The market this Spring is off in full force! Agents holding open houses in Fairfax are reporting large numbers of people through their listings on a regular basis. Mortgage pre-approvals are up. And one of the greatest indicators of a stabilization of the market is the lowest inventory levels in 3 years!
The numbers speak for themselves: (February 2009 to February 2008 in Fairfax County)
Total Homes Sold: UP 21.16%
Average Days On Market: DOWN 8.13%
Average Sold Price: DOWN 19.90%
Active Listings: DOWN 20.85%
While I certainly have no crystal ball, indications to me say we may be at or have already reached the bottom of the market! With record low interest rates, an $8,000 tax credit for first time homebuyers, affordable homes, and a decreasing inventory, I can think of no reason to wait to buy a home if you’re in the market! It’s a perfect convergence of the ideal factors for home ownership!