The current Market in Northern Virginia is a strong Buyers Market. Inventory is at an all time high and prices are falling 1-5 percent each month in most areas. Gas was actually stimulating the sale and rental market in Fairfax, Alexandria and Arlington trying to purchase close in to Subway and work. Now, low interest rates are stimulating the market. First time buyers with good credit are taking advantage of these great buyer positions as a third of the market is forclosure property and priced great!
Houses below 550,000 are plentiful and prices are moving down due to competition with an abnormal amount of foreclosures and first time buyers unable to buy with stricter lending practices requiring better credit, and more cash. FHA loans are abundant with only 3.5% needed from buyers to close helping the first time buyer to pick up great deals. Investors also coming in on the lower priced properties too and taking prices lower..
Homes priced 5 to 10 percent less than 2004 market, are moving if totally updated. Homes updated are sustaining 2003,4 prices. If handyman work is needed, 2002 prices are prevailing. Single Family homes under 300,000 are back on the market.
Plenty of inventory for Buyers or Investors. Current inventory will most likely cause an additional 5-20 percent reduction in sale prices through 2009.
Prices south of DC, Alexandria, Southeast Fairfax County,Burke, and Northern Prince William County are seeing downward price movement. Major price reduction in the Prince William market due to high inventory of forclosures and short sales.
Buying, if in the Northern area for three or more years, is still advisable vs. renting. Prince William buyers need to stay for 5 -7 years. BUY SMART! ......there is plenty to choose from! Properties over 20 miles outside DC are seeing the largest price reductions.
FYI- 20 miles out is minimum one hour commute to DC unless traveling 8PM - 5AM. then, and without construction, you will see a half hour commute. Commuting to Capitol Hill area of DC is best from Mt. Vernon, Alexandria.
ZIP Codes: 22309, 22308, 22307, 22306, 22079, 22152, 22150, 22315, 22310, 22303, 22153 Approximate Location Boundaries: Potomac River west to 123 Ox Road
Location Characteristics: Fairfax is a very large Urban County. Initially suburb of DC, now a active business and residential community. From Potomac River on the east and North sides, and View of Blue Ridge Mountains to the west. Best value in housing, transportation and schools in the immediate DC area.
About David H. Lohman:
Helping Buyers and Sellers with their Real Estate investments since 1988. Currently Principle Broker of Lohman & Associates Real Estate in Alexandria, Virginia. Living in Fairfax County Virginia since 1978, ensures buyers and sellers are very well served with my knowledge of the market and extensive experience. I specialize in Residential Sales, 1031 Tax Exchange,and Property Management in Alexandria, Fairfax County, Prince William County, Mount Vernon, Springfield, and Burke.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
