Clients are constantly asking when the “perfect” time to buy is. In all honesty there is no “perfect” time. But there are market indicators that can favor the seller or the buyer.
Let’s take a look at some of these indicator in Loudoun County.
One thing that all real estate professionals are watching right now is inventory. Inventory in Loudon County is very strong right now. According to SmartCharts in September 2014 we had over 800 new listings in Loudon county and over 2000 active listings overall. This is an 18% increase from September in 2013. Average days on market have increased as well from 40 days last year to 48 this year. The Washington Post recently reported 60% increase in inventory in Loudoun county, but doesn’t quote the source. Either static is good news for buyers.
Just over 400 properties were sold in September 2014 making there an almost 5 month supply. A supply under 4 months is considered a sellers market, 4-6 fairly balanced and over 6 months a buyers market. Loudon county has a long history of being a sellers market. As the inventory shifts slightly, buyers get the rare opportunity to relax while looking for a home.
Are you a tough to please buyer? This is a great time for you. There a multiple housing options for consideration, sometimes on the same street. A strong inventory translates into more choices for shoppers. Sellers will also take care to present the best product so they are more competitive. Not only more homes to choose from, but homes in their best condition with better upgrades.
Are you looking for a particular neighborhood? An unusual floor-plan? With more options chances of finding what you’re looking for and having time to put together a good offer on it are in your favor.
Inventory is only factor to consider when deciding when to buy. Look over the chart of September statics before we talk about our next market indicator.
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