Fall typically brings a burst of activity in the real estate market ahead of a winter slowdown, and this year is no exception. Contracts were up in October, but now we’re seeing inventory creep up just a tad more. I expect sellers who don’t see immediate response to pull their listings off the market as we approach the holidays though. Sellers who have their homes on the market over the holidays are typically very motivated sellers, so buyers shouldn’t let the change in seasons stop their search–you’re much more likely to find a good value and not have to compete with other buyers.
Generally speaking, the market seems to be slower in Northern Virginia (with the exception of single family homes at an entry level price point) than in DC, and condos are slightly less appealing than townhouses. There are pockets of hyper-activity throughout the region, though, like our 2 bedroom rowhouse in Trinidad that got 11 offers in 8 days! So, as always, real estate is all about location, location, location and homes that are seen as a good value will sell quickly.
As the weather changes, homeowners should think about getting their house ready for winter by draining hose bibs, cleaning gutters, and cleaning the chimney. And don’t forget to change the batteries in your smoke detectors. Or use this as your opportunity to buy a cool new NEST smoke detector–check it out!
If you’re thinking of selling in 2014, winter is a great time to work on those inside projects and de-cluttering–contact us for our checklist of steps to prepare your home for sale. And buyers–now is a great time to get your ducks in a row with financing so that you can casually look over the winter (and you may even find a bargain or two). We won’t be offering our first time home buyer class until February, but if you want an overview, just contact us!
The Wethman Group
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