The real estate market in Northern Virginia is busy. It's so busy that many of my clients have been competing against multiple offers. My buyers and I have run up against multiple offers on condos, townhouses and single family homes and getting that dream home just became a little more challenging. The buying power has increased and the homes priced well and in good condition are selling higher than their list price. I realize as buyers that it's a hard concept to grasp going over the list price on their offers since they are sure we haven't hit bottom yet. The point I try to explain to all my buyers is that there is no way to predict the bottom and it will have come and gone while they have been debating it.
I know that I preach that it's a perfect time to be a buyer, but it is. You get an $8000 tax credit and the ability to enjoy interest rates that are historically low. You can buy more house than ever before and you have a guarantee that you home will go up in value over the next few years.
With inflation alarms quietly sounding in the background of the Federal Reserve, we can be sure that our historically low interest rates will not be sticking around for ever. Please don't miss your opportunity to take advantage of a down market like we haven't seen in over a half of century.
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