Insight about the current Virginia real estate market for Fit Small Business
Third quarter data indicates a fluctuation in the Virginia real estate market. According to the S&P CoreLogic Case-Shiller Home Price Index, the average home price rose by 5.8% on an annualized basis, following a 6% increase in July and a 6.2% increase in June. The number of sales across the Northern Virginia region fell in September by 12%.
This data included the counties of Arlington, Fairfax, the cities of Alexandria, Fairfax and Falls Church as well as Vienna, Herndon and Clifton. Even with the percentage of sales dropping from the same time last year, prices continue to rise with an average sales price of $573,555 in September 2018, a 3.6% from 2017. (Source: Northern Virginia Association of Realtors)
In the spring and early summer, when the market remains the most active, there was a limited supply of properties consumed by high level of demand. And while high demand and low supply normally means higher home prices, most buyers don’t have the resources to qualify for a mortgage, especially with increasing rates, which reduce their buying power. All these factors affect the number of home sales.
About the Author
Cary Garcia
As a real estate broker licensed in Virginia, Maryland, and Washington, D.C., I work strictly by referral. For over 20 years, my success has hinged entirely on detailed, efficient service to clients like you.
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Finding a real estate agent is easy. Finding a skilled agent is the hardest…What separates me from other real estate agents is my extensive knowledge of contract law. You need an agent who understands the legality of the contract by enforcing the terms of the offer as well as all of the contingencies, addendums and disclosures. Before signing the offer, I will thoroughly explain the contract in detail, so you understand what you are committing to.I bring an expert’s perspective to help buyers and sellers make the right decisions.
Because I understand the legal and highly emotional aspects associated with real estate transactions, I am able to provide expert guidance to help you make informed and educated decisions. In addition, I’m very skilled at project coordination.
With so many people involved in the home sale process, I know how to create satisfying resolutions and make the process go as smoothly and successfully as possible.