Hire a stong agent that knows what's going on, and hang on for the ride. However, I feel STRONGLY that it is a great time to buy, especially if you plan to live there long term (5+ years).
It is an excellent time to buy a new town home in Ashburn.
As you know the rates are low and the prices are the lowest they have been.
Please remember that when you want to buy a residential property the best thing is to keep it at least for 5 years before you sell it. That way you do not lose.
You will not lose by purchasing now, if you want to live in it, anyway because the interest rates are so low.
With people starting to buy homes I think the prices have bottomed out and will start rising and of course interest rates may also rise.
Call me at 703-819-2961 and let me assist you in finding, and negotiating a price for your new townhome in Ashburn.
If the media only understood that Real Estate Markets are Local, not National, then they would be saying Northern Virginia is faring much better than most areas of our country. Our unemployment rate is lower than most, our new job creation is much greater than, thanks to our Federal Government, Contractors, and several Corporations are moving their headquarters into NoVA, out of other areas of our Country.
If all of those facts made the local news, buyers would not be sitting on the fence, but in fact purchasing homes.
So, bring me the buyers, I am ready, optimistic and very enthusiastic about 2009! And also, a very qualified Realtor!
It is an incredible time for First Time Buyers to finally enter the Real Estate Market, but only if they are going to stay in their home for 4 or more years!
Sincerely, Kyle Davis, REMAX Select Properties, Inc.
In terms of what is happening with the market in Ashburn right now, this is going to surprise you, but the townhome market there is very busy right now. While the whole of Loudoun County has an inventory level of homes that would take around seven months to sell at the current rate they are going under contract, the townhomes in Ashburn are at around a two to three month supply. What this means is that townhomes that are coming on the market in good condition and/or priced well are going under contract quickly. I have seen multiple offer situations taking place, too, although we aren't seeing a jump up in prices like we have in the past. Whether this recovery is short lived or signs of a more stable trend, only time will tell.
If your goals are to purchase in Ashburn and stay for three to five years, you should feel comfortable buying now. Please feel free to call or email me with any questions about the market, or visit my website.
NEWS CAST for the "short-bus" people: The whole NATION is in a declining market now. NOT just the Ashburn area for God's sake.
Turn on the news... Its a pendulum effect and it is swinging the other way.
Life isn't fair. But whats fair(?)... A circus with pigs - so hang in there.
In areas determined as being in a "declining market", the lenders were requiring an extra 5 percent down payment. So if you were doing a 5 percent down loan originally, you would now need to put down 10 percent. That's the direct affect to you as a borrower/purchaser.
There is a strong rumor that Fannie and Freddie will no longer be following the "Declining Market" guidelines of old moving forward. Media such as MSNBC, CNN and AP have been reporting on it over the last few weeks and have citing inside sources that are deemed credible. We'll see what happens...
Let me know if I can be of assistance in any way. Feel free to check out my Loudoun County real estate blog for more information about the area (link below).