My Top Five Spring Market Predictions For 2009…
The spring market for the housing market is like the Christmas season for kids and retailers.
I typically use a lot stats to back up my arguments… Today, I am just putting my finger in the wind to give you what I see playing out in the next few months of real estate in at least Northern Virginia.
My Top 5 Spring 2009 Real Estate Market Predictions For Northern Virginia.
- We see the first swing towards a sellers market we have in a few years. Don’t believe me? Try buying a house right now. Or try buying a nice one at a good price. Few sellers will be able to sell with negative equity problems but those who can will be in for a lot of showings and most likely multiple contracts.
- We see buyers using escalation addendums on contracts again. Lowball offers on well priced homes are soon to be obsolete. Few buyers will have the luxury of being the only offer on a home so they must play their ace in the hole… the escalation clause. (As I write this, an agent just walked in my office with a contract with an escalation addendum attached).
- Builders stop taking offers. Builders have deep pockets… but there is a bottom to them as we have seen some leave the area. When re-sale inventory dries up, many people build. When this is the case, builders will stop giving away a lot of incentives and taking offers.
- The short sales on the market get consumed. When the getting is good buyers hate waiting… But if the only thing out there in their range are short sales they will be purchased.
- This hype leading in to one of the most stable/ fair autumn markets we have had in years. Kids will go back to school, life will slow down and buyers and sellers in this area will have a healthy respect for each other again (this is my market ideal hope).
Nothing can harm you more in this market than bad real estate advice. If you are looking for professional representation at no cost you contact me today.
Who Should Not Consider A Short Sale
Loudoun County School Reviews & Highlights
Leave a Reply
Featured Areas
[...] My Top Five Spring Market Predictions For 2009… [...]
[...] I wrote an article last February called “My Top 5 Spring Market Predictions For 2009.” [...]
You were so correct, it makes me wonder what else you can predict. I also said earlier in the year that I hadn’t seen the market act the way it has since 2004/2005. It looks like we are headed in positive territory here in Loudoun county. Our population is rising, unemployment is starting to drop, and our incomes are still strong – all indications that we are moving forward. I have to admit that the few things that surprised me this year was the complete lack of inventory (my zip currently has an inventory of 30 days), seeing bidding wars (again), homes flying off the market as soon as the sign goes up, and prices seeming to be rising. It is 2009, right? If more builders don’t start building here by next spring, I think the prices of existing homes will have nowhere to go but up – based on a true supply/demand problem (unlike what we witnessed in ’04/’05). We shall see.