“Low interest rates have spurred the market on and made homes more affordable.”

“Is it a buyer’s or seller’s market?” I get that question all the time, and it’s a loaded question. In Northern Virginia, we kind of live in a bubble; our real estate reality is not the same as the rest of the nation’s. Let’s dive into some numbers so you can be proactive about your real estate decisions instead of reactive. The average days on market right now is 40 days. If you’re out in tertiary markets, the suburbs, or Loudoun, that number is a bit higher. If you’re in Alexandria, Arlington, or Annandale, that number is a bit lower. The X factor that determines whether we’re in a buyer’s or seller’s market is actually the price of your money. Interest rates were expected to go a bit higher this year but rates have actually gone down. Right now, rates are hovering around 3.5%. To put that in perspective, the lowest rates ever recorded were low to mid three’s in 2012.