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What's Happening In Vienna Real Estate?

What's Happening In Vienna Real Estate?

 

What’s happening in the Vienna & Oakton real estate markets?

 

Vienna Real Estate - Shaken or Stirred by the Earthquake & Hurricane?

Vienna Real Estate - Shaken or Stirred by the Earthquake & Hurricane?

First an earthquake. Then a hurricane. How did last week’s “happenings” affect the local real estate market? Were things turned upside down (like the photo above that fell off my wall during the earthquake)?

This Week's Vienna Real Estate Update

This Week's Vienna Real Estate Update

Yesterday, we blogged about when the right time is to buy & sell a home. The short answer was - it depends on YOUR market and it depends on YOUR situation. Your home is your castle, and just as there are no two sand castles the same, there are no two situations the same.

“YOUR Market” can be defined in various ways (based on price range, school district, type of home etc.) - but the first place to start is with your general area. If you live in a large city, you might need to break it down further to start, but since we live in the Vienna Oakton area - we start with that. Our goal each week is to provide you with a general overview of the Vienna Oakton market so that you can be educated as to what’s happening - whether you’re tracking the market just as a matter of interest - or you’re tracking because you are thinking of buying or selling.

So - what has happened this past week in Vienna & Oakton real estate? Here are the highlights:

How Do You Know When To Buy or Sell A Home?

How Do You Know When To Buy or Sell A Home?

Last week, we reported on “How Low Can It Go? - and the historic place we are at in terms of low mortgage interest rates. We talked about why now is a great time to buy a home (or a great time to refinance the one you own) and why now is also a great time to sell.

But with all the negative economic news around the country, some of our readers may be wondering whether they should still wait to buy or wait to sell. Buyers may be wondering “What if prices drop, for example? Shouldn’t we try to “time the market” better?” and Sellers may be wondering the reverse, “Should I wait to see if prices keep going up?”

Vienna Real Estate Update - How Low Can You Go? (Low Rates, Low Inventory & More!)

Vienna Real Estate Update - How Low Can You Go? (Low Rates, Low Inventory & More!)

Last Friday, mortgage rates hit the all-time low ever recorded! This means if you are thinking of buying a home - whether for the first time or whether you’re moving up or down - NOW is a great opportunity to maximize your buying power. (And if you’re not moving and you already own a home, you may want to look at refinancing.) Reports of 30 year fixed rates near 4% are popping up all over. WOW! (We would be happy to share our list of trusted lenders with you - just Contact The Belt Team )

If you have been in the real estate market for a while - then you probably have your own version of  “When I Bought My First House, My Interest Rate Was ____%”. Fill in the blank - and I’d bet money that the number you say is higher than rates are now.

Is The Sky Falling? This Week's Real Estate Update

Is The Sky Falling? This Week's Real Estate Update

You block your dream when you allow your fear to grow bigger than your faith.”

This is a quote from Mary Manin Morrissey. And I thought this quote rather appropriate for a week when national news was bleak. Fear is no longer the silent elephant in the room - but is a grand participant in the endless blame game being played by both parties in our government. (Don’t worry - I’m stepping off my soapbox now!)

Our blog is about real estate. Specifically, about real estate in Northern Virginia. And sometimes even more specifically - about real estate in Vienna and Oakton. So let’s talk real estate.

Vienna Oakton Real Estate Update - Local, Local, Local (Some Would Say Loco, Loco, Loco!)

Vienna Oakton Real Estate Update - Local, Local, Local (Some Would Say Loco, Loco, Loco!)

Our hyperlocal Vienna-Oakton market continues to perform very differently than many areas around the country. Prices are trending upward and housing supply is still low. Just like the old real estate adage “Location, Location, Location” - real estate is “Local, Local, Local” (and if you read our article about “A Day in The Life of A Realtor“, you know that sometimes it’s “Loco, Loco, Loco”!)