We have had another interesting week in real estate. It sure would be nice to predict what the real estate market will do from month to month. So far, there have been incidences of contracts falling apart because the buyer can no longer get the financing that they had been promised. Eventhough this has affected individual sellers and buyers, it has not flooded the market with additional listings. The local market in Herndon/Oak Hill seems to be doing well. Prices still seem to be stable. There are a total of 93 active single family homes on the market - the same as last week. This shows that the foreclosure market is not affecting the number of new listings coming on the market. There were 7 new listings this week and 8 homes received contracts. All about the same as last week and now a week after the turmoil of the banks withdrawing their financing. Yesterday, the Fed rate dropped - this should also help stabilize the market. I would think if we have another week of these results - we should be in pretty great shape. After all, the market has done really great for a summer market. June, July and August are the worst 3 months of the year for real estate due to summer vacaations and kids being home from school. September usually sees an increase in the number of homes sold. Hopefully, this trend will continue. We should have a great Fall and next Spring market. If you are thinking of selling in the Spring market 2008, this is a great time to call to get ideas of what you need to do to get on the market. If you are a buyer ready to buy, make sure you are working with stable lenders - I have several I could recommend. Have a great weekend.
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