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 saw his shadow which tradition proclaims means there will be 6 more weeks of winter.
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 McLean, VA priced right above $800,000 open on Groundhog’s Day. There were around 50 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 can account for less open house traffic.
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®.
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.
Link to the Washington Post article by James Samenow entitled: “Groundhog Day 2014: Punxsutawney Phil Sees Shadow, 6 more weeks of Winter”; http://www.washingtonpost.com/blogs/capital-weather-gang/wp/2014/02/02/groundhog-day-2014-punxsutawney-phil-sees-shadow-6-more-weeks-of-winter/
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. Our team works with Buyers, Sellers and Investors in all price ranges. Please contact via the means most convenient for you: www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.