Groundhog Day is when Punxsutawney Phil predicts whether there will be early spring like weather or whether there will be another 6 weeks of winter weather. The celebration occurs on February 2ndof each year. Whether Phil sees his shadow or not often helps determine when the spring real estate market kicks off.
In those markets that experience winter months of snow and/or cold temperatures, people often exhibit cabin fever and are ready to get out and about and tour homes as soon as there is a sign of spring. Realtors® predict an early spring market by several indicators, the strongest of which is the attendance of prospective buyers at Sunday open houses. Thus it is helpful to keep track of foot traffic of actual numbers of people that attend public open houses. If it is trending up, then that is a good indicator. All indications for 2017 to date are showing phenomenal open house activity for homes priced correctly and in good condition.
There is often a significant increase in number of Sellers preparing their homes for the market as have been waiting on the sidelines for springtime to appear. Thus another indicator to watch is the rate that homes come onto the active market. If it is at a faster clip than demand is absorbing them, then that is a sign that supply is building up.
Sellers may want to consider the potential advantage of being early on the market. In this way they may beat out other significant competition.
The Huckaby Briscoe Conroy Group at KW listed a home for sale in McLean recently. This home ended up getting under contract before the open house at an amazing price!
The message to Sellers: 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 knowledge on how to navigate the rapidly changing market conditions.
The message to Purchasers 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®.
Springtime always follows winter, thank goodness! Whether the Groundhog predicts an early spring season or six more weeks of winter, either way the spring market will come.
To receive a free, no-obligation Comparative Market Analysis, contact Karen Briscoe and Lizzy Conroy and their team of agents at HBC Group at Keller Williams. We would be delighted to assist with your real estate needs, whether selling or buying a home. The group of active and experienced Realtors® in the Northern Virginia, suburban Maryland and Washington, DC market place consider it an honor to improve and impact lives. Please contact via the means most convenient for you: www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.