What's Going on in the Loudoun County Market?

As always, I want to sort through some market data to illustrate what's going on in the Loudoun County market. We have about three months of supply. A balanced market would have six months, so Loudoun sits in a strong seller's market. New listings are also high; far above five-year averages. Lots of new homes are a big part of this.
As a seller, days on market is a good indicator of expectations. Median days on market is 28 days, which is fast, but the average days on market is more than 70. These two figures are so far apart because some houses sat on the market for a long time.

What this tells me is that the best houses sell quickly, but just because it's a seller's market doesn't mean your home will sell quickly. Even some specific areas have an extremely strong seller's market while other areas have more of a balanced or buyer's market, if you drill down to the subdivision level.

If you have any questions about your specific situation or you just want to know your home's value, reach out to our team today. Give us a call - we look forward to talking to you.

How NoVa Real Estate Group Helped Pat by Being Quick and Stress-Free

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

"We used NoVa Real Estate for two home sales and one home purchase. With the first one, they sold our house in three days, so we were very happy. We got multiple offers and we were able to go over the asking price so we were very excited about that, but that was based upon the fact that they had done so much work in advance such as prepping, marketing, giving us good advice on how to maximize the value of our property and prepare it for sale. When it hit the market, we had a ton of buyers looking at it, and so within three days we had offers and had it under contract. In the same time we bought a house using NoVa Real Estate. They were great at showing us houses and were very patient with us in helping us figure out what we wanted versus what was on the market and what was in our price range. They were excellent in getting us what we needed! Our most recent move was a relocation across country and they were our listing agents. Because it was a relocation, it involved a very complicated process with lots of rules and regulations and NoVa did a great job with the complexities of dealing with a third party involved in our transaction. They made it easy for us because they basically represented us. So it was a tremendous benefit and it took a lot of the stress off of us. They made the sale go very, very smoothly, lessened the stresses, and took a lot of it upon themselves!"

To contact Michael or Melana Wilson of the NoVa Real Estate Group, you can reach them by phone at (703) 722-8831, by email at mwilson@nreghomes.com or visit their website, AllLoudounCountyHomes.com

New Homes vs. Resale Homes - Which Is Best for Northern Virginia Buyers?

There are many reasons why you might choose to purchase a brand new home rather than a resale home. Here are the top five reasons to purchase new construction:
1. Energy efficiency. Brand new homes are much more energy efficient than older homes. Not only are energy efficient homes environmentally conscious, they will also save you a lot of money in utility bills.

2. Lower insurance premiums. Everything is new and up to the latest codes, which gives you peace of mind while saving you money on insurance premiums.

3. Lower maintenance. Again, since everything is new and up to code, you don’t have to worry about making a lot of repairs in a brand new home. You will also have a better quality of life because you don’t have to stress out about making repairs.

4. Warranties. Builder warranties are 10 years for structural items, one year for everything else, and 3-5 years on systems. These warranties give you peace of mind.

5. Resale value. If you’re thinking of moving in the next 3-7 years, you won’t have to do much work to prepare your home for the market.

Finally, there’s one more reason to purchase new construction over a resale home. Buyers can get really good deals from builders right now. Inventory is tilting just enough that builders in our area are offering great incentives.   

If you have any questions, please feel free to reach out as we'd be happy to help you with any real estate needs!