July’s Virginia Market Update

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What's new in the real estate world?

Interest rates are slightly lower this month. Your typical 30-year conventional loan interest rate is currently 5 % compared to June's highs of 5.75%.

The Virginia market is cooling down 🥶

The average sales price is down this month from June, with most counties in Virginia experiencing a decline. Home sales slowed down more than they have since the start of the pandemic as more and more buyers are re-thinking their options amid rising mortgage rates and relatively high prices. While inventory remains tight, the supply is starting to build up in many local markets, slowly but surely.

What to expect?

For buyers - Except to see properties stay on the market for a longer period. This gives the buyers increased negotiating power when submitting offers. I have been successful in submitting offers that include home inspections, financing, and appraisal contingencies in July. A welcomed change from the all-cash no contingency offers we experienced these last few months.

Sellers- Don't get me wrong, you still see all cash offers with no contingencies. But only for properties that are priced correctly. Talk with your real estate professional on determining the best price for your home. Overprice it and expect it to sit on the market.
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