Annandale Chamber of Commerce - Annandale Real Estate Are More Changes Coming

Annandale REAL ESTATE
Are More Changes Coming in Our World?

By: Pat Sawhney, ReMax 100

I set out to write an article just about the Real Estate Market but so much else is happening and it is all interrelated.

Commencing with the start of summer we saw a slow down in the market for resales in many areas of our county. This is typical as the hot spring market usually starts in January, accelerates and this year became a very strong Seller’s market. Why? There is still a pent-up demand for housing, both sales and rentals with a low inventory. Many buyers with school age children were frustrated at not becoming the accepted bid in their preferred school districts. So, successful bidding entailed waiving home inspections, appraisals, offering free rent backs to sellers, as well as an above-list price.

However, then came the slow-down, which only became more pronounced as summer ended and we moved into fall. After the heyday of the spring market, buyers were now taking more time to pull the trigger on an offer, making lower bids, including requiring a home inspection. This all pointed to a buyer’s market which is continuing today. Many listings are now showing price reductions, others are reappearing back on the market, or leaving the market. But, there is still a high demand with a shortage of inventory.

This is all coupled, as we know, with higher interest rates, an inflationary economy, a war in Ukraine, overheated parts of the world, high gas prices (now softening), a threatened train strike which would raise havoc with delivery of goods but was thankfully averted, and across the board staffing shortages. For instance, a dollar store in the area was open only half a day, shelves were partially empty and there was one employee subbing from another store! And, can you believe Amazon is cutting back on their expansion plans!

Earlier I wrote about Escape to the Country. Well, now many people want to continue to work from home, more women are opening their own businesses so they can be with their children, more parents are home schooling and inflation is causing higher food prices. I predict more people will have home gardens next year.

The environment is still a hot topic. Coal prices are now rising with unacceptable levels of emissions. This does not improve the air quality of our world. Global draught and the war in Ukraine contribute as well, but emissions is at the top of the list. I looked at the world on Google Maps the other day and saw massive amounts of brown, indicating poor air quality especially in Africa and the western part of America!

I have always been a positive thinker but the way trends are going these days it is hard to always think positive!

On a lighter note, we still love Halloween so people will be buying costumes for their children who will be Trick or Treating. I’m sure with more people vaccinated there is less concern about Covid resulting in more people going to parties and holiday attractions. So, let’s celebrate the upcoming holidays and hope for a better future for all. And, plan to watch the Annandale Parade along Columbia Pike from 10 to Noon on Saturday, October 22nd. Bring the family, have the kids wear their Halloween costumes and bring a satchel for all the candy that will be handed out.

To discuss more insights with me about real estate and your potential interests in buying or selling, give me a ring on 703-395-9214. I am Pat Sawhney, Licensed since 1975 and based at RE/MAX 100.

Pat Sawhney
ReMax 100 Realty
5501 Bradlick Rd.
Springfield, VA 22151
703-395-9214
patsawhney42@gmail.com

More on Annandale Real Estate
Median Home Price in Annandale
2010     $507,800
2015     $539,900
2019     $615,533
2021     $667,500
2022     $687,000

Prices are expected to continue to escalate during 2022 but not at as rapid a rate.

Photographs & images, on this page, and on this website, are not available for use by other publications, blogs, individuals, websites, or social media sites. For this and other stories on Annandale and Annandale Real Estate see the ENDEAVOR News Magazine.