How's the real estate market? We are asked that question every day.
Over the past couple of months, Burke properties in prime condition and priced correctly have frequently been going under contract in less than 3 weeks.
Reason? The inventory of homes in Northern VA is at a 5 year low and interest rates are at historic lows.
79% fewer homes are available for purchase now than there were in September 2007.See the following graph...
If you want to buy a home in great condition you will probably have competition and experience shows that you will need to act promptly.
Before we look at the specifics of the market statistics for Burke's 22015 zip code, let's review the bigger picture in Fairfax County... median sale price figures for the last 5 years are below.
You can see the normal spring summer price rise as the homes in good condition come on the market.
There are fewer high quality homes on the market in the winter since folks who can plan and prepare their properties do not put their homes on the market in December.
Makes sense... yes ?
Short sales, foreclosures and un-expected job transfers are the types of property that dominate a winter market.
Prices are lower in the winter ...yes.
Selection and condition...well...not so hot...
The county's larger sample size better illustrates the strengths/weaknesses of the local market.
These graphs and charts are picturing the home buying and selling public's reaction to interest rates, their psychological view of their personal economic situation and hopes for future well being.
Fairfax County and all of the Northern Virginia real estate market peaked in late 2005 or early 2006 depending on location, and fell steadily until first quarter of 2009.
Since that time, home prices have been working their way back up as you can see from the graph above.
Seasonal peaks and valleys are easily discern-able in the graphs.
Prices generally decline in the cold months when there is less demand for housing for the reasons mentioned above.
Also buyers and sellers are distracted by the holidays and less than ideal weather.
.......All these graphs are interactive just hover your cursor over a graph point and a numeric value will be displayed......
Graphs of median sales prices for townhouse and single family dwellings in Burke zip code 22015 are below as well as one for the average days on market.
The much smaller market sample size makes the graphs much more erratic.
The first graph in red are townhouses.
The second in purple are single family detached homes.
31 days is now the average # of days on market for all types and prices of homes in Burke noted in the third graph following.
Your real estate agent will be able to analyze your specific neighborhood sales data, which will be the better measure of the value of your property.
We are no pressure, no hassle, good humored people.
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Why pay more and get less when selling your home? Jan and Steve Bachman of RE/MAX Gateway use professional photographers, create interactive photo floor plans, print full color brochures, and make an individual property website for your listing that goes out to 40+ public real estate search sites including Realtor.com, Trulia, Zillow etc.
We also create a custom photo tour that is sent to other agents and prospective buyers.
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Jan and Steve Bachman are full time Realtors® with RE/MAX, specializing in Homes for Sale in Fairfax, Loudoun, Prince William and Arlington Counties.
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