Things have gone crazy

My last few posts have indicated the market was picking up. In just the last 2 weeks things have gone crazy. We have received contract offers on every one of our "for sale" listings and all but 1 of our "rental" listings. For one of our for sale listings, I had 2 agents call me the same afternoon just after we ratified a contract, saying they wanted to submit contract offers on the house. I had to tell them we were already under contract. One of them said her client liked our house so much that she would wait to see if we really went to settlement or not before deciding to make an offer on some other house. Wow! Where have all the buyers been the last 6 months??? - Bob

The Northern Virginia real estate market is definitely getting stronger

The trend I first reported on over a month ago - that I saw a pick up in real estate sales and buyer activity in northern Virginia - is definitely real. Some listings are starting to receive multiple contracts. Also, two sets of buyers I am working with both had their first choice of homes contracted by other people before we could even make an offer.

I have also noticed a change in sentiment in people I run into in various places. Most people I talk to are now saying that the real estate downturn in this area is either at, near or already past the bottom. This sentiment, while only coming from my small world, is the necessary first step before the public starts buying homes again.

It will likely be 3 months before the local newspapers report that the real estate slump in this area is over, but for buyers in the know, this is a great time to buy as there is limited downside and great upside price potential ahead. - Bob