As we approach the anniversary of the challenges we’ve faced locally, nationally, and globally through this difficult pandemic and the subsequent recession, it’s completely normal to wonder what’s ahead for 2021. Certainly, there are signs of economic recovery as vaccines are being issued, but with recent weather delays and logistical issues, we still have a long way to go. It’s at times like these we want exact information about anything we’re doing. That information brings knowledge, and this gives us a sense of relief and comfort in uncertain times.
If you’re thinking about buying or selling a home today, the same need for information is very real. Many home buyers that want to live in and around the Arlington area may be wondering if/when a supply of home inventory will return—and how long interest rates will remain low. Contrastingly, home owners may be wondering if the market is at its peak and if they should sell—and similarly may be wondering how long interest rates will stay low.
Of course, any dealings with real estate are such a monumental step in our lives and that desire for clear information is even greater in the home buying or selling process. In fact, given the current level of overall anxiety, we want that advice to be truly perfect. The challenge is, no one can give you “perfect” advice. Real Estate experts can, however, give you the best advice possible. So, let's look at a snapshot of the local market.
Arlington Virginia Market Snapshot
*Currently, there are about 716 homes for sale, ranging from $6.9K to $3.8M in Arlington, Virginia.
What’s happened in Northern Virginia over the last year is that the demand for single-family homes has increased and competition among buyers has become extremely fierce with buyers making aggressive offers to compete for the little inventory that’s available. At the same time, the supply of condos for sale has been growing, particularly the high-rise and luxury condos. Thus far, the condo inventory as been slower to sell. Some believe the lower demand for condos has to do with lackluster nightlife, limited restaurant openings, and distance learning mandates at local colleges. The typical bustling lifestyle in and around Arlington is currently limited due to COVID-19.
As a local real estate expert, I can give you the best advice possible based on the information and situation at hand, guiding you through the process to help you make the necessary adjustments and best decisions along the way.
In all reality, these are challenging times for buyers. Buyers are feeling the pressure to buy and lock-in those low interest rates, but they are faced with dismal offerings in terms of inventory availability, and worse, fierce competition. Those would be tough conditions for any buyer. However, I will tell you, I have had several buyers make reasonable and successful purchases--it wasn’t easy—but it’s possible.
The reality for sellers is sure, they could sell their property and likely sell fast and above asking price. However, this assumes they are not upgrading or downgrading in Northern Virginia because they, in turn, will be faced with the same buyers’ market—unless, of course, they are planning to move out of the area or outside the city.
I do understand that you are probably hoping to find definitive yes and no answers, but, like most things, real estate just isn’t finite—the market is fluid and filled with nuances.
I have been around this market for a long time—over 20 years now. Actually, it’s been longer than that because my parents were also in real estate in Arlington, so technically, I have been around this market most of my life.
The bottom line is, if you’re thinking of buying or selling this year, we should really just talk—whether it’s for 15 minutes or an hour—I need to hear your story, hear your situation, and help you determine of now is a good time for you to buy or sell. Let's talk today. You can contact me 703.850.5223 or email email@example.com
For more tips and up-to-date information contact me today and be sure to follow me on Facebook @Brad Winkelmann Real Estate Arlington VA, Orange Line Metro.