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This is an interesting article to me, both because I think it notes a trend that appears to be spreading in markets throughout the country and because this is my market. I'm licensed in Maryland and Virginia.

Here are my observations with regard to the foreclosure market that further emphasize the points above.

Home sales are generally experiencing slight increases throughout the DC area. The picks of the litter are going fast. There is increased competition and multiple contracts on homes priced right and in good condition. This had been the state of the market in Virgia but it is spreading to Maryland.

Gone are the days when you could get a 3-level 4 bedroom colonial with finished basement and two-car garage in really good condition with as much closing help as you need and the house is just waiting for you to buy it. No, there's more competition for better homes. So, if you find something you like, you better hop on it...and quickly!

Unfortunately, the homes left on the market for longer periods of time tend to be the ones in poor or unlivable condition - which is good and bad. It's good because we're reducing inventory. It's bad because those homes will continue to drive home prices downward and thus prices in certain areas will take longer to stabilize.

Overall, this portends good things for the market if we can sustain some momentum through the usual seasonal and holiday slow-down periods.

 

Submitted: Sep 10, 2009    Views: 101    Comments: 0    Likes: 2   


View Article: http://www.bizjournals.com/washington/stories/2009/09/07/daily40.html


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