The market did okay this week but I think if the first time buyer $8,000 credit goes away, we will see some softening again. It seems to be holding up our  market right now like the 100% buyers were doing in 2004/2005. Our market has and is historically about 70%-80% move up buyers so they drive the market when they can buy. We have 40 single family homes on the market in 20171 - Oak Hill. There were 8 new listings, to see those http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-89730050-283.  Of the 8, 2 were relisted properties and 1 was a foreclosure. The foreclosure was at 2602 John Milton and was purchased for $620,000 in May 2005 and is now listed at $446,000 when it got a contract so a loss to the bank of somewhere close to $200,000 with real estate commissions.  We had 5 homes sold - to see those - http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-89729527-928. There were 5 homes sold - 2 were relists that have been on the market over 100 days and the other was a foreclosure - so 3 seller sold homes - its lowest sold number in several months. Hopefully, this is not an indication of what is to be this Fall.  I know there seems to be a rush to get a home bought to qualify for the $8,000 since the time is running out.

The market continues to do what it did last week but you can see a slow increase in the inventory for 20171. There are 43 single family homes on the market with 11 new listings - which is more than what we have had for the past couple of months. To see the new listings, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-90379148-235.  One of the new listings is a foreclosure and one is a short sale. The one on Bradwell is a foreclosure that was purchased in 2003 for $270,000 and is now on the market for $418,000. It is obvious that the owner must have refinanced the home in the up market and taken all the cash out. He then found himself upside down when the market fell.  I once went on a listing appointment in 2007 where the seller had refinanced his home two or three times in the up market. He took the cash out so that he could use the money in the stock market. His home then sold as a short sale in 2008. He was not concerned about his credit, he said to me "I will live with my son for 7 years until my credit improves". 5 homes sold this week. Click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?ID=33261599358. One of the the listings sold was a foreclosure that originally was purchased in January 2006 for $619,900 and was listed at $424,000 when it got a contract. It was on John Milton and the loss is upwards of $200,000.

The market continues again this week to do well in Oak Hill/Herndon zip code of 20171. We have 39 single family homes for sale - which is up from last week but still very low inventory. We had 6 new listings this week - 1 reissued. To see the new listings, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-88933408-709. There were again, 6 homes sold this week - the one on Greg Roy is a short sale - so 5 seller sold homes. To see those, click http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-88933400-999. Over all the market continues to do well and stabilize which is a good thing for both buyers and sellers.

The inventory keeps getting lower and lower - but still not seeing an upswing in prices. The prices are doing well - maintaining themselves - probably still at late 2003 prices. There are 36 single family homes on the market in Oak Hill/Herndon. There were 5 new listings, to see those http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-88486939-831. We had a good number of homes sell - 5 sold this week and all five were all on the market less than 30 days.  http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=524916XJRPL&p=DE-88486902-789. I hope everyone had a great Labor Day Weekend and is ready for the school buses to arrive.