DC Area Home Sellers Have Reason to Smile
Arlington, VA WUSA9.com: 9/12/08

Experts say the local real estate market is on the rebound.

If you've got a for sale sign in front of your home, there's a good chance it may not be there for long. Experts say the market is turning around.

"It's been an exciting process. I'm 26, I work for Congress," says Alissa Strawcutter who is also a new homeowner who got into a one bedroom condo in Arlington after the market went south. But if you're looking to buy today experts say the bargains are gone, the prices are higher and there's more competition among buyers.> Stephen Fuller, the Director of the Center for Regional Analysis at George Mason University says the real estat rebound can be credited to the local economy. "In order to generate demand, you have to have job growth. The nation's losing jobs. We're adding jobs," he says.

Fuller says even Prince William County, the county where housing prices have dropped the most in our area, sales have gone up every month since March. For real estate agents, there are encouraging signs all around. "I'm starting to see the inventory go down" says Rick Bosl, a real estate agent with Keller Williams in Arlington. Agent Pat Brosnan, also with Keller Williams says "we're starting to see multiple bids on reasonably priced properties." Bosl addes, "I got people coming to me because they want to buy foreclosures. I don't see too many in Arlington." Experts say the hottest properties are condos and any homes that are near the metro. It appears the biggest rebounds are being seen in Arlington, Alexandria, and parts of Montgomery County and DC. "We're looking for a bidding war on our property," says Bob Bayer, an Arlington homeowner who just put his home on the market. And Fuller says the condo and rental market should see another spike after the November election when thousands of workers with a new administration start moving in.

<< back to news articles