Annandale Chamber of Commerce - Annandale Real Estate State of the Market

Annandale REAL ESTATE
The State of the Market

By: Pat Sawhney, ReMax 100

Hello friends, here’s a short note to bring you up-to-date on our vibrant Northern Virginia housing market. Properties which are well priced and in good condition are getting contracts very quickly with multiple offers and prices bid up. What should you do to make sure you are poised to enter this market?

For one thing, you can sell a property that has not had updates as long as it’s in good condition, easy to show and, primarily, well priced. It is best to price at a lower number close to what you will accept and let the market provide the answer. Currently I have a full basement rambler coming on the market in North Springfield with kitchen and baths not updated.

February sales were above a year ago, both in number of sales and prices. As you all know, the assessed values are rising in most cases based on last year’s sales. The assessor’s office uses sales price data from our listing service. There is still a significant shortage of inventory vs. number of buyers. This continuing shortage of properties for sale impacts both rentals and sales. Maybe we will see some change as more people decide to sell for the springtime market. Already, on my saved searches, I am seeing more new listings coming on line as Coming Soon and Active.

We just had an Annandale custom rambler (list price of $850K) go to contract and bid up in 3 days with over 50 showings and multiple offers. As with many other recent sales, the buyer did a pre-offer “walk and talk” home inspection in lieu of an after-contract home inspection. Buyers are also waiving home appraisal by agreeing to make up the differential between sales price and appraised value.

The rental market is also very active with higher prices and multiple applications. The higher interest rates will be a factor for some which can lead to buyers becoming renters. It’s always good to trust a Realtor to assist you in all aspects of real estate.

Now is a good time to get your ducks in order and consult with your Realtor, financial advisor and mortgage broker. I’m always available to answer questions in person and by phone. I’m your local real estate expert with many happy clients, credentials and marketing skills.

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.

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