The market in Fairfax County (Virginia) is still holding up well in 2012. The number of transactions for 2012 seem to be on par with 2010 and 2011. The prices seems to also have held up well thanks to low interest rates and good employment opportunities.
A lot of the attention in real estate has been towards distressed sales the last few years. While foreclosures and short-sales never really ruined the market in Fairfax County as a whole, some areas did see values decimated by distressed sales after the 2005/2006 “market correction”.
Luckily, the worst seems to be behind us and in 2-3 years foreclosures and short-sales may be far between if the trend keeps. In 2009 a whole 34% of sales in Fairfax County were distressed. The percentage has decreased ever since and this year it seems that we may end up with a proportion of distressed sales at about 15%.
More normal sales would normally mean higher prices. In many communities the only thing standing in the way of some much needed price appreciation are lots of reluctant and conservative appraisers.
If you are looking to buy a foreclosure there are still plenty of great deals to be had. Please call us at 703 560-3424 anytime to talk.