Northern Virginia is still experiencing a strong BUYER market in the lower price ranges. It is getting harder to find homes under $300,00 in Fairfax County or in areas closer to DC. Even distress sales are getting multiple contracts. Northern Prince William county is experiencing similar conditions. Single family homes under $350,000 are flying off the market.
Things are not so rosy on the price range over $800,000. Except for special circumstances, these properties are languishing on the market. Credit is tight and financing is hard to obtain for the higher end properties.
It is going to be interesting to see if the First Time HomeBuyer Credit is extended by Congress and what the results will be. If it is extended, I would like to see the HomeBuyer Credit be for ALL buyers not just first time buyers. This might help the move up buyers and in turn help the higher priced homes.
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