Hi there, it’s Peggy Yee with Frankly Realtors here with your May 2018 Market Report.
Hope you guys are enjoying the wonderful weather! The market is definitely busy with home sales up about 17% from the previous month. We’ve also got pending sales (so properties that are under contract, but not closed yet) up 7%. The median days on market dropped from 10 days to 7 days, still indicating that homes are flying off the market the minute they go live. For sellers, this continues to be a great time to sell your home. In my experience I’m seeing home sell for higher than they should be based on comps. For buyers, I’m looking for off market properties to see if we can get a jump on a house before anyone else knows about it or looking at homes that have been on the market for at least 2 weeks, if not more. Since our average days on market is 7 days, homes that have been on for longer may be willing to accept a lower price. Several of my buyers have recently gotten great deals (where the appraisal came in much higher than the sales price) because of this.
As always, please use me as a resource for all of your real estate needs and questions. If you are interested in what is happening in your specific neighborhood, please contact me. I’m here to help! Feel free to call me anytime at 703-349-0143 or email me at Peggy@PeggyYee.com.
Selling your home? Get a complimentary home value report: http://www.DiscoverTysonsCorner.com
Buying a home? Search the local MLS and get off market property info: http://www.DiscoverTysonsCorner.com
Peggy Yee is a local Northern Virginia real estate broker with Frankly Realtors.