Falls Church, Virginia Realtors Report Continuing Hot Market
Falls Church, Virginia, has charm as well as easy access to Washington, D.C., which is making it a popular relocation destination, despite its small size, say Realtors. "Falls Church has a small town feeling with only one middle school and one high school," explains Realtor Casey O'Neal. "It's close to the Orange Line Metro and Washington, D.C., so Falls Church City, while being a very small geographic area has been, and continues to be, one of the hottest markets in the DC Metro area. It borders Arlington County and enjoys Metro proximity." O'Neal advises, "With interest rates staying low, most people are still considering real estate as an attractive investment. Living close to the Washington metro area and its available jobs is valuable to homebuyers. Spending less time commuting and more time with family and friends is a key factor in determining where houses are being purchased. As a result, Falls Church City is an incredibly sought-after location, with it's close proximity to DC. Spring has sprung... and so has much of the housing inventory! Progressing into May through the second quarter of 2005, there has been an increase in the available stock of housing inventory compared to the critical shortage that existed in the first quarter and even in early to mid-April in Northern Virginia, and especially in Falls Church City." He adds, "Prices have increased this year, especially in the affordable price ranges that attract first-time and move-up buyers. At least the buyers out there now have more properties to choose from, which hopefully will minimize the competitive bidding scenarios in many cases. Homes can sit on the market for days or weeks depending upon initial realistic pricing. In most situations we are seeing multiple offers on properties that are priced right, and in other cases, price reductions where the seller has tested the market with no offers. Homes that haven't been updated are sitting on the market longer if they are priced similar to those that are in "turn-key" condition. Builders, renovators, and average buyers are looking for "fixer-uppers" at the right price. Educating both buyers and sellers to the changing market conditions is more important than ever." Suggests Realtor Michael Wilson, "Today's market is very active. Prices are still holding steady and increasing, with the recent demand for property and historically low interest rates. Buyers and sellers need representation in this kind of market to get the most out of your situation. I like to remind buyers that they don't exactly pay the Realtor. Realtors get paid by what the seller is offering, so it's always to the buyer's advantage to have a Realtor represent them. For sellers, they need representation to handle all of the buyers, agents, and lenders that they will have to deal with while negotiating the best possible offer on their home." "Everyone close to the real estate industry continues to be amazed at the pace, and pricing, of area real estate," says Realtor Morgan Karimi. "In April, prices continued to increase steadily, far outpacing the expectations of owners or agents. The average time a home is on the market remains at six days. Most contracts today do not have a contingency for a home or radon inspection. The slight rise in interest rates has not made a difference to purchasers, as they can select from a variety of loans to match the monthly payment they qualify for." Karimi says, "Purchasers, don't get discouraged. The northern Virginia real estate market has proved to be one of the best investments you can make. Stay positive, and move quickly when you find your home of choice." |
