It's definitely a buyer's market. Negative news for sellers or developers just keep coming. The latest one, September new home prices drop to its lowest in 35 years!
Via USA Today.
The Commerce Department said the median price for a new home sold in September was $217,100, down 9.7% from September 2005.
That was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new-home prices was even sharper than a 2.5% fall in the price of existing homes last month, which had been the biggest drop on record.
I checked MRIS, the database that professional uses, there are more than 500 listings under $600,000 for condos and townhomes in Arlington, Alexandria City and Falls Church City alone! What does this tell you, if you are buying or thinking about buying -- take advantage of this market. The Fed keeps key interest rate unchanged, though mortgage rates rise recently, but still near the lowest rate in history. Start doing your search now, while sellers and developers/ builders giving you all kinds of incentives. The offer is good while it lasts.