Virginia real estate update

October 5, 2009 by · Leave a Comment
Filed under: Virginia 

Northern-Virginia-Homes-lVirginia real estate has seen increasing market pressures and a declining real estate market as a result of the nationwide recession.  The fall out of the American economy has led to high foreclosure rates, dropping home sales, and an extremely unfortunate time for Virginian home sellers and potential property buyers alike.  While many might predict only negative movement for the foreseeable future, there are some experts who believe things may only get better.  Dagny Salas, a writer for the Washington Post, published an article on September 10, 2009 about the stabilization of the housing market.  The report states that “there has been a sharp shift in the past six months, as a swell of buyers, many looking to purchase their first home, have been jockeying for a smaller pool of houses.”  To make things even better, the number of foreclosures in each county is down from last year.  Improvements to the market for Virginia homes for sale is also evident through the leveling of the average price of homes sold.  While it has decreased from about $255,000 in July 2008 to about $242,000 in July 2009, this is a much more stable change compared to the change between the summers of 2007 and 2008 when prices dropped from $407,000 to $255,000.

Renae Merle’s September 11, 2009, article, also in the Washington Post, quoted RealtyTrac as counting 358,741 foreclosure filings nationally and that filings in Virginia were much lower than other comparable markets in the nation.  Jackie Friedlander of the Fairfax County Times expressed sentiment with the very volatile local market for  real estate in Virginia.  At the Northern Virginia Association of Realtors economic summit, visions of an improved market were shared by all after details of government stimuli and other spending increases were explained and detailed.  Most experts agreed that the housing market in Virginia was becoming more stable by the day although the lowest point of the recession may not have been reached yet.  While the 2008 housing market collapse is widely blamed for starting the current recession, several analysts in the article predicted that the housing recovery would, in turn, play a major role in ending it.