If you are considering buying a home in Fairfax, you should know Del Aria investiments offerings that the housing market is currently a Sellers Market, which means that prices are higher and homes are selling more quickly. However, this doesn't mean that you can't get a good deal. In fact, last month, 39.6% of homes in Fairfax County sold for below their asking price, which can help you get a great deal.
Buying a home in Fairfax
It's important to understand that the housing market in Fairfax, Virginia is extremely competitive. It's not uncommon to receive three or more offers on a home. On average, a Fairfax home sells in 22 days. Last month, the average sales price was $575K. That's a 0.8% increase from last year. The average sale price per square foot was $318. In August, 310 homes were sold at asking price.
As a result, inventory continues to drop. This lack of supply has been a recurring theme in the Northern Virginia real estate market for the last two years. While condos had traditionally been more plentiful than other types of property, the shortage in inventory has shifted to other types of property. The supply of condos in October 2020/2021 is now far below the inventory level of October 2021.
As a result, home prices in Northern Virginia increased faster than the average of any other East Coast metro. According to Hamilton Lombard, a demographer at the Weldon Cooper Center at the University of Virginia, Fairfax and Arlington counties had the highest median home prices in the region.
The housing market is predicted to continue to be a seller's market until 2022. This is the first year that the supply of homes will catch up with demand. However, the inventory will remain below the level that was seen in the last two years. This means that prices will continue to rise, even if they won't be as high as they were in 2021.
The current low interest rates are encouraging for many buyers. In addition, home showing levels are up 110 percent over a year ago. As a result, the average 30-year mortgage rate is one percentage point higher than it was in 1982. The low interest rates also means that buyers will likely add more contingencies to their offers.
Before buying a home, it's important to find a real estate agent who knows the neighborhood and the real estate market. A real estate agent will help you find the right home and negotiate a winning offer. If you don't have a lot of money to spend, try using a free service to find a great real estate agent. A free service such as Clever Real Estate will match you with top-rated agents in your area.