Thursday, June 19, 2008

It's a REAL Spring Market - Northern Virginia Real Estate

Days on market have dropped. My team members and I are hitting up against multiple offers on listings. Listings in the office are selling. Traffic at open houses are up by 40% in some communities. And the number of contracts written in our market are outpacing last year’s levels. What’s more important to home owners, we are seeing pocket markets that are starting to appreciate.

When looking at the last two springs, this spring market has really taken off. The market has turned around and it starts in the Capital city of Washington, D.C. and is moving out from there (as it has year after year). What’s more important is that the latest financing regulation changes have included the Washington, D.C. as a high-priced region. This means that conforming loan limits around your home will be at the highest level possible -- $729,750. Before this latest move, loan limits for conforming loans were at $417,000.

So what? What does that mean to you? If you’re looking to sell, it now means more buyers may have been brought into the level it would take to purchase it. In addition, it means better loan programs with lower interest rates – in essence, money just got cheaper.

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