Is it Time to Buy? How ’bout NOW? Is NOW Finally Here?
May 16th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Buying, Home Selling, McLean Dirt, Real Estate Finance, Reston Dirt
For the past few years, this has probably been the most asked question of 
every real estate professional across the US. With the media leading the charge, the news has been all gloom and doom with a few regional exceptions and, just like a run on the bank in days gone by, the public has largely bought into the concept that the sky is falling in.
Well, we’re still standing. Yes, we have a credit crisis of enormous proportion that will likely take years to recover from. But guess what… houses are selling! Prices are somewhat steady! There are plenty of happy buyers and sellers at least here in our region, that are actually experiencing pleasant transactions!
But here’s the greatest news of all. Finally, we’re getting some great reports from national media sources that perhaps the crisis is over! Yes, you heard me correctly, the headline of an article in The Wall Street Journal on May 6, 2008 reads, “The Housing Crisis Is Over.”
The article begins by reminding us that we’ve been on a downward trend for 3 years already – hard to believe, but I guess it was 2005 when we started to see buyers push back from rapidly rising prices. It goes on to look at certain economic indicators that have been present in past housing corrections and comparing that with our current outlook.
Bottom line is that perhaps the worst is behind us. Here in the Northern Virginia area we have been seeing more activity, relatively stable prices and buyers finally coming around to believing that they can now make a good investment. However, like everything, it’s a giant pendulum. Perhaps now is an EXCELLENT time to be either a buyer or seller while that pendulum is essentially hanging in an almost weightless state before swinging the other direction. Remember the days of multiple contract? Waiving home inspection? Waiving appraisal? Let’s do some business!
Happy Friday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Hello Jennifer, Great article! I wish more people would pay attention to their local markets rather than listening to the national media. Each market is different and unique. Keep up the great work.
David
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