Two weeks ago I wrote about the lack of homes on the market, and it got me doing a little more digging. About two years ago Heather wrote something similar for the Washington Post. It’s scary to see how close the numbers are:
Ashburn Village: 18 now/ 20 then
Ashburn Farm: 12 now/ 13 then
Broadlands: 10 now/ 20 then
Brambleton: 30 now/ 19 then
Lansdowne: 33 now/ 34 then
Potomac Lakes: 15 now/ 17 then
Potomac Station: 7 now/ 7 then
When we have this type of scenario two things can happen. The first is the market becomes flooded as sellers see an opportunity to get a high price for their home. That’s what happened last year as 1058 homes were listed for sale between March 10 and April 30 (a normal number is approximately 800 for the same time frame). Usually that means prices drop slightly, however last year the reverse took place as values climbed almost 11% versus the previous spring.
The other possibility is listings continue to trickle on the market. Buyers end up in multiple offer situations and their offer strategy is influenced. I’ve already experienced that with a client this year. Typically when this happens buyers pay at or over the asking price and end up with little or no seller subsidies. This was the case two years ago, as only 863 homes came on the market from March 10 to April 30.
So what does that mean for this spring? There has been no pattern over the last five years, but we do know home values are at a 7 year high. With interest rates still reasonable and the number of new construction communities on the rise, I expect another busy spring market. If you are considering selling your home this spring, the first step is to determine what it’s worth. We are happy to provide a home value report, just click the link and we will deliver it to your inbox within an hour.
If you have any questions about real estate or all things LoCo, just ask!