Fixer-uppers are selling like hotcakes in Fairfax County, Virginia where investors are seeing a prime market for resale.
"Fairfax County is located just outside Washington, DC and offers an outstanding quality of life," says Realtor John Thompson. "Fairfax County has established a reputation as an international center for technology, communications and transportation. Fairfax is widely known for its beautiful scenery, rich history and strong sense of community. The county also enjoys a reputation for high quality services, including one of the nations leading public school systems."
About the market, Thompson suggests, "A strong seller's market continues to dictate Northern Virginia Real Estate conditions. Limited inventory in single family, townhouse and condominium markets have resulted in stiff competition between ready, willing and able buyers. Buyers must have realistic purchase expectations and be prepared to do what is necessary to make winning purchase offers. New homes are also facing limited inventory issues.
Northern Virginia sales prices averaged $442,815 in May 2004 compared to $362,895 in 2003, an increase of 22%. Active listings remained tight with inventory levels more than 29% below this time last year. Sales volume totaled nearly the same as May 2003 with 2,894 homes sold in the month.
Advises Realtor Dan Bulter, Jr., "The market in this area is still strong depending on price or condition. If a fixer-upper is priced right, you'll see many offers from investors. Under $200,000 is still a feeding frenzy and a seller's market. Over $400,000 needs to be in tip top condition for tip top price and quick sale."
"Fairfax County is experiencing an extremely strong seller's market with very short times on market particularly for moderately or lower priced homes," agrees Realtor Ron Fowler. "The Metro area has had and should continue to experience strong economic conditions with job growth. The demand for housing exceeds the available supply and many homes are getting multiple offers with the proper marketing."
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Published: July 16, 2004
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