What Does the End of 2017 Mean for the 2018 Market?

Northern Virginia Real Estate Podcast with The Gillies Team

We end 2017 in a balanced market, which means it’s a good time for both buyers and sellers to take advantage of it.

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What did we see in our local market in 2017? The easiest way to answer that question is by answering another question I get almost every time I talk to someone about real estate: Is it a buyer’s or seller’s market? Over the course of 2017, we saw a little bit of both. Spring was a very successful time for sellers. Midway through June, though, the buyer activity that was putting upward pressure on prices slowed down. That slowdown continued on into August and allowed inventory levels to creep up a bit in certain price segments. Over the past few months, things have started to normalize. Inventory has come back down and buyers have begun to re-enter the market, which is a really positive sign. This means we’re not carrying as much inventory into the winter months leading up to the spring market push.

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It’s a great time to be a buyer or a seller in our market.

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Going into 2018, I don’t think we’re in a solid buyer’s or seller’s market—we’re in a balanced position. There are a lot of things we’ll have to wait and see about next year, including the current tax overhaul discussion that’s happening. What does all this mean if you’re considering buying or selling a home in 2018? In our area, the pace of sale is usually strong going into the spring. If you’re a seller and your home is priced and prepped correctly, you will absolutely have a successful spring. If you’re a buyer, you still have a great opportunity to buy because interest rates are still low and we haven’t seen enough inventory reduction to create an extreme seller’s market. Also, remember that we’re expecting several rate increases in 2018, so your best opportunity to maximize purchasing power may be sooner rather than later in the year. In short, it’s a great time for both buyers and sellers. If you have any more questions about our market or you’re thinking of buying or selling in the upcoming months, give us a call or shoot us an email. We’d love to help you!