2020-09 -- Real Estate of Northern Virginia Market Report - September 2020 Market Trends - Michele Hudnall

SEPTEMBER 2020 NORTHERN VIRGINIA OVERVIEW ||
EXTERNAL DRIVERS
DEMAND – SUPPLY – MARKET – VALUE
The external drivers indicating demand are the mortgage interest rates and the mortgage applications. Interest rates continue
to stay low and are predicted to stay low over the next 3 years. Mortgage applications are up 38% year over year September.
They did drop 5% month over month between August and September, however, continue to stay ahead of this month’s 2019 pace.
The market is a pure Demand versus Supply market favoring the Sellers currently and over the past 5 years. Even though the
market favors the Seller, it is important for Sellers to understand who their buyer is, their characteristics, requirements and
purchasing preferences.
Millennials are the largest buying force in the market
First-time buyers driving demand based on size and price
accordingly
Millennials are ready to grow their family
Millennials grew up leveraging technology and are using it at
a high level – photos, videos, and property presentation
matter regardless of it being a Sellers’ Market
Millennials seek move-in ready – not interested in inheriting
projects, again regardless of it being a Sellers’ Market
COVID has accelerated the decision to purchase
Remote working has added to the savings account
Serious Buyers expect competition, are creating a strategy,
preparing via online viewing and Coming Soon campaigns
with their professional agent along with added savings
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