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News for Bristow, VA - February 5th, 2014 2:21pm
The end of 2013 was an interesting one. The market has changed so much since this same time one year ago. The inventory is down across the board to surprising low levels. This has created some short term increases in property values and has spurred more new construction all over Northern Virginia. For those of you that remember 2004 and 2005, you will recount the lack of inventory and the increase in new construction. This caused property values to be pushed up and here is why.
When the inventory is down and there are limited homes available to purchase(granted it is still low at this time due to a large number of homes that are still under water) builders see an opportunity to develop new homes at a much higher level because the demand will be there to sell. When inventory gets to a point that there are multiple offers on homes when listed in very short periods of time, the public that misses out on homes due to their offers not being accepted, tend to look at new constru...
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National Market Conditions
2017 1st Quarter Market Report: Home Sales Start Strong in 2017

The 1st quarter of 2017 ended on a strong note with March existing home sales reaching its highest pace in 10 years despite low inventories of homes for sale.

The most notable change in the 1st quarter was another huge increase in markets where there were more buyers than sellers resulting in quick sales and low inventory. Our survey showed that in 73% of the markets surveyed there were more buyers than sellers, an increase of 15% over the 4rd quarter and an increase of 13% over the 1st quarter of 2016. Additionally, 80% of our markets survey showed a tight supply of homes, an increase of 10% over last quarter and 13% over last year. Home prices are also on the rise with 92% of markets showing price appreciation in the last year.

According the National association of Realtors (NAR) existing home sales in March were up 5.9% over last year; inventory of unsold homes is at a 3.8 month supply and 48% of all homes sold in under one month. That is a strong sellers market.

The data in this report is generated primarily from our survey of HouseHunt.com exclusive member real estate agents across the United States. This grass roots approach to studying the housing market gives us a thorough look at where the real estate market is through the eyes and perspective of the local real estate agents who are living and working in the trenches of each community.

Buyer and Seller Activity
The trend in both buyer and seller activity is up slightly in the 1st quarter of 2017 compared to the previous quarter. Buyer activity increased in 74% of the markets surveyed and decreased in 14% of the markets surveyed indicating a significant 8% increase since the 4th quarter o f 2016 and a 1% decline in activity from Spring 2016. Simultaneously, the trend for seller activity continued to increase in the 1st quarter with 45% of the markets indicating increased seller activity compared to 42% of the markets in the 4th quarter of 2016 and 40% of the markets this time last year. Despite increased seller activity there are still more buyers than sellers and homes are selling quickly.

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Summer 2017 Market Update
If you can qualify, now is an exceptional time to buy a home in Bristow. Call now for more information at 703-606-0628
Average Sold Home Price: $325,000

Average Time on Market: 10-30 days

Best Selling Price Range: $250,000 - $299,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 10-15%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Very tight market

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Job Growth

Nearest Metro Area: Washington DC

Housing Hot Spots: Most cities within the Prince William County area are considered Housing Hotspots

Average Sold Home Price: $325,000

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Real Estate Professional, Jeffery Shumaker Jeffery Shumaker
RE/MAX Executives
Specializing in Bristow Real Estate
4000 Legato Road - #105
Fairfax, Virginia 22033
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(Because current market conditions can change rapidly in any given marketplace,
please check with Jeffery Shumaker for current Bristow, VA market conditions before acting on this information.)
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