I know what the mainstream media is telling you..the housing market is tanking, lenders aren’t lending, doom on you… I’m a full time, boots on sidewalk Realtor, though, and I’m here to tell you that looking at the market through my eyes, that’s NOT what is happening here in Loudoun County. I’m not prognosticating that we are fully recovered, that the bank owned inventory levels have tapered off, or that it is no longer a buyer’s market..because it’s still a buyer’s market (largely), and I expect that we will still burn through a lot of bank owned inventory before things are totally back to normal.
What I’m seeing is a huge upswing in the amount of showings I’m seeing on listings, shorter time on market before homes are going under contract, and lots of phone calls from first time buyers that are now ready to buy. If Congress passes that $15,000 tax credit for people who purchase homes this year, things are only going to get busier around here. I’m working with buyers that haven’t been able to get under contract for a home purchase yet because all the homes in their price range go under contract faster than we can get there to visit them. And we’re seeing multiple offer situations in many cases.
Most of the activity in the market that I’ve been seeing is in the under $400,000 price range, and the closer in to the city you are, the busier the market. I’m going to pull statistics for Loudoun County from our multiple listing service in just a little bit, so we’ll see how the numbers match up to the neighborhoods I’ve been working in.
More to come.