April is only a few days away, the daffodils are in bloom, the cherry blossoms are ready to pop and everyone it out and about. Spring….we all love this time of year. We shake off the winter blahs and get moving. Which, for us real estate agents, keeps us busy.
What is going to happen this spring in the DC area real estate market? Of course, no one has a crystal ball. But the warm January gave us, inside the beltway, a positive indication that the market is going to be much better than Spring 2006! Local economists have a bright outlook for the 2007 real estate market.
What do I mean by much better? I don’t mean that owners are going to see a 20% increase in their property’s values. I mean, interest rates are still below 6.5%, the inventory is sizable and the local job market is strong. All good signals that buyers are going to come out this year. In addition, the DC area continues to stand out from the rest of the country with a low unemployment rate, an increase in high-paying jobs and a low inventory of housing. All good signals for homeowners or soon-to-be-homeowners.
How would I describe the first few months of 2007? It’s been a good market and it’s been a strange market. The strange part is the rate of sales in Fairfax County and beyond is spotty while closer to DC, the rate of sales have picked up. Properties are selling quickly IF- and that’s a big IF- they are priced right and are in good condition.
I have been in situations where we are dealing with multiple offers in the first week of listing. What’s different this time versus a few years ago is that buyers are still offering below or at list price and are not yet giving away all their rights just to buy a home. So- it’s a healthy market. A healthy market is a sustainable market. Good news for buyers that want to buy and sellers that want to sell quickly. Gone are the days where you can flip a property in a year to make a large profit. The days of buying a home to build memories in your life are here to stay for a while.
So get moving.
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5 comments:
Hi Mary: Great blog! So what about those articles we read over the winter in the Post about homes depreciating in value. It seems like some folks were holding back with the idea that prices would be cheaper. Did that happen? Is that happening? What are the real estate economists saying?
Brown in DC- thanks for your comments. Part 2 of my Outlook will have all the data...stay tuned for my post later this evening.
Hello Mary, Great Info!
Wonderful blog Mary!!! You go girl!! Although I live in Canada it's interesting to read about what's happening "down there" Keep up the good work!!!
Awesome Mary...very informative!
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