We are in the slowdown of the summer market. We continue to see low inventory and interest rates have remained high –  making the market very competitive as well as challenging for buyers.  Watch as Maura Stevens, Realtor with the FOCUS on NoVA Real Estate® team, walks you through the numbers and what we saw happening over the past 2 months months in the Northern Virginia real estate market.

Summary:

• Interest rates remain high – pricing some buyers out of the market
• Inventory remains low (Sellers still don’t want to give up their 2.5%-3 interest rates.)
• Buyers that can afford to buy have less competition and are able to keep some or all of their contingencies.
• Properties that are prepped for market and priced correctly are still selling quickly

Click here for the full Northern Virginia Association of Realtors Market Statistics.