The Northern Virginia Real Estate Market

The Northern Virginia Real Estate Market

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The Northern Virginia Real Estate MarketThe Northern Virginia real estate market doesn’t get much better than exists right now. From a low of 3.41% last July, the 30-year fixed mortgage rate spiked up after the election and reached a high of 4.31% in December. However, rates have fallen back over the past few months, and they are still near historical lows. The last figure I saw for a 30-year fixed was 3.85%!

Jobs are up or looked at another way, unemployment is down. In fact, the unemployment rate fell to 4.5 percent in March, according to the Labor Department.

Finally, housing inventory is at a record low.

February saw a 17.9% year-over-year drop in the number of homes on the market. This is the 100th consecutive month of year-over-year declines, going back to October 2008.

So what do these three developments in the Northern Virginia real estate market mean for you?

It’s a great time to sell your house.

  • Houses stay on the market an average of 68 days compared to 75 days a year ago
  • Because of strong demand, house prices are up 6% since a year ago
  • Mortgage rates are low

There are risks to putting your house up for sale in The Northern Virginia real estate market.

  1. Getting your house ready for sale can be time-consuming.
  2. Choosing the right price for your house. Too high and you miss the market.
  3. Then they tell you to move all of your things out of the house, so the buyers are not distracted by your things.
  4. Then there’s the worry about deferred maintenance and what it will cost to fix.
  5. Staging your home for sale may be expensive
  6. You need to hire a professional photographer for showing on the web.
  7. Even in a hot market, deals can fall through for at least 88 reasons.
  8. It may be three months or more before closing and you get your money

If you are selling your house in the Northern Virginia real estate market because of a pending divorce, you are downsizing to a smaller house, moving to Mexico for an expat lifestyle, or you inherited a house and want to sell in order to distribute the estate; you want to close fast in less than 30 days and move on to another chapter in your life.

Call Obsidian Home Solutions.

We are real estate investors. We will do a walk-through of your house, analyze what needs to be done to bring it up to today’s buyers’ standards, note any maintenance problems and their cost to repair, and quote you a price. You are under no obligation. We buy properties as-is and for cash.

It couldn’t be easier.

Oh, one more thing. If you are in financial difficulty and fearful that you could lose your house through foreclosure, call us. There are a number of things we can do to help you in that situation and help you preserve your credit.

Obsidian Home Solutions is the areas’ premier real estate solutions company.

Since our inception, we have been helping homeowners along with improving communities in every city in which we work.

We have extensive knowledge of the business, a network of resources, and years of expertise.  Obsidian Home Solutions can assist homeowners with a wide variety of real estate problems. We pride ourselves on our reputation for working one-on-one with each customer to handle their situations.

Call us today at 571-348-4338

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