Feb 2012-Loudoun County Housing Market Trend
Positive News is always welcomed especially by the home buyer and sellers in the Northern Virginia who are considering to be in the 2012 residential real estate market:
So what are the positive notes in the Northern Virginia market:
- A 27% decline in Foreclosure at the end of the 2011 fourth quarter was reported by RealtyTrac.
- Virginia continues to fare quite well as compared to other states across the United States, as only nine states have lower unemployment rates than Virginia. Northern Virginia has remained at 4.97%.
- Rentals are on rise..that
has put lot of first time home buyers in the market to purchase rather
than continuing paying rent that would almost equal to their mortgage in
As per the data released by MRIS/RBI a local MLS the
January closing in the Northern Virginia, Loudoun County region was on
the positive rise. Both Average and Median sales price are both higher
compared to last year. Compared to the Fairfax County Jan Market Report,
in Loudoun the average price for deattached and attached homes went up
significantly. On the down side the number of days has gone higher which
can be related to the winter month or month right after holidays.
Loudoun County home sellers
particularly faces a stiff competition from the new construction that
has seen a significant rise in both volume of sales and prices. Builders
are not negotiating and base price does not have include any or much
incentives. This disappointment has lead to buyers consider resale
We continue to see large number of home buyers in Loudoun finance their home purchase either under convention or FHA loan type and a significant percentage of cash buyers!!!