March 2007

There are 3 blog entries for March 2007.

Fairfax VA real estate buyers for Nothern Virginia came off the fence in 2007 to finally make their home purchase.  This is no surprise as I predicted this back in December when I wrote 2007 Real Estate Forecast for Northern Virginia and Washington DC. 

After 2006 produced 26.58% fewer homes sold for Northern Virginia real estate then 2005, the buyers have come off the fence. 

In January of 2007, homes sold increased 12% versus January 2006 and in February they were up 3% versus Feb. 2006.  So it appears many buyers were biding their time to make sure no bubble burst as had been promised to them by fear mongering media and bubble bloggers who sounded as if they were rooting for people's homes to tumble in value.  Rather sick if you ask me....
northern virginia bubblehead real estate

6,288 Views, 3 Comments.

For Arlington VA real estate 2006 was a year when buyers and sellers did not get along.  Hence there were 12% fewer transactions in 2006 versus 2005 for Arlington County real estate.  Of course with prices so high fewer transactions was probably to be expected.  Average list price was 3% higher in 2006 as well, however the median sales price was down 3%. That's a sign something the buyers and sellers were having "issues".  

Average List Price Tumbles for Real Estate in Arlington & Clarendon

What is interesting to note that by January 2007 versus January 2006, the average list price tumbled 13% from $615,771 down to $533,556.  Of course the reason that the median sales price was down only 3% is that the stats had yet to reflect the true (lower ) value…
18,575 Views, 1 Comments.

It's time for a whole new round of overpriced Arlington Virginia Condos in Clarendon & Ballston.  Orange liners have a knack for living in the past in terms of the values of their homes.  Yes there were some crazy-A glory days where you could list that condo and have at least 5 offers coming in all with escalation clauses bidding it up.  It was a brutal market.  It led to my article on How to Win Against Mulitple Offers. 

But now we have a corrected market with equilibrium.  The demand is high, but the seller now has to be reasonable, i.e. price close to market value.  The reason demand is high is because Clarendon is the hottest market in Northern Virginia Real Estate.  Back in Nov. 2006 when the rest of Northern Virginia was experiencing 20% fewer…
14,960 Views, 6 Comments.