T
he new administration's efforts to downsize the federal government have created uncertainty about the future of Northern Virginia's housing market. In our March 2025 Real Estate Now issue, top NoVA real estate professionals weigh in on the current state of the market and offer advice for homeowners and homebuyers.

    NoVA's real estate market currently favors sellers due to depleted inventory and multiple-offer scenarios. "It remains challenging for buyers," says CENTURY 21 New Millennium CEO Todd Hetherington. "Those who price their homes effectively and present them well will have an advantage." Well-qualified buyers with reasonable cash reserves are more likely to succeed, while those with modest means must prioritize their wish lists.

    Northern Virginia Association of Realtors President Casey Menish notes that the moderate cooling of buyer demand has led to home sales with more contingencies and offers closer to the original list price. "Buyers need to be ready to act quickly when a suitable property comes on the market," she advises. The condition of homes has become increasingly important, with sellers needing to stage their properties to attract buyers.

    Holly Worthington, regional vice president for Compass DMV, emphasizes that first-time buyers face significant challenges in the current market. "The percentage of first-time buyers is at a national historic low," she says. To succeed, buyers must save for a down payment and consider buying with a family member or friend to gain entry into the appreciating market.

    Sherry Rahnama, broker/owner of RE/MAX Executives, advises both buyers and sellers to surround themselves with experienced professionals who know what they're doing. "Don't wait – the longer you delay, the higher prices will be," she warns. Buyers can always refinance later if interest rates drop.

    New rules governing real estate agent commissions have taken effect nationwide, requiring buyers to sign an agreement specifying their commission fee before touring homes. This change may surprise and confuse new buyers and sellers, but agents say it encourages negotiation that could result in lower commissions for buyers.

    In Northern Virginia, the impact of these changes has been minimal so far, with most sellers still willing to pay all or part of the commissions. However, if sellers begin refusing to pay, it could create challenges for first-time buyers who are already financially stretched.

    Here are five key takeaways for buyers and sellers:

    **If You're Buying:**

    * Raise your credit score to secure better mortgage interest rates.

    * Be patient and persistent in finding the right property.

    * Work with an experienced agent to save money and navigate the process.

    * Stop waiting – prices will continue to rise, so buy now and build equity.

    * Be deliberate in setting limits for negotiation and sticking to them.

    **If You're Selling:**

    * List your property with a Realtor on the MLS to maximize exposure and potential sales price.

    * Prepare your property by staging it like a model home and disclosing any defects.

    * Demand a meaningful earnest money deposit from buyers.

    * Plan what comes next, whether you'll be purchasing another home or renting.

    * Be willing to help the buyer with agent commissions – homes where sellers agree to this are less likely to linger on the market.