Northern Virginia Real Estate Snapshot April 2011

Welcome to the NOVA Real Estate Snapshot presented by the AJ Team.

We're seeing an interesting dynamic happening across the NOVA region. Average sale prices are UP across the board in all areas, and so are average days on market. In a normal market, there's usually an inverse relationship between those two stats. When prices go up, days on market typically goes down.. and vice versa. But that hasn't been the case this quarter.

Sellers, yes, average sale prices are going up, but so are days on market. What these numbers show are that your home needs to be priced well AND show well in order to successfully sell. Both of these factors are vital to your success. We're not just talking about homes in higher price brackets, but also entry level homes.

Buyers, what does this mean to you? We're seeing more balance with the inventory available, but not all inventory is the same. You have foreclosures, short sales, regular sales, and new construction. With these foreclosures, banks are spending more money on fixing up their homes to make them more market ready and they're listing for more than last year.

In a lot of cases, they're showing better than most short sales and sometimes better than regular sales. Expect some competition if a home shows well and is priced well, especially as we head into the busier spring season.

From time to time, we like to analyze what type of financing buyers are using. This past quarter, all CASH or conventional loans made up 70% in Fairfax/Arlington, 60% in Loudoun, and 50% in Prince William Counties. That's a high number of well qualified buyers for a "down market"

We find this stat helpful for buyers and sellers. For buyers, it allows you to see what type of contracts you're competing against. For sellers, when prepping your home for the market, understanding the types of buyers that are most likely going to make offers on your property, will give you a leg up on your competition.

To find out your home value today, check out our website at PWCHomeValues.com or FFXHomeValues.com.

See you soon!

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