Northern Virginia Real Estate Market Update – September 2010

Happy Fall!

We’re in the home stretch for the real estate year, which typically has a fair amount of activity in September and October before dropping off for Winter. Here’s the round up of news:

The expiration of the first time home buyer credit in June resulted in a record 27% drop in sales nationwide in July. For reasons still unclear, the press seemed surprised by this. The drop prompted HUD Secretary Shaun Donovan to make some coy remarks about the potential return of a first time buyer credit later this year. But not so fast, argues this WSJ blog post, which argues that the speculation is only to give some bounce to the upcoming elections, and a renewal is unlikely.

DC continues to do well, having shown another increase in year on year sales. The NAR has announced that “the correction in home prices came to an end in 2009.” Famous last words?

If you’re still debating renting vs buying, or even toying with the idea of buying an investment property, here’s a good article with some food for thought. (Hint:Rental rates are firming up.)

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.

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