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!
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!