Market Conditions for Fairfax County, Virginia Reported by Barb Northam, Associate Broker, REALTOR, CRS, GRI, e-PRO Updated September 21, 2008.

Current Market Rating: 1 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 1 1 2 3 4 5 Falling Rising

It's a Buyer's Market in Fairfax County. Buyers have more time to browse, choose and bargain. The average Sold Price is $457K, down 19% from last year this time.(!!). Homes are staying on the Market an average of 89 days versus 78 days last year , and the Average Sale Price is a SKINNY 92% of the list price.(ATTENTION: This means Sellers are OVERPRICING MASSIVELY!) Inventory is WAY UP! (Think--5-6 month supply of homes on the market!). Condition is a HUGE issue correlating directly with price. Well-priced homes in top condition ARE receiving solid offers in 90 days or less. There are no bargains in the sense of actual dollar amount. CONDITION is paramount at all prices; school districts increase in importance in driving sold prices (there is a direct correlation between Buyers' perception of 'good' school districts and sold prices and rate of increase of appreciation).! If you're a purchaser---watch for days on market and price reductions and don't be shy about making an OFFER! Sellers, you need to price your home realistically (which is AHEAD OF THE MARKET). 3 weeks on the market with little traffic & no offers translates to "your home is overpriced".At 45-60 days on the market with no offers translates to "your home is overpriced." Be willing to reduce the price aggressively and negotiate if you want a quick sale at the highest price possible! SELLERS--Every month that you are on the market and unsold, you LOSE, on average, at $10,000!


Approximate Location Boundaries: ALL of Fairfax County: The Good, The Bad, The Ugly---and it all costs less now.

Location Characteristics: Schools in the top 10 in the country, loads of parks/recreation areas, shopping galore, and near major employment centers and commuter routes (and the not-so-soon-to-be-Tysons-rail) -- Fairfax County has it all!

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