December is often a hectic time filled with energy and emotion. It is also when families are thinking about what the new year will bring.
2018 has seen the real estate market continue to improve. In Northern Virginia and the Eastern Panhandle of WV, where I focus, we saw more extreme seasonality than we have in the past. Seemingly never-ending rains from mid-May through June (literally every weekend!) and then again all summer and fall, reeked havoc with a typically busy buyer time.
However, this autumn has more than made up for the slightly stagnant summer market. As we move in to December, we are seeing continued buyer activity combined with a reduced inventory of houses available, which has led to increasing prices and decreased time on the market. We are seeing houses that are priced right going under contract quickly, sometimes in less than a week… and in November!
I expect 2019, in the early spring and mid-spring markets, to continue to be very strong. If interest rates continue to creep up, as they are predicted to, it will certainly impact the higher-end of the market, reducing buying power for higher-end homes. While the market may continue strong for the duration of 2019, its far from certain. I am recommending to people who will be selling in the next year, and have some timing flexibility, to sell in the early part of 2019. I expect that we will continue to have low inventory and lots of buyers well in to 2019.
If you are thinking of selling in the next couple of years, I would love to spend a few minutes discussing your property and your options with you. Every family’s situation is different and with our unique market cycle in the Eastern Panhandle and Leesburg areas, a quick conversation may help inform your timing. I can also recommend things to do (and what not to do!) to have your house ready to market.
Broker & Owner \ Dandridge Realty Group