The Northern Virginia Housing Market Is BROKEN

The 2023 Northern Virginia housing market has been the one of the most challenging markets ever. And if you have been thinking about buying a home this year chances are you have been through this scenario, you find your dream home on Zillow and before you know it, the status changes to under contract and then 30 days later you see that it closed for $75k above asking price all while mortgage interest rates seem to be getting higher by the day. Now you're extremely frustrated with the whole housing market situation. Guess what, you are not alone. In this weeks video we are going to dive into why the Northern Virginia Housing Market is Broken and then we will look into if there is any relief in sight.
(Disclaimer...I have my FAA Part 107 Drone License)
#fairfaxcounty #livinginnorthernvirginia #loudouncounty
📺Subscribe To My Channel and Get More Great Tips👇👇👇👇👇👇👇👇
www.youtube.co....
📲 🚨I have so many people reaching out to me daily who are moving here to Northern Virginia and I ABSOLUTELY love it! Honestly if you are moving or relocating here to Northern Virginia I can help make that transition so much easier on you!!
...
📲 Direct: 703-989-3612
📲 Email: [e-mail] or [e-mail]
Find me on the Web: soldbymassey.com/
Schedule a Zoom Call with David Massey
calendly.com/y...
Find David Massey here
/ davemass1
/ david_masse. .
/ david-mas. .
www.soldbymass...
David Massey-Real Estate Agent
Real Broker, LLC
1765 Greensboro Station Pl Ste 900,
McLean, VA 22102

[@LivinginNorthernVirginia]

Ready to start the conversation about moving to Northern VA? Click the link below to schedule your private Zoom video call to learn more about Northern Virginia calendly.com/your-favorite-realtor_zoomcall/30min

[@cutthechicken194]

Really nice shirt✨️1st thing I noticed

[@chuckteetsrealtor3478]

This is a tough market, but can be navigated if you know the do's and don'ts.

[@TRC19999]

Home prices plus high interest rates means that this area will become an area of wealthy homeowners while everyone else just rents

[@LivinginNorthernVirginia]

That outcome is definitely on the table.

[@LisaSoulLevelHealing]

Few flaws with the analysis. The people buying are cash buyers, they sold recently and can still purchase.
Also, many people are selling and downsizing. We arent going bigger once we sell.

[@LivinginNorthernVirginia]

I can't speak for the rest of the country, but according to BRIGHT MLS in the 4 major counties in Northern Virginia. 83.6% of all home purchases in 2023 used financing. So cash buyers only makes up a small % of the buyers out there. Maybe it's different in other parts of the country. Thanks for watching!!!

[@hanlee5292]

hmm,,,my monthly insurance jumped from 80 per month to 130 per month(All State cheapest) no matter what insurance. I think $66 per month insurance on $740k house is way underestimated.

[@kam5333]

Do you have any insights as to who exactly buying these $1-2 mil homes? Even a couple making 250k wouldn’t qualify... Yet all these homes over 1mil are selling like hotcakes

[@LivinginNorthernVirginia]

Most of my personal clients who have purchased in this price range have been doctors, entrepreneurs or work in tech. With tech being the highest percentage.

[@JTSuter]

I really want to know who is buying homes above $800k in Fairfax. I know of a some couples who are now house poor and are hoping to refinance. These people are paying at least $5500 per month on just the mortgage alone. They are house poor and are screwed if one in the marriage loses their job. Also, who is buying homes over $1 million? I'd be interesting if you did a demographic analysis on different values of homes.

[@damianchenot2667]

I've been encouraged by some of the recent price cuts. Hopefully the trend continues!

[@LivinginNorthernVirginia]

The right house will be there for when your ready in Oct!

[@vsChris]

I've been looking for a townhome around the $480,000 price point in a specific part of NOVA and it feels damn near impossible to find right now because there's just not many postings. This search has been dreaful but I'm staying positive and patient. Moving back in with my parents to build on what I have and also remain flexible and ready to offer when something pops up for me

[@LivinginNorthernVirginia]

I have a townhouse hitting the market in Reston for $440,000. You or your agent(if you have one) can email me if you want more info [e-mail]

[@angelamalhotra6192]

I’m so glad I bought in 2021 and don’t have to deal with these 7% rates.

[@LivinginNorthernVirginia]

Thats awesome!

[@srosellerjr]

It's getting difficult to live here in the US in general.

[@LivinginNorthernVirginia]

I've never lived anywhere else. Where's a good place to live with easier living?

[@LisaSoulLevelHealing]

​​@@LivinginNorthernVirginiaeurope. Pick a country. Many moving to mexico and are truly happy.

[@shoaibpatel6461]

David - please do one video explaining how to buy land and build home on mortgage.

[@LivinginNorthernVirginia]

That is a good video idea.
Unfortunately I don't work land so I don't know the process of buying land.

[@msvineesh]

makes sense, I am in this house hunt and it drives me crazy.

[@LivinginNorthernVirginia]

My only advice is be patience. The right opportunity will present it self.

[@msvineesh]

@@LivinginNorthernVirginia i feel sad for people who wants to start a family. There is no space for affordability. Thats why many people moved to different states when WFH came in.

[@msvineesh]

@@LivinginNorthernVirginia whats your opinion when the interest rate comes to 5 or 4. Will the home prices soar again from this current high price ?

[@lowprofile3254]

We just bought a townhouse in Bristow a couple months ago for 496k with ~1900 sf. We got it with 21k above asking price with 5.7% interest rate. I literally thought it was a bad deal. But now looking back we would be regretting if we did not buy that time.

[@LivinginNorthernVirginia]

People would do anything for a 5.7% rate right now.

[@sikkavilla3996]

Mr David - have you considered expanding your home? I am curious since wouldn’t that be the more affordable option for you

[@LivinginNorthernVirginia]

I live in a townhouse so expending would be impossible.

[@kakarikidiet5586]

NOVA and DMV has become like the Los Angeles metro area.

[@LivinginNorthernVirginia]

Just about

[@O-B1]

Rates go down, prices go up. Choose your poison.

[@LivinginNorthernVirginia]

Very true. There's a lot of pent-up demand from buyers who are waiting for rates to drop.

[@Lik3ToSing]

The fed will need to keep the rate high for quite a while

[@LivinginNorthernVirginia]

that is definitely the most likely scenario

[@lifeeasier3462]

I hate northern Virginia. Over 500 fatalities in car crashes. Congestion is the worse. Racism Drugs and Gun violence. You are so busy working to pay for housing you have no time for family. Kids suffer here. Toll roads and taxes are ever increasing. You are breathing in car exhaust the minute you walk out the door.

[@EternalNightsCollectibles]

I probably have a huge disadvantage as I'm single, no kids, and I want a house with basement because man cave. Haha and that will play a factor into sellers choosing who to accept an offer from.

[@LivinginNorthernVirginia]

Not necessarily. Most sellers just want the best price and terms possible. There are exceptions to the rule.