Bottom's Up?

I am not a huge fan of rhetoric, especially that of the real estate genre. “Happy happy, positive, happy, buy, buy, buy, smile and the market will turn”. I am, however, a fan of data and real opportunity.

Data to be released next week showing February’s housing statistics will reveal quite a staggering change in our market conditions compared to February of last year. In many areas within Northern Virginia housing is down below 3 months of inventory, some locations are even below 2 months.

What does this mean? In the world of supply and demand this means that our market would have no choice but to stabilize. The great thing is, in a free market, supply and demand wins every time. Once this data is released I will post another update with that data included, as well as some further dissecting.

Essentially what the data will say is that now is the time for buyers, or those wanting to move up, to get off the fence. Also, savvy investors have been out in droves (wrote an offer the other day in Manassas where we were one of 15), and word from the lending industry is that there will be enough property for everyone in the coming months as a backlog of foreclosures trickles into the market, OUR market. This backlog is what will extend the opportunity for buyers, those moving up, and investors.

This buying opportunity will not last forever, but we do have some time to capitalize. For owners this may not sound like good news, but take heart, statistically the bleeding appears to be slowing.

Here is some positive DC news to chew on:

http://www.forbes.com/2009/01/21/investment-obama-realestate-forbeslife-cx_mw_0121realestate.html

http://www.forbes.com/2009/02/24/housing-cities-ten-lifestyle-real-estate_home_prices_slide_10.html?thisSpeed=15000

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