Bristow, VA - Gainesville, VA & Haymarket, VA, Local Statistics
At the beginning of the month I try and sit down and update the numbers that I publish on my web site. Since Bristow, Gainesville and Haymarket are ground zero for my business and since the web site is SearchHaymarket.com this makes some small amount of sense to me. As I update the numbers for each community, I get a feeling for where the market is going and what prices are doing. In addition, my travels through the area keep me in touch with a wide range of other professionals in the industry. From what I am seeing, as the days get shorter, the days on the market get longer and the major holidays loom on the horizon, the sellers are beginning to panic. From this panic I can see different things happenings; 1) The buyers give up hope and surrender their homes to the bank - helping to extend the wave of foreclosures and short sales that are the major factor behind the decline of the market. 2) The sellers that have been in their homes for longer than 3 or 4 years are cutting their prices - in some cases substantially lower than the prices that the banks will be willing to consider for their foreclosed properties. 3) Savvy sellers, who have lots of equity and common sense and who do not panic are doing what it takes to prepare their properties for sale in a down market. Things such as upgraded kitchens and appliances, new flooring, new paint, updated landscaping,staging of the principal rooms and upgrades to the lighting of the various rooms all helps to offer an attractive package at an affordable price.
I don't believe that it is in anyone's long term interest to see homes go back to the bank. However, rising interest rates, greatly reduced availability of mortgage funds, employment concerns, rising gas costs, corporate relocations and illness all play a role in determining what options are available in each individual situation. As a real estate professional, I try to provide my clients with the best advice possible. Sometimes that advice is to consult an attorney, financial planner or accountant. Sometimes times the best advice is to "tough it out" and sometimes it makes sense to talk to the existing lender.
One thing is sure: Like all previous market corrections, this to shall pass. When it is over and we look back there will be as many stories told about great successes as there will be about great failures. I believe that the more you know about the "numbers" in your area, the greater the likelihood that you will be able to be one of the success stories. Know the average "days on market", average selling price, high selling price, low selling price, average home size, typical amenities and every other statistic that you can get your hands on, learn them, chart them over time and prosper!