If you are trying to sell your home in Northern Virginia or planning to do so, it may seem like the perfect storm has formed to prevent you from doing so. Between the bailouts, the sour economic news, the media hype, and the foreclosures down the street pushing your price down, you may be wondering if your home will ever sell.
Then someone like me comes along and publishes a post entitled Sellers Don't Despair... June is Just 6 Months Away. Note to Buyers: Buy Now! That's like breaking open your Chinese fortune cookie in mid-winter only to read "For better luck, you will have to wait until the Summer!" Don't laugh, that actually happened to a friend of mine once. (The waitress was kind enough to bring us a handful of fortune cookies after we brought that sour fortune to her attention)
Well, I'm pleased to announce that there is a potential bright spot for sellers in Northern Virginia. As they say, every cloud has a silver lining. In this case, that silver lining is the housing inventory numbers. Without exception, every single major Northern Virginia jurisdiction has less homes on the market today than one year ago today. So, while sales numbers are way down in most areas, and prices have dropped, the lower inventory numbers mean that you'll have a better chance of selling your Northern Virginia home because there are less homes competiting for the attention of buyers.
This chart compares housing inventory as of December 15, 2008 with the inventory that existed on December 15, 2007:
For example, if you were to put your home on the market today in Fairfax County, you'd have 5,215 homes vying for the attention of buyers and their agents. Compare that to 6,777 homes on the market this time last year.
Thinking about selling your Northern Virginia home or just want more information?
Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715. If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, McLean, Springfield, Washington D.C., contact Brian today.
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