Soft landing, or crickets chirping?

The rush is over…to take advantage of the first time homebuyer tax credit, you needed to be under contract to purchase by the end of last month. Since the Loudoun County real estate market got really busy starting at the beginning of the credit, I had a feeling that we’d see some dramatic changes once it was over. Pretty easy to see that inventory levels jumped up immediately, and median price spiked up (from demand) and then corrected back down to where it was before. We’ll have to see what happens over the next couple of months; I’m curious if it will be crickets chirping quiet, or whether buyers that weren’t eligible for the credit will now have homes to choose from.

Cheers,
Heather

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Michael and Heather Elias are full time real estate professionals and licensed REALTORS at Century 21 Redwood Realty. They sincerely hope you enjoy reading this blog, and would love the opportunity to work with you.



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