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Linda Thompson and The Thompson Team
Direct Office:
703-850-5676
1real.lady1@gmail.com
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Linda Thompson and The Thompson Team
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Direct Office:
703-850-5676
1real.lady1@
gmail.com
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Here's a bit of a puzzle for you: This past December, home sales plunged across the country. In fact, they are down a staggering 6.4%. However, it's not clear why.
The economy is doing well. During that same December, 312,000 jobs were created across the country, topping all forecasts. Wage gains are accelerating and labor-force participation is increasing. Also, mortgage rates, while higher than a few years ago, are still at historical lows. What's more, they even dropped in December.
In fact, when looking at the economy and mortgage rates together, the current housing market is more favorable than it was back in the year 2000—yet sales are lower than they were back then.
It's also unlikely that one-off news events are to blame. For example, recent stock market volatility and the government shutdown both occurred after the drop in home sales was already underway.
So what could possibly be going on?
My suspicion is that it's a reflection of declining consumer confidence.
You see, in some areas of the country, home prices, which have increased for years, are finally falling.
Naturally, this affects potential buyers negatively. Nobody wants to buy a home and have it decrease in value immediately.
So what does this mean for you specifically?
Well, these nationwide trends have only started to hit the Northern Virginia market.
In other words, home prices are still stable but leveling off, and demand remains good.
If you were to list your home now, it’s likely you'd be able to sell quickly and for top dollar.
In fact, now might be a particularly favorable moment, considering the significant drop in mortgage rates in the past two months.
The thing is, this situation won't last forever. Eventually, the same kinds of trends we are seeing across the country will catch up with us around Northern Virginia as well.
That's why it makes sense to act now.