As the overall economy in the Washington, DC Metro Area continues to climb out of recession due to an expectation of rapid growth in local federal spending, the local real estate market is a prime beneficiary of those expectations.Since real estate and the overly aggressive lending to the asset class led the economy into recession, it makes sense that more prudent lending combined with lower sales prices are going to lead it back out.
The demise of mortgage brokers as a credible source of mortgage financing, (few banks will fund their loans anymore due to the fraud and high default rates), means that buyers getting loans today are truly qualified and able to make those payments.
The majority of sales I am reviewing as Manager of Avery-Hess’ Centreville Office are to first time owner occupant buyers. Most of the sales I have reviewed are to buyers who were already in the market when the $8,000 Homebuyer Tax Credit was approved. The credit just made the for icing on the cake to make a good deal even more attractive. The fact that there are so many owner occupant buyers in the market is good for neighborhoods and communities, as a lack of additional foreclosures will bring needed stability to the neighborhoods of our Nation’s Capital.
Under $400,000 is now “Hot as a Firecracker.”
Search For your Firecracker of a Home: www.averyhess.com
Latest posts by David Hess (see all)
- America, What a Great Country - June 8, 2009
- Housing Hurricane is NOT Howling Again - May 26, 2009
- Take a Ride on the Northern Virginia Real Estate Market - May 15, 2009