What to expect after the rebate

By
Real Estate Broker/Owner with Long & Foster Realtors

Will the Northern Virginia market continue to soar after the rebate?  Will it crash?  Neither.  Buyers will continue to buy because of affordability.  Low prices & low interest rates will continue to fuel the market.  But, lack of equity and unemployment will hold back future sales.  So... expect a rational marketplace to return after many, many years.

What... neither a buyer's or a seller's market?  How long has it been since we experienced that? 11 years to be exact - 1999. 

From 1997 through 1999, we experienced the pleasure of balanced market.  Expect supply and demand to slowly equal out at both ends of the price range. 

With fear, exuberance and government again on the sidelines, buyers, sellers and agents will have an easier time knowing what to expect.  As prices SLOWLY rise over the next couple of years, more folks will be able to sell and move up.  Expectations should be in line with reality.  And, finally, the work will be fun again.

 

Comments (2)

Randy Benefield
Trademark Property Services & Real Estate Inc., CalBRE, 01976861, 01442405 - Petaluma, CA

Jon,

I think we all what Real Estate to be fun again. It is a lot of hard work, but well worth it in the long run. After the Tax Rebate, California is offer a $10,000 Tax Credit to first time home buyers only. I hope this will help us out here.

Apr 01, 2010 05:24 AM
Jon Wolford
Long & Foster Realtors - Springfield, VA

California is providing a $10,000 rebate?  Do you have an links to information?

Apr 02, 2010 06:18 AM