputes them.

According to a comparison by the Northern Virginia Association of Realtors, from April 2021 sales to April 2020 sales, the average price of homes in Fairfax County was $ 714,564, a 9.7% increase from to last year. Then a bidding war, sparked by demand for housing in that neighborhood, could push prices up from there.

Why the demand here? The federal government, the Pentagon and the military bases around the Ring Road have always been a magnet for people settling in this region. “This area offers proximity to the Washington, DC area, the ability to work from home, more affordable housing than DC, great schools and more square footage – especially for families with kids,” said said Quinton Simmons of the National Association of Realtors.

Derrick Swaak, president of the Northern Virginia Association of Realtors, said “Contributing factors include historically low mortgage rates, a strong stock market and a strong local economy.”

This economy is also driven by new entrants to the corporate world, Swaak said. “Amazon is looking to fill 1,900 jobs in and around HQ2. Currently there are 1600 employees there. The region also continues to attract new businesses, such as Starkist moving its headquarters to Reston, Guidehouse establishing a global headquarters in Fairfax County, with 900 new jobs, ”he said. The DC metro area is a popular place for new college graduates when they start their careers, and many stay here.

Karen Hall, a real estate agent in the Kingstowne area, recommends that in a market like this, be sure to hire an agent who is great at negotiations and strategy (two different things) and looks for off-market properties. She added that it’s best for buyers to check they are making their highest bid so they don’t lose sleep if they don’t win.

Source link

About Adam Gray

Adam Gray

Check Also

Business News: Teel Named One of America’s Top 100 Real Estate Agents | New

Julie Teel of RE / MAX LakeSide Dreams is one of the Top 100 US …

Leave a Reply

Your email address will not be published. Required fields are marked *