Coral's Market Snapshot - February 2021

You may have heard from me and many other sources – the real estate market has gone bonkers. This isn’t fun and games, and it isn’t just the normal Northern Virginia sellers’ market. All over the country prices are shooting up, houses priced above comparables are topping those amounts by 10-20%, buyers waiving appraisals have deep pockets and will pay the cash difference if it comes in low. Every RealtorⓇ I know is begging people to sell, which is a great idea except sellers probably have nowhere to go. Some have family or second homes, some may be buying a condo, which is fine right now, but if you want to just “trade up” you need to not have all your money wrapped up in your house and have a down payment ready and enough income to hold both properties for a bit. I have been super fortunate to have a few of these buyers and they are moving up and selling next. If you think you might want to do that, give me a call. First step is qualification with a lender.

Here’s a some statistics about each area to give you some perspective.

Arlington County