Monday, March 4, 2013
Inventory and interest rates remain low – what impact will sequestration have?
When someone asks me what will happen to the real estate market in 2013, my answer is: I’m cautiously optimistic. No one can predict precisely what will unfold in any market but we can evaluate various factors affecting it. In 22309 home prices have certainly increased since last year. Comparing January 2013 to January 2012, average sold prices have risen almost 17% and inventory remains low. Overall sold volume is 45% lower than last year and there are 19% fewer new listings than last year. As interest rates begin to creep upward – and there are indications that they may climb higher as the year progresses – buyers may begin to feel the pressure to act and purchase. This data is screaming that this is a sellers’ market. Some of the …
Thursday, November 29, 2012
Changes to Virginia’s buyer agency laws affect buyers and sellers; October sales volume is up and inventory is down from last year.
On July 1, amendments to the Virginia Code went into effect that essentially clarify further new laws relating to buyer agency in Virginia. Most consumers are not fully aware of the intricacies of agency law, but real estate agents have been schooled on it regularly to keep up with changes. Buyers and sellers know that typically speaking they can choose to hire a real estate brokerage firm to represent them in either the sale, purchase or rental of a property. While this remains true, these new amendments aim to make clearer who is representing whom. What many consumers may not know is that in 1997, the Commonwealth passed a law that established “buyer agency” or an exclusive agreement between the buyer and a real estate brokerage firm in …
Monday, June 4, 2012
Is the market in 22309 heating up, or are we seeing signs of a slow recovery?
At this time last year, real estate was coming to the end of a spring market that was active but not as dynamic as the spring of 2010 when the First Time and Existing Home Buyer Tax Credit program was in full effect. After last spring, 22309 saw a slow, steady decline in sales and an increase in days on market. This year, we in the realty business are seeing significant activity and yes, bidding wars and escalation clauses! Have we gone back in time to the heady days of 2004? You may have heard some encouraging reports about the national housing market in general seeing some improvement. You have to look at the micro-level markets to analyze this properly. For instance, detached homes valued below $550,000, condos and townhomes have seen …
Rachel Carter
1:04 pm on Monday, March 4, 2013
Sources for this article and the chart include Real Business Intelligence, Northern Virginia Association of Realtors, and the Washington Post. more ›