Through the early spring of 2014, low inventory continues to drive the market. Buyers, recognizing interest rates are still relatively low are out in droves but sellers are still on the sidelines. Yes, the inventory in Northern Virginia was up at the end of March 2014 compared to the end of March 2013 but the […]
(Say that quickly!) I usually just post the monthly numbers in the Market Stats section of the website and do not comment on the numbers but there was one number in the September results that showed a small turn in the market. Most people tout the change in average price as an indicator in […]
It’s a jungle out there as anyone looking for a home will tell you. With limited inventory and scores of buyers, multiple contract scenarios are common place. Escalation clauses, appraisal waivers and more more are being included in contracts. How does one increase the odds of a successful bid? Well, the simple answer is […]
Where have all the homes gone? Buyers are out in force but there is so little for them to look at. Since October 2011 the month over month inventory levels have been off at least 10%. ( Oct 2011 vs Oct 2010, etc) Since April 2012 there have been more than 20% fewer homes on […]
Well, real estate appraisers are probably great drivers but if they insist on driving the way they run their business, watch out. It is very hard to move forward safely and confidently when looking in the rear view mirror. Over the last year, I have had more appraisal issues then the last 5 combined. Why? […]
Second verse (quarter) same as the first. Inventory is the story and becoming a bigger concern. We now have 10 months in a row where inventory for the current month was at least 10% lower than a year earlier. But in this quarter, for each of the 3 months, the inventory levels were […]
Recently I was on a listing appointment and was the 2nd of two agents being interviewed. Toward the end of our meeting, I asked the sellers to compare and contrast the presentations. One of the key differences was that the other agent spent considerable time touting the power and size of their company. I do […]
Well, not really. Anybody familiar with the Town of Vienna knows that the last place to speed would be our streets. I think there are more radar guns per capita in Vienna than any other local jurisdiction. There may not be much crime here but there sure are plenty of traffic tickets. I probably should […]
From Centreville to Vienna to Arlington and points in between, homeowners have already received (Arlington) or will shortly have their new real estate tax assessment in the mail. (Fairfax County assessments will be available 2/28) I am guessing most will be higher than last year since we had an overall 3% increase in prices in 2011.
I am often asked if the assessment is reflective of market value and the answer is
I must admit, I am a bit of a stat nut. I have detailed sales and inventory data for the Northern Virginia market for the last 15 years and additional sales data going back to 1975. (Using baseball parlance, I might border on being called a seamhead) Don’t worry, it is safe to read on. My blogs will never get too deep into a statistical interpretation of the market. I will leave that to others. Under the Market Stats tab above are several good resources for those interested in viewing a stunning array of charts and graphs. Here we will just review very simple data that can help a buyer or seller in deciding what time of year may be best to act.
