November was the second month in a row where the average price in the close-in Metro area market was down slightly, after 16 consecutive months of the price being up over the same month of the previous year. So, while our numbers are significantly better than the rest of the country and we can chart the bottom of our local housing recession as having occurred late 2008 and early 2009, we are still moving uphill slowly.
What does this mean for buyers and sellers?
Buyers can see that we are well past the bottom of the market, and interest rates continue to be at record lows, so now would be the best time to buy before prices go up. While buyers may need a 20% down payment for the conventional market, FHA loans can still be had up to $729,750 with only 3.5% down payment, another good reason to buy now.
For sellers, it means that we have the healthiest market in the country, so you can get your property sold if you price it according to other recent sold comparables and take the time to make sure it shows well and outshines the competition.
With low inventory in much of the close-in Metro area, and interest rates at their all-time low, we should be poised for a strong market this spring.
*Statistics are taken from the Metropolitan Regional Information System. The area referenced includes Washington, D.C.; Montgomery County, Maryland; and Fairfax County, Arlington and Alexandria in Northern Virginia.
By: Donna Evers