Summer is upon us, and with it, a slowdown in the market. Though the tax credit certainly has had an impact, it is NOT unexpected to have a slow down in summer. We’ll need to wait another month or so to really compare apples to apples once the May and June data are out. Looking at the Northern Virginia stats for May, though, we can see that once again inventory dropped and contracts went up–even AFTER the credit deadline had passed. Buyers and builders alike are catching on the the steadily dropping supply of homes: UrbanTurf reports the return of apartment-to-condo conversions, and CNN is reporting a possible housing shortage to come.
In other news…
And finally, given our recent heat wave, you may be cringing at those high air conditioning bills — this is a great time to think about some energy efficient upgrades for your home, while you can still take advantage of the tax credits that expire at the end of this year!
As always, if we can be of assistance with your real estate needs, or you know someone looking to move, please don’t hesitate to contact us.