Let me just say this about the Northern Virginia real estate market right now, specifically the Alexandria VA real estate market.
It is busy.
Usually by this time of the year, I am starting to see a slow down and am daydreaming about the lazy, hazy days of August, when I will finally be able to take a breath, slow down and do something other than work.
Right now, my biggest fear is, seriously, will I ever have a day off again?
Yeah, yeah, I know, I should count my blessings, right? Oh, and I do.
But at the same time, I am trying to wrap my mind around the idea this market is ramping up and won’t be slowing down any time soon.
Buyers are out there, no doubt about it, but their biggest complaint is the lack of inventory.
Sellers are out there, too, but many are hesitant about listing right now because they are waiting for prices to go up as they inevitably will if buyer demand continues at this level.
Unfortunately, for many Buyers – who are ready, willing and able to buy – this presents quite a conundrum. Prices are lower than they have been in a while and are not heading down, interest rates are out of this world low, yet there just isn’t much to choose from in terms of housing inventory.
For Buyers who are not able or willing to buy something that doesn’t meet all or most of their specifications, then it appears they will have to wait until prices go up some before they see an increase in inventory. And for some folks, that’s absolutely okay because they are willing to wait for what they want and are willing to pay more for it.
For those Buyers, though, who are willing to compromise on some things in exchange for great pricing and incredible interest rates, then it is a good time to jump into the market before prices start to rise again.