October's Real Estate News, Home Tips & More!
Expectations for a Stronger Fall Market, Maintenance Reminders, and Celebrating Milestones
October Market Update
Northern Virginia buyers have been stuck between a rock and a hard place with the combination of high home prices, elevated mortgage rates, and a tight supply of homes on the market. Throughout 2024, inventory has improved and buyers who remain in the market are finally feeling the effects of more listings, according to the latest Bright MLS subscriber survey. Both first-time buyers and repeat buyers are having an easier time. With more new listings coming to the market this fall, buyers will have an expanded selection, making it easier for them to find a home and make a successful offer.
Sellers Are More Active Than They Were at the Start of 2024
Some sellers will cling to their ultra-low mortgage rates; however, others have motivations to sell their home and will weigh the pros and cons of listing now. The drop in mortgage rates may make the financial tradeoff worthwhile if their current home doesn’t suit their needs. Compared to the beginning of the year, agents and brokers are now reporting fewer potential clients who have paused or stopped listing their home.
What Does This Mean for You?
If you’re a buyer, the improved inventory means you have a better chance of finding a home that fits your needs and budget. With more options on the market, the competition might be less fierce, giving you some breathing room to consider your choices and make a more informed decision.
For sellers, the increased activity in the market indicates that now might be a good time to list your property, especially if you’ve been on the fence. The combination of more motivated buyers and slightly lower mortgage rates could work to your advantage.
Planning Your Next Move
Whether you’re planning to buy or sell this fall, or even looking ahead to the spring, NOW is the time to prepare. The real estate market is dynamic, and staying informed is crucial. Need help navigating your real estate questions? Contact us now to make your plan. We’re here to guide you every step of the way.
October Home Maintenance Checklist
Check Heating System : As temperatures drop, you'll rely more on your heating system to stay warm and cozy. It's wise to have a pro inspect your furnace or heat pump yearly to ensure it's ready for winter. During this check, they'll fix any issues, lubricate parts, and check safety features.
Also, remember to clean or replace air filters. Dirty filters reduce efficiency, raise energy bills, and make your home less comfortable.
Check Exterior Lighting: As days grow shorter and nights longer, it's crucial to keep your home well-lit. Good lighting boosts your home's look and deters intruders, adding extra security and visibility during darker months.
Check Gutters and Downspouts: Keep your gutters and downspouts clear to prevent roof leaks, especially in older homes. This is crucial in autumn when leaves and twigs can clog them up.
Dates To Remember & Celebrate
Celebrating Holidays and Raising Awareness for Breast Cancer
October is Breast Cancer Awareness Month and also marks the start of the fall holidays. Here are a few you definitely won't want to miss!
October 2nd (sunset) - October 3rd, Rosh Hashanah
October 11th - 12th, Yom Kippur (sunset on Oct. 11 to nightfall on Oct. 12)
October 14th, Columbus Day | Indigenous Peoples’ Day *Federal Holiday
October 31st, Halloween
Celebrating Milestones:
MaryEllen's 10th Anniversary in Real Estate and Marriage
This year is truly special for our very own MaryEllen as she celebrates not one, but two incredible milestones! October not only marks her 10th year as a dedicated real estate professional but also her 10th wedding anniversary with her wonderful husband, Rob.
In honor of these joyous occasions, we wanted to share some wisdom that MaryEllen has gathered over the years from her extensive experience in real estate. If you're a homeowner or considering becoming one, here are the top 10 things you might wish you knew before owning a home:
The True Cost of Homeownership: Beyond the mortgage, be prepared for property taxes, homeowners insurance, and maintenance costs. These can add up quickly and should be factored into your budget.
The Importance of a Good Location: Location can significantly affect your home's value and quality of life. Proximity to schools, work, and amenities should be a major consideration.
Home Inspections Are Crucial: Never skip a home inspection. It can reveal potential issues that could save you thousands in repairs down the line.
Understand Your Mortgage Terms: Make sure you fully understand the terms of your mortgage. Fixed-rate vs. adjustable-rate, term length, and prepayment penalties can all impact your financial future.
Routine Maintenance is Key: Regular upkeep can prevent minor issues from becoming major problems. Create a maintenance schedule to keep your home in top shape.
The Value of Home Improvements: Not all renovations are created equal. Focus on improvements that add value, like kitchen upgrades or bathroom remodels, rather than overly personalized touches.
Emergency Fund is Essential: Unexpected repairs can and will happen. An emergency fund can help you avoid financial stress when your roof starts leaking or your furnace breaks down.
Insurance Coverage: Ensure you have adequate homeowners insurance. This includes coverage for natural disasters common in your area, like floods or earthquakes.
Understanding Property Taxes: Property taxes can fluctuate based on local government budgets and real estate market trends. Keep an eye on these changes to avoid surprises.
Community and Neighborhood: Getting to know your neighbors and participating in community events can enhance your living experience and provide a support network.
MaryEllen's journey in real estate and marriage has been filled with learning, growth, and countless memorable moments. As she celebrates these remarkable milestones, we hope her insights help you navigate your own path to homeownership with confidence and ease. Here's to many more years of success and happiness for MaryEllen and Rob!
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