Hi, I’m Elizabeth, your trusted local REALTOR® at LIST WITH ELIZABETH®, based right here in Alexandria, VA. I work with buyers and sellers every day who are navigating one of the trickiest housing markets we’ve seen in recent years and the latest Redfin report just confirmed what many of us in the industry have been feeling: leverage is shifting, uncertainty is rising, and strategy matters more than ever.

A Market on Pause or in Transition?

According to Redfin’s July 21 report, more than 57,000 pending home sales fell through in June across the country that’s a 14.9% cancellation rate, the highest for the month of June since 2017. Why? Buyers are holding the cards now, and they’re not afraid to walk away.

In Northern Virginia, I’ve seen this firsthand. Buyers are more selective, often walking away after inspections, hoping for better deals, or re evaluating affordability once they see their final mortgage rate. And with 30-year rates hovering around 6.8% to 7%, many are simply waiting or canceling.

Sellers: It’s Time to Be Strategic

If you’re a seller in Fairfax County, Alexandria, or anywhere in No VA, this isn’t the time to just “list and hope.” Today’s buyers are negotiating harder and walking away faster. Sellers nationwide and right here at home  are making more concessions to close deals.

But here’s the thing: smart pricing, great presentation, and local insight can still move your home. Homes that are priced right and show well are still selling just not with the bidding wars we saw in 2021 or early 2022.

Inventory Is Building But Not Everywhere

Redfin notes that while inventory is piling up in some metro areas (like Jacksonville or Las Vegas), markets with tighter supply  including many Northern Virginia neighborhoods  are still competitive. In fact, we’re seeing a mix: some homes linger, while others still sell in days. It comes down to local inventory and price sensitivity.

New listings dropped 3.2% month over month nationwide, and 3.4% year-over-year meaning many would-be sellers are holding off, especially if they’ve locked in low interest rates on their current homes.

Buyers: This Is Your Moment If You’re Prepared

For buyers, this could be a window of opportunity. Sellers are more flexible, more price reductions are showing up, and in many cases, you can negotiate better terms or avoid bidding wars altogether.

But it’s still important to move smartly. Don’t assume you can wait forever  well-priced homes in great school districts (like those in Burke or Kingston) are still moving fast. And with mortgage rates likely staying in the upper 6% range through year end, according to Redfin’s forecast, waiting for a big drop might not be realistic.

Let’s Talk Strategy Whether You’re Buying or Selling

This market isn’t “bad”  it’s just different. And different requires strategy, data, and a local expert who’s in the trenches every day. That’s where I come in.

I’m Elizabeth with LIST WITH ELIZABETH®
6363 Walker Ln Ste 130, Alexandria, VA 22310
Call/Text: [703-829-5478]
https://www.listwithelizabeth.com

Let’s talk about your goals and how we can navigate this evolving market  together.