Currently in the DC metropolitan area we are starting to rebound in the real estate market. Some areas are bouncing back a little faster then others . DC metropolitan area includes the counties surrounding DC such as Montgomery County MD, Prince Georges County MD, Howard County MD, Fairfax County VA, Arlington VA, Alexandria VA, Falls Church City VA, Fairfax City VA, Prince William County VA. On Dec 29th the Washington Post reported out of 20 U.S. metropolitan cities, DC had the highest increase in total median sales price an increase of 3.7%. This increase also includes a few counties that did not increase overall such as Prince Georges county which actually dragged this 3.7% percentage lower. There were many (over 4000) foreclosures in Prince Georges County MD in 2009. Despite this high number of foreclosures DC metro area still saw an increase in median sales price. We beat out Boston, New York and many other major metropolitan cities.
This leads me to believe there are tremendous opportunities and wonderful deals in the DC metropolitan area thatwe may never see again! With these opportunities out there we need to do our homework and rely on the experienced real estate agents to provideaccurate statistics to help buyers and sellers to make informed decisions on home sale prices to sell and buy.
Right Now the Opportunities are that the STARS are ALIGNED....
These are the stars
*Interest Rates are still low
*There is more inventory for buyers to choose from and home prices are increasing slowly.
*DC metro increase of 3.7% median price indicates a trend towards increasing home sales prices
*DC metro area offers a strong job market that will continue to support increasing home sales.
Tuesday, February 1, 2011
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