Buy a Home in 2010 for Goodness Sake

I know, it sounds self-serving, given I am a real estate agent in the Fairfax area

. So let me do what I always do; Ill focus on the data and let you come to the obvious conclusion. The first point to make which is critical is to dispel the continued myth that this is a buyers market. The general belief in the public is that unless homes prices are rising substantially and the news supports that, its a poor time to sell and a great time to buy. Incorrect. Currently I see it as a neutral market, at least here in Fairfax, Arlington vicinity. For example, home prices rose more than 18 percent over the previous year for the Greater Northern Virginia region, which extends west and north or Fairfax County. Not bad, huh? How has this happenedsupply and demand? The inventory of homes in the Fairfax area has been down for months, which in turn drives prices up, especially for homes under $500k. My last three buyers in this price range had to compete against other offers and be ready to put an offer in as soon as they came on the market. Any home in this price range today, that is priced accurately and shows reasonably well, will sell in weeks or days. Its reminiscent of early 2000s when this was common place. Days on the market have decreased. Number of homes sold has increased. Absorption rate has decreased. All good things. Now Im speaking specifically of this part of the country: Fairfax, Arlington, Loudoun and Prince William counties. I realize much of the country is suffering greatly from this recession, but Northern Virginia has been buffered from that pain to some extent. Now for buyers. According to many economists, the Fed will certainly leave rates at record lows at this months meeting, and perhaps for much of this year. Couple this data with the current tax credit that applies both to first-time home buyers and current home owners, and youve got a good recipe for a strong buyers marketnot to mention the fact that Spring is coming, which launches the busiest time of year for home buying and home selling. Fairfax homes and Arlington, VA homes for sale will continue to be strong for first half of 2010 at least.

Buy a Home in 2010 for Goodness Sake

By: Todd Kolasch

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