Buyers will have less opportunity to buy homes in Springfield, Virginia, until the spring market opens up more inventory, say local Realtors.

"Springfield, whether, North, West, or Central, continues to be a very popular area for buyers," says Realtor Lauren R. Smerbeck. "It's an established area conveniently located next to I-95 and the Metro station. It is especially popular among the first-time homebuyers or move-up buyers, as affordability prevails in this area. Single-family homes and townhomes are still selling quickly, however buyers have a little breathing room and time to think. Buyers should still be prepared to move fast, and be approved for their mortgage before submitting an offer on their dream home."

Says Realtor Steve Childress, "Very low unemployment with low interest rates keep demand very high, especially with new jobs expected to bring demand even higher! Inventory is still very low in most price ranges."

"The first quarter of 2005 has shown a decrease in overall inventory from 2004," advises Realtor Mary Calderwood. "The pool of buyers remains very active and as large or larger than in previous years. With impending rate changes and extremely competitive market conditions, housing prices have risen significantly, in some cases over 10 percent gains are being felt in the first three months of 2005. As the spring market approaches, we should see more inventory and a slowing of price appreciation, but this area will remain a strong seller's market for the foreseeable future."

Published: March 16, 2005

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