head_left_image

The Long and Winding Road

Road picture for buyersRemember the days of calling from the backseat of the car, "are we there yet?"  Our parents usually gave us the "soon" or "in a little while" response to try and keep us happy for another 50 miles or so. 

The question now coming from the buyers as we drive around looking at houses is "has the market reached the bottom yet?"  Fear of making the wrong decision in a declining market is understandable but trying to figure out the definition of the bottom is tough. 

In the past week I have made offers for three buyers on three properties.  One was a seller owned property, one was a short-sale and one was a foreclosure.  All three properties had multiple offers! Other agents I talk to are encountering the same situation and one has 12 offers on a foreclosure listing. 

Does this mean we have reached the bottom?  I'm not sure but it does mean that buyers are spotting the good listings and making offers.  It also means that buyers who have been driving in circles for awhile have finally gotten into the buying mood.  As an agent I can't say for sure that we "are there yet" but certainly the current signs are starting to show that perhaps "soon" is coming in some areas. 

The good news is at least one of my buyers has reached their destination.  A ratified contract!

                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

Military Relocation Specialist serving military families relocating to and from the Pentagon, Fort Belvoir, Quantico MCB and all of the Military District of Washington installations. 

Military Relocation Professional


Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.

Integrity Real Estate Group
 
Real People*Real Life*Real Estate

Licensed in the Commonwealth of Virginia



 

 

Comment balloon 13 commentsCindy Jones • May 12 2008 07:47PM

Comments

Good to see things picking up in your area, Cindy.  We are experiencing an increase in showings, now to just get the buyers off the fence.  Congrats on the contract!!

Posted by Lisa Heindel, New Orleans Real Estate Broker (Crescent City Living LLC) over 10 years ago

Hi Cindy....you're so right..I get asked that, even by those who are not buyers....but I am seeing multiple contracts on homes....in fact in the last couple of weeks, 3 different homes I wrote on, had a few offers already....let's cross our fingers.....take care....

Posted by Konnie Mac McCarthy, Broker/Owner - VA & MD "Time To Get A Move On!" (MacNificent Properties, LLC) over 10 years ago

I've seen it too. I've been spending a lot of time in Prince William County over the last couple of weeks. There's a lot to choose from, but we found some good homes that are being passed over because of the "foreclosure" noise. Either way, buyers are in the market place.

Posted by Craig W. Barrett, Hughesville MD Real Estate (RE/MAX 100) over 10 years ago

Cindy, your graphic is terrific.  So is this post.  And see you Thursday!

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 10 years ago

Lisa-hope you can get your buyers to start moving as they are here. 

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

Konnie-congratulations on also having buyers realizing that there are deals all around the area.  Hope you get a few ratified contracts out of the process too!

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

Craig-glad you are also finding some of the secret neighborhoods too.  You know where they are as soon as you realize that the other agents are in them too.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

Patricia-thanks!  I'm working my route to your house.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

Problem is that we won't know we are at the bottom for sure until several months later.

Posted by Marlene Scheffer, Realtor to Kitsap County, WA (Realty Station) over 10 years ago

Marlene-this is true.  Most of the buyers I am working with now are looking for a real home to live in so the bottom could be irrelevant.  Long term gains are where home buyers should be focused now. 

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

Cindy, Boy!  I couldn't get by that picture.  Looks an awful lot like the Springfield Interchange Mixing Bowl!

Posted by Brian Block, Northern Virginia & D.C. Real Estate (RE/MAX Allegiance, Managing Broker/Branch Vice President) over 10 years ago

Brian-You are right.  But the mixing bowl has a bad rap.  I mean it should be on the list of tourist attractions for anyone coming to the area.

Posted by Cindy Jones, Pentagon, Fort Belvoir & Quantico Real Estate News (Integrity Real Estate Group) over 10 years ago

We're noticing a lot of multiple offer situations, too. Other signs of reaching the bottom here - lower inventory, low rental vacancies. Still a lot of foreclosures in some spots though, so I don't make my clients any promises, just caution.

Posted by Joetta Fort, Independent Broker, Homes Denver to Boulder (The DiGiorgio Group) over 10 years ago

This blog does not allow anonymous comments