Fairfax County, Virginia, which has some of Washington D.C.'s most prestigious suburbs, remains in a strong seller's market, largely due to favorable employment numbers.

"Employment decreased in Fairfax County by 854 during the January and February of 2004," explains Realtor Nabila Salame. "The result was an increase in the average monthly unemployment rate. Despite the job losses, the job situation still remains strong. Combined with favorable low mortgage rates, home sales should continue at a strong pace."

Says Realtor Lee Gregory, "Good news about the Economy--the lowest unemployment in three and one half years--suggests interest rates may be rising soon. Mortgage interest rates already increased sharply since March, creating a sense of urgency among home buyers who want to be set on their new homes before the start of the school year. Although the new listings of existing homes picked up in the early Spring those homes are being snapped up quickly. New homes builders have long waiting lists of potential buyers. Buyers need strong representation to find the best value home in this market."

"The spring market in the local D.C. Metro real estate market is in full swing and going strong," says Realtor Casey O'Neal. "Continual high demand from buyers and a low inventory of housing choices have placed pressure on most segments of the market, continuing the pace of quick movement and price increases on properties. Multiple offers are common on all styles of homes, especially those priced under $600,000.

O'Neal supposes, "Slightly rising interest rates in the last few weeks have added increased motivation and pressure for buyers wanting to lock in. Job growth in the local area is also fueling the demand for housing. Buyers have the ability in very few cases to be picky and less anxious to buy on impulse, although in most housing close in to DC and especially to the Metro Subway homes are moving fast.

He advises, "Speaking of affordability, townhouses and condominiums have been the hottest market commodity because of affordability and location and have surpassed detached homes in their sales. Metro proximity is a desired location for many commuters, with a premium typically associated with properties that are within one mile of the subway. Buyers and their agents still need to plan aggressive strategies to obtain the home of their choice, as the majority of homes are drawing multiple offers in less than a week, especially in the lower-end price range. Understanding how a seller prices a home is a critical analysis, with some homes priced over market value, some at market value, and occasionally some great values below market value. Dealing with multiple offers can be exciting for sellers, a nightmare for buyers, and a critical skill for agents to advise their respective clients."

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Published: June 8, 2004

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