The Real Estate Market Report for Alexandria and Northern Virginia for October 2010 was released yesterday along with the annual Housing Opportunity Pulse Survey from the National Association of Realtors (NAR).
The survey questioned Americans from across the nation on their attitudes towards homeownership.
The results? Homeownership still figures prominently in the American dream with nearly 8 out of 10 respondents believing that buying a home is a good financial decision.
According to NAR, pending home sales have increased for the second consecutive month, rising 4.3 percent to 82.3 based on contracts signed in August.
The data reflects contracts, not closings. A sale is listed as pending when the contract is signed but the transaction has not closed, though sales are usually finalized within 60 to 90 days from signing.
Those surveyed also agreed that job insecurity and the lack of jobs continue to be the primary obstacle to home ownership and market recovery in the near future.
For those in a position to buy, it is a prime opportunity with historically low interest rates and a wide selection of homes that are more affordable than ever. NAR's survey respondents agreed, with more than two-thirds of respondents (68 percent) saying that now is a good time to buy a home.
If you are currently in the market to purchase a home, be aware that industry insiders are watching inflation rates closely right now. If inflation rates begin to rise, then so will mortgage rates. If mortgage rates rise, it could price many buyers out of their dream home.
Let's look at what is happening in Alexandria:
- The number of October sales (116) were down 33.3 percent from October 2009 (174) and down 0.9 percent from September 2010. October YTD sales are running 4.9 percent behind last year's year-to-date sales of 1,657.
- The October median sales price of $437,000 was up 16.9 percent from the $417,662 in October 2009 but down 5.0 percent from September 2010.
- The average sales price in October was $471,910, up 13.0 percent from $438,356 in October 2009 but down 1.6 percent from $480,335 last month.
For a more detailed look at the October 2010 real estate market reports for Alexandria and Northern Virginia, check out the specific locations below:
So what's the real deal? How should this data impact your home buying or selling decisions? Is the market stabilizing or flailing?
It's times like these that I can provide you with the solid facts that are relevant to you, in your neighborhood.
I not only have the experience and knowledge to assist you, but I am in the local marketplace everyday and have access to pertinent local data that can help you make sound home buying and selling decisions.
Whether you are a home seller who needs professional guidance to price a property appropriately, or a home buyer who needs a responsible representative who will lead you through the process, I can advise you, dissect those national headlines, and give you the right kind of information to help you make the decisions that are right for you.
For help navigating the local real estate landscape, call me at 703.927.4554. I'm here for you.