Northern Virginia Real Estate Showing Signs of a “Hot” Spring?

I like data… no, I LOVE data. Perhaps this is why my posts tend to be about as interesting as a dry bowl of corn flakes.

Sometimes, though, some anecdotal evidence is just what we need. A little bit of speculation based on some form of limited experience and hearsay.

Well using that very scientific approach I have to take my experience showing homes around Northern Virginia this weekend and say that I believe we are in for quite a spring when it comes to real estate. In showing several properties with multiple clients, all the homes, save one (and that one for good reason), had someone else going when we arrived, several people there are the same time, or several showing scheduled for after our visit. In some cases it was all of the above.

In at least one instance a property, which had only been on the market for a couple days, was under contract by Saturday night. Which meant any interested parties waiting to visit the 1st open house on Sunday were out of luck.

Even more subjective: there was simply an energy about town on Saturday, a certain sense of urgency. After all, inventory levels have been on the decline, and demand has not really wained, so those actively looking to buy are literally perched at their computers, phone in hand waiting for those new listings to hit their feed. As soon as anything remotely interesting comes on the market, or that home they have not seen yet has a price change they are making the call and asking for a showing.

This is the second week in January. I suspect many more buyers are waiting for the prime spring market where selection tends to be at it’s greatest. And while I also suspect many owners are holding out until spring to list their properties, I am not sure the supply is going to match the pent up demand we have in Northern Virginia. In the end, that will amount to what could feel like a very hot, possibly even frantic market. So, it’s already starting, but this spring home buyers may have to be prepared to get in line and wait for some new inventory.

For the record, there is some data to back up such a theory based on recent trends, but sometimes a gut feeling is just more fun to unpack.

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