Real Estate Market Update for Loudoun County

We have recently released market reports from November 2015, and I think it will allow us to get a better pulse on what's happening in the local market.

I've made a chart of the inventory available, shown as days-on-market, and I've divided it by zip codes. The market is becoming more balanced, but there are areas where we're seeing more higher supply of homes than others. Sterling, Ashburn, and Chantilly are seeing low days on market (low inventory compared to demand), so SELLERS are going to be put in opportunistic positions in those micro markets.

On the flipside, days-on-market is high in Aldie and Purcellville so buyers will have a variety of homes to choose from, and more leverage in those areas. The major trend we're seeing throughout the market is that inventory is actually down from last year.

Another thing to take away is that real estate is very local. Even within our area, there are very different looking micro markets.  Sterling is behaving like a Seller's Market while Aldie is behaving like a Buyer's Market!

Lastly, there is a lot of new construction going on in Northern Virginia. Aldie is experiencing a dramatic uptick in construction, and it's forming two different micro markets right in the same zip code.  

It's important to know the market, and have the right strategy for the market, whether you are Buying or Selling.

If you have any further questions about our real estate market here in Northern Virginia, please don't hesitate to contact me!

How We Helped Monica by Going Above and Beyond Expectations and Being Kind-Hearted

What was your experience working with Michael and Melana Wilson and the NoVa Real Estate Group?

"They were absolutely fabulous! They went above and beyond when I used them five years ago to buy my first house and when I used them again for my second house. We had a total of four house transactions with them and they were all fabulous! In my first experience, my loan got messed up and Melana went above and beyond to find another type of loan at a similar place so she just always took care of everything and put my mind at ease. When I finally did buy the house, it wasn’t my best day and she had bought shorts and a T-shirt and Mike helped me by moving all of my stuff in because they knew I didn’t have the help. On my second house, they did the same kind of stuff. There were some snowstorms and they were still cranking out paperwork so that it wouldn’t affect anything. Also, during the house inspection, she brought food over and we had a little picnic going to keep the kids preoccupied so I thought that was above and beyond as well. It was a wonderful experience and I really feel like we got what we wanted for the money!"

To contact Michael or Melana Wilson of the NoVa Real Estate Group, you can reach them by phone at (703) 722-8831on Facebook @LoudounCountyRealEstate, or visit their website,

Tips to Help You Choose the Right Lender

Today I just wanted to talk about a couple of key factors that you should take into account when buying a home and choosing a lender.

Recently, there have been some changes in our industry that have affected mostly lenders and title companies. As a result of these changes, that took effect on October 1, homes are taking longer to close. If you are looking for a home right now, it would be wise to not only evaluate lenders based on the rate and terms of their loan, but also on the capability they have to close the loan on time.

Recently, we’ve seen several home buyers have to go through delayed closings because their lender wasn’t able to close in a timely manner. Some people went through the entire process correctly, hired the movers and had everything ready to go, only to see the closing get delayed. They weren’t able to take possession of their house when they wanted to, which caused headaches, lost time, and money. It can be an extremely stressful situation.

In today’s world it makes sense to put lender capability to close near the top of your wish list. To find out how successful a lender is at closing on time, simply ask them. Ask them how long it has taken them to close since these changes happen, and they should be able to give you a no-nonsense straightforward answer.

If you have any questions or need a recommendation for a good lender, don’t hesitate to give us a call or send a quick email. We would be glad to help in any way possible, and we look forward to speaking with you!