What Is The Condition Of The Housing Market?
The housing market has made a full recovery, to be now within 1% of the values of the market in 2007.
Back in 2007, 35% of the market was built on the shaky ground of lousy loans that were destined to crumble and fail from the day the loan applications were taken. The market was destined to crash.
This market has been built on rock-solid loans that have been built on strict underwriting guidelines; Some folks would say TOO STRICT underwriting guidelines. The point is, today's real estate market is based on home owners who are in their homes for the right reasons.
Watch this video by two mortgage experts who explain the current situation. Please bear with them as they knock off two topics before they get to the topic.
Did you stay with them until they shared the current market condition? They may come off a little goofy, but they are, in fact, two of the best experts in the mortgage industry.
Turning to the real estate market in Woodbridge, Lorton, and Mount Vernon:
The spring market caught us off guard this year with the strength of the market. Those of us in the business are always ready for a busy spring, but this spring was especially wild.
June 1 came along and it was as if someone flipped a light switch "off". New listings dropped off and new buyers dryed up. We are now in the process of closing the sales that happened in April and May.
Summer is typically quiet in the real estate world as folks take time for vacation. In fact, August is typically slower than December.
The good news for buyers in summer is there is less competition, so you have more time to compare and consider different houses for sale. That's the summer advantage for buyers.
If you are planning to buy a home soon, and you want to know more about the summer advantage, give me a call at 703-677-1120. You may also text me at that number.
You may start an email conversation about the summer advantage with me at my website.
Give me a call at 703-677-1120 to talk about listing your home for sale while other folks are away at the beach on vacation. This could be the ideal time to list and sell your house.
Exit Realty Associates
Equal Housing Opportunity