Here's the Big Real Estate Story - Interest rates are headed in the 5-ish range again and prices have leveled. That's it. End of story. Sign here. In fact, the market is actually turning around. Despite what the two dailies have reported, homeowners and shoppers must look at pocket markets to determine how they're doing as far as the equity in their homes and in determining if it's time to hold or get sold.
In the Washington, D.C. area, headlines from The Washington Post and The Washington Times would make any mere human shake in their household boots - "Region's Home Prices Continue to Fall; Some Pockets Thrive," and "Overvalued Homes Discourage Buyers." The statistics tell a different story. Consider these numbers from http://www.mris.com/ (the local MLS web site):
December 2007 home sales prices of single-family homes compared to December 2006:
Washington, D.C.: +22%
Arlington County (VA): +21%
Alexandria City (VA): +12%
Fairfax County (VA): Even
(By the Way -- Weichert Financial has a mortgage for 4.99% with 3 points!!!)
Click for more... http://commonsenserealestate.blogspot.com/2008/01/pocket-markets-reveal-pent-up-demand.html
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