September 2022 Market Recap

Happy Fall! What a great time of year to enjoy our beautiful area and amenities! It’s a great time to take advantage of the real estate market too! Yes, there’s a lot of change, and navigation is a little different to get where you’re going. Bringing you facts and insights into what we’re seeing now in the event you’re considering making a move.

Primary Factor – Low Inventory Continues – The number of homes for sale has increased, and yet in the Greater Reston market we still have less than a month and a half of detached homes on the market. All of Fairfax County, including all types of housing, only has 1.9 months of inventory. That’s good news for sellers.

Factor # 2 – Higher Interest Rates – Although we’re still hovering below the most recent 50-year average, this factor is hitting buyers hard when considering their monthly payments. This is not good for either buyers or sellers, so we’re starting to see more buy-downs and adjustable-rate mortgage programs in the marketplace again.

What can you expect if you choose to sell in this market? You might be on the market a couple weeks vs days and receive 1-3 contracts vs 8-12+. Be prepared to negotiate home inspections and appraisals - standard terms in years past. And sharpen your price – this is not a time to compare your home with spring market sale prices and high escalations. The price reductions we are seeing most often stem from improper market timing comparisons. With buyers having few options, though, it IS a good time to sell your home

Needing more information? Call, text, or email me. I’d be delighted to help you navigate this market to your fullest advantage!