Tuesday, December 17, 2013

Homebuyers Gaining Confidence in Northern Virginia Real Estate

Good news has come for  homebuyers in Northern Virginia! Especially those planning to purchase a home this coming year. Homebuyer confidence is rising, according to a recent Redfin survey, which means buyers are beginning to breathe a little easier when it comes to Northern Virginia real estate.

 The latest Redfin Real-Time Buyer Survey found that "homebuyer confidence picked up for the first time in 2013, a sentiment that almost certainly reflects softer competition and buyers' improved negotiating power during real estate's slow season," reported MSN Real Estate. Mortgage rates have also fallen which has eased concerns about home affordability in the  Northern Virginia real estate market.

 What's different this time around? For homebuyers their confidence is boosted by a number of things, but here's what has changed for those looking to purchase homes in Alexandria, Arlington, Falls Church, Fairfax City, or McLean this year.

 Homebuyers are Confident
According to MSN Real Estate, after three consecutive months of decline in confidence, "28 percent of survey respondents said now is a "good" time to buy a home, up from 24 percent in the third quarter." On the same note, almost 60 percent of those surveyed believe now is an "OK" time to purchase homes in Northern Virginia which may indeed have an affect on how many of those will be entering the market in early 2014.

 Inventory Problems
Homebuyers' confidence in the market has a lot to do with the number of homes for sale in Northern Virginia. Homebuyers are increasingly frustrated with the lack of inventory and cited that as their main concern with buying a home. In addition to rising home prices, homebuyers' confidence is set to boost again this year as inventory is expected to rise as more homeowners regain positive equity in their homes and consider selling.

 Here's an idea of how homebuyers feel in the market, as projected by Redfin:


Homebuyers are gaining momentum as they prepare to buy a home in 2014 and the biggest and most important step you can take is finding a real estate agent to navigate you through the process. Ready to start your search for homes in Northern Virginia? 

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna.

Earle Whitmore
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