Gentlemen, start your engines!
Apparently the Northern Virginia real estate market has already heeded that cry. Some of the best news to hit the housing market in a while, the Northern Virginia Association of REALTORS reports that a total of 2,053 Northern Virginia homes sold in July 2009, a 10.55 percent increase above July 2008 home sales.
Not only are more homes selling, but they are selling much faster. Get this: The average days on market for homes in July 2009 was 62, compared to 91 days in July 2008. Homes are selling in 2/3 the time!
This is fantastic news if you're planning to sell your Northern Virginia home
. And judging by the phone calls and e-mails I've been getting, you are planning to sell
NOTE: My wife has mixed emotions about this. On the one hand, it means she'll get to spend less time with me this weekend. On the other hand, it means business is picking up.
NOTE #2: We just got back from a 10 day vacation, so please keep calling and e-mailing!
Is July just a fluke? It doesn't look that way. Pending Northern Virginia homes sales in July also showed an increase of 10.21 percent -- these are the homes that will be selling in the coming weeks and months.
What's the cause of this increase in activity?
- Sales prices remain lower than last year. Average July sales price was 5.03 percent lower than July 2008.
- Interest rates are still quite low.
- The deadline for the $8000 first time homebuyer tax credit is rapidly approaching (November 30th).
- Buyers are seeing the opportunity in purchasing short sales and foreclosures. (Anecdotally, a listing agent in my office who deals primarily with foreclosures and short sales just added a second large whiteboard to his office to track the multitude of properties he's got on the market).
- Inventory is down significantly -- there are 25.62% fewer active listings than at this time last year, creating a more competitive market for buyers.
My engine's revved up (and the A/C is working). Is yours?
Contact Brian Block, Managing Broker, RE/MAX Allegiance, McLean:
Licensed in Virginia & Washington D.C. 703-626-0715.
If you are interested in purchasing or selling a property in Northern Virginia or Washington D.C.,
contact Brian today.
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