Third Quarter Northern Virginia 2016 Market Update

Dated: September 24 2016

Views: 93

Looking to buy or sell in Loudoun & Fairfax counties this fall? 

There are benefits to both buying and selling in our current market. This is known as a balanced and stable market. In Loudoun County we have had an average growth rate of 3% over the past 3 to 6 months. Fairfax County comes in a little bit higher at a 4% growth rate. I've also noticed that the detached and condo market is taking a little bit longer to sell versus townhomes. This is due to the the audience for townhomes being broader, more affordable and appealing to different types of families. 

The pricing for homes that are closing right now is staying within 98% - 99% of list price, once we figure out the correct market value. We are able to negotiate on your behalf and get the right prices. 

The mortgage rates are staying around 3% which is great for buyers and sellers. The lower the rates, the less pressure on pricing your home correctly and on buyers budgets.

An important and very interesting point to note is that it is statistically 7% more expensiveto rent than to own right now. We would love to help you with a rent vs own analysis to see what will fit your budget best! 

Take advantage of the record low rates and give us a call at 703-338-0872!

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Kim Barber

Buyers - Whether you're looking for your first home, your dream home or an investment property, I'm committed to providing you with the highest quality buyer service. When making the type of investmen....

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