Alexandria and Northern Virginia Real Estate – Looking Forward to 2010
December 28th, 2009 Categories: Real Estate News
Now that we’re finishing up with the holidays and moving towards a new year, I wanted to share some thoughts about real estate in Alexandria and Northern Virginia and what you can look forward to in 2010.
- Buyer conditions are they best they have been since 1970 according to NAR economist Lawrence Yum. From January 2009 through November 2009, the median sales price has increased in the four local major markets – Washington, DC. Montgomery County, Fairfax County and Prince William County.
- These same four major markets – encompassing the high tech corridor, nationally ranked school districts and huge tourist attractions – also constitute a leading economic indicator for the rest of the country. The Washington, DC metro area was one of the first to boom, one of the first to crash and now one of the first to turn the recovery corner. While other parts of the country are still seeing prices decline, we are seeing prices stabilize or increase locally.
- Fannie Mae, responsible for almost one in four U.S. residential mortgages, says the three-year housing slump may well end in 2010 with an 11 percent jump in home sales as the economic recession is “unofficially” over.
- In Montgomery County, settlements in November 2009 compared to November 2008 were up 68 percent, WDC was up 81 percent, Fairfax County up 21 percent and Loudoun County was up 10 percent.
- Trying to “time” the market is ill-advised. By the time the market has “officially” hit bottom, prices will already be inching up. There is no crystal ball to predict when the market will officially turn. But, in the Washington, DC metro market, Alexandria and Northern Virginia, the signs are there: fewer days on market, multiple offers, and stabilizing of prices.
- The First-Time Home Buyers Tax Credit has been been extended to the end of April 2009.
The “time” is now. If you are well into the process or just beginning to think about buying, call me at 703.927.4554 and let’s get started. What are you waiting for?
Michael
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