Okay, let’s live in the moment. There is much talk of a recession in the news. Most of us at least feel the pinch every time we go to the gas station to get gas, or go to the grocery store and pay $5.00 for a gallon of milk, $2.50 for a loaf of bread. Then at some point the discussion goes to the “economy”, and ultimately real estate. The national media can be informative but...Anyway; I’m not going to go there. “Is it the right time to buy?” “Am I going to lose money?” The government is seriously revamping its FHA program through various Lenders and Banks, along with new dollar limits. Consult one that you trust, or I can recommend you a few. What’s happening locally is what needs to be told, and you decide for yourself.
By now most of you realize that it is and always has been in the best interest of the National Association of Realtors and its members to be a bit more optimistic than the media, to say the least. After all, most of us are just trying to make an honest living. The current mortgage and financial crisis this country is facing has been, is and will continue to affect us at least for a bit longer (recall the Big Picture). Again, a house is more than just an [nest egg] investment.
When I’m not watching my son, helping a client, networking, singing in our church choir, etc., my computer is on. As a matter of fact it is usually on, and I go to the MLS system...a lot. Yes, everyday. So I decided to give you a glimpse of an early spring day in Loudoun County, VA [“declining”] real estate market right here in the middle of April 2008, according to the Metropolitan Regional Information System (MRIS):
<!--[if !supportLists]-->1. <!--[endif]-->There are 3,091 Active properties currently listed for sale (not rent, though some might be both, in which case it’s here).
<!--[if !supportLists]-->A. <!--[endif]-->This does not include For Sale By Owner’s (FSBO’s), though some with Limited Service agreements with Agents are included.
<!--[if !supportLists]-->B. <!--[endif]-->This also doesn’t include many new homes, as new home developers aren’t obligated to include their entire inventory in the MRIS.
<!--[if !supportLists]-->2. <!--[endif]-->There are currently an additional 879 properties either under Contract, Contract with a Kick Out (pending a contingency), or Contract without a Kick out clause (pending contingency doesn’t void the contract).
<!--[if !supportLists]-->A. <!--[endif]-->The ever-popular Days on Market (DOMP) for these many properties under contract varies quite large...0-910 Days on Market, and everything in between..
<!--[if !supportLists]-->B. <!--[endif]-->The prices range from anywhere from $100,000 - $3,565,000.
3. 167 Homes have indeed SOLD in the last 17 days.
So what’s my point? Buyers are still buying and sellers are still selling. Yes, in many cases the banks are making the final decision (foreclosure, short sale), but certainly not all. It just means that more people are coming to the “meeting of the minds,” regarding price, terms and condition. Not to sound like a broken record, but there are some really fantastic homes out there. It seems that many are being picked up.
Stephen Adams is a Realtor with Keller Williams Realty in Leesburg, VAHis web-site, which also has access to the MRIS, is www.NewPhaseRealty.com