You’ve all heard the real estate adage “location, location, location”. If you real want to know how the real estate market is today, it’s about location. And it’s also about perspective.
Let’s look at location first. What you hear and read in the news is generally more of a global outlook and although things look bad in Michigan, Florida, Nevada and other locales, relatively speaking it’s not too bad in the DC metropolitan area. However, it’s a lot better in Arlington than it is in Prince William County and certainly better than way out in Warren County. Statistically the market is not improving in the Front Royal area.
|May 2011||May 2010||April 2010|
|Sold $$ Volume||$5,731,890||$9,113,184||$5,866,300|
|Average Sold Price||$139,802||$159,880||$162,953|
|Total Units Sold||41||57||36|
|Average Days on Market||119||91||119|
|Total Active Listings||450||443||446|
So the location of Warren County as a rural area has not been positive in the market recovery. Let’s now look at perspective. Certainly for sellers the market has not been favorable as prices have decreased and days on market has increased. Given that, what a great opportunity for qualified buyers.
Interest rates and prices are both low making this a great combination for finding the right home. Historically, real estate remains the best long term investment. If you are buying now and plan to hold onto the property for more than a few years, you will most certainly see the value of today’s investment increase. If you wait for prices to drop more, an increase in interest rates will nullify any savings in price.
Market data and commentary provided by Charlie Carroll, Managing Broker, Avery-Hess, Realtors.
Search for Homes in Warren County, and all the DC Metro: www.averyhess.com