Steaming Hot Seller's Market!
Today’s edition of The Realty Times showcases an article by Anthony Carr regarding the red hot real estate market surrounding Quantico Marine Base. I am glad that someone has recognized that this market is no longer a Buyer’s market. The area surrounding Quantico Marine base, particularly Dumfries and Triangle had been very hard hit over the last 2 years by foreclosures and plummeting prices. Recently, however, we have seen a dramatic shift in the local market. Current inventory in the area is woefully low. The author of the article reflected a 2 months’ supply, I would argue that it is actually less than that. Current inventory is so low that all properties, regardless of condition seem to find themselves with offers, many times multiple offers. Most buyers are finding that it takes up to 7 attempts to buy a home to actually contract on a home in the area. No longer are the negotiations fierce and the concessions great in favor of the buyer. Prices are now increasing and the Seller’s again have the luxury of choosing from several offers. The area has excellent job opportunities and commutability to Washington DC. Rental rates in many cases are at par with mortgage payments. It is a great time to buy here, but a hard time to find a home that is fully available and can be purchased. I listed a beautiful home today in Dumfries. It is a traditional seller, not a bank owned home or a foreclosure. I have seen excellent traffic and have interest on this home already. If you are considering a home in Triangle or Dumfries, run don’t walk or this market will pass you by! Carolyn Capalbo