The Clock is Ticking and the Market is Booming
October 6th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Buying, Home Selling, Market Stats, McLean Dirt, Reston Dirt
Houses (and condos) are selling. That is good news.
Interest rates are still low. That is good news.
Inventory is shrinking. That is both good and bad news.
The 1st Time Buyer Tax credit will soon end… Good or bad news?
As we wind down to the end of the year – the main topic of discussion (and motivation) seems to be the demise of the $8,000 first time buyer tax credit. Some say it’s definitely going to be extended – others will tell you no way it will be extended – blah blah blah is what I say. Whatever happens, it is what it is. Has it stimulated purchases this year? I believe it has. Is it still stimulating purchasing? YOU BETCHA!
As you know, I track ratified contracts in Arlington County Virginia – that’s for ALL property types; condos, townhomes, single family detached – in all zip codes, in all price ranges. The goal of looking at this slice of the statistical pie is to see the REAL sign of market activity – you can look at sold data – but it’s likely to be months old by the time it’s “sold.”
I recently reported on the market this summer. What I thought would be very interesting would be to watch the activity for September and October. I can report to you today that we ratified more contracts last week since the 2nd week of June at a whopping 69 ratified contracts. There wasn’t a SINGLE WEEK in all of 2008 when we ratified this many contracts. Yes, you heard me – the highest we hit in 2008 was 65. Now I don’t have numbers going back as far as 2003, 2004 or 2005 – but I’m telling you this, so listen up:
What we have now is the perfect storm. If you’re still on the fence, GET OFF. We have incredible interest rates, shrinking inventory, and sellers who (for the most part) want to sell. Whether you’re eligible for the tax credit or not, I cannot think of better circumstances under which to consider a home purchase.
So, pick up the phone and phone or text or email me to start discussions today. If you’re a seller – don’t delay. Whether or not you feel you’re in the “zone” for the 1st timers, houses are selling. PERIOD.
It’s Tuesday folks – have a good one!
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! And remember, there’s no time like the present! The $8,000 tax credit expires on 11/30/09 – There’s still time!
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