Northern Virginia real estate market is definitely shifting. And this shift, despite rising interest rates, is a healthy move from a low inventory market with high buyer demand to a more leveled market with expanded inventory yet enough buyers to keep the home prices afloat. Main contributors are the growing population due to high turnover of contracted employees with the presence of government jobs, military bases and the fast growing number of data centers that attract both permanent and temporary employees.
It is still a good time to purchase a home in the state of Virginia. Interest rates have gone below 5% for the first time since April of this year. There is definitely more inventory on the market. Less homes sell over asking price, as the bidding wars that have tarnished the buyers market in the past 2 years, have now subdued. And the best part, the contingencies in home purchase contracts are no longer frowned upon. The buyers can actually get a good home inspection to ensure they are not stuck with big ticket repair items such as roof repairs or leaky pipes after the purchase. What many new buyers don’t understand, the higher interest rates make their payments a bit higher. But they no longer pay 50, 75 or even 100 thousand over asking and do not need to worry about coming up with loads of cash in case of a low appraisal.
It is never a bad time to buy a home. Call me! I’m here to help.
Alina Baymetova (Realtor)
Call or text: 571-397-7662