Northern Virginia 2007 Year in Real Estate Market ActivityThursday, January 31, 2008
Looking for market watch information on Real Estate home sales in Northern Virginia? Check out the following links to Coldwell Banker reports. Listing total inventory on the market (as reported by MRIS), under contract, price changes, back on market, and new listings, the reports are vary helpful to real estate sales professionals, owners, and potential incoming buyers for our DC Metro region. These post links reflect 2007 sales figures.
— January 1, 2008 —
The 2008 New Year brings us hope and an opportunity for fresh thinking by casting away past difficulties. Today’s real estate market fits that new-year situation exactly. Just over two years ago, the real estate market was at its peak in number of sales and in the price of houses. The current oversupply of homes for sale in many of our areas is the reason for the decrease in home prices since an oversupply of any commodity puts downward pressure on prices (see the graphs by county for your area). However, just because prices are down, there is no reason that the number of homes purchased should be down. In fact, with interest rates lower now than one year ago and still in the range of 40-year lows, most buyers can purchase a larger home than they could two years ago. Mortgage money is freely available except for those who should not be getting a mortgage anyway.
So who is today’s real estate market good for? Today’s buyers who have the best housing situation in years – many housing choices available at reasonable prices with lower interest mortgage money available. Also, sellers who will be buyers right away may sell their property for a little less than hoped for, but can buy one for so much less than in the past. And sellers who price their houses in line with the current market are selling them in weeks instead of months.Let the pessimists be gone. See the current real estate market in its true light – a market that is perfect for buyers and also sellers who will then be buyers. With my expertise in handling the real estate market with fresh thinking, I can assist you or anyone you know in taking advantage of today’s opportunities in real estate.