What that means for DC metro homeowners is a pretty balanced and stable market. New lending options requiring only a 3% down payment for 2015 are poised to make this a great year for first time home buyers, and move up, or right sizing sellers.
The median sales price of a home in Fairfax County was up 3.4% in November from last year.
November 2013 $439,900
November 2014 $455,000
If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.
Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help.
nicoleduffey@kw.com
703-303-2889
