Pretty Dramatic Price Increase in Fairfax County Recently

I've updated the blog that I write for Fairfax County housing statistics. The graph for median sales prices through the end of June is worth checking out - it is pretty dramatic - www.FairfaxCountyStats.blogspot.com

Feel free to comment on the blog - I would love to know what you think!

Thanks,
Sonal

Read Full Post......

Mini Market Update - Rising Supply

The tax credit expired about a month ago and we are feeling the effects in the immediate Northern VA market. Housing inventory is sitting around and we are seeing attractive price reductions on regular sales. Meanwhile, sellers are still listing their properties in droves since it is the spring/summer market. So buyers currently have more options than they have during the past year or so. We have yet to see whether or not this is temporary - maybe buyers are in shock from missing the tax credit deadline and will start looking again soon. It's hard to believe that all of those buyers simply disappeared, but hey, I've been wrong before. The media news of interest rates rising in the near future will surely light a fire under buyers but maybe, like all things, it will take an actual rise for people to actually take action! The most likely outcome during the next few months may be a more balanced/reasonable market with some negotiating room for buyers and sellers no longer being able to list really high just because they know buyers are desperate for the tax credit!

Read Full Post......

Reston September Stats

I will report from time to time on sales statistics for Reston based on data from our local multiple listing service, MRIS.

Read Full Post......

Bidding Wars Back?

Amazingly enough, it seems that bidding wars and escalation addendums are rearing their ugly heads once again - at least in some arenas. I would like to address why I think this is happening, as well as how it affects buyers and sellers.

As we all know, buyers have been waiting and waiting and waiting for the market to hit bottom. Well, it would seem that a lot of buyers are starting to think that the time has arrived - and they are keeping a very sharp eye on new listings and price reductions. I am working with primarily two types of buyers - investors looking for properties in and around $200K and people looking for their dream home for $500K. Both of these types of buyers are looking for the best deal they can possibly get - the biggest home in the nicest condition for the lowest price. And when one of these beauties comes available - the bidding wars are on!

What does this mean for buyers? If you are looking in a popular price and style type, be prepared to have to outbid other buyers. It is not uncommon to go above list price in these situations. Set a maximum and put your bid in, but don't get your heart set on a property or you are asking for a let down. Be prepared to have to bid on multiple properties as well - you can't win 'em all. Does this mean you should avoid searching - probably not. If going above list price by $5K is still $40K lower than what you would have spent the last time you were ready - then you're still getting a deal!

What does this mean for sellers? You will now be able to sell your property - and quickly - if you price it attractively and stage it well. It's probably better to list now, before everyone else decides to list as well in the spring. The sellers have been waiting, too, believe it or not.

Disclaimer - I do not claim to be able to predict the future. The ideas I have discussed here are based on recent direct experience in the Reston/Herndon VA markets only.

If you have any questions about the market or are interested in getting new listings and price reductions automatically e-mailed to you (as frequently as you wish), I would be happy to help you. Just shoot me an e-mail.

Read Full Post......