Real estate might be bad shape in other areas of the country but not in Northern Virginia.
Even though the buyer's market ended in the first part of 2009, we are often contacted by folks who want to know where the bargains are...where they can buy a house for 75% of market value.
Frankly, that is almost impossible to do any more. Even at the courthouse where the foreclosure auctions are held, property routinely goes for 90% of fixed up market value.
That gives very little dollar room for flipping or fixing unpleasant title surprises.
We have attended more than 25 foreclosure auctions on the courthouse steps in Fairfax, Loudoun and Price William counties and let me tell even there, it takes great patience and perseverance to get a property at 85% of re-sale value... and that is BEFORE you spend a ton of money fixing it up.
As you can see from the graphs below, this year homes are selling in less than 75 days ( and have been since the end of 2009)...at between 94% and 97% of seller's original list price (OLP).
And that is the average for ALL home types, styles and condition.
So be realistic when planning your purchase and be prepared to operate within local conditions. We are not Florida, Michigan, California or Nevada.We were hit hard from 2006 through the end of 2008 but demand and prices have been working up nicely.
We have half the national unemployment rate and the area continues to attract residents from all over the world in droves.
As an example, the Brambleton community in Loudoun county alone sold 400 new construction units so far this year and area new home builders are having a banner year all over.
The market bottomed in 2009 1st quarter, and has been trending up since .....with seasonal price fluctuations...high in summer, low in winter. Check out the data below and stop by monthly for updates.