Living in Loudoun County: Leesburg and Ashburn Homes: Tight Supply and High Demand

Here we are. January 2023 in Loudoun County Virginia.
My name is JC Silvey.
I'm a local Realtor focusing exclusively on Loudoun County Virginia.
So let's jump right into it.
There is so much negative media and news regarding the Loudoun real estate market.
We've got high inflation, the prospect of a looming recession, higher borrowing costs, and everywhere you look, some pundit is telling us the real estate market is going to crash.
But I'd like to take a step back from all that negativity, and focus on what is actually happening here in Loudoun County right now!
Recently a friend called to tell me he wanted to list his home this June. He thought that would be a much better time to sell his house.
Instead of telling him what the market was doing, I decided to show him.
And I'll do the same for you right now.
I jumped on a Zoom call with him and shared my screen.
I pulled up the MLS and did a custom search.
He lives in a single family home in Leesburg with an estimated value of $850,000.
So in the search criteria, I typed in Leesburg.
I selected "Detached" homes so it would exclude townhomes and condos.
and for a price I bracketed the price by selecting $750,000 to $950,000.
This is a fairly broad search. There is nothing in this criteria that will really drive a limited number of properties.
And this is the result.
Just 3 properties!! This is incredibly low supply for this time of year.
We've got 115 Prince in downtown Leesburg. A home built in 1964.
43721 Red House in Lansdowne
and 104 Dalhart in Evergreen Meadows.
I'm sure many of you own homes that would compare favorably to these comparables.
And the numbers are similar in other parts of Loudoun. Ashburn, Sterling, Aldie, and Western Loudoun.
All are experiencing tight Supply.
But low Supply is just half of the equation
What is going on with Buyer Demand?
And here I'm going to rely on first hand knowledge from some of the best Realtors doing business in Loudoun.
On Average, my partners at Compass are the most productive agents in Loudoun County.
Right before shooting this video, I texted the top 20.
I shared my experience that in the past 2 weeks, every single one of my clients that took a break from looking at homes last summer when the interest rates spiked, are now back.
They are fully engaged in their home search and ready to purchase.
To a person, every single Compass agent responded to that text with a similar outlook.
I have no doubt that Buyers have re-entered the market.
So what does that mean for my friend who was wanting to wait until June to list his home?
And what does this mean for you if you are considering selling your home this year?
My first bit of advice is that the month of June is really the end of the Spring real estate market, not the beginning.
And it has consistently been that way for the past few years.
But more importantly, the decision on when to sell a home should never be based on the time of the year.
Don't let a bias or a preconceived idea of what is normal or typical drive your decision making.
Market conditions are fluid.
But if you are looking to sell your home for the highest price in the shortest amount of time, then you need a complete understanding of the local market conditions.
You definitely won't find that by watching the news or reading articles on the internet.
If you would like to learn more about your local market here in Loudoun, I'd be glad to set up a zoom call and go over it with you.