The headline from Reuters on January 23, 2019 is certain to grab attention for anyone considering buying or selling a home this spring: US Home Sales Hit 3 Year Low. It cites National Association of Realtors® statistics that existing home sales declined 6.4%, the lowest level since November 2015.
That may appear to be good news for buyers and more bad news for sellers of real estate. But that statistic is not taking into consideration that all real estate is local. Otherwise why would “location, location, location” be the most often repeated mantra when discussing real estate values.
The SUP Core Logic Case-Shiller Washington DC home price index states annualized one-year return of 2.87% and 3 year returns of 2.66%. The Washington DC metro region includes Northern Virginia which is where the Huckaby Briscoe Group predominately represents buyers and sellers. The Northern Virginia market area includes: Fairfax County, Arlington, Alexandria, National Landing, Falls Church, Great Falls, McLean, Oak Hill, Oakton and Vienna as well as other surrounding counties and cities.
It is the Realtor® on the ground who works with actual Buyers and Sellers that should be reporting the news! And the agents with the Huckaby Briscoe Conroy Group at Keller Williams have a couple of recent stories to share.
About a week ago, Lizzy Conroy put a new listing on the market on a Thursday in McLean, inside the beltway near Arlington. The list price for the older home on ½ acre flat lot was $1,050,000. We recognized that inventory was low for that price point but had no idea. Immediately the showings started and that weekend, even though it was a holiday, the traffic at the open house was robust for January. The Seller, represented by an estate attorney was of course pleased with an all-cash offer to close in 10 days!
Those purchasers that are reading national headlines and attempt to translate them to the local market conditions in Northern Virginia are coming up against lack of supply and great demand for good homes priced correctly in desirable neighborhoods.
Anecdotally, one of the buyers Karen Briscoe has been working with was looking to downsize to a smaller Executive style home in a particular neighborhood in Fairfax County. There was nothing on the market of interest to the buyers, so Karen proactively wrote letters to all the owners in the neighborhood and was able to show a home prior to it going on the active market. These buyers are raving fans of the HBC Group at KW.
In either the case of the Seller or the Buyer, it is critical in these changing market times to be represented by an experienced Realtor® who can navigate you through the process. The Huckaby Briscoe Conroy Group with KW has been in this marketplace for over 40 years – Smart Experience You Can Trust! Please contact via the means most convenient for you: www.HBCGroupKW.com, 703-734-0192, Homes@HBGroupKW.com.
The link to the Reuters article entitled: “US Home Sales Hit 3 Year Low”: https://www.reuters.com/article/us-usa-economy-housing/us-home-sales-hit-three-year-low-prices-rise-slowly-idUSKCN1PG1TZ