Many of my agent friends have been sitting around talking about " the bottom of the market". Interesting. The theory is that at some point,
home prices do cease dropping, and stabilize. Then at some point begin to rise. History tell us this will happen. Why are they waiting for this? They want things to go back to the “bubble” time a few years back. They also feel there is a pent up demand. More on that in my next blog.
Well, I am proud to say that in most of the areas in McLean and Vienna we began seeing this trend towards the end of July.
Does that mean it is time to buy ( for you folks sitting on the fence )?
Sure. But, it is always a good time to buy if you plan to use your home as a home, and not simply as a share of stock.
Here is the rub. We see interest rates heading back up for various reasons. We also see the most active areas turning the corner in home prices. Of course, there was a 21 percent drop in our area before all of this began to settle down. But, if you are living in your home, and the average is 7 years, then you are just fine.
So, our report is that for the most prized locations - such as next to Metro stations and shopping, we are seeing an actual increase in home prices. More so than that, we are seeing an increase in sales. There are still markets, especially the western suburbs, that are in a declining pricing model. But, history also tells us that they are the last to feel an upward trend.
With interest rates still low, it is a great time to buy a home in Vienna, Fairfax, and McLean.
JH
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