At Super NoVa Realty I cover a lot of different areas, but like many people I am going to start by focusing on where I live. I currently reside in the 22033 zip code of Fairfax County. It is a good place to live. I am close to Fair Oaks Mall, Wegmans, two movie theaters, a couple Five Guys, and lots of other interesting entertainment options.
The market around here is like most markets in Northern Virginia. Inventory is low. Combine this with low interest rates and a truly interesting market has been created. It is called a sellers market because of the 1.28 market absorption rate, but with the prices still down from the 2006 height and interest rates near an all time low it is working like a buyers market.
The average days on market of 73 is showing a trend that sellers are realizing the advantage they have with the low inventory and are willing to wait out the buyers to get what they want. Property that sold in the last three months got 97.05% of asking price.
It is taking a bit longer in the 22033 zip code for property to move than in other nearby zip codes, but sellers are getting close to what they are asking for. It might seem like a bad time to list a house in this type of market with prices down and property sitting on the market for over three months, but if someone has the time to wait they can get close to what they want.
There is nothing more important to a property moving than having it priced right. Sometimes the right price is often tough news for people to accept. It is hard at times for sellers to think of their house as anything but a home. It is part of the Realtor's job to explain to them that their home as a commodity and where it fits in the market.
Some subdivisions are moving quicker and getting even closer to asking price than the zip code as a whole. If you would like me to tell you the stats for your neighborhood please contact me through www.SuperNoVaRealty.com.
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