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We have 3 items in our July-August Newsletter for you!

As is our typical practice during the summer dog-days of real estate, we are providing you with a joint July-August Newsletter rather than two separate monthly newsletters. We hope you are enjoying this summer vacation period.

 

1. MARKET SUMMARY & FORECAST: As owner of The R&R Team and as a graduate economist/research analyst, I take great pleasure in completing monthly analyses of the residential real estate market for the *Dulles Market Corridor (DMC) and in providing the results of these analyses to our clients in the form of a recurring market summary and forecast. We strive to ensure that the analyses are consistently accurate by using only highly reliable data. For those who have followed these analyses over the past 18+ years, nearly all will attest that the analyses have been quite accurate in assessing the status of the current real estate market and forecasting a market prospectus. 

The DMC market continued to cool off after a hot spring market and prospects are that the local real estate market will further cool off as we go through the remainder of a typical summer market. On the other hand, the summer market has continued to appreciate property values at 0.9% per month; however, our analyses indicate that this rate of appreciation is expected to erode during the remainder of the summer market. MLS data for the real estate market in the DMC indicate that during the past month buyer contractual activity eroded by an added 14% compared to the previous month while inventory levels increased during the same period. In turnour analyses indicate that current inventory levels remain approximately 25% below normal levels for this time of year. Overall, as we continue through the summer market, our analyses indicate that we can expect further decreasing buyer activity (reduced competition) and that property values may stop appreciating and even begin depreciating by Labor Day. 

Our most recent analyzes of market absorption rates indicate that we still have a sellers market. The market absorption rate for single family detached (SFD) homes indicates that we currently have 2.0 months of available inventory, while the townhouse market absorption rate indicates 1.2 months of available inventory and condo data indicate 1.8 months of available inventory. FYI: Market absorption rate represents the number of months needed to sell off existing inventory for a particular property type based on recent buyer activity. Real estate pundits nationally and regionally indicate that market forces typically need to stabilize home inventory levels at a 3-to-4 month-supply-level to constitute a normal or balanced market (where economists say that supply and demand are in equilibrium). A market absorption rate that falls below this norm indicates a sellers market, while a rate that is above indicates a buyers market.

Based on U.S. economy performance indicators, the Federal Reserve Board increased the prime interest rate again at its June meeting by another quarter point to 1.25%; however, contrary to expected results from the recent Fed rate hikes, mortgage interest rates have continued to decline throughout 2017. In fact, for the past two months, the 30-year fixed-rate conventional mortgage rate has dropped and remains below 4.0%. However, if the Fed further increases the prime interest rate as is expected later this year, most pundits believe such actions will eventually lead to higher mortgage interest rates.

With continued job growth in the Capital Region, relativity low inventory levels, reasonable buyer activity and currently attractive mortgage interest rates, we expect the DMC real estate market to be more robust than in past years but still significantly slower during the remainder of 2017 compared to the spring market that we just experienced. This annual slow-down beginning with the summer market is normal for the local real estate market and will likely become even slower in August.

Again, for sellers and buyers who are already active in the real estate market or planning to enter the marketplace in the near term, we highly recommend that you monitor for updates on the local market and review the latest detailed data for each of the important market status indicators on our Team website at this link: R&R Team Blog: Local Real Estate Market Status.

(The *Dulles Market Corridor (DMC) encompasses the large market area of Herndon/Oak Hill, Reston, Sterling/Potomac Falls/Dulles, Ashburn/ Broadlands/ Brambleton, Leesburg/Lansdowne, South Riding/ Chantilly (Loudoun County), Stone Ridge, Aldie/ Arcola and Chantilly (Fairfax County). The R&R Team has been tracking market data closely in the DMC for the past 18 years.)

 

2. POINTERS FOR BUYERS AND SELLERS WHO ARE GEARING UP: Here are some of our more popular R&R Team articles to assist you as a buyer and/or as a seller:

  •  When is The Best Time To Buy or To Sell Real Estate? We are frequently asked when is the best time to sell or to buy real estate. We share this article with hopes that it will help clear up some of the prevailing misconceptions that linger among both sellers and buyers as to when is the best time to sell or to buy real estate.
  • Seller Preparations for the Market: Sellers who wisely complete pre-market preparations before listing a property are rewarded tremendously for their time and efforts. We hope that you these two articles helpful: the first is a getting started checklist for sellers and the second outlines detailed early-on actions for sellers. We are always available to assist you with our first-hand experience.

Also, please remember that we have MORE THAN 18 YEARS OF EXPERIENCE to also help you. If you have any questions, please call 703-421-1433 or send us an email today.

 

3. SELLING OR BUYING? YOU NEED TO HIRE THE R&R TEAM!!!

  • All SELLERS pay LISTING FEES AS LOW AS ONLY 4% & get the best pricing/ marketing/results!
  • All BUYERS get generous CASH-BACK assistance & personalized support by agents who CARE!
  • All CLIENTS receive FULL SERVICE support with 18+ years experience/dedication/ good communications!
  • HONESTY, INTEGRITY & EFFECTIVENESS…that what you get when you hire The R&R Team! 

DO YOURSELF A FAVOR:  CALL 703-421-1433  TODAY!!!

(or send us an email) 

 

Also, please remember that we have MORE THAN 18 YEARS OF EXPERIENCE to also help you. If you have any questions, please call 703-421-1433 or send us an email today. 

We very much appreciate your continued support and hope that you find our newsletters helpful. Please feel free to pass this newsletter along to your friend and associates and please let us know if there is any particular subject you would like us to address in a future newsletter.  Kindly send us your questions or comments in an email or call 703-421-1433. Thank you.  

Very Respectfully,

Ron Layton, Realtor

B.S. & M.S.+ degrees, Licensed in Virginia

Owner, The R&R Team, Inc., 18+ YEARS EXPERIENCE

Awarded Life Top Producer, NVAR Multi-Million Dollar Sales Club

Inducted into RE/MAX Hall of Fame

Affiliated with & Empowered by: United Real Estate

10780 Parkridge Blvd, Suite #80, Reston, VA 20191

Ofc: 703-421-1433, Cel: 703-625-5586, Fax: 1-703-997-8772

Email: ronlayton@verizon.net

Main Website: www.TheRandRTeam.com

MLS Search Site: www.northernvirginiadreamhomes.net 

 

Sellers pay listing fees as low as 4% and buyers get generous cash-back assistance!!!


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