Here’s a look at the Loudoun County Real Estate Market for June 2018. According to a report released by the Dulles Area Association of Realtors (DAAR), Loudoun reached their highest monthly median sales value on record. Also, housing listings declined for the 36th month in a row. Let’s take a closer look the Loudoun County real estate market trends.
Housing Stats for June
Loudoun County’s median home price reached $500,000 which is the highest value on record. This occurred amidst the lowest recorded June inventory in over a decade. Inventory was 22.2% lower this June compared to June 2017 which left only 1207 homes for sale at month end and only a 2.2 months housing supply. New listing activity decreased as well and was down 13.8% compared to last year in June 2017.
Condos led the growth, climbing by 37.9% from June 2017! This growth equated to the highest recorded number of condos sold in a month at a whopping 131 sales. Condo prices have increased by 14.8% compared to last June which makes the average price for a condo $310,000.
Both townhome and single family detached homes rose by 5.6 and 5.8% from June 2017 to $442,000 and $640,000 respectively. Both townhomes and single family detached homes reached their highest median sales price on record.
Half of June’s listings were under contract in 9 days or less and sellers on average received 98.8% of their original list price. Loudoun closed 839 homes in June which was 105 more homes than in May.
Townhomes and condos have the tightest inventory with only a 1.4 and 1.5 months supply available. The supply of single family homes increased to 2.9 months at the end of June. Home sellers on average received 98.8% of their list price.
What does this mean if you’re buying a house in Loudoun County, VA?
With the rising median sales price and low inventory, it is more important than ever for a potential home buyer to have a firm idea of how much home they can afford. It’s also important to have met with a mortgage loan officer to get your loan process started so you can compete with other home buyers who are bidding on your dream home. We are still seeing multiple offers on homes, especially in the condo or townhome market. We also recommend that you sign up to receive email notifications on homes as they come on the market or to work with us to find you a home before it is active on the market.
What does this mean if you’re selling a house in Loudoun County, VA?
This is a great time to sell! Why? The inventory remains low, which means potential home buyers are looking for new listings coming on the market. With the home prices rising, there is a good chance you will sell your home quickly with an appealing offer. You will want to know what your home is worth, so sign up for our free home valuation offer.
50% of homes in Loudoun are selling in less that 9 days for 98.8% of the original list price.
If you are looking to buy or sell a home in Loudoun County, VA, call Sonja Adams at 703-963-7407 or reach out via email at SonjaAdams@kw.com
If you are like most first time home buyers, you’ve probably heard that owning a home is the American dream and you’ve also probably been encouraged to buy a home. But you may still have some lingering doubts about making the leap into home ownership. Having reservations is completely normal. Here are 6 reasons why you should own a home.
Nothing compares to the pride of owning your home. You can make it your own. Paint it any way you want, get a dog or two and a cat if you want without a landlord telling you can’t have a pet. It also can give you a sense of security in that you don’t have to move. This is your home and you can stay as long as you like.
There are still tax benefits to owning a home
If your home is in a good location and in good condition, most of time you will recognize appreciation that you won’t get with renting
You will build equity in your home over time
You’ll be able to lay down roots. Create a home where your family can grow up, create lifelong friends and connect with your community
Educational Benefits – Research shows that children of homeowners earn higher test scores and graduate at a higher percentage than those of renters
If you are thinking of buying a home, Call me! I will help you through the process to owning your first or next home!
The sun is coming back just in time to wrap up the Loudoun County Fair events and for the weekend. Lots of great things to do outside like the continuation of a couple summer concert series, the Loudoun County Fair and several vineyard events. Check out a few things below and follow us at Instagram for all things Loudoun! www.instagram.com/lookatloudoun.
Selling your home takes some planning along with a time and financial investment to maximize the profits you make at the time of closing. Fortunately there are some small changes you can make to help you appeal to buyers. The video below is an oldie but still applies and is a good example of some things you can do before attempting to sell your home.
In addition to tips in the video, below are a few items to consider as well:
Interview Real Estate Agents
Price your Home Right
Understand your Closing Costs and Net Proceeds
Declutter and complete any needed repairs
Improve curb appeal
Stage your Home
Clean daily and make your beds so its ready for buyers
Review Offers and consider negotiating
As you prepare to close, make sure the home is clean at time of walkthrough to prevent any issues.
Handling these points will help you through the process of selling your home to maximize your profits.
SHAMROCK & ROLL St. Patrick’s Day Block Party – Join Loudoun Station and Blackfinn Ameripub in its first annual SHAMROCK & ROLL St. Patrick’s Day Block Party on Saturday, March 17th from 9am – 9pm. Proceeds to benefit The Loudoun First Responders Foundation. https://www.facebook.com/events/382976465486725/
Inventory is low right now in Loudoun County and our spring market is upon us. If you are thinking of selling your home, here are some tips for you to attract more buyers and generate interest.
Focus on the Curb Appeal – The first thing people see when driving to your house or in the photos is going to be your yard and front of the home. Make it stand out. Rake the leaves, edge the lawn, weed the garden, trim the bushes and trees and put out fresh mulch. If the house needs a facelift, think about painting or power washing, repairing any wood trim and making sure the windows and doors sparkle. Fresh flowers at the door or in the beds creates a welcoming feeling as well.
Spring Clean and De-Clutter – Now is the time to get your clutter out of the house. Your home should look spacious, simple and crisp. You can accomplish this by removing all the knick knacks and clutter, putting a fresh coat or two of paint on the walls and cleaning the windows and floors. A good idea is to start packing. Yes, start packing! Put your things in boxes before your house is on the market and you will accomplish two things – you will have gotten a head start on packing for your move and you will have less things out and visible. Your potential buyer needs to be able to see your home and envision themselves living there.
Deep Clean Your Home – Really deep clean your home. Wash the windows, clean out the vents, clean the closets and cabinets. People will open your closets and your kitchen cabinets and your fridge. Make the entire house sparkle. The other part of this is that your house should smell good. You’d be surprised at the number of buyers who are turned off by smells in the house. If you have pets and especially cats, make sure you can’t smell a trace of them. Invite a friend over to do a smell check if you can’t smell it yourself. Open the house up and airing it out will sometimes help the smells.
Fix Things – Nothing is worse to a buyer then seeing a bunch of little things that they need to do. Eliminate that and fix that pesky cabinet door or replace that board on the deck. Everything that needs to work should be working. Check that your electrical is up to code or that any loose wires are addressed. I can’t tell you how many inspections come up with electrical issues which are a concern to buyers because of safety reasons. Fix that leaky faucet too. You may want to consider a pre-home inspection to check for potential things that the buyer may want fixed.
Create a Plan for your Pets – Many of us have pets at home. It’s a good idea to know where your pet is going to be before you sell your home. And its a good idea if you have dogs that they are not at home when buyers come to view the property. Decide early about how much notice you need to remove your pet or where your pet will be during showings.
Interview Agents and Research your Market – Start interviewing agents early and review the comparable listings they provide. These agents should be able to give you some good advice on what you need to do to sell your home and what the value is. Look at your agents marketing plan and find out what they will be doing for you in the process of selling your home. A good agent is key in getting your home sold and helping you through the negotiation process.
Consider a Stager – Staging your home can be a huge deal in assisting the selling process. A professional stager can really make your home look appealing. Its worth it to have someone come in and help you put the final touches on your home.
These are just some of the tips to help you sell your home. Your real estate agent can assist you in giving advice on what else you may need to do.
We are starting the spring market now. If you haven’t started getting your home ready, now is the time to do it. Buyers are coming out and starting to look now that winter is over. Don’t miss your opportunity!
Looks like Leesburg will be the new home for the DC United headquarters and a 5000 seat stadium. The Loudoun County Board of Supervisors approved the project for a training facility and stadium to begin playing with a minor league affiliate in 2019.
While 2019 seems a long way off, it really isn’t too far in our future. Approval has been granted to begin construction at the 50 acre Philip Bolen Memorial Park this spring 2018. It’s unclear at this point if this will be a real money maker for the county though.
As part of the deal, the county will be getting additional soccer fields for public use as well. At 2 million dollars per field, this has to be good news. The demand for field space in Loudoun is high so this will be a big bonus.
What are your thoughts on the new training facility and stadium?
My first introduction to Savoir Fare Catering was not really an introduction at all, but rather a glimpse in the window of their former restaurant in Round Hill. I would drive by the restaurant every day and think I should go, but my first impression was that it was going to be pricey and not the relaxed homey “Cheers” type atmosphere I felt I wanted close to home. I never went to eat there, but now I’m actually sorry I didn’t take the opportunity.
Recently I was driving through town and noticed a food truck behind the restaurant with a line. I wondered what it was all about and finally stopped in to check it out. Savoir Fare decided to open their food truck on select evenings for take out. But it wasn’t take out like anything I’ve ever had before. This food is gourmet takeout and so scrumptious my mouth waters every time I drive by.
Savoir Fare is open during the winter months and will only be offering this takeout until the end of Feb. I’m going to be trying the shrimp and grits tonight if I get there early enough. Last week I went twice to pick it up and they were sold out each time. I can’t wait to try this so am going to stop in early. Everything I’ve eaten there is wonderful and I’m sorry this is only going to be open through the end of Feb.
I also think my first impression of the restaurant was probably far off base. I wish I had gone when it was open. Savoir Fare is open year round though and is one of the best catering companies around. If you need a caterer, I highly recommend them!
Ok, I’m heading out for my dinner! If you see me there, say hello. I love meeting my neighbors!
Keller Williams Realty
50 Catoctin Circle, NE
Leesburg, VA 20176