My Real Estate Blog

There were 13 new homes on the market this week in the Herndon/Oak Hill area. 5 homes received contracts this week. The net inventory of single family dwellings, with active status, is 111 versus 104 for last week.  The inventory is increasing slightly.  I think the following statement from the Northern Virginia Board Site seems to be appropriate:

Home Shoppers will Find Plenty of Choices this Spring
Potential homebuyers in Northern Virginia will continue to have many choices and negotiating tools as spring moves forward, while interest rates remain at favorable levels, below where they were one year ago.

The Northern Virginia market slowed slightly in March, but seems to be following similar trends to the national market. National Association of REALTORS Chief Economist David Lereah noted recently that home sales data suggests an underlying stabilization in the housing market, but it will take another month or two to clarify.

“If it wasn’t for the unusually bad weather in February, we’d be seeing a better performance in pending home sales,” he said. “We also may be seeing some fallout from a decline in subprime lending…” This has caused lenders to tighten credit standards toward applicants or mortgages.

Prospective buyers and sellers in Northern Virginia will reach deals if both sides are willing to negotiate. Buyers can still seek a bargain with reasonable offers. Meanwhile, sellers should base list prices on up-to-date sales trends in their neighborhoods.

March data confirms that the 2007 rebound will be gradual. The Northern Virginia local economy continues to have strong economic indicators for job growth and unemployment.