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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 3rd Quarter Market Report: Home Sales and Prices Hit a Wall

The 3rd quarter of 2017 ended with not much of a change from the 2nd quarter. Home sales are down slightly and home prices continue to rise with median home prices up 4.2% year over year, but down from the second quarter's 6.2% increase. The primary reason for the slow-down in sales is the limited number of homes for sale, higher prices and less buyers being able to afford to buy a home.

The most notable change in the 2nd quarter was a shift in the amount of buyer activity declining 16% from last quarter. Additionally we found a significant change in the amount of price appreciation. Although 91% of the markets reported price appreciation there was an 11% shift from those markets reporting 5-10% appreciation and over 10% appreciation to those markets reporting under 5% appreciation.

According the National association of Realtors (NAR) existing home prices were up 4.2% over last year; the inventory of unsold homes is at a 4.2 month supply and 48% of all homes were sold in under one month. Still home sales dropped overall due to the low inventory of homes for sale.

The data in this report is generated primarily from our survey of HouseHunt.com and MoveUp.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 buyer activity is significantly higher than seller activity, however there was a definite downward trend in the number of markets continuing to show increasing buyer activity in the 3rd quarter. Our Realtors reported increasing buyer activity in 73% of the markets - down 16% from last quarter, but up 7% compared to last year. Seller activity was increasing in 49% of the markets in the 3rd quarter which was no change from the 2nd quarter, but up 9% over last year.

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Spring 2018 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’

Contact Information
Jeffery Shumaker
703-606-0628
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15 year fixed rate: 3.66%
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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
703-606-0628
Email Me | Receive New Listings by Email
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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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