DC & Northern Virginia Spring 2008 Real Estate Market Outlook: Not All Bad News

It's easy enough to find bad news about the market, but you might have missed some of these tidbits this past month. Is it the start of a turnaround? Or just the "Spring Bounce"? I don't know, but as this Time Magazine article "Ignore The Headlines" points out, "There has rarely been a moment in history when you couldn't scare yourself into doing nothing."

The Washington Post reports--surprisingly--that in 2007 prices were up in Arlington and also in Washington, DC. And a report on Q1 of 2008 reports a sharp rise in DC condominium sales. Delta Associates predicts that we have seen the bottom and should expect a "methodical climb." (Nice to see something positive that isn't from the NAR, isn't it?)

The market is certainly not going to turn around overnight, but if you look closely, you can start to see some trends shifting. Even this Wall Street Journal article called out the often major differences in neighboring zip codes, including right here in our area.

On a related note, February foreclosures in DC and VA dropped 32.5% and 18.7%, respectively.

Contact Katie Wethman, CPA, MBA, REALTOR® at (703) 847-3336 or via email to list your property for sale or to purchase a property in the Washington, DC, Arlington, Alexandria, Fairfax County, Fairfax City, or Falls Church City.

Copyright © 2008 by Katie Wethman, All Rights Reserved.

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