VIRGINIA REAL ESTATE BUYERS - ATTENTION: IT'S TIME TO BUY. You've been very patient and waited until the prices were reduced to a level that makes sense to buy. The pattern for the past two years has been clear. New listings came on the market and you, the home buyers said "NO".
Northern Virginia homes are at the lowest price since 2004. Smart home buyers have been patiently waiting for this market trend. Many of the homes now listed are foreclosure / bank owned properties and short sale listings. With the high inventory available, a serious home buyer can not only find a wonderful property to buy, they can get the best price in years.
It's true that new home builders lowered their prices over the past two years so that they became about the best buy in town. New home builders put pressure on existing home owners to meet the market demands of buyers. However, when prices stayed high, you, our smart home buyers just said "NO".
Finally, the market took control and the pressure from the increased number of foreclosures and short sales, home prices began to fall about mid 2006. They are now at prices where our home buyers can qualify for and find a home they want to buy in a price that makes sense. The average price for a detached single family home in Northern Virginia is about $336,163.
| Single Family Detached Homes SOLD | ||
| Northern Virginia County | Mar-08 | Mar-07 |
| Alexandria City | $625,540 | $772,718 |
| Arlington County | $805,407 | $782,160 |
| Culpeper County | $305,931 | $353,860 |
| Fairfax County | $608,892 | $702,882 |
| Fauquier County | $356,265 | $501,989 |
| Loudoun County | $486,833 | $625,478 |
| King George County | $286,328 | $343,592 |
| Prince William County | $334,905 | $480,547 |
| Spotsylvania County | $276,446 | $336,758 |
| Stafford County | $348,672 | $405,305 |
NEW HOME PRICES HAVE BEEN REDUCED IN NORTHERN VIRGINIA
The new home in Loudoun County above, under construction in Purcellville, Virginia is now value priced at $836,990. Two years ago, this home would have been priced about $200,000 higher. This home is scheduled to be delivered in August 2008 and is on a wooded lot in a convenient area of Loudoun County. This new home qualifies for the Homefinders new home REBATE.
Prices and value have not been this good for years. * * LET'S TAKE A TOUR * *
When touring homes for sale, our agents will include home owner residential properties for sale in Northern Virginia, foreclosures in Northern Virginia and short sales in Northern Virginia. We'll find the very best home that meets you price range and location wishes.
Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.
Homefinders.com Network of Virginia Agents and Brokers Are Full Time REALTORS®
By working with buyer's agents who are REALTORS®, you can be sure that your agent is aware of the responsibilities of a real estate agent to represent the interests of their client whether it be a Virginia home buyer or seller. Homefinders broker partners adhere to the high standards of REALTOR® Code of Ethics.
CONTACT HOMEFINDERS FOR A TOUR OF HOMES. We'll show you what your money will buy in this exciting Stafford County real estate market. Homefinders network includes agents and brokers who are experienced with Buyers Agency, Listing Services, Short Sales, Foreclosures and New Homes Sales.
Maryland and Northern Virginia real estate help for home buyers and sellers. Experienced real estate brokers and agents helping first time home buyers, move-up buyers & sellers, relocating buyers.
MONTGOMERY COUNTY MD FORECLOSURES. Town Homes. Free Home Warranty.
MONTGOMERY COUNTY MD FORECLOSURES. Single Family Homes. Free Home Warranty.
PURCELLVILLE NEW HOME, DISCOUNTED PRICE JULY 23 - JULY 27, BUYER REBATE
ROUND HILL NEW HOME - BUYER REBATE - PRICES REDUCED FOR JULY 23 THROUGH JULY 37.
Piney Orchard in Odenton, Northern Anne Arundel County, Maryland
FAIRFAX NEW HOMES. HOME BUYER REBATES. BUILDERS IN FAIRFAX WITH QUICK OCCUPANCY HOMES.
STAFFORD COUNTY HOME PRICES - A REALITY CHECK
FORECLOSED HOMES IN LEESBURG VA. $10,000 GRANT FOR FIRST TIME HOME BUYERS.
FORECLOSED HOMES IN LOUDOUN COUNTY VA. $10,000 GRANT FOR FIRST TIME HOME BUYERS.
FORECLOSED HOMES IN FAIRFAX COUNTY VA. $10,000 GRANT FOR fIRST TIME HOME BUYERS.
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Looks like a healthy market with growth in sales price in a number of the areas
Lenn I agree, this is a good time to buy. It is only going to get more difficult to qualify for a loan with all the Lending changes that are going on, so why not take advantage of the low prices and interest rates right now.
Terry. I'm not sure you looked at the year. All prices are way down except for Arlington County. I suspect that the price of gasoline has something to do with that. We're seeing a trend back to the urban areas.
George. You are so right. It's becomming harder and harder.
LENN - It really is a great time to buy. Many potential homebuyers suffer from paralysis by analysis. They seem to think that they can "time the bottom." The problem is that the bottom occurs in different markets at different times, and most rely upon general information to make specific buying decisions. Those that read your blog will understand that you are an expert in your area, and you know the buying signals better than the mass media.
Adam. Thanks. Fact is. I still believe that the prices are going to continue to slide as more and more foreclosures and short sales put downward pressure on existing homes for sale.
However, we give our buyers an edge with tough negotiation, tough negotiation for home inspection matters and timing. We're also working with only well qualified buyers.
What I need is more good experienced agents to get these buyers to. I have a good network, but there are a few areas that aren't covered.
Lenn, judging by recent activity around these parts, some buyers are getting the message. I think we'll see somewhat of a spike in buyer activity going into the summer.
Brian. Indeed. I've already seen a significant increase in activity.
Lenn~ This is definitely the time for buyers to buy. I think they are realizing it more and more. This is a great message for buyers to read!
Vickie. From your lips to . . . . .