All real estate is local is one of those sayings that has become part of common knowledge because it is true.  The primary determining factor for value for real estate is location, because of the unique nature of real estate is that it cannot be moved.  A home in McLean, Virginia will be valued differently than the same exact home built in Falls Church, Virginia.  Both homes may be the same proximity to the city center of Washington, DC and both may have the same lot size, both may be in the Fairfax County school system, but the location is different. 

Location in real estate can mean where the home is located in the neighborhood:  a home backing to a busy road is going to be valued differently than one at the end of a quiet cul-de-sac.  Location determines the proximity to employment, access to public transportation, which public schools the students in the neighborhood attend as well as private education availability.  Location determines distance and quality and quantity of shopping, what cultural and community opportunities are provided, parks and governmental services.  Location determines a myriad of factors, some may be unique to the location!

The headline “Seller’s Market returns in some areas” was on the front page of the May 25, 2012 USA Today Money section.  The link to this story is:  http://www.usatoday.com/money/economy/housing/story/2012-05-24/Housing-becomes-sellers-market/55194106/1

The key words in the title are “in some areas” in my professional view because the article is referring to the entire United States.  One of the markets identified as being a “Seller’s market” is the Washington, DC metro area.  According to the article which cites Redfin as the source, there is currently less than a 3 month supply of inventory, which is a low supply given that 6 months is considered balanced.   Yes there are some areas within the Washington, DC metro area which have recovered substantially, where it is a “Seller’s market”.  Where there are multiple offers and escalation clauses.  Where demand is greater than supply.

There are some areas of the Washington, DC metro area that have not fully recovered, where it is a “Buyer’s market”.  Where supply is greater than demand.

So when people ask me “how’s the real estate market”, I answer “it depends”.  Because it does depend on the location first and foremost.  Understanding real estate market conditions is multi-faceted and requires deep understanding.  A professional full-time, experienced Realtor ® is the best source for understanding the local market forces that contribute to value.  Karen Briscoe and Lizzy Conroy are active and experienced Realtors ® in the Northern Virginia, Washington DC market place and would be delighted to assist whether for home buying or selling. 

The Huckaby Briscoe Group was recognized in September 2011 as one of the Wall Street Journal Top Real Estate Teams in the United States.  Please contact via the means most convenient for you:  www.HBCRealtyGroup.com, 703-734-0192, Homes@HBCRealtyGroup.com.