Falls Church Real Estate Market Update: Short Sales & Foreclosures

April 8, 2010 by · Leave a Comment 

Availability of housing stock remains tight in Falls Church. As home buyers rush to take advantage of the $8000 first time home buyer credit in these final weeks of April, the selection of homes dwindles.   At the time of this post, Falls Church City has just 31 homes on the market.  There were 9 settlements in March, meaning that there are just 3.4 months of inventory available in Falls Church City (6 months of inventory is considered a “balanced” market between buyers and sellers.)  The news isn’t much better in Falls Church generally.  The portion of “Falls Church” in Fairfax County had 236 active listings, but 107 closed in March, meaning there is an absurdly low 2.2 months of inventory on the market.  Another way to look at it: for each buyer looking in Falls Church, there are just 2.2 homes to choose from.

A fairly significant percentage of the inventory in greater Falls Church is ‘distressed’, however, meaning it is in either short sale or foreclosure status.

Falls Church City, which at this time has no foreclosures listed, has just a few short sales.

Buyers, be prepared to move quickly if you see a house you like in Falls Church–there isn’t much to choose from and you may be waiting a long time for more inventory.

Sellers, what are you waiting for? Now is the time to list your home while the interest rates are low and there isn’t much competition!

If you’d like to discuss buying or selling a Falls Church home, please contact us. We’d love to help you with your search.

More resources:

Search the Multiple Listing Service for a Home

Attend a free First Time Home Buyer Class

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.


Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!