Fairfax, Virginia, Realtors say the market is pulling back slightly after years of feverish homebuying, creating new opportunities for homebuyers in a low interest-rate environment.

"Located in central Fairfax County, Fairfax City is conveniently located between Arlington and Dulles International Airport. The city is just 17 miles west of Washington, D.C.," says Realtor Diana Whitfield. "With a history dating back to the 1700s, residents have the advantages of the old and the new -- blending history with metropolitan amenities."

Whitfield advises, "Fairfax City is a popular Northern Virginia community. Homes sell in a matter of a few days. Buyers are encouraged to have financing and documentation in place in order to be competitive. Why is Fairfax City such a great place to live? Fairfax City is rich in history, culture and recreation. Most homes are single-family residences about 25-30 years old, but restored historic properties and new construction are available. Newer homes on larger lots can be found in nearby suburbs. Few apartments exist, but condominiums and up-scale "in-town" townhouses are perfect for those looking for less up-keep. Public and private grade and high schools in the area are highly regarded. Highly-ranked George Mason University not only provides opportunities for higher education but also wonderful cultural arts performances. The historic district offers charming shops and restaurants along brick sidewalks. Some of the businesses are located in homes and buildings built dating back to the early 1700's."

Agrees Realtor Holly Woodworth, "Fairfax is perfectly situated for trade and travel -- it lies between Washington, D.C., where the federal government is the world's largest purchaser of technology goods and services, and Washington Dulles International Airport, one of the world's fastest growing international airports."

She explains, "In many ways, the history of the greater Fairfax regional area as a whole, is a reflection of the history of the entire United States. Although the county was not formally created until 1742, the history of English settlement on the land that is now Fairfax County spans the early 1600s to the present. Over the next fifty years, the Fairfax area exploded into a nationally recognized leading area for living, trade and commerce. In areas such as technology, bioscience, telecommunications, and information technologies, a combination of industry-leading businesses, favorable political and economic environments, and a top-notch labor force have made the area regional area second to none."

"Greater Fairfax is the largest jurisdiction in the Washington area and contains some of its most desirable residential communities," Woodworth continues. "Development and business taxes fund some of the finest public services in the country. The Fairfax County Public School System is consistently rated among the best in the nation, with many special academic programs, high test scores and excellent graduation rates. The selection of single-family homes, town homes and condominiums in the greater Fairfax regional area is second to none. From well-established neighborhoods to planned communities to the latest in high-tech living, there is a home for every taste here. Area residents can take advantage of many nearby cultural and recreational outlets. The climate is moderate, with average temperatures reaching 53.9 degrees Fahrenheit and precipitation at 40 inches, allowing ample time to enjoy the outdoors. We are still experiencing a sellers market where buyers are paying more then full price in order to get their contracts accepted."

"The sellers market has continued to roll-on, as housing prices have continued to climb," say Realtors Mike and Clare Loxtercamp. "We are, however, beginning to see things cool down a bit. Inventories are increasing amongst condos, townhomes and single family homes. Average Days On Market (DOM) are increasing, as well. We are also starting to see some listing price reductions, although settlement prices are still increasing. This indicates that the rate of price increase is slowing. Prices are continuing to climb, but at a slower pace."

Published: July 4, 2005

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