Groundhog Day is when Punxsutawney Phil predicts whether the there will be early spring like weather or whether there will be another 6 weeks of winter weather. On February 2, 2013, Phil failed to see his shadow which tradition proclaims means there will be an early spring.
Realtors® predict an early spring market by several indicators, the strongest of which is the attendance of prospective buyers at Sunday open houses. Sunday buyer activity for a new listing is typically in the 10-15 group range. The Huckaby Briscoe Conroy Realty Group with Keller Williams held a new listing on the market in Arlington, VA priced right below $600,000 open the day after Groundhog Day, which happened to also be the first Sunday of February. There were over 60 groups in attendance, which is phenomenal. The majority of the visitors were first time home buyers. This turn out is especially incredible given that it was Super Bowl Sunday, which often accounts for less open house traffic.
Homes priced in the upper brackets, considered to be over $1 million for the Northern Virginia market area, saw increased Sunday open house traffic as well the first Sunday of February. A key characteristic of the strength of the upper bracket market is the ability of move-up buyers to be able to sell their lowered-priced existing home quickly for a strong price. Clearly with multiple potential purchasers of the under $1 million home market, those Sellers are more confident that they can now buy up. Many Sellers that have been sitting on the sidelines waiting for the real estate market to improve see now as a good time to make the move.
The message to Sellers by this Realtor® is: No need to sit out the market any longer, spring has clearly sprung in the Northern Virginia real estate market. Also work with a Realtor® that is experienced and knowledgeable on how to navigate the rapidly changing market conditions.
The message to Purchasers by this Realtor® is: The lack of homes to buy means that this is not a time to do it by yourself but rather it is all the more critical to be represented by an experienced, knowledgeable Realtor®.
Link to the Washington Post article “Punxsutawney Phil: Spring will be early”. http://www.washingtonpost.com/blogs/capital-weather-gang/post/groundhog-day-2013-no-shadow-for-punxsutawney-phil-so-springsaround-the-corner/2013/02/02/34e6e620-6c9c-11e2-bd36-c0fe61a205f6_blog.html
Karen Briscoe and Lizzy Conroy are active and experienced Realtors® in the Northern Virginia, Washington DC market place and would be delighted to assist with home selling and/or buying. The Huckaby Briscoe Group of Keller Williams Realty was recognized as one of the Wall Street Journal Top Real Estate Teams in the United States. Please contact via the means most convenient for you: www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.