The market is showing signs of returning to something like a more balanced one. While September sales in Loudoun County were down 10.5% YOY, when compared to 2019, it is stronger. What does this all suggest? Perhaps that buyers who were shut out will now return to the market, while sellers will still experience strong returns in short timeframes. Win-win.
Key is still price, condition and location. There’s no getting around that maxim. Yet prices have been moving up continually, and the report demonstrates that, showing overall median prices up almost 10% as compared to September 2020.
Mortgage rates have been inching up, primarily thanks to inflation concerns, but are still at extremely low levels. To paraphrase my friend and loan officer, Tan Tunador with ACM (Atlantic Coast Mortgage), "They [rates] are still near historic lows (remember the 6,7,8 or even over 10% rates?). Once the consumer gets the sub-3% rates our of their minds the low 3s will be the new normal again."
Check out the the full report by clicking/pressing on the image above, and have a great day!
As a Realtor, I experience some profound highs in this, my chosen career, mainly when I witness a client’s joy at closing on a new home or successfully passing one on to its new stewards.
In 2018, I had the distinct pleasure of working with Hannes and Sarah Endhardt in their quest for a vineyard or, if the right existing property could not be found, the ideal parcel of raw land on which to plant a vineyard and build a tasting room.
Following several disappointments, including a going concern vineyard/winery and a parcel of raw land, which was discovered to be unsuitable for the growing of quality grapevines, we located a 46 acre rolling lot, already in conservation easement, on a serene Virginia Byway, Lincoln Road, Purcellville, and went to work on our due diligence, including soil testing to ensure there were no hidden impediments to making great wine.
The real hard work began following closing of the purchase. Hannes and Sarah set about ordering new vines, not a simple matter and one which requires many many months of lead time. Once these arrived, they were meticulously planted while the property was fenced and beautified, with the eventual addition of a meandering gravel drive and adorable rustic modern tasting room, with winery below.
The naming process was easy and Endhardt Vineyards was born. During September 2021, the tasting room opened quietly with Hannes and Sarah working the tasting bar. Without any fanfare or advertising, it quickly filled with passing oenophiles who spotted the Endhardt Vineyards sign off the main road.
Take a look at my Country Zest & Style article here, and pay a visit on any Saturday or Sunday, 12 noon to 5pm.
Peter writes for his local magazine, Country Zest & Style, as its Wine Editor. He also enjoys writing blogs on interesting and pertinent real estate matters, so please follow!