I missed you last month...
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Greetings!
No excuses; I just found myself so swamped with new client traffic and endless inquiries about "possibilities" that one day slipped quickly to the next, and in no time, the month was gone... you know the story.
But the good news is: there IS a market reappearing in our fair land, and here are my thoughts about what I'm seeing.
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While the press touts a market rise "of significance", you need to read the fine print
While on April 27, the Washington Post boasts: "Home price index shows 1st annual gain in 3 years" they also say that home prices continue to drop.
Reuters, the same day, leads with:"Home Prices Fall in February; Further Declines Possible" "The S&P/Case-Shiller 20-city composite price index fell 0.9 percent
on an unadjusted basis in February, worse than a 0.3 percent decline
estimated in a Reuters survey. Seasonally adjusted, prices declined by
0.1 percent, as expected, after a string of eight straight monthly
increases...."
Reuters article |
So what does it all mean?
As best I can determine, while the market is certainly better than it was a year ago, all of the "dust" has yet to settle.
There has been a flurry of home sales in our area attributable to the First Time Homebuyers Tax Credit, which amounted to an $8,000 benefit for qualified applicants. The credit ends, with a few exceptions, on the last day of April.
Additionally, according to a Hussman Funds Report," ...the Federal Reserve and the U.S. Treasury have disposed of the need for Congressional approval, and have engineered a de facto bailout of Fannie Mae and Freddie Mac, at public expense. " see article
Combine these facts with the pending collapse of Greece, Portugal, and possibly Spain's sovereign economy, and you end up with a major case of monetary jitters; not good for future home prices.
For now, I would counsel cautious movement where residential property transactions are being considered. If your circumstance dictates change that involves "buying up", do so while the interest rates are still affordable.
If you're holding a property waiting for a "return of the market", I'd take a serious look at what else you might be doing with your life until that time comes..... it likely won't be tomorrow.
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Commercial space in our area is still abundant and cheap...
and more and more end-users are continuing to roam the area looking for opportunities to grow their business, many of which have been on hold for the past several years. I've found homes for two retail companies, Re-Love-It ( an upscale consignment shop), and most recently, Shamrock Music (a recording studio, learning center, and consignment instrument brokerage), while still another Irish retail store opened it's doors last week. All of these businesses operate on historic N 21st Street here in Purcellville.
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But growth is still coming...
Life goes on.
Carl Fischer, Broker/Owner
All The Best Real Estate
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703-727-5025
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New Listing
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NORTHERN NECK
OF VIRGINIA
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Now is a great time to think about buying a waterfront property in Virginia's famous "Northern Neck". Three and a half hours from here on good divided dual highways without dealing with the Rte 95 corridor or the Bay Bridge.
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As a member of the Northern Neck Association of Realtors (NNAR) since 1997, and as a former owner of waterfront property in Reedville, I'd love to share some ideas about how best to tie down a "placeholder" on the water for your affordable enjoyment.
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