Sellers - it is time. It is time to get off the fence with a full jump into Sellers Market Meadow!
Prices are starting to really pick up in the suburbs of Washington, D.C. and the inventory continues to tighten a bit with absorption rates dipping below 1 months' supply in various price levels.
This means sellers can now make up the losses from the past, sell their home for a good price and then move up, down, laterally or out of the area with continued historic low interest rates. Freddie Mac has this week's interest rates below 3.60% (http://www.freddiemac.com/pmms).
The table below demonstrates the absorption rates for the varying price ranges in Northern Virginia according to data from MRIS.com, the regional multiple listing service. A one-month supply means at the rate that houses are going under contract, the inventory would be absorbed in 4 weeks.
Looking to sell or move up? Want to know what buyers are paying for homes in your area? Give us a call at Weichert Realtors, McLean, VA to get a free market analysis of your home. Licensed in Virginia, Maryland AND D.C., the agents at Weichert Realtors stand ready to help you with your selling needs at (703) 821-8300. Or connect with us 24/7 at www.Weichert.com.