Real Estate Market Update for DC and Northern Virginia – February 2010

Anybody ready for spring yet?  It feels like real estate has been on hold these last few weeks with our multiple blizzards.

Speaking of snow, as we continue the ‘big dig’ out from under the snow, remember these tips to help prevent snow related flooding in you home.  Many homeowners are also dealing with ice dams in gutters, so if you have water suddenly appearing on your walls you may want to read this article.

What does the spring market look like?  I’d expect a big push of inventory to hit the market now that we appear be out from under the storms.  And there are definitely buyers anxiously awaiting that inventory, given the continued lack of resale and even low new construction inventory, as noted here.

Home equity is again on the rise, according to the Fed. These factors, combined with the home buyer tax credit, are still motivating buyers.

On the bad news front, property taxes continue to be some of the highest in the nation, as shown here. There also continues to be buzz about looming potential increases in mortgage rates when the government stops buying mortgage backed securities next month.

More FHA changes regarding condos went into effect February 1, so expect that to have an impact on the condo market — sellers need to be aware that conventional financing may be the more appealing option should you have the choice, and buyers need to be aware that the process just got a whole lot more complex and expensive, at least for some of you.

I’ve scheduled a First Time Home Buyer class for March 3, 2010 at Arlington Central Library.  If you or someone you know is thinking of buying, please contact me to register.  The session is free, but space is limited and registration is required.  The next class is March 24.