My Real Estate Blog

The market continues to show that, according to the sellers and the buyers, that the Spring market is here. There has been a substantial increase in numbers of new homes coming on the market. This week, there were 9 new listings for a net total of 40 single family homes on the market in Oak Hill/Herndon. To see those homes, http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-103643831-251. 3 more than last week - still a very low inventory as compared to a more normal inventory of 90 to 110 homes. It has become a sellers market, eventhough you have not read it in the newspapers or heard it on TV. I put a new listing on John Milton Drive on the market this last weekend. There were 17 agents with clients through the home in 2 days and 20-22 sets of people through on the OPEN house. The house did get a contract - yeah! When the market is not doing well, you have 2 to 4 agents through on the first weekend and 4 to 8 people on an Open House. I feel that the interest rates coupled with the home buyer credit - both about to change - have been driving our market upwards. I would say that you can see a net price increase from January 2009 to January 2010 of about $50,000 plus on a single family home. I am concerned what will happen when the credit goes away and the mortgages back securities are not back by the Federal Government - both about to change within 60 days. Last week, 6 homes sold. To see those, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-103643930-318. 8 to 12 homes selling a week is more the norm for the Spring market but I think the inventory is so low, it is hard to get to those numbers and this may also be a little early. I know myself, I have 2 buyers looking for homes in 20171 and their homes are hard to come by. I had 3 buyers but one bought the really nice listing at 3221 Navy Drive that came on this week. You should see the biggest jump of inventory the week after Easter. All this is based on my crystal ball - sometimes it is pretty cloudy.  
   I have a great new listing that came on the market this week at 12661 Magna Carta Road - see the pictures under "My Current Listings". I will be holding it Open on Sunday 1-4 PM. Please come by.

Happy Spring Break Week! The inventory continues to creep up. We are now at an inventory of 50 single family homes for sale in 20171 - a net increase of 5 from last week. We had 11 new homes this week. To see those, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-105825807-318.  The market did not absorb as many of the new listings this week as it did last week, thus, the net increase in inventory.  Only 6 homes sold last week. A lot might have to do with the start of Easter week and Spring break for the kids. We should see a lot of new homes come on the market right after Easter Sunday. To see the homes sold http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-105825990-896. It might be a slow week this week and then get in full swing in April. Happy Easter!