Be in your Home for the Holidays....

Real Estate Markets fluctuate between buyer’s markets and seller’s markets. Right now is the great time to get into a brand new home just in time for the holidays and here’s why. These are the latest details from the Metropolitan Regional Information System that convey that the trend towards a buyer’s market has indeed arrived. Today’s buyer’s are in the drivers seat and sellers are much more likely to offer incentives, such as paying for the buyer’s closing costs.

The average days properties stayed active on the market (or “DOM”) in Fairfax, Alexandria & Arlington Counties has more than doubled from October 2005 to October 2006. In 2005, the average DOM was 34 days compared to this year at 83 days. At the same time, the total Sold Dollar Volume in these counties has gone down 25%. Average home prices, as expected with this downturn, have gone down 5%

The average days on market has sky rocketed to 102 from last years 35 days (that’s a 190% change) in Prince William County. At the same time, total sold volume has gone down 50% and the average price has fallen 6%.