This home offers comfort and style with beautiful kitchen and bathroom updates and warm Brazilian hardwoods throughout the home. The smart buyer will benefit from a lifetime warranty on the Thompson
5 Fairfax And Loudoun County Real Estate Trends To Watch Out For In 2015
Here are 5 real estate trends that will impact real estate sales in the Fairfax/Loudoun county area.
* Inventory- How many sellers will list their homes and how much will builders build? Last year we saw record low inventory levels leading to double digit increase in property values in some areas and bidding wars in others.
* Price- Many buyers where a little sticker shocked last year when they saw the prices of some homes. Many buyers where also displeased to find that it had become a sellers market and that negotiating a real deal was much tougher then just a few months earlier. In 2015 look for a sellers again. With low interest rates, low unemployment, and low inventory levels to continue.
* Regulations- Will this be the year that lender finally start loosening up some of those lending rules? So far in 2014 we have seen the average FICA score needed to buy a home drop to as low as 620. You can also buy a home with as little as 3% down.
* First time buyers- This is still the wild card in my opinion. A lot of would be first time home buyers saw their parents and friends lose their homes during the housing bust and are justifiably still a little skittish about pulling the trigger. I think as rental prices keep rising especially in places like Reston, Ashburn and many parts of Fairfax more first time buyers will jump into the market.
* Consumer Confidence- Buying a home is equal parts emotional, psychology, and rational intelligences. With our current low gas prices, roaring stock market and good job security I predict more buyers willing to take the plunge.
There you have it my obligatory 2015 real estate trends blog. Have a happy and safe New Years!
Chuck Rifae has been a leading Northern Virginia Realtor since 2002. Chuck holds the advanced designation of Broker of Real Estate for both Maryland and Virginia. When Chuck is not working with buyer....