Has Virginia Already Passed the Bottom of the Housing Market?

Everyone has been asking in the past year “Has the housing market made the turn from declining to stable?”  Here are some recent stories/publications that indicate we may have already hit bottom.

  • This story done by NewsChannel 8 discusses the fast–paced market in Prince William County, one of the areas hardest hit by the declining housing market.
  • The Virginia Home Sales Report by VAR shows three major events occurring in the market that might signal a change: less inventory, more pending sales, and a rising median home price.
  • Also one of the MLS systems that services a portion of the state just published their Q1 2009 Trends in Housing Report which also points out the three data points showing a trend towards a housing market shift.

So what behind the scenes factors are blazing this change?

  • Interest rates are luring cost-conscious buyers
  • First-time buyers taking advantage of the $8000 tax credit
  • Prices are also bringing out buyers who felt they were priced out of the market or that prices were artificially inflated
  • Many buyers that have been sitting on the sideline just cannot wait due to changing circumstances.  As the saying goes “life goes on”.

What are you seeing in your local market in terms of market activity?

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2 Responses to Has Virginia Already Passed the Bottom of the Housing Market?

  1. I feel that we Realtors are sitting around an auto accident and the policeman has just asked us what happened? It looks different because we are looking at it from different angles. I monitor land sales and land is not moving. We had 35 sales for the 1st Quarter 2009 in the Lynchburg MLS where 25 of them were for lots under 6-acres. – See http://www.dirtblogger.com/?p=719 for more details. Houses that are over $400,000 are also not selling, but those under $150,000 seem to be doing well.

  2. jay says:

    Great news and the type of thing worth blogging about–hopefully bloggers wrote about these trends 1-3 months ago as they have been apparent for those on the front lines.

    Question: when did VARbuzz become a no follow blog? Sad and unsupportive of it’s contributors/commenters if you ask me, when I thought one of its goals was to support realtors and their efforts?

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