This week, many of us celebrate Easter. There’s an old saying “don’t put all your eggs in one basket." But when it comes to real estate, maybe that’s exactly what you SHOULD be doing.
Vienna and Oakton’s housing markets remain HOT. Sales are brisk and inventory remains low. Vienna remains in a seller’s market and with a slight decrease in inventory this week; Oakton is now teetering between a balanced market and a seller’s market.
Over the past week, 32 homes sold in Vienna and Oakton. Of those homes, 72% sold in 15 days or less. WOW!
The best strategy now for buyers is to “Be A Boy Scout." We advise our buyers to have loans approved, walk through the process with your realtor from start to finish (even have them go over a standard contract with you – including the various contingency options) and have your checkbook in hand. If you’re serious about buying – it’s a great time. Interest rates are still at historic lows. And you need to be prepared to move! Inventory levels are at the lowest we have seen in years. So when that “perfect” home comes on the market – you may not be the only one looking at it. Be a Boy Scout and be prepared.
We would also suggest that you work with a Realtor who is “proactive” rather than “reactive." Instead of waiting for that “perfect home” to magically come on the market, if you can identify the neighborhood, floor plan and detailed characteristics of your “perfect home”, a Realtor may be able to find a home for you that is not even yet on the market. (The Belt Team has done that for quite a few clients over the past year.) This strategy could have you celebrating Memorial Day in your own new home!
Detailed statistics for Vienna & Oakton are below. Contact The Belt Team if you would like statistics on YOUR particular market.
Last week in Vienna Real Estate (22180,22181, 22182):
- Number of Contracts: 24
- Average Days on Market for Active Listings: 113 days
- Average Days on Market for Listings That Went Under Contract: 29 days
- Inventory: 178 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 2.1 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 1.4 months
Here are last week’s stats for Oakton Real Estate (22124):
- Number of Contracts: 8
- Average Days on Market for Active Listings: 79 days
- Average Days on Market for Listings That Went Under Contract: 13
- Inventory: 74 homes on the market
- Number of Months Supply of Homes (Based on past 90 day contract rate): 3.0 months
- Number of Months Supply of Homes (Based on past 30 day contract rate): 2.9 months
Also, you can read more about:
- What Sellers Should Look For In A Realtor
- Today’s Top 3 Tech Tools To Market Your Home
- Why You Don’t Want To Miss Out on “The Belt Team Experience”?
You can also listen to How Buyers Should Choose The Right Realtor.
For more from the Belt Team, click here.