Mark Worrilow, District Director at Fathom Realty, shared insights into the local real estate market. Worrilow highlighted the resilience of Virginia’s real estate market in 2024, surpassing earlier expectations. Despite a slowdown in 2022 and 2023, the market is witnessing a steady pace of home sales.
Worrilow attributed the previous slowdown to a rapid interest rate surge, causing buyers and sellers to exercise caution. With interest rates now stabilizing, there is a renewed sense of optimism in the market. The potential for the Federal Reserve to lower interest rates further could stimulate activity by attracting more investors and influencing mortgage rates.
Addressing concerns about population shifts, Worrilow acknowledged an influx of individuals moving from higher-cost areas like Fairfax, Alexandria, and Arlington to more affordable regions. The ability to telecommute has played a significant role, allowing individuals to choose locations based on lifestyle preferences and lower living costs.
In response to questions from potential homebuyers, Worrilow emphasized the importance of being a reliable source of information. Buyers often inquire about schools, commuting times, and the overall market outlook. Worrilow shared, “As an ethics instructor and an instructor for various real estate topics, I tell my students and agents to be the source of the source,” directing them to online resources to find unbiased community information.
Despite variations in preferences, detached homes remain the primary focus for buyers, with townhomes also in demand. Worrilow noted, “I would say that what I’m seeing primarily are detached homes, but there still is a great market for townhomes.”
Discussing the broader economic impact, Worrilow highlighted the enduring significance of homeownership as the American dream. He emphasized, “Homeownership, that’s the American dream, and it still is.” He adds that people continue to seek homes that align with their desires and financial capabilities, contributing to the real estate market’s stability.
The study found that Indiana is the easiest state to sell a home. Homes go on sale in about 30 days after an offer is accepted and about another 30 days on average to close the sale. At about 60 days, it’s the lowest of any U.S. state.
Another midwestern state features Wisconsin, which comes in second place with an average of 64.92 days to sell a home from start to finish. It takes, on average, 38.80 days for an offer to be accepted in the state, with a further 26.12 days on average to close the sale.
Michigan takes third place on the list. Homes in Michigan take an average of 35.13 days for an offer to be accepted, followed by an average of 31.01 days to close the sale, adding up to an average of 66.14 days to sell a home from start to finish.
Photo by Bailey Anselme on Unsplash
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A Night on the Riviera
Experience a magical evening at the Embassy of France with A Night on the Riviera, an event that will transport you to the glamour of the French Riviera while celebrating the vibrant spirit of Mardi Gras!
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