NOVA Homes Blog: The NOVA Housing Market Is Back On Its Feet

Tuesday, July 17, 2012

The NOVA Housing Market Is Back On Its Feet

It isn’t news to anyone that the real estate market is on the rise again. However, the market could be getting back steadily on its feet, without needing any help. So now that the Northern Virginia Real Estate market is climbing back on top, what does that mean for home buyers?

One of the biggest indicators for future sales is shown through pending sales, and luckily for the Northern Virginia area, pending sales are up. Pending sales are transactions that are under contract, therefore showing how the market will either rise or fall in the future. Sales throughout this region have also been up four out of the past five months. The market is seeing its best growth since spring of 2010, and this is without the federal homebuyer tax credit.

Although foreclosures are still a looming dark cloud over the market, reports are showing that the number of them is not strong enough to pull the entire market down. For all communities in the area this is wonderful news, especially during the warm summer months when it is prime time to be showing houses. With numbers on the rise, home buyers are on a mission to find their new home during the warm months of the year.

Based on May figures for 2012, reports indicate that sales have increased by almost 15% in just one year. It is true that some regions are finding quicker increase in sales mostly due to their desirable location. However, even in locations where the growth doesn’t appear as rapid, it is still gradually increasing, predicting a steady turn around. With great growth in overall sales in Fairfax County, and a steady increase in pending sales for the city of Alexandria, it appears the Northern Virginia area is finally back on top of the real estate market.

If you have any questions regarding the real estate market, or are interested in buying or selling Northern Virginia Real Estate, feel free to contact me! I look forward to speaking with you!

Earle and Stan Whitmore
Long & Foster Real Estate, Inc.
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When you first meet Earle, she greets you with a firm handshake and a broad smile. She has a certain charm and friendly nature that immediately set you at ease. As you talk to her, she listens intently. You can see by the earnest look on her face that she’s already developing ideas and strategies to accomplish your goals. By the end of your conversation, you’re surprised that someone can have such a clear understanding of your needs after just one meeting. This is the essence of Earle’s real estate service. She’s a straightforward businesswoman who doesn’t let up until her clients are satisfied.
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Northern Virginia is a thriving area consisting of several communities that thrive with historical and cultural richness as well as physical beauty.
With all that the Northern Virginia area offers, there’s never a shortage of things to do, natural beauty and great schools. From the ocean to the mountains to the nation’s capital, this is a part of the country that has it all!
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