Image by DougFrancis via Flickr
Well, not really in Northern Virginia!
In the grand scheme of things, we should see home buyers having the best of times with this real estate market. The available home buyer tax credits, home prices are the lowest in years, mortgage interest rates are still around 5%, spring is in the air… okay, that’s a stretch.
As I went over NVAR’s end of year statistics there was one glaring fact that directly impacts a buyer’s market.
Lack of Inventory
All the information available on web sites isn’t going to give you the strategies necessary to successfully buy a home in this market. Yep, it’s another reason to have a buyer agent working to make you the strongest, most competitive home buyer possible.
Let’s talk…
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if you had to pick between two properties, one in bristow/gainesville area (in a prominent community) w/a brand new home that offers more square footage (and a double garage, etc) OR a resell in centreville (ffx cnty) which is completely updated, and slightly smaller, BUT of the same price – which would you pick? I ask that you answer on the basis of more likely assured growth… In other words, which of the two (areas) is more likely (forecasted) to assure growth in value or atleast stability? we are first time home buyers, expecting a new addition in the coming months… and while we know we could live in either, and have a preference, we don’t want to lose sight of how much we could gain or expect to gain (or remain in tact)… note: the new home is well priced, but then again this other resell is one which a builder updated (in every which way one could)… please advise asap.