Ah, February. A month known for bringing in the last of winter's heavy snow, Black History month, a tribute to romance, and an appreciation for our current and past Presidents. However, for business's like Fine Nest, February is a month of rapid preparations for the spring and summer Real Estate markets. Like a massive migration, around 30-40 Million American's move to a new dwelling each year. 80% of these moves occur between April and September. With such demand, agents prepare for the spring market by studying past and present market trends, comparing future market projections, and of course, plenty of prospecting with new clients, existing clients, lenders, builders, and investors. With these combined efforts, agents on the Fine Nest team are 100% prepared to answer your Real Este questions and address your Real Estate Needs.
Fine Nest is here to bring you the most recent Real Estate news updates, COVID-19 updates, and other resources we think you'll find useful to help get you and your family through the pandemic.
The Latest News
February Market Metrics Report
This year, the Northern Virginia spring/summer market projections anticipate the 2020 sellers market to continue full throttle into 2021. Low inventory has lead to buyer offers getting more competitive than ever. Fine Nest's listings alone have gotten up to 16 offers on one home! New construction has also become a focus for many buyers, with mortgage companies projecting a 13% increase in new construction loan distributions in 2021.
While these market projections can be interpreted as favorable, the 2021 market is like a double edged sword. Many American's are currently facing eviction and homelessness primarily due to job looses caused by the Coronavirus pandemic. However, with the new presidential administration, citizens can anticipate more relief funds and Coronavirus aid in the coming months.
See "Coronavirus Relief Bill" article below for more information.
Fine Nest still encourages home owners looking to sell their homes to take advantage of this competitive market, and get the best value on their homes. Buyers are still encouraged to take advantage of the low interest rates.
House vote unlocks partisan path for Biden coronavirus relief bill
House Democrats voted Wednesday (2/3/2021) to set the stage for party-line approval of President Biden’s $1.9 trillion coronavirus relief bill.
Biden’s plan includes an array of proposals including $1,400 stimulus checks, $3,600 per child tax credit, an increase in and extension of unemployment benefits that are set to expire in mid-March, an increase in the federal minimum wage to $15 an hour, about $350 billion for cities and states, around $130 billion for schools, and $160 billion for vaccines, testing and other help for the health-care system.