Virginia Real Estate

Here is the updated Days on Market chart.

 

 

Just like every summer, days on market has started to creep up.

 

I expect that the days on market will continue to move upwards until January or February as is usual in our area.  This is good news for buyers.  As days on market moves upward, price generally decrease.

President Bush signed H.R. 3221 into law last week.  For home buyers there are two main effects:

 

1) Any new home buyer that closes on a home from April 9, 2008 until July 1, 2009 will receive up to 1 $7,500 tax credit.

 

2) The seller paid zero down programs will dissappear October 1, 2008.

 

A little about the tax credit.

 

A new home buyer is someone that hasn't owned a principle residence for 3 years.

 

The tax "credit" is actually an interest free loan that will be paid back over 15 years or upon the sale of your home.

My appologies to my readers.  It was a tough spring, but I am back now.  Watch for regular updates.

Check out the new Days On Market chart.  DOM is starting down.  Prices generally go up as DOM goes down.  It is possible that we saw the bottom of the market in December or January.

 

 

The January Bank of America Survey is out again.  It is posted here in its entirety.

 

Click here to see the report.

 

The DC metro area is on page 27.  It shows that buyer traffic is about the same, but home prices have dropped yet again.