Can it be a Seller's market in Northern Virginia's Alexandria and Arlington?
Being close to the Federal Government in Washington DC creates strong demand for housing. Momentum continues as buyers gain confidence that the bottom of the real estate market is at hand. Lower interest rates and lower prices have really helped fuel the market in 2009. In some price points and geographic areas there have been modest price increases along with multiple offers. Appraisals still remain a challenge in many sales, coming in lower than what buyers are willing to pay. Does this mean it's a seller's market? Well, it depends. It all boils down to location, price and commodity. Any property priced under $300,000 is typically commanding multiple offers in the "close in" Northern Virginia market. Single family homes priced between $400,000 and $500,000 are attracting serious attention. Here are some figures for Real Estate Market Trends in Northern Virginia - home sales in August 2009 as compiled by the Northern Virginia Association of Realtors®. The home sales activity is for Fairfax and Arlington counties, Alexandria, Fairfax & Falls Church Cities, & towns of Vienna, Herndon and Clifton. A total of 1,813 homes sold in August 2009, a .06% increase above August 2008 home sales of 1,812. Active listings decreased by 23.66% from last year, with 7,016 active listings in 8/09, compared with 9,190 active homes available in August 2008. The average days on market (DOM) for homes in August 2009 decreased by 27.59% to 63 days, compared with 87 days in August 2008. Sales prices remain lower than those realized last year. The average sales price in August 2009 fell by 3.17% from August 2008, to $458,172, compared with last Augusts’ average of $473,183 in 2008. The number of pending home sales in Northern Virginia in August 2009 shows an increase of 9.7 % at 2,070 compared to 1,887 in August 2008. In Arlington County, the average sold price for single family homes dropped from $803,949 in 8/08 to $741,484 in 8/09. For Alexandria City the average sold price for single family homes dropped from $767,778 in 8/08 to $642,238 in 8/09. Buyers: It’s a great time to buy! FHA loans up to$729,750 with only 3.5% down are available to all qualified buyers, not just first time buyers! Time is running out for the $8000 Tax credit for first-time homebuyers buying as their primary residence, expiring on 12/1/09. For home buyers who need assistance with downpayment and closing costs, some state housing finance agencies offer a short-term loan based on the home buyer's qualification for the federal tax credit, so the $8,000 credit can be monetized at settlement. For details visit www.federalhousingtaxcredit.com. Get into the housing market today. Visit www.NovaNewHome.com Looking for Bank owned homes? For a FREE list of Bank owned homes. visit www.NovaBargainHouses.com
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