Alexandria VA Real Estate Market -
Consumers Should Brace for EOCY SubMarket
Alexandria VA Real Estate - Labor Day has come and gone marking the end of summer. But it also means the beginning of a new sub-market in the Northern Virginia and Alexandria VA real estate market. As fall starts to creep into the calendar, the real estate market will enter what I like to call the 'EOCY' market, or the 'end of calendar year' market. I've been selling real estate for 16 years and I've notice that there will always be motivated buyers and sellers particularly during this timeframe.
Military, government, and corporate moves often revolve around the calendar year, but more importantly, taxes are an even bigger motivator for both buyers and sellers. Many people are motivated to either sell or buy real estate in Alexandria VA in hopes of claiming or deducting something on their personal or business taxes. So, make no mistake, if you see a 'For Sale' sign in the yard over the next 2-3 months, it's because that seller has to sell.
In looking at the seasonal patterns, more homes do sell homes during the springtime, so when you have the opportunity to buy a home in Alexandria VA during the last few months of the year, it's pretty safe to assume that you are engaging a 'must sell' seller.
Take a look at the interactive chart below showing the seasonal patterns of sales volume in Northern Virginia (use your mouse to hover over the points within the chart):
Looking at the trends for Alexandria City, you'll see that the same holds true:
But end-of-the-year selling is not all bad for sellers. Buyers looking to make a purchase during this time are fewer in number, but more focused. So don't be surprised if there are still multiple offer scenarios, like in the hot spring market. The best way to arm yourself is to speak with a local mortgage lender to get approved so that when you're ready, you are in a position to make an attractive offer and show the seller that you have the means to close and meet their targeted closing date.
And while the buyers are more focused about finding a home during this part of the year, on average, Alexandria VA home sellers have still managed to obtain over 93% of their original list price during the EOCY real estate market. Take a look at the chart below:
In line with the improving real estate market, you'll see that over the past three years, Alexandria VA home sellers have gotten more for their homes each year during the EOCY market.
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