Bargains Hard to Find In Virginia
Potential buyers in Northern Virginia areas that were hard hit by the housing downturn have read about bargains, but only find it disappointing when they go shopping. Most of the homes under $500000 have multiple contracts.
This has caused both frustration and panic among the buyers. There are bunch of reason why this sudden swift has occurred in the market place.
A. First time home buyer credit of upto $8000. This has attracted lot of first time home buyers to buy affordable home. B. Internal moratoriums ban on foreclosure has reduced the inventory. There may be another round of ban this will worsen the situation. C. Low Interest rate D. Minimum downpayment of 3.5% needed. With FHA loans you only need 3.5% downpayment to make your dream come true. E. Above all the confidence in the consumer is back and Virginia being lowest unemployment rate.
So if you are in the market to purchase a home in Northern Virginia area you will run into disappointment of not able to discount the homes as you had expected out of media news. Should you wait? I recommend my buyers to keep an eye on the properties. There is always a home that is made for you and you will win that contract. Just be reasonable with your offer.
Contact Ritu Desai , REALTOR,ABR,ePRO at Samson Realty Cell: 703-625-4949. you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Loudoun County, Fairfax County, Falls Church City, Prince William county.
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