Hello Northern Virginia,
I’ve been reading a lot lately about the market turning around, interest rates getting lower, and how it may be a seller’s market soon. Boy, has it changed from just a year or two ago! Because interest rates are at an all time low this is enticing renters to consider buying. With less than 2 months of inventory on the market (6 months is standard in a buyer’s market), and homes selling in 6 weeks, no wonder the sellers are less willing to give their homes away. This is causing more competition for buyers and some homes are going for over asking price. I wonder if we are headed back to the market fluctuations of 2004-2005 when things were out of control? Well, probably not, but let’s hope the interest rates stay low, more homeowners put their homes on the market, and people can escape the bonds of their under water mortgages.
Please call or email me if you would like to know more about the market. I can help you rent, buy or sell your home. And remember, if you can’t use my services, please think of your friends and family. I’m always happy to help and would love a referral.