Nandu Patel, Home Buyer in Fredericksburg, VA

when housing market will come back ?

Asked by Nandu Patel, Fredericksburg, VA Fri May 11, 2012

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8
It has been coming back for the past two years. Every single one of my clients are in bidding wars just trying to get a home - and this is in markets everywhere from Fredericksburg to the Beltway and west to Gainesville. I've seen prices in entry level single family homes in Fredericksburg go up $10-20k in the last two months alone. Buyers are getting a rude awakening when they enter the market because they are completely unaware of how fierce the buying competition is.

It hasn't quite reached above $250k level in Fredericksburg but it will shortly. We are in the beginning of a housing shorting.

Its still a great time to buy but you have to be prepared to work and you need to use creative and smart strategies to get the best deal for the dollar. One such strategy is taking advantage of the FHA 203k home renovation loan. Its the only loan that allows you buy a home as is and include all the costs of renovations in with your mortgage. Its how I help my clients get the best possible home for the least amount of money. You can see more info at http://www.makeoveragent.com as well as some before/after pictures and great little video showing a renovation on a 74 year old home.

Please let me know if you have any other questions, I'd be happy to help you find a home.
1 vote Thank Flag Link Fri May 11, 2012
It's BACK!!! House prices increased another 7% in the past month. The Fredericksburg area and north are seeing these increases. Other areas to the south and west of us are more stable.
0 votes Thank Flag Link Fri Mar 29, 2013
It already has. Housing is generally considered a bellwether, meaning that it establishes how other industries will trend in the near future. As of fourth quarter of CY 2011, we have seen a marked improvement in prices, and interest rates are still at or near record lows. 30-year fixed rate mortgages at an interest rate of 3.75% with good credit are not unusual. Prices in Sposylvania County are increasing by 0.65 percent (about 2/3 of one percent) per month, and Stafford/Fredericksburg City are at about 0.5 percent per month, year-over-year. Overall, in the Fredericksburg area the inventory is at about 4 months, just at the bottom end of a normal market, soon to be in a seller's market. This means that low home values will be a rapidly dwindling commodity by the end of the year. I have been a Realtor for nine years, and I have never seen a better time to buy than right now. But anyone looking to buy should do so now. The current market will not and cannot last much longer.
0 votes Thank Flag Link Wed May 16, 2012
Housing inventory is currently low (3 months of market demand remaining) in all price ranges below $400K. The Fredericksburg market (Stafford County, City of Fredericksburg, Spotsylvania County, King George County, and Caroline County) has rebounded 5% over the past 12 months. With interest rates at record lows we don't feel this trend will change for the next 12 months. Call us if we can assist you further.

Dwayne and Maryanne Moyers
http://www.MaryanneMoyers.com
http://www.MoyersTeamBlog.com
(540) 379-7359
0 votes Thank Flag Link Fri May 11, 2012
Hi, This question will have many different opinions and answers. There are signs that many markets are bouncing back and stabilizing. Your best bet is to team up with a local agent so they can educate you on what your specific market is doing.

Chris
0 votes Thank Flag Link Fri May 11, 2012
Even in hard-hit states such as Florida, you can see evidence of the real estate market rising from the bottom. Take a look at my blog for a few graphical representations of how the trend arrows are no longer pointing down.

Now, what is missing from the discussion is the definition of 'come back'
If come back means 2005-2006 level....don't count on it.

If come back means 2-3% appreciation annually....that's doable..depending on the action of the 'too big to fails.'.

If come back means Joe and Janet taxpayer can get a mortgage...well the 'too big to fails' control that.

If come back means resources are available to Joe and Janet to bypass the 'too bigs' it's getting better every day.

What do you mean by 'come back?'
0 votes Thank Flag Link Fri May 11, 2012
It is back Nandu. I have sold more homes in the last 6 weeks that did in the prior 6 months. Consumer confidence is on the rise and the prices were rock bottom. I have seen prices go up slightly as there is buying competition. If selling, you still need to have your home ready and staged. Buyers are looking for the best house for the best price, so preparation is key.

Buyers are competiting for those best looking homes that are priced well. I got three offers on one listing a couple of weeks ago. The market is awesome and I see it getting more equal for buyers and sellers that are realistic and prepared. Give me a call if you need help buying a home. I would love to help you!

Tina Beasley
Associate Broker, ASP
Envision Real Estate, LC
804-972-9927 Cell Direct
0 votes Thank Flag Link Fri May 11, 2012
Nandu, We are already seeing an upswing in the market conditions in the DC/Metro area. New home prices are on the rise with Lee's Parke seeing an increase in over 10% in price in the last year. If you are looking to purchase, you could not have picked a better time! Interest rates are at an all time low and builders are starting to beef up their inventory for the spring/summer. Give me a call and we can talk about the options. I look forward to helping you and your family find your next home.
Sincerely,
Kris Heitman
Realtor
CTI Real Estate
1320 Central Park Blvd., Ste. 210
Fredericksburg, VA 22401
540-479-7275 Cell
800-481-6641 Fax
800-460-4CTI ext. 802 Office
KHeitman@CTIRealEstate.com
0 votes Thank Flag Link Fri May 11, 2012
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