2 BIG signs of a Recovering Real Estate Market2 BIG signs of a Recovering Real Estate Market
CNN Money reported last month that foreclosure rates have dropped below 2007 levels in 212 of the nation’s largest markets and that new home sales have hit a 2 year high. Have you noticed the construction in Brambleton?
1 – Foreclosures fall in 62% of US cities
Across the nation, foreclosure filings were down 16% with the lowest number of filings since 2007 and many cities even seeing double digit declines.
While the distressed property inventory continues to drop in the Dulles area as well as across the nation, new home sales have been on the rise over the past two years (when the economy was helped by a short-term home buyer’s tax credit). Two contributing factors that helped the recent rise in new home sales, are the drop in unemployment and continued historically low interest rates.
Builders have started to see new home inventory levels stabilize and in response, have even started to drop incentives and raise prices. CNN Money reported last month that the median price of a new home sold from is up 11.7% from last year!
We have begun to see the effects of a recovering economy in Loudoun County, Virginia where the current unemployment less is than half the national average and down .3% from last year to an incredible rate of 4.0% (reported by the US Department of Labor).
Washington, D.C. sellers surprised on current market conditions:
What does this mean for Loudoun County homeowners and buyers? Now is the time to sell and make the move.
The market is constantly changing and the Northern Virginia real estate experts at Ask Gina & Company located out of Ashburn, are ready to guide you through the negotiation process to ensure you get the biggest bang for you buck. Call us at 703-574-3478 or email us at firstname.lastname@example.org for all the up to date information on Loudoun County foreclosures & new home sales.