ResalesFairfax County Housing Sales Starting To Slow Down
Fairfax County, Virginia homes are starting to languish longer on the market, suggesting a holiday from the fierce sellers" market the county has enjoyed recently, say local Realtors.
"The past month"s activity suggests a moderation of the strong sellers market we"ve experienced for the last two years," says Realtor Peter Schlossberg. "Properties are staying on the market longer with many more price reductions and expired listings than before. There is still a strong demand from first time homebuyers for the lower priced properties, but there is definitely a softening of the market for properties above $300,000. As always, homes that sparkle and are priced and marketed properly go quickly. Buyers should be encouraged by the return to a less frenzied atmosphere in the residential real estate market while sellers can be confident that their homes will sell quickly if they are properly priced and presented. Today"s low interest rates are a powerful generator of the strong demand for homes and the experts suggest that rates will stay down through 2003."
Realtor Nancy Volpe says, "As of mid-December, the housing market in Northern Virginia has slowed down more than usual. Sales usually slow during the Holidays but are made worse now by the economy and world situation. Many companies are cutting back employees and/or eliminating new hires so potential buyers or those wanting to move up are sitting "tight." Previous spring selling times started early and with a "boom" but 2003 may be different."
"Although prices are still increasing throughout the area," says Realtor Karen Kruschka, "home price increases in the eastern sections of the county are stronger than the western sections of the county. Reductions in high-tech positions in the west are the primary cause of the differential.
She explains, "Economic expansion in the Northern Virginia suburbs of Washington, D.C. has increased the demand for residential housing of all types. All indications are that this trend will continue for some time to come. If it does, there is every reason to believe a home purchase will yield positive returns. There are attractive features to be found in just about every area of the county. Of great importance is the fact that Fairfax County has one of the top school systems in the country. It is multicultural due to its proximity to the nation"s capital. There are homes to suit every need in most price ranges."
Click here to view current Market Conditions in your location.