The current real estate market in Northern Virginia is a mixed-bag. Although it’s still technically considered to be a buyer’s market, it won’t feel that way to buyers in the under 400K category, since they will be competing with many other buyers on these scarce properties. In fact, inventories of houses in this price range are practically non-existent, especially if you’re trying to avoid a run-down “as-is” forclosure. In one recent example in Centreville, Virginia, a nice bank-owned townhouse was listed at $149,900. When the bidding war finally ended, the final sales price came out at $205,00. This presents a challenge for the real estate professional working with buyers, who may be shocked with this “ebay” marketplace, happening in the midst of a so-called buyers market. One possible explanation can be attributed to the first-time buyer credit, due to expire at the end of the year. In any case though, if you’re currently looking for a house in this price range, make sure that your real estate agent knows how to deal with this unusual market, or you may end up loosing the house you really want.
