Newsletter 10/19/20 Your local agent Kristin Dillon-Johnson It's a HOT Sellers Market!!! Homes are coming on the market and then they are gone the next day, with multiple offers in every price range! As a buyers agent we are having to be very creative with our offers and our buyers have to be READY! As a sellers agent, we have to know how to best compare offers and help see which is the best fit for our sellers. During such a confusing and unsettling time, it pays to have the right information to help you navigate what has become the "new normal". If you've been thinking of buying or selling a home, you may wonder if you still should- or if you even can. I want you to know that I am here to help you navigate your home buying or selling. Give me a call today & we can discuss your real estate needs & strategize for the best results. CURRENT INTEREST RATES Click below to see rates! MARKET STATS The COVID-19 outbreak led to an unprecedented economic downturn in both the U.S. and in Virginia. However, there is evidence that the economy has reached a turning point, and conditions in our area are improving. HERE ARE THE HIGHLIGHTSActive Listings The shrinking inventory trends have accelerated in the Loudoun County housing market amid the ongoing pandemic. Similar trends are occurring throughout the State. There were 576 active listings at the end of the 2nd quarter in Loudoun County, about half the number of listings as a year ago. Inventory While the full impact of COVID-19 on the local housing market continues to be monitored, the direct impact on the inventory is already quite evident. Housing markets throughout the State experienced dramatic declines in active listings over the past several months as more would-be sellers continue to wait to see how the market responds to the pandemic. At the end of the 2nd quarter, there were 576 active listings on the market in Loudoun County, which is about half (-49%) the inventory level there was a year ago, a decrease of 543 active listings. The supply in the Loudoun County housing market had already been shrinking steadily for much of the past several years, but COVID-19 has accelerated the inventory decline. The tight market supply is likely constraining sales activity in some local areas and continues to put upward pressure on home prices. The supply declines accelerated in many parts of the State, as well. The overall inventory of active listings in Virginia at the end of the 2nd quarter was 39% lower than it was a year ago. Within the local markets in Loudoun County, Chantilly (zip code 20152) and Ashburn (zip code 20147) had the sharpest inventory reductions, with 72% and 68% fewer active listings than this time 1 year ago. Leesburg (zip code 20176) also had a notable drop in inventory this quarter, down 65% from last year. There was 1 month of supply at the end of the 2nd quarter in Loudoun County, down from 2 months last year. The months of supply is calculated by taking the average monthly sales over the preceding 12-month period and dividing it by the inventory of active listings. In most housing markets, a supply below 6 months tends to favor sellers rather than buyers. Mortgage Rates Record low mortgage rates have driven a refinance boom and have helped sustain the for-sale market during the COVID-19 pandemic and economic downturn. Low rates will continue throughout 2020 and into 2021. PLANNING AHEAD One excellent way to improve your financial profile is to buy a home of your own. But we won’t lie: It’s a long and potentially incredibly stressful process, especially when it comes to the dollars and cents of securing a mortgage loan. And pandemic conditions take it to a whole different level. So how do you navigate the stress of the journey in order to reach Destination Homeowner? There’s a lot that’s within your control to help ease some of that stress and make the whole thing a little bit easier. If you take a few steps upfront to manage the financial details early, you’ll thank yourself on moving day. If you are thinking of selling your home in the coming months, it pays to have those beautiful green or Fall outdoor photos and drone photos ready for when you are ready to list. If you think you might list your home in the near future, give me a call and I can place an order for outdoor photos now, so that we are best prepared for when we are ready to list. We just got some drone pictures below of our property last week. FUN OUTSIDE THE OFFICE Picked the last of our Heirloom Apples this month for our friends & family to enjoy! Also, we welcomed Pancho to join our family this weekend! Hopefully Pancho & Jackson will make good friends :) Kristin Dillon-Johnson’s passion, drive and focus keep her rising to the challenge when competing horses. As an experienced real estate agent, these same traits push her to be her best every day professionally, as well. When Kristin is focused on your investment goals, she is committed to helping you achieve exceptional results. For your next move in Loudoun County or Northern Virginia, call Kristin Dillon-Johnson and seize your opportunities. (703) 673-6920 |