Many of us have been repeatedly heard and read through media sources that the real estate has recovered. Low inventory is causing multiple offers and it is cheaper to buy than rent with low interest rate.
While the fact about the Northern Virginia- Fairfax County market is true, that the rise in the price has been seen in past year. The short supply is having an impact on median sales prices, which experienced double-digit growth for the 4th consecutive month through entire DC metro area. Good news is with the holidays behind us and not too harsh winter (what NE is facing) we have seen an increasing in the inventory.
What a Northern Virginia Fairfax Home Buyer can do NOW:
Many of the buyers may want to wait out till spring to coincide with the school year or move in warmer weather, buyers you may want to think over your strategy. Do remember that you are not just the only one who wants to work around your personal accommodation. Sellers who are in the market in the winter months are motivated sellers. Take advantage and offer a rent back to the seller and or ask for extended closing date. You may have to give some thing to balance your move date and needs.
What a Northern Virginia home Seller can do NOW:
Price it right and stage your home. Buyers in today's market don't want to deal with work that needs to be done as soon as they move or price it according to the condition. If you do end up getting multiple offers be selective and not greedy. Listen to your local Realtor and make the decision. Similar to the seller being motivated, buyers in the winter are comitted to make a transaction complete.
To recap- Here are the stats from the month of January 2013 in the Northern Virginia Fairfax County area:
Are you still on the fencing your decision to purchase your Northern Virginia home in Fairfax & Loudoun County? Speak to your local Northern Virginia Realtor on how the market.