After extended tax incentives and great deal of media hype about the “best time” to buy a home, today is the time to celebrate the coming of a normal real estate market in Northern Virginia.
A quick check of the MRIS for our area showed that the last minute rush was on. The chart shows properties with a status of Cont/KO, Cont/NOKO or Contract dated April 30th.
These numbers may go up over the next few days as agents add their ratified contracts to the MLS over the weekend. Many will also wonder if it was only the “lower end” of the market that saw all the last minute activity.
The answer is NO. In fact prices ranged from $51,000 for a 2BR/1BA condo in the Sequoia neighborhood in Fairfax County to $1,349,900 for a home in the Cherrydale neighborhood in Arlington. Interestingly both the high and the low contracts are both foreclosures.
Today the market will still go on. Buyers will still be looking for homes and sellers will still put their homes up for sale.
Will there still be ups and downs? YES but the housing market always has ups and downs. If it is the right time to buy a new home, then you should. And if you are a seller who needs to move, put your home on the market. Don’t let fear of what lies ahead or national media keep you from making decisions about what is right for you.
Today is the first day of a normal market in Northern Virginia. Let’s make it a good one!