Where in Virginia do you think this is happening:Contracts up 86%, closings up 28%, days on market average below 90 days, inventory down 46%, all with a 5 month supply on the market (translation: slight seller’s market). Well, believe it or not, that market place is Stafford, Virginia.
Since the last quarter in 2007, Stafford sales have relatively gone through the roof. Yes, our average sales price has gone down quite a bit, but as a result of this, as well as the lowest interest rates EVER, our market is starting to get better and better every day.
The majority of these sales, however, 80% of them, are for homes priced $350,000 and below. With our average sales price hovering at $236,329, this should be expected.
The issues at hand are concentrated in the higher end markets: homes priced $500,000 and more. Unfortunately, it is still a very strong buyer’s market in these price ranges. Why? Because when a $250,000 bank owned home sells, a new buyer doesn’t enter the marketplace looking for a move-up home.
This presents amazing opportunities to purchasers looking in these higher price ranges to find spectacular deals. They can purchase these high end homes with as little as 3.5% down payment and not have to compete against multiple bidders like we are currently seeing in the lower priced market place.
If you are sitting on the sidelines…you’ve got to get out there and buy. By the time you hear the media saying "it’s a great time to buy," it’s too late.
All Real Estate is local. Our market is unbelievable!
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