After any holiday ends, there is often a bit of disappointment. Weeks or even months of preparation culminate in a single day, and then it
Well, it’s finally happened. My favorite time of the year has come to an end — football season is officially over. And while my Hokies
Are prices falling? One month does not make a trend so we will see what the rest of January brings. With stable employment and low interest rates, I cannot imagine why prices would not be stable. Sterling is still way above the December lows of two years ago. Sterling has a great housing stock of all sizes, prices and ages.
One year ago the sales were influenced by the First Time Homebuyer Tax Credit. This year’s numbers are without benefit of a tax credit. Proof that buyers do not need stimulus from the government to know a good value when they see it and here in Leesburg it can’t be missed!
After the big price increases that occurred after the December 2008 bottom, the Sterling, Virginia real estate market looks stable. Personally I would rather see a stable market than a rising or falling market. A stable market gives a buyer the opportunity to take their time and enjoy the excitement of buying a new residence.
Leesburg is a very stable real estate market. Check out the stats below and see for yourself.
The figures below reflect the Leesburg, Virginia market during the month of June 2010.
Note that in the past 13 months prices in Sterling had risen from an average of under $320,000 to over $365,000. Then suddenly with the July closings, we saw an average sales price of only $305,155. This tells me that we had an absence of higher priced units selling and that had the effect of a big drop in the averages.
The real estate market is getting stronger everywhere in the DC Metro area as stable employment, low interest rates and good consumer confidence leads to a trifecta of positives for the market. Time to buy a house? If so, check out Leesburg, Virginia. Why? See the stats below and make your own decision.
Note that in the past year prices in Sterling have risen from an average of under $320,000 to over $365,000. This is an increase of 14%. This 14% increase has had the effect of eliminating some lower income buyers from the housing market. Isn’t that interesting? While the media keeps talking about falling prices and shadow inventories, prices in Sterling are up 14% per year for two years in a row.
Increasing consumer confidence combined with historically low interest rates have combined to help make it fun to trade up to a larger house again. Homeowners with equity are finding good demand for their homes and are happy with the supply of higher priced houses they have to choose from. Prices in Leesburg reflect this new healthy and stable market.