Longer days, warmer weather, a world flush with greenery: summer has come to Loudoun County. It’s the ideal time to relax by the pool—and, for some, to hunt for a new home in time to get settled before school starts.
But where are all the houses?
As you may have heard, we’re experiencing a “seller’s market,” which means that current real estate conditions favor those selling their homes as opposed to those looking to purchase.
If you’re a buyer, you’ve likely noticed a stark lack of inventory on the market—not just in Loudoun, but across Northern Virginia. Depending on the health of the economy, inventory is just one indicator; a seller’s market can also be triggered by changes in interest rates.
Why now? Greater demand. This is likely due to booming employment in the area, with Fairfax County’s recent Northern Virginia Employment Special Report capturing over 26,000 new non-farm jobs in the region since this time last year.
As I mentioned last month, the average Loudoun home price has risen 4.2% year-over-year, with neighboring jurisdictions experiencing similar trends. These days, it’s commonplace to see a “sold” sign outside your neighbor’s house before the “for sale” sign had a chance to go up.
For sellers, this is great news—now is the time to put your property on the market, and the prognosis remains positive for the foreseeable future. Ongoing consideration of local Amazon and Apple headquarters suggests that we may see an influx of up to 70,000 more jobs in a relatively rapid timeframe.
More good news?
Loudoun County has promised three Silver Line metro stations in 2020, making the area more accessible than ever before.
While the forecast isn’t as clear for prospective homeowners, it’s still quite possible to navigate the current real estate landscape and find the place you’ve been looking for. Online search tools are your friend, but it’s especially important to engage a Realtor® when the market is tough.
The problem isn’t necessarily that homes are scarce, but that they aren’t making it to market—which means that you won’t always find what you’re looking for through open source channels. Your Realtor® has robust access to industry forums and connections—giving you the benefit of finding out about upcoming listings before unrepresented buyers.
Also on the bright side is that recent market booms have made Loudoun a magnet for residential construction. While new communities will still need to keep up with demand, companies like NVR, K. Hovnanian, Beazer, Pulte, and more have either begun or committed to building in Loudoun County.
The Bottom line
It’s rare for supply and demand to completely align, and this, too, shall pass. There are ways for both buyers and sellers to maneuver the current market in an advantageous way—in both cases, with a trusted Realtor® by your side.
Do you have a real estate question, or do you or someone you know need a qualified agent? Contact me anytime at jordan.foster@PearsonSmithRealty.com, or visit me online at JordanSellsNova.com