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PIEDMONT HOME CONNECTION WWW.PRINCEWILLIAMTIMES.COM
Prince William Times | June 1, 2023
A primer on today’s complex real estate market Despite higher interest rates, interest remains high in the greater Piedmont By Scott MacDonald
Special to the Fauquier Times
The real estate market never ceases to amaze. Over the last year, interest rates have more than doubled in a six-month period. The rates went from 3.5% to over 7% from May to November. At that time, the market ground to a halt as there was much speculation about how high mortgage rates would climb and how that would affect prices – most people said downward. Fast forward to today, and it appears that buyers have now settled into mortgage rates being in the 6% to 7% range, resulting in an increase in sales again, along with price growth. All this being said, today’s market is filled with uncertainty due to several factors. Both sides of the aisle in Washington, D.C. are dealing with the debt ceiling, inflation and rising interest rates. As a matter of fact, today’s rates are over 7% again. The other looming issue is people being “married” to their homes because of their interest rates. Many people fear losing their 2.5% to 3.5% interest rates and moving into a higher rate today. This results in a huge shortage of homes for sale in our area. With increased demand, this is creating multiple contract situations for many homes for sale today. On the flip side, we have a strong job market, a growing population and a stable economy, which positively impacts the real estate market – especially for sellers. Additionally, the We are pledged to the letter and spirit of Virginia’s policy for the achievement of equal housing opportunity throughout the Commonwealth. We encourage and support advertising and marketing programs in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, age, familial status, or national origin. All real estate advertised herein is subject to the Virginia and federal fair housing laws, which make it illegal to advertise “any preference, limitation, or discrimination because of race, color, religion, sex, handicap, familial status, national origin, or elderliness, or intention to make any such preference, limitation, or discrimination.” This newspaper will not knowingly accept any advertising for real estate which is in violation of the law. Our readers are hereby informed that all dwellings advertised are available on an equal opportunity basis. For more information or to file a housing complaint, call the Virginia Fair Housing office at 804-367-8530 or toll-free at 888-551-3247. For the hearing impaired, call 804-367-9753. EMAIL: fairhousing@dpor.virginia.gov WEBSITE:dpor.virginia.gov/fairhousing
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Steps for success when entering today’s complex real estate market. area’s natural beauty, cultural amenities and excellent quality of life can make it attractive for people to relocate to the Greater Piedmont Area, which can make it tough for buyers. It is important to note that even though market trends and economic indicators can provide an idea of what may happen in the future, they cannot
predict sudden market disruptions or unforeseen events that might impact the real estate market. The banking industry being in jeopardy is one of these areas of concern, along with the Fed continuing to raise the overnight rates it charges banks. With so many factors affecting the real estate market, it is always
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2201 Optiz Blvd., Woodbridge. English Conversation: 6 to 7:30 p.m. For adults. Speakers of all languages are welcome. Haymarket Gainesville Library, 14870 Lightner Road, Haymarket. Free. OWLS Older Wiser Learners: 1 to 2 p.m. AARP speaker will present an interactive session on building a brain healthy lifestyle. Bull Run Library, 8051 Ashton Ave., Manassas.
Center, 15201 Potomac Town Place, Woodbridge. Bad Art Night: 6 to 7:45 p.m. For adults. Create art in a supportive and low stakes environment. Basic supplies will be provided or feel free to bring own. Registration required; call 703-7924800. Chinn Park Library, 13065 Chinn Park Drive, Woodbridge. Citizenship Class: 12:30 to 2:30 p.m. For adults. The class will help participants get ready to apply for citizenship. Registration required; call 703-792-4800. Chinn Park Library, 13065 Chinn Park Drive, Woodbridge.
Tuesday, June 6
Acoustic Tuesday: 7 to 8 p.m. Featuring Chesapeake Sons Duo. Harris Pavilion, 9201 Center St., Manassas. Free. English Conversation: 10 a.m. to 11:30 p.m. For adults. Speakers of all languages are welcome. Central Library, 8601 Mathis Ave., Manassas. Community Services Fair: 10 a.m. to 2 p.m. For adults. The fair will highlight community assistance to residents of Prince William County. Potomac Library,
Wednesday, June 7
Breast Cancer Support Group: 6:15 to 8:25 p.m. Information and emotional support for breast cancer patients. Sentara Northern Virginia Medical Center, 2300 Opitz Blvd., Hylton Education Center, Rooms CG, Woodbridge. Wednesday Walks at Bristoe Station Battlefield: 7 to 8:30 p.m. Tour the park with staff and volunteers and learn its history. Bristoe Station Battlefield Heritage Park, 10708 Bristow Road, Bristow. Free; donations encouraged. Kids Concert: 10 to 11 a.m. Live children’s music. Stonebridge at Potomac Town Center, 14901 Potomac Town Place, Woodbridge. Free. Law Enforcement Torch Run: 9 a.m. Prince William County Police
recommended to consult a professional real estate agent (REALTORS®) to help you determine if now is the right time for you to sell or buy. Using their expertise, real estate agents can provide you with market data such as inventory levels, absorption rates relating to sales, months’ supply of houses available, immediate sales and other data that can be valuable to you when you are considering selling or buying a home today. There are also additional important data points, such as the number of houses with multiple contracts, how high above list price are houses selling, what contingencies are being waived or accepted by sellers and the timing of sales from contract to close. Another bonus, real estate agents have extensive professional networks that include other agents, lenders, home inspectors and contractors. They can provide recommendations and connect you with trusted professionals to assist throughout the process. It is a complex time in the real estate industry to say the least. While it’s possible to navigate the real estate process independently, a real estate agent’s expertise, resources and guidance can significantly simplify and enhance your experience, whether you’re buying or selling a home.
Scott MacDonald
Broker/Owner of RE/MAX Gateway www.gateway2realestate.com Department fundraiser for the Special Olympics VA. Dr. A. J. Ferlazzo Building, 15941 Donald Curtis Drive, Woodbridge. Spanish Conversation: 1 to 2 p.m. For adults. For speakers of all languages. First come, first served until capacity is reached. Chinn Park Library, 13065 Chinn Park Drive, Woodbridge. PAWS for Reading: 5 to 6 p.m. For ages 8 to 12. Practice reading with a furry friend from K-9 Caring Angels. Stop by the Youth Services desk at the time of the program to sign up for a time slot. Montclair Library, 5049 Waterway Drive, Dumfries. Bereavement Support Group: 7 to 8:30 p.m. Hosted by the Spiritual Care Support Ministries. Each session will feature a video of personal stories from people who are grieving the death of a loved one; a workbook; guided conversation; and a chance to share personal experiences with others who have had a similar loss. RSVP to 540349-5814. Chapel Springs Church, 11500 New Life Way, Bristow. Heritage Bike Night: 6 to 8 p.m. Come show off a bike and hang out. Weekly prizes. Heritage Brewing Company, 9436 Center Point Lane, Manassas.
