For those waiting those waiting to buy a home “At the bottom of the market”, it would appear, in my opinion, that the bottom of the market has come and gone! While we are not seeing price appreciation at this time, we ARE seeing: Multiple contracts on homes priced less than $400,000, bidding wars, homes going for more than list price, and a quicker sale than we have seen over the last few years. I have reports of one property even having 32 offers on it!
Here are the latest Fairfax County Statistics, for the month of March:
2009 2008 % Change
Average Sold Price $378,347 $466,378 -18.88%
Total Units Sold $1,040 929 11.95%
Average Days On Market 92 118 -22.03%
Active Listings 6,105 8,016 -23.84%
Throughout NOVA, housing inventory is running at the lowest level in 3 years, and only seems to be decreasing at this time.
What does this mean? If you’re a buyer, it’s time! Great rates, an $8,000 tax credit (consult IRS for details!), and a stable market! If you are a seller, the buyers are out there and with a home in good condition and priced properly, you will get an offer!
It’s a great time to buy or sell real estate!