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Piedmont Real Estate Blog

Blog by Julie Emery
Amissville, Virginia

An ongoing dialog on real estate news, opinion and trends in Northern Virginia and the greater Piedmont area.

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It's a Great Time to Buy

Jun. 2, 2008
Categorized in: Buyers

I know! You think I drank the kool-aid, finally! Or, you're worried that my brain has finally shorted out! (Or, maybe THEY got to me!)

I assure you none of the above is true!

Ignore all the hype from the real estate industry about now being a great time to buy. That's not what this is about. It may or may not be a great time for any specific individual or family to buy any specific house!

But, historically, a buyer has never had more power than they do today! And, I believe that's news. That's a good news story that we should all be able to get behind.

With the internet-based tools available to buyers today, they've never had the opportunity to be more well-informed. They have access to tax records and GIS from localities. They have access to maps from Google that make map fanatics like me drool! There are places like Zillow where you can get a "Zestimate" which, although flawed, is still a pretty amazing development. There are new sites such as FranklyMLS.com that are marrying Wiki functionality with MLS capabilities.

There's even more information available to help you choose an agent, whether that's reading their blog or checking out their ratings on sites such as QSC.

In fact, the buyer has so many tools these days that I suspect a lot of them are suffering from data overload. Data without thoughtful analysis can be more of a burden than a help!

Still, the tools are amazing! Regardless what prices do in the local market, a real estate buyer anywhere in Virginia has never before had the opportunity to negotiate from a stronger position!

A Year's Worth of Fauquier County Data

Mar. 17, 2007
Categorized in: Local Market Conditions

I believe that numbers tell stories. And, going into the spring market, with everyone desperately trying to determine where the local market is headed, my instinct is to turn to the numbers.

 

It helps me determine whether my current experiences are unique or reflective of the market overall. And it helps me paint a truer picture of the market for my sellers as we look at realistic pricing.

 

So, here is a small piece of the real estate puzzle for Fauquier County, Virginia for the months from February, 2006 through February 2007. The data is taken from our MLS system and includes properties residential properties listed between $100,000 and $5,000,000.

 

The numbers I’ve chosen to look at are the total number of active listings at the end of that month, new listings that went on the market that month, properties newly under contract that month, and properties that went to settlement that month.

 
 

MONTH
ACTIVE
NEW LISTINGS
NEW CONTRACTS
SOLD
02/06
489
149
64
54
03/06
610
296
91
61
04/06
692
254
94
77
05/06
732
237
107
87
06/06
781
218
78
90
07/06
816
190
62
54
08/06
823
206
79
79
09/06
794
162
62
61
10/06
821
197
51
55
11/06
723
105
59
44
12/06
643
71
36
54
01/07
656
171
60
42
02/07
676
135
71
53

 
 
There is nothing here that would support wild optimism about the upcoming market. There are some causes for concern as inventory is much, much too high, even though it’s fallen from it’s peak in August of last year.
 
The questions hanging out there are how many buyers will the spring bring? How many buyers will be taken out of the market by the tightening credit standards? Will foreclosures increase enough that they seriously impact inventory? Will investors believe we’re close enough to bottom that they ought to be buying?
 
So, how do things look from your perspective?