The Most Challenging Housing Market Ever in Northern Virginia
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- เผยแพร่เมื่อ 27 ส.ค. 2024
- So far the 2024 Northern Virginia Housing market has been the most challenging market I’ve ever seen. I’m seeing packed open houses, many homes are getting 10-20 offers, homes routinely are selling for $25, $50k, even $200k above asking price all while interest rates are still hovering right around 7%. So if you're even thinking about buying a home then this video is a must watch, because we are going to dive into why 2024 has been the Most Challenging Housing Market Ever and then I’ll share with you some pro tips to help you win in this market.
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Thank you for this informative video. You helped me realize that now is not the right time to upgrade to a larger home. Thank you, David! Love your videos, please keep up the great work!😊
Thanks for the kind words and I appreciate you watching my videos.
I have 2 homes in FFX county. I wanted a 3rd but refuse to overpay. I decided to be patient and rent a beautiful apartment in DC with luxury amenities. Once supply increases, I'll buy and head back the beautiful NOVA burbs. It's all about patience and determining whether you really need that house right now. Great commentary!
Love this strategy. Thanks for watching and commenting!!!
The more I see comments like this, from coworkers as well, the more fortunate I realize I was with townhome in Springfield VA. I offered asking of $400k. Seller had multiple offers and asked me for $420k. Was appraised at $415 and I got it for $413k and $4k seller subsidy.
Was my first house I ever made an offer on and got it in a week.
The bids are CRAZY
we are definitely going to put off buying for a year or two as well. We don't want to get caught up in this and have to settle for less than we want
Thanks for watching. I'm hoping things get better in the next couple of years.
We are thinking about that as well. We just checked out a home in the Fairfax Station area. We were considering an offer and then found out there were already five offers in for 100 K over listing. It is going to sell for $150K over listing price. It's insane. We can't compete with that. And even if we had the money, we wouldn't want to spend that much. It's stupid. And we have to be more selective because we want to be in a good school pyramid for our kids.
Unfortunately, at best you will avoid multiple bids. Since I have lived in NOVA from 2008, the price has only gone up or stayed the same. I also grew up in MD not far away and the market has been relative strong since about 1990 due to stability of jobs with the federal government and government contractors.
Took me seven months to finally get a home in NOvA lol…. It is insane…….
Nice watch
keep the housing prices increasing I like seeing my house value go up . Leesburg va
Just saw a house got closed around 100k over asking price in nva as-is condition. It is rough to buy a house
I've decided to punt my search for another year or two. worst case at that point I'll just expand my search into Maryland. This market is just too insane right now
I don't blame you. It's to insane right now.
Great video!!
Thanks Angela!!
We bought our first home in Bristow with 20k over asking price last year. Now looking back, it was not a too bad decision.
Amazing. Bristow is far away from Washington, DC. I am surprised it is that competitive out there. You are near Jiffy Lube Live.
If no other family bid with us, it should have been 20k less. Sad reality 😂
What do you think of condos
Will they have good resale value in future?
It really depends on the location. Some condos are great investments and some condos tend to stay flat. Usually anything thats close to a Metro and newer tend to go up in value.
My question is: Who on earth is out here making these ridiculous offers of 50K+ over asking? How much of the population is making over 200 a year and also in the housing market?
lol.. over $200k a year here and in the housing market…
tbh i just want a house
I know multiple couples that overpaid and are now house poor. They are waiting for interest rates to come down to refinance. Doesn't look good for them!
Wow, what a crazy housing market! So glad I bought last year. Do you think this kinda resembles 2006-7 where home prices and interest rates were high?
I wasn't in the business back in 2007, but everyone I talk to say there are similarities but the biggest difference is most people who are buying now are well qualified unlike in 2006 were a cab driver making $45,000 could get approved for and buy a $1.5 Million house(this actually happened).
@@LivinginNorthernVirginia That cab driver story is unbelievable. Haha 😆
I am so glad I bought last year because if I didn't, I may not have bought a home at all. The VRE station construction is moving along quickly now in Potomac Shores.
Two things make this market different. Namely, qualified buyers and stability of the job market in the Washington, DC metro area. I have been in NOVA since 2008 and it has only stabilized or gone up in price. Maryland is more affordable, but still extremely competitive. I would really suggest looking in Rockville, MD, Silver Spring, MD or Bethesda, MD instead of NOVA. I grew up in MD and you get a lot more for your money in MD. It is better than buying far away like South Riding or Woodbridge or Ashburn. MD schools are excellent also, particularly in Potomac, Bethesda and Rockville.
@@proudliberal24-sv1wo Well, as I said previously, I bought last year in Potomac Shores. I think VA is better than MD tax wise.
The client that will be living in Purcerville definitely got a great deal. They don't have to worry about heavy traffic. They get an actual back yard of decent size. Oh and they'll be far away from data centers too.
They got a great deal. Beautiful home that would have cost $200k more in Ashburn.
Nice. It's very nice out there.
Purcerville is like countryside with a price tag. Sure, pay less for a bigger and nicer house but nothing much out there. It takes 50 mins to get to cites like Tyson and Fairfax without traffic.
Don't know what kind of young couple can actually afford to buy and settle down in NOVA, I guess NOVA will just be an area where people who got in early / those with generational wealth continue to thrive, and normal working families will rotate out of the area in a few years after realizing they can't afford it here in the long run. SAD.
In your opinion, why do you think Northern Virginia is better than Southern Virginia?
you must be joking. Where do you plan to work in Southern Virginia, the dollar general?
Just rent. Not smart to buy in this market. I own two homes, one in MD and one in NOVA. I would rent if I was in the market now. Much more affordable to rent. I would look for good bones homes that need updating if you truly need to buy right away.
Why are you smiling when you're talking about how people are struggling to find houses . I mean you are benefiting from it but it's people's livelihood. At least don't smile while you are talking about people having a difficult time