Springfield, VA Market Report – 5/14/12

Looks like good news is in the making for sellers and buyers alike! Thinking of moving up or moving out?  This may be your time to move!

Have you heard of the law of “Supply and Demand” as it pertains to the housing market? When there isn’t enough housing inventory to go around for the amount of buyers wanting homes, prices start to rise. We’re seeing this in the Springfield market, at least in the zip codes of 22151, 22152 and 22153.

Traditionally, listing agreements are defaulted to last six months because that is the average number of days it takes most homes in the United States to sell. With inventory getting tighter, our average days’ on market in Springfield is less than two months! Some would say it’s becoming a seller’s market again.

So….if you’re thinking of selling, now would be a perfect opportunity to get your home on the market. Open houses are seeing a record number of people coming through and multiple offers are again being received.

If you’re looking to buy, interest rates are still at an all-time low with lenders now advertising very attractive financing below 4%. If you can qualify as a “first time home buyer”, there are programs with zero down payment and mortgage rates that could very well be cheaper than your rent! Just remember with renting, you still have to come up with a security deposit and the first month’s rent!

Our agents at Avery-Hess, Realtors are experts in the field of real estate and can help you whether you’re buying or selling. Visit our website at www.AveryHess.com to get started today. With home prices on the rise, why wait any longer to purchase instead of rent?

Information obtained from statistics supplied by Metropolitan Regional Information Systems, and analysis and comment by Pattie Mancini, Sales Manager, at the Springfield office of Avery Hess, Realtors.

Springfield, VA Market Report – 2/6/12

Think things aren’t selling in the Springfield Market, think again!

If you’re planning on selling, now just might a good time to talk to one of our experienced agents at Avery Hess.  Inventory is low and demand seems to be increasing.

Prices have increased over the same time last year and the average days on market have come down from the month before.   If you look at the statistics from the last five years, you’ll find a steady increase in purchase prices and a steady decrease in days on market.

Did you know interest rates are at an all-time low?  With interest rates hovering below 4% for a 30 year fixed rate, buying might be cheaper than renting.

Waiting for that move-up moment?  Now may be just the time to do it.  Indications show that the low seems to have passed, don’t miss the boat!  Banks do have money to lend and with attractive interest rates and programs available with little or no money down, what are you waiting for?

Market data and commentary by Pattie Mancini, Manager at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 12/2/11

The Springfield area has remained relatively stable with some increases in particular zip codes.

The majority of originated mortgages were conventional financing indicating homes in the higher price range were moving more quickly than the lower priced properties. This too, would indicate that there could be more first time buyers rather than move-up buyers since the lower priced homes are not selling as quickly.

Cash purchases were insignificant which might imply that investor purchases were also down.  Following are comparative statistics for year over year and month to month:

There will likely be a slow down in December as this is typically a slower month but we should begin to see continued increases with the start of the new year. The spring market actually begins in late January and early February.

Employment and moving decisions are being made in December for moves occurring during the first 2 quarters of 2012. There are compelling reasons for both buying and selling at this time. If you have been giving thought to making a real estate decision, be sure to contact a professional Realtor for guidance.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 8/29/11

The Springfield area is undergoing significant change in the commercial real estate realm. With the opening of the National Geospatial Intelligence Agency and the Mark Center as part of the BRAC operation, several defense related government contractors have moved into commercial space from Alexandria to Fort Belvoir.

Commercial space in Springfield along the I-95 corridor is at a premium. Unfortunately, the influx of residential activity that was anticipated has not quite materialized. The sales revenues from last month are unchanged from the previous year but the average sold price is down substantially. Numbers from the previous 30 days are relatively unchanged.

Market Statistics from Springfield Zip Codes: 22151, 22152 & 22153:

The Dog Days of Summer are coming to an end. Earthquakes, Hurricanes, a poor economy, job insecurity and several other factors have led to a lack of consumer confidence. We survived the natural disasters, let’s hope this autumn season we can overcome the man-made disasters and begin the road back to normalcy.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 4/18/11

A year ago we were nearing the end of the government’s tax credit for 1^st time buyers. There was a frenzy to be under contract before the end of April. Comparing this year’s 1^st quarter to 2010 is a bit skewed because of that.

However, figures for March of this year seem to be improving from February so the spring market looks promising.

Market Statistics for Springfield, VA:

Look for improving markets this spring as Springfield rejuvenates, making it a very desirable place to live.

Springfield is strategically located at the confluence of 3 major highways, Routes 95, 395 and 495. Major highway construction over the last several years was completed making commuter routes more bearable. Most commuters drive north into D.C. but with the nearing completion of the military BRAC program at Fort Belvoir and the supporting locations at the Mark Center and the National Geospatial Agency, more commuters are heading to those locations as well. Traffic coming north on the Fairfax County Parkway in the morning also indicates a growing number of commuters going to western Fairfax County employment centers along the Dulles corridor. Commercial construction continues and the redevelopment of the Springfield Mall is ongoing.

Springfield boasts some of the top schools in the county. All of this bodes well for a return of increasing property values.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com

Springfield, VA Market Report – 12/20/10

Although home sales have begun to exceed new inventory for several weeks, because of the excess inventory prices have not yet stopped declining. Should the sales trend continue we can expect prices to level off soon and begin to climb back up.  Most areas of Springfield have seen increased activity. Here is a snapshot of the November activity:

New Listings                               61

Active Listings                            179

Under contract                           128

Sold in November                       53

Average Sold Price                     $358.244

Average DOM                             72

Prices in this market continue to be on a downward trend indicating a strong buyer’s market. However as sales increase and inventory declines watch prices as the market transitions.

Market data and commentary by Charles J. Carroll, Managing Broker at Avery-Hess, Realtors.

Search for homes in the Springfield, and the rest of the DC Metro: www.averyhess.com