Looking to buy or sell in Loudoun & Fairfax counties this spring?
Interest rates have gone up since the election in November and this is putting pressure on buyer's budgets. As rates go up, the cost of purchasing a home goes up which puts pressure on buyer's budgets. If you are thinking about purchasing in the near future, now is the time to do it before your budget is affected even more by the rising interest rates. This is good for sellers as it creates pressure to buy now but as rates continue to rise, seller's will start to feel the effects in pricing as purchasing power goes down.
Inventory in both Loudoun & Fairfax counties is 30 - 35% less than the same time last year which is putting upward pressure on the pricing which is great for sellers. In Fairfax, the average single family home price has gone up from $691,000 to $733,000. Single family homes are more popular in Fairfax as well. In Loudoun County, the average single family home has gone from $583,000 to $603,000. Condo and Townhome prices have raised as well. Townhomes are still the hottest item in the market!
Give us a call today at 703-338-0872 if you are thinking about buying or selling a home, now is the time!
We're launching a new website! Check out www.myvirginianeighborhood.com for all kinds of statistics on your neighborhood's specific market!