Resales

Falls Church, Virginia Seller"s Market Moderates A Bit, Say Realtors

The strong seller"s market of the last two years has made Falls Church, Virginia a favorite East Coast commuter destination, but the market may be softening somewhat, 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. Schlossberg explains, "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." He advises, "The low interest rates have encouraged many renters to become homeowners and a number of large, attractive rental projects developed over the past three years are now competing in this temporarily shrinking market. Investors should be careful when projecting short-term cash flow as properties are staying vacant much longer and reduced rents and other tenant incentives are becoming more common. Says Realtor Carol Wills, "Time Out! That is what I call the current market. Buyers and sellers over all have slowed down to enjoy the holidays with great expectations in January 2003. I still think we will see a strong seller"s market with multiple contracts." But still, housing is moving briskly. In the month of December, says Realtor Jose Burrello, "125 homes sold at an average sales price of $300,200, with an average 24 days on the market." Click here to view current Market Conditions in your location.


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