Welcome from the wonderful world of Real Estate in Northern Virginia. The news at this time is that the rental market is firing ahead. Rents seem to have spiked up last month; many of the townhouses are renting for about $200 over last years prices in this area of Alexandria, Arlington and Springfield. People are moving here from all over the country to take advantage of the stronger job market.
The sales prices are still doing pretty well compared to last year, but the effects of the tax credit seem to be wearing off as Buyers stick to their budgets and drive hard bargains. There are fewer short sales and foreclosures affecting the market, but they are still in play. In the first time buyer price range, bidding can be competitive for properties which are in good shape, in good locations, and are not hampered by a short sale. NVAR shows sales prices rising 7.6% over last year, as normal sales make up a larger percentage of the transactions. More Sellers were encouraged to into the market in August, and number of listings rose 15% which may temper sales prices in the Fall.
