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    This LOL Doesn’t Come With a Smile (Lack of Listings)

    Broadlands home

    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.

    Cheers,
    Mike

    If you have any questions about real estate or all things LoCojust ask!

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    About our blog

    Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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