It seems all the rage lately has been lists such as Top Reasons to…Top 10 Foreclosure Markets…Top 7 Markets in Mortgage Delinquencies, etc. and people are asking where Virginia ranks in these types of surveys. These lists don’t always rank all states or areas but many times these lists rank the Top 10 and Bottom 10 and Virginia has not been in them. This tells me we are in the middle of the pack – until now. I recently read a report on Real Trends about Corelogic reporting housing prices remaining flat and guess what? Virginia was number 5 in price appreciation – woo hoo! We made a list and it was for a good reason! Read the report here.
Here is other real estate information making the news…Foreclosures are up 25% on the year. Banks took back 95,363 properties in August – nationwide – making it the 9th month in a row foreclosures increased on an annualized basis. Since December 2007, 2.3 million homes have been foreclosed on by banks and there are at least 1 million more to go. Yes, we will be impacted by foreclosures but it will be to a lesser extent than the rest of the country which is good. It will bring inventory on the market in lower price points – which is needed – and it will help first time buyers enter the market as many of these homes are made available to owner occupants for the first two weeks the property is marketed.
Regardless, all real estate is local and it is our job as professionals to get the word out prospective home buyers and sellers that we are in one of the best markets in the country and people are buying and selling homes in Northern Virginia. Get it? Got it? Good!
Now, go sell something!