Thursday, August 14, 2008

Donald Trump: “This is the time to start looking to buy, you’ll get a great deal.”

Donald Trump, internationally-acclaimed realty guru and multi-billionaire, said on Good Morning America radio August 13, “This is the time to go out and start looking and start buying. Over the course of the next year if you don’t do it you’re going to be very disappointed in the years to come. Now is the best time in years to purchase real estate…especially in the next 12 months to get the best deal.” – Good Morning America, interview with ABC’s Good Morning America, August 12, 2008 (For the whole interview, view online at

We are seeing the rebound in full force in Northern Virginia and surrounding Capital area. Compared to August a year ago, pending sales are up 39% in Northern Virginia (Arlington, Alexandria, Fairfax County); and 52% in Fairfax County alone. In Prince William County pendings are up an astounding 155% (in Manassas, they are up more than 200%). Why?? The prices have hit the psychological barrier where buyers believe they aren’t going to drop any more. In addition, pent up demand over the last three years has built up to an overflow level.

Multiple offers are back and houses are selling close to or at asking price. A Weichert associate recently had 40 contracts on a property in Manassas – multiple offers are not unusual once again.

So what? If you’re looking to move up, purchase an investment property or help your children buy a home – now is the time. Home prices have leveled and are rising in some areas. Investment properties are once again producing positive monthly cash flow and young buyers can now purchase a house for less than what they would pay in rent.