I look for it to be a typical Fall Market. Single-family home sales will continue to slow, inventory will continue to slide starting in October, then at an increased pace in November and December. Not unusual, and nothing to worry about, it is just the real estate cycle. The relocation buyers vanish, as corporations rarely transfer employees once school has started. Buyers from Arlington and points closer in, who want a larger home are limited because they don’t want to move their kids from schools they have already started. All that is left are first time buyers and move-ups within the same school district. The buyer pool narrows dramatically. Townhome sales are driven mainly by first-time buyers entering the market and are not affected as much by school starting. Interest rates affect them far more. While rates are still projected to increase, I do not see that as having a big effect on the townhome market and I look for it to remain steady for the remainder of the year. Even with the higher inventory levels, buyers that are in the market are frustrated, as there is not a lot of new inventory coming on the market, and what is out there is not their “perfect” house. Some will compromise, some will wait. Sellers that have to sell will have no choice but to compete on price, so there will be some good values. Sellers that do not have to sell will either just ride it out or come off the market and try again at a different time. We follow these cycles year after year and are good at spotting trends and helping our sellers win. Give us a call and we can sit down and show you.
The title Out on a Limb comes from the fact that we are willing to go Out on a Limb and tell you what we think is going to happen in our local real estate market in the future both short term and long term. After 26+ years in the business we are pretty darn accurate but not always. There are times we have been surprised but that is not often. You can look at the stats and see the numbers, and you can read Front Lines to get an idea of what is currently happening and finish that off with Out on a Limb to know where the market is going! We update this monthly so bookmark this page to check back on regularly.
Out on a Limb-
|Click Here to See How We Protect Our Site Contents|