In Northern Virginia we have seen a decided slow down in sales. Things will sell, if prepared and priced properly, but not necessarily on the Seller's time line.
I think that WHEN the market turns around, it will be in large part due to the first time buyer. The way I see it, when you have listings at the top of the market sitting for months on end, it is due to the listings a tier below sitting, too. Those listings are sitting because the listings in the starter-detached home market or the large townhouse market are not selling. It goes all the way down the food chain to the vacant condo.
If the first time buyer gets back in the market, suddenly you will see some of the condominiums and small townhouses sell. That will free up the sellers to buy up to the next size home. This cycle continues with a series of move-up purchases until the top-tier listings begin to move.
The Real Estate industry, and the mortgage industry, can facilitate the recovery by focusing on these buyers. They are the least confident buyers, often with no experience, and can be very gratifying to assist with a purchase.
My question, just like yours, is where are the First Time Buyers and how do we get them back in the market? There are great programs available with good terms. I am not being overly optimistic when I say that I really believe this is a great time to buy. If you are a first time buyer, please don't hesitate to contact a Real Estate or Mortgage professional to find out how these programs can help you. I hate to hear that home ownership is down when there are so many great homes avaialbe at great terms.
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