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The Current Housing Market
As of today, in Loudoun County, September 23rd 2008, there have been over 400 homes sold within the last 30 days and probably more as all of them actually haven't been entered and closed in the Multiple Listing System. Well over 900 of them are currently under contract. Buyers are still buying and sellers are still selling.
Many good people and families are hurting as a result of some poor choices that were made in a culture of instant gratification. On the other hand, many people are content with investments they've made. I have spoken of the yin/yang effect before in a previous blog entry. For whatever it's worth, the government and financial institutions worldwide are trying to play a balancing act that is, in my mind unprecedented and unfortunate in the 21st century AD of this planet. There are many angles to this story. But as I've said before, there are reasons behind the reasons behind the reasons that people and institutions do and don't do what they do. Inman news online tries to explain it, but even in that there are so many unanswered questions. Bloomberg tries to put there spin on it. I don't believe any one person can ever know everything as to why we are where we are.
I could provide you many different sources of information, but the bottom line is this...regardless of what's happening in the financial and housing market, what the governments (not just ours, my friends)do, debate over, or don't do - there is uncertainty floating around the minds of both buyers and sellers. Many agents and investors that I've spoken with and I agree: especially around Northern Virginia - there has been a trend over the last 4 months of more sales, more contracts since 2005.
National News can be a great source of information. However, this region is unique. Have we seen the bottom? Real Estate will always be a sound investment, no matter when you buy it. We have a roof over our head today that we call home. Will values drop some more? Maybe so. Maybe not. Is this a good time to buy? Will you lose money if you sell now? Will you make any? No one person really knows. Are you in for the long term or a quick buck? I believe the former choice has it.
All I know is this, over the next 3 days, I will be showing 3 different families several properties in the area.
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