Just in case you’re wanting to finally get into the real estate market with all the low interest rates and price appreciation you may be hearing about – just wanted to let you know, there are only 9 foreclosures on the market as of today, in the Northern Virginia area.
That includes Arlington county, Alexandria city, and Fairfax County. Yep – just 9 – that’s roughly 0.4% of the available inventory. There are also another 79 short sales (4.9% of the inventory) for those who want to go after that sort of purchase. Distressed properties are no longer a major part of the D.C.-area market.
Sellers are now having an easier time of selling houses in this market. The buyers are squaring off to bid houses up and forego some traditional negotiation strategies to get the home of their choice.
It doesn’t mean buyers can’t get a good house at a good price – it just means you need a good pro on your side to help negotiate the contract and get you in the house.
As you can see on the chart below – there really is not a lot of short sale or foreclosure inventory in Northern Virginia. Those pieces of the pie have generally been eaten and the plate licked clean!