A September 5th article in "The Washington Post," relates the disconnect between an owner selling his property and a potential buyer shopping in that market. The owner waited several years before putting the house on the market for what he feels is a competitive price. However, the prospective buyer is very unsure about purchasing now and wonders if she should wait a few more months to see "what happens."
Many buyers are wondering if prices and interest rates will continue to fall and if now is the best time to buy. However, looking at July 2010 statistics from the local Realtor association, GCAAR, the median price for single family homes in D.C. at the end of July stayed virtually the same as it was for the same time last year while the median price for D.C. condos and co-ops rose.
There's a lot of negative press about the national housing market, but buyers and sellers should keep in mind the reality of their local market can be very different than the reported national trend. If you want an accurate picture of what's happening in your neighborhood, find a Realtor who knows your market.
CLICK HERE to read the entire article