Positive Market Activity in Northern Va.

As we all watch the media coverage day by day our uncertainty grows regarding our present situation, store and our future. Top on many peoples list is the value of their home, ambulance a figure that is becoming increasingly difficult to predict.

Contrary to media reports, the difficulty here is not only from the negative viewpoint. As we in the Real Estate word are engaging the market place we are all seeing variations of activity. One of the most encouraging developments is the frequency of multiple offer scenarios, a trend that clearly favors the home owner.

What we are seeing is essentially two housing markets running parallel to one another. One market is being fueled by the economic factors we hear of on a daily basis; foreclosures, short sales, the credit crunch, etc…, and is continuing to be overstocked with inventory. The second market is being fueled by pent up demand from buyers who are well equipped to take action in this market now that the values of homes overall have slid. Many of these buyers are not buying the cheapest house on the market, but the most move-in-ready one.

I have personally seen numerous scenarios already where the most expensive, best remodeled home in a neighborhood sells first, and sells with competition. Just this past weekend a colleague listed a home in Arlington on Friday, had 3 or 4 offers by Sunday night after the first Open House, and then had addition calls on Monday.

Does this make it a good time to sell? If selling for the sake of cashing in, probably not. However, many are saying that now is the best time in a long time to move up if that is a need that you have. Many homeowners who take a financial loss for selling their home are recouping that loss because of the lower pricing of their upgraded purchase.

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