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Spring has always been busy for real estate. Even though buyers and sellers remain cautious, now could be a good time to make a move
By robertearl | April 20, 2008
Spring is traditionally the busiest time for real estate, largely because parents, readying for a summer purchase, don’t want to move during the school season.
Where some see despair, others see hope. Sellers, who were once clinging to boom-time expectations, are trimming asking prices. But the news isn’t all bad for buyers. In fact, for some the timing couldn’t be better. The lower prices—at least in some markets—are making homes affordable for first-time home buyers and more attractive for investors on the lookout for fire-sale discounts. (businessweek.com)
The article also includes a slide show of the areas with the best buying opportunities. The following was included about the Northern Virginia / Washington, DC area:
Annual asking price change: -3.53%
April, 2008, asking price: $425,821
April, 2007, asking price: $440,869
Annual inventory change: -10.14%
Listings with price reductions: 38%
The explanation: Home prices in the D.C. area are falling, but sellers are having a much tougher time in distant Virginia and Maryland suburbs where homebuilders were most active during the boom. The S&P/Case-Shiller index said last month that Washington area prices in January fell 11% from a year earlier.
Topics: Buying Foreclosures, Northern Virginia Real Estate, Sell your Home |