Flat is the best description of the real estate market performance for the first half of 2019. Truly I am surprised as there were signs and indicators of more robust activity. The numbers speak for themselves though! There were 576 total transactions in McLean and Great Falls in the first half of 2019. In the same time frame for the previous year, 2018, there were 571.
The segment that showed the most improvement is the price range of $1 to $1.25 m. The move-up buyer in this price range is confident that their lower priced home will sell quickly, maybe even with multiple offers and over list price. This is an indicator that prices under $1 m may be experiencing price appreciation thus causing buyers to bump up their purchase criteria.
What is not accounted for in the data are real estate sales that occur off the “grid”. This is most often the case in the lower price points where the house is a tear down for a lot which sells directly to a builder. An indication of this taking place is that the under $750,000 price point went from 171 to 159 transactions overall in McLean and Great Falls. Important to remember that this potentiality as one reviews the statistics.
There are some that advise homeowners to sell off market. These may be in the form of tele-marketers, mailings, and other promotions that emphasize that their company will buy fast and with no commissions. In most cases, a property that is properly marketed on the Internet by a professional experienced real estate agent will sell for a stronger price. The reason is that competition is a force that is as strong as gravity. Unfortunately, there are those that prey on homeowners who are not savvy or represented, focusing on the money they might save if they sell direct.
The best news is that for two years in a row the market has considerably improved over a decade ago. The bottom of the market year of 2009 represented only 362 sales.
Predictions for the second half of 2019 real estate market indicate more of the same. If interest rates remain steady, home buyers can purchase with confidence. Home sellers who work with experienced professionals can still make a move in 2019 a reality. Homes that show well and are priced correctly sell. This is particularly the case for homes in the lower price points of under $1.25 m.
Karen Briscoe with HBC Group at Keller Williams is an active and experienced Realtor® in the Northern Virginia marketplace. Karen, alongside her partner Lizzy Conroy and team, works with sellers, buyers, investors and builders in all price ranges. www.HBCGroupKW.com, 703-734-0192, Homes@HBCGroupKW.com.