Fairfax VA real estate buyers for Nothern Virginia came off the fence in 2007 to finally make their home purchase. This is no surprise as I predicted this back in December when I wrote 2007 Real Estate Forecast for Northern Virginia and Washington DC.
After 2006 produced 26.58% fewer homes sold for Northern Virginia real estate then 2005, the buyers have come off the fence.
In January of 2007, homes sold increased 12% versus January 2006 and in February they were up 3% versus Feb. 2006. So it appears many buyers were biding their time to make sure no bubble burst as had been promised to them by fear mongering media and bubble bloggers who sounded as if they were rooting for people’s homes to tumble in value. Rather sick if you ask me….
I believe there is still pent up demand left over from 2006. Some prices have come down which says buyers and seller of Northern Virginia real estate are on the same page. Even though housing statistics don’t show it yet I think the correction will have been about 10%. February 2007 versus 2006 is 5% lower. That’s called a soft landing….