Even though Joe Friday actually never uttered those words they have become associated with his character in Dragnet. However they seem appropriate to use when we try and talk to our clients about the current Northern Virginia real estate market.
With the news about Countrywide, IndyMac, Freddie Mac and Fannie Mae buyers are finding even more reason to be skittish about the real estate market. In reality things are okay. Notice I didn't say great because they aren't great if you are a seller today. They are okay for realistic sellers who have over the years built up equity in their home. For the sellers who bought a few years ago the current Northern Virginia market isn't at all what they would like it to be.
For buyers though it seems to be the time for the sharks to be circling in the water. Offers of 50 cents on the dollar fly off the fax machines in huge numbers. Folks it is time for just one more reality check. Houses aren't selling for 50 cents on the dollar. In FACT houses that are priced right are selling at just around 93% of list price.
|Total Units Sold 2008||538||704||929||1,073||1,278||1,453|
|Avg. Sold Price 2008||$472,016||$467,979||$466,378||$466,894||$469,049||$484,855|
|Avg. List Price 2008||$519,342||$513,320||$510,716||$504,723||$509,294||$521,945|
|Sale Price as % of List Price 2008||90.89%||91.17%||91.32%||92.50%||92.10%||92.89%|
|Avg. Days On Market 2008||132||123||118||107||93||87|
|Total Units Sold 2007||1,004||1,039||1,261||1,142||1,271||1,423|
|Avg. Sold Price 2007||$531,143||$508,545||$529,382||$528,347||$546,042||$574,939|
|Avg. List Price 2007||$569,781||$544,350||$559,797||$550,674||$573,161||$602,706|
|Sale Price as % of List Price 2007||93.22%||93.42%||94.57%||95.95%||95.27%||95.39%|
|Avg. Days On Market 2007||106||113||104||84||79||68|
To stick to the facts shows that Northern Virginia prices overall are lower and the number of homes selling is lower but we aren't having a fire sale. Yes there are some neighborhoods and builders (I'll be glad to show them to you) where there are some unbelievable price reductions and a good buyer's agent will show you why.
So before you decide to write an offer that is sure to leave you frustrated take another look at the neighborhood facts. If the average home sale is at 93% of list price then offering 50% of list price is only going to get you the rejected stamp. If you are realistic you might just get the Northern Virginia home you want at a sales price that everyone can live with.
Utilizing Technology, Experience and Uncompromising Service is Cindy Jones commitment to her clients. If you are buying or selling a home in Northern Virginia including Alexandria, Fairfax County, Loudoun County or Prince William County give Cindy a call at 703-346-2213. Stop by VaRealEstateTalk & or Cindy's Northern Virginia Real Estate website for more information.
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