Things are looking up again..!

According to Jeannine Aversa with The Associated Press, 90% of economists believe that the recession will end by the first quarter of 2010. The bad news? The market is projected to make a slow recovery and could take the next 5 years to have an impact on the market and unemployment rates. As of now, the national unemployment rate has hit about 9% and is expected to increase to about 10% before it falls again.

More good news!

The Northern Virginia Association of Realtors (NVAR) has released data comparing home sales since May 2008 in the cities of Alexandria, Fairfax, Falls Church, Vienna, Herndon, Clifton, as well as areas of Loudoun and Prince William counties. The statistics show an increase of 4% in home sales from May 2008 to May 2009. The number of active listings is down about 25% or down about 3,000 homes. Homes are now averaging about 76 days on the market compared to the 88 days from May 2008, a 14% drop from just a year ago. In May 2009, the number of pending home sales increased by about 500 homes from May 2008.

What does this all mean? There are less homes coming on the market and they are selling faster than homes were a year ago..! Looking to take advantage of the historically high housing affordability, low interest rates, or the $8,000 first-time homebuyers tax credit? Call me today. I am confident that my vast array of up-to-date knowledge in the real estate market and over 10 years of experience in the industry will make me a perfect candidate to help you find your dream home today.