Angela Mitchell Sells Northern Virginia - Top Real Estate Agent in Herndon, Oakton, Vienna, Reston, Chantilly Real Estate Market

My Real Estate Blog

The Spring Market

March 13th, 2007 9:10 AM

Tuesday, March 13, 2007: It is almost the middle of March and the Spring market is coming fast. So far this year, the market has corrected itself to be a more balanced market - neither an extreme seller's or buyer's market - which is great news for sellers and buyers. THe prices seem to have leveled off so far in 2007. Buying and selling a home is a big financial investment and should be carefully thought out. Instead, for the past five years, we have had an insane frenzy. I got into real estate in 1992, when the market had taken a downward fall from the peak of 1989. It was a sane market. Homes were on the market for 3 to 4 months. The homes in great shape sold within 60 days and for a great price - rewarding the sellers for their investment. Today, buyers can choose their home wisely and the sellers, that are on top of the market, will win. Well maintained homes are selling in a 45 to 60 day time. Buyers are feeling more secure with the market - which they should. The inventory has not skyrocketed like last year. If you have any thoughts on this, let me know. Can't wait for the flowers to bloom.

Posted by Angela Mitchell on March 13th, 2007 9:10 AMPost a Comment (0)

Spring Market Update 3/23/07

March 25th, 2007 9:17 AM

The market is doing well. In Oak Hill, there are a total of 87 listings on the market going into this weekend. We netted 78 during the week - with 10 homes getting contracts on them during last weekend and this week. So far this Spring market is absorbing the new lisings - much better than 2006. We will get a better idea of how this market will do the second week of April - which is where the number of new listings flooded the market in 2006 and prices started their downturn. This weekend, 11 new listings came on. I will follow to see if they get absorbed - so far so good.

Posted by Angela Mitchell on March 25th, 2007 9:17 AMPost a Comment (0)

Market Update 3/16/07

March 16th, 2007 5:25 PM

Friday, March 16, 2007

Well, the spring market is definitely here. From here on into April, there will be a large number of new listings. This is the first week that we have seen a substantial increase. There was about an 11% jump in the number of new listings in Oak Hill this week but also the number of homes sold this week was triple what it was last week - which is great - because it will keep our inventory from exploding like it in 2006. Hopefully, the market will absorb the inventory as it comes on and the net number of houses will remain fairly stable. Check back here each week and I will let you know - it changes every week. The market, at this point, seems to be balancing between sellers and buyers. Sellers, who put their home on the market in great shape, are being rewarded with their homes selling in a 30 to 60 day time frame close to list price. You need to hire an experienced agent to help you get your home market ready. Staging is becoming more important on how long your home is on the market. You should be able to fine a lot of useful information on this site that will help you spruce up your home. If you have other questions on getting market ready, just post or email Angela.Mitchell@excite.com .

Posted by Angela Mitchell on March 16th, 2007 5:25 PMPost a Comment (0)