A quick update on our spring 2019 real estate market
The spring 2019 real estate market has been very interesting so far.
Most notably, there has been a distinct lack of inventory. Here in Northern Virginia, supply actually dropped 50% year-over-year as of this April. This is a huge drop.
I know it’s a little strange to think about real estate as a commodity, but from a financial perspective, homes are like any other product available on the market—the housing market follows the laws of supply and demand.
With that in mind, you can imagine the effect this decreased supply has had on demand and, as an extension of that, on price. That’s right: Homes are in high demand right now, and this makes it easier for sellers to earn top dollar.
Come summer, though, the market is probably going to balance out. As more and more sellers try to take advantage of these great conditions, the supply will steadily rise and demand will drop, in turn.
The bottom line is that now’s the time of listing if you’ve been thinking of doing so.
Of course, there are so many hyper-local factors to keep in mind when it comes time to pursue your real estate goals. If you have any questions about what’s happening in your specific area or would like to learn more about what’s going on today, feel free to give me a call or send me an email. I look forward to hearing from you soon.