Back in December, I took a look at how much of our active real estate market in Loudoun County was made up of ‘distressed’ listings, meaning short sales and foreclosures. If you aren’t sure what the difference is between a short sale and a foreclosure, hop over here to read this post first. At the time, 74% of all active homes for sale in the county were ‘normal’, typical listings, where you would negotiate with the seller, who was a real live person, without any involvement from a bank or lender. Distressed properties made up 26% of the market. Flash forward six months, and I figured it was time to look again to see if the market had shifted since the end of the year.
And oh my, the market certainly has shifted.
Looking at active listings today for Loudoun, we have 1326 homes for sale. Of those, 142 are short sales, and 40 are foreclosures. Which means only 13.7% of our market is now ‘distressed’. That’s HALF of what it was in December. Foreclosures make up a paltry 3% of our current market. So for those of you who wanted to buy a killer deal, those are few and far between at this point. Having showed (and written offers on) more than a few of those types of homes, I can promise you that you will be competing with numerous other buyers who want to do the same thing.
Are we through the worst of the distressed market here in Loudoun? It certainly seems so. I’m sure we still have more short sales to work our way through, as there will be some folks who bought at the height of the market who will need to sell before prices rebound all the way. Clearly the foreclosure market has slowed to a trickle for now. So if you are currently a buyer in Loudoun, you can expect that you will be dealing with a typical owner sale…meaning clear expectations for how quickly you should get a response to an offer, not having to buy in as-is condition, and being able to have a home inspection for more than just informational purposes. All around, not a bad thing.
As always, if you have questions, want to talk market data or strategy, please reach out to me.
Here’s a map that will lead you to all the homes for sale in Loudoun now: