Winchester Real Estate Market Conditions & Reports, Winchester Market Trends, Virginia

Market Commentary Provided by Sharon Combs and Beth Paisley
The market in Winchester and surrounding counties is picking up. However buyers are being very picky. And the really picky buyers are starting to loose out on some really great deals. The investors are also coming out again, and with cash - they are pretty much getting the bank owned homes. It is a different market from 4 to 5 years ago - but that does not mean it is still not a good market. If you have the credit score to buy - now is the time. Deals will not get any better than this. You can always contact me at: 540-450-1626

Report Date

Fall 2009

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CONNECT WITH A LOCAL PROFESSIONAL

Sharon Combs and Beth Paisley
Long and Foster / Webber & Associates
Winchester, Virginia
540-450-3208
combs@agents.househunt.com
Agent Home Page

Nearest Metro Area

Northern Virginia

Buyers’ or Sellers’ Market

More sellers than buyers

Average Time on Market

More than 120 days

Market Trend

Decreasing

Housing Inventory

Good supply - Some Prices

Inventory Comments

All price ranges are available.

Average Home Price

$175,000 - View Graph Trend

Best Selling Price Range

$150,000 - $199,000

Worst Selling Price Range

$350,000 - $399,000

Compared to Last Year

Down 15-20%

Prices As % of Asking Price

90-95%

Multiple Offers?

Yes

Multiple Offers Commentary

If their home is priced to sell - they are getting multiple offers, and quite often they are getting full price, or slightly higher than the listed price.

Greatest Activity

First Time Buyers

Buyer Activity for the past 90 days in Winchester is

Increasing

Seller Activity for the past 90 days in Winchester is

Increasing

Is Financing Available For Qualified Buyers in Winchester?

Yes

Comments on Financing For Qualified Buyers

There are plenty of good lenders in the area. We have several local banks, as well as Wells Fargo, Navy Federal, and Intergity Mortgage.

Existing Home Prices for the past 90 days are

No Change

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales?

35-40%

Housing Hot Spots

Red Bun Run, Twin Lakes, Harvest Ridge, Wakeland Manor, Musket Ridge have become the hot spots for foreclosed homes. Homes in 2006 in these areas sold in the upper 400,000 to 500.000 prices. Now with the short sales & foreclosed bank homes the average price is $275,000 to $325,000. They are selling within days of getting listed, and they usually have multiple offers. Agents working with their qualified buyers, have got to stay close to the market to notify them as soon as they come out. I have sold several, and the homes are in great shape.

Reason to Buy/Sell

Job Growth

Average Sold Price

$175,000 - View Graph Trend

National Real Estate Market

National Summary: National Housing Market Recovery Near?

Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit

Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there.

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