I have been writing these market reports every week for different cities in Northern Virginia and I have watched the prices rise steadily from November/December 2008 through some time this past summer or fall.
Now it appears that prices seem to have softened up again. It reminds me of when I first started buying stocks. Right after I bought I would watch the newspaper each day. If my stock went up I thought I was so smart. If my stock went down I felt miserable. If it went down too many days in a row I panicked and sold it at a loss.
Warren Buffet, the great investor, says you want to buy when things are on sale; not when everyone is clamoring to buy and driving up the prices. Is Real Estate on sale? We won’t know that until we look back in a few years. Either way, it is going to cost you something to live someplace. You might as well let that monthly payment be building you some equity.
While you wait to decide, keep an eye on Leesburg.
The figures below reflect the Leesburg, Virginia market during the month of December 2010.
- Homes for sale: 451 (down from both 504 in November and 460 one year ago)
- Homes sold: 86 (Up from 71 in November, but down from 117 one year ago)
- Average sold price: $367,295 (down from 417,554 in November and down from $414,047 same time last year.)
- Average days on market: 73 (up from 69 in November and up from 70 one year ago.)
Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.Search for homes in Leesburg, and all of the DC Metro: www.averyhess.com