It’s 2008: What Are Your Plans?
January 7th, 2008 Categories: Around Arlington County, Around the City of Alexandria, Buyers, Life in the District, Outside The Beltway, The Road Less Taken
The first week of 2008 has come and gone and I find myself busy with work. Which surprises me because it’s Janaury for gosh sakes. No one likes to buy real estate in January. But that’s really not what’s happening. There are people out there buying real estate. I think it’s smart to buy real estate in January in a cold state. Just like it’s good to buy real estate in August in Florida. Turns out there is little competition with other buyers.
Now, you might be thinking– what competition? There are no buyers out there anyway. Well– I have learned the secret rule of real estate: As soon as you want a property– so does someone else. If you are someone planning to buy real estate, don’t wait forever: there are other buyers out there.
I don’t know what is going to happen in the DC real estate market in 2008. I can only speculate. But as someone who works in the business everyday– I don’t see many changes in this market.
- Interest rates are still reasonably low: still around 6%
- Inventory of homes is good: there is a lot to chose from
- Sellers still want to sell their homes: people want to get on with their lives
So: what are your plans for your life in 2008? Is this the year you take that step to advance it? or is it just going to be more of the same. Come on, open the door to the rest of your life.
Hi Mary - Anyone wanting to buy a home in The Arlington or Alexandria area should listen to your advise. Good inventory, lower prices and low interest rates seems like a pretty good combination to me. Everyone should also remember that even in a relatively slow market, the best homes sell first. If someone wants the best… waiting could cost them!
–Bob
Mary - I, too have had an unbelievable beginning to 2008. This past weekend I had a buyer client miss out on a home which received an accepted contract after several months on the market. The internet trafiic has been phenomenal, as has the sellers calling. Tis a great time to buy……..
Like the last line “open the door to life.” Our market is slower, but buyers aren’t completely hibernating. Smart consumers know this is absolutely the best time for a bargain!
I’ve already got a condo buyer out looking in the first few days of ‘08. Promises to be a great year. My plan is to get my brokers license this year. Glad to hear you are doing well also Mary.
Sometimes buyers wait because they let themselves get sucked in by the media headlines of “death to the market.”
But I’ll tell you what, local professionals trump media headlines when it comes to giving the “right/correct” advice!
Ricardo- you are so right. Local should beat our national all the time when it comes to real estate. It truly is all local.
I’m glad to hear from all my real estate bloggers that their year is starting off on a good foot.
I really think it’s going to be a roller coaster of a year.
I’d agree… could we be seeing a bit of “pent up” demand… people who wanted to move last year but the media and “experts” scared them off? Now with rates falling, I had a client lock-in at 5.35 30 year fixed. My Internet inquires were blazing through the 15th…Not bad at all.