ALERT! ALERT! ALERT! Northern Virginia Housing inventory is at very low levels. A "normal" or balanced market means that there is 6 months of inventory of houses on the market. More than 6 months inventory favors buyers who have lots of homes from which to choose. Less than 6 months inventory favors sellers who can take advantage of the lack of inventory to entice the buyers to buy their home.
I see these low levels of housing supply every day, whether it's realizing that I've shown a buyer every home that meets their criteria and there's nothing left, facing multiple offers on homes for sale and the resurgence of bidding wars, or hearing from colleagues that they've received multiple offers on their brand new listings. Besides this anecdotal evidence, there are real numbers behind the inventory issue as you'll read below.
Thus, if you've been considering selling your home, or you HAVE to move, here's some advice.
Four steps to take now:
- Stop what you are doing right now. Seriously. Stop!
- Stop "thinking" about selling your house.
- Tidy up the house.
- Call me to help sell your home. (Call today at 703-626-0715)
Consider these numbers.
City of Alexandria:
- 519 homes on the market
- 817 sales in last 6 months or 136 Alexandria home sales/month
- Currently ONLY 3.8 Months of housing inventory in Alexandria, VA
- 551 homes on the market
- 1,002 sales in last 6 months or 167 Arlington home sales/month
- Currently ONLY 3.3 Months of housing inventory in Arlington, VA
- 2,667 homes on the market
- 5,274 sales in last 6 months or 879 Fairfax County home sales/month
- Currently ONLY 3.03 Months of housing inventory in Fairfax County, VA
Falls Church, Virginia:
- 38 homes on the market
- 52 sales in last 6 months or 8.67 Falls Church home sales/month
- Currently ONLY 4.38 Months of housing inventory in Falls Church, VA
Okay, review the 4 steps above. I'll have my cell phone in hand.
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