UNOFFICIAL September Data
October 7, 2005
Loudoun County, Virginia
We extracted data from the local MLS and performed a quick analysis of the market for September. While the data shows a substantial slowdown in sales and up tick in inventory, the trend is seasonal. September is historically a slow month with buyers finishing vacations and families focused on the new school year. This year seems to be a little deeper than in recent years.
See Market Snapshot in the right sidebar. A word of caution: these are unofficial results. The local MLS will usually publish their analysis by the 10th of the month following the month in question. The trends we show are month-to-month or YTD.
What is not shown here are the number of sellers offering subsidies and agent incentives. Anecdotal evidence indicate buyers are being more demanding and sellers are willing to compromise. We also see this in new home sales where builders are offering incentive packages as well as agent bonuses for bringing buyers that write contracts.
As always, sellers need to realize that the most pristine homes will sell for more and quicker. This is especially true when there is more seller competition.
Another interesting phenomena is price competition among sellers in subdivisions where homes are very similar. The last couple of years buyers were competing on price often offering more than the list price. Today, sellers in some areas are lowering prices to be more competitive.
Our advice for buyers: be selective, there are more homes to choose from and sellers are motivated. For sellers: make your home show better than the competition and set your price right. This may take an investment in such things as sprucing up your landscape and deck, new paint inside and out, new carpet as well as professional staging services. Temper your expectations! You cannot necessarily compare what you might want or get to your neighbors when market conditions were different. If you have owned your property for two years or more, you will still receive a handsome return.
Not sure what you need to do? We are happy to respond to your questions if you post them here or call us (703-431-2145).
I wonder if all the BUBBLE TALK is actually affecting consumer confidence. Nobody wants to buy at the peak and watch values decline. On the other hand, buy for lifestyle and personal need and watch your values rise over the long haul. Real estate is always a good long term investment.
If the past is an indicator of what might happen in the future, the market should start regaining momentum from now through the rest of the year.
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