The Active Rain Realtor Nationwide Survey about Northern Virginia

Gerry-I predicted (yes I have a crystal ball) that our local market would take a pause when the tax credit ended.  My rationale was that the pace was so frenetic for the weeks leading up to the deadline that buyers who didn't find what they were looking for would sit back for a few weeks and lick their wounds.  Now I"m seeing prices come down a bit on inventory that didn't sell and with lower interest rates I think buyers who are qualified AND want a home will come start to look again after Memorial Day weekend.  I'm optimistic :-)

Pat-considering I'm headed out with a buyer this morning, wrote an offer to present last night AND had a great open house yesterday I say that though numbers show a pause in the market in the week following the end of the tax credit, buyers are still out looking and pulling the trigger on good deals.

JIm-by the number we did see a dramatic drop in pending sales however on the flip side we had a dramatic increase right before the tax credit.  It will normalize once everyone realizes the mortgage interest rates are what continues long term.