November '08 Stats

For the month of November 2008, the trends were fairly consistent with previous months. In Fairfax County area, Average Sold Price from 2007 was down about 18% to $423,088 but good news is Total Homes Sold were up just over 3% and Days on Market were down about 8% to 91 days. In Loudoun County, Average Sold Price was $355,235 which was down 28.5% but Total Homes Sold were up just over 11% and Days on Market down almost 16% from the previous year. Interest rates are at historic lows, prices have dropped and the trends & stats prove to be very favorable for buyers.

Interest Rates Hit a Record Low!

30-year fixed interest rates hit their lowest level in almost 40 years! According to Freddie Mac, the average rate fell to 5.19%, down from 5.47% the previous week and 6.14% at the same time last year. Freddie Mac started tracking this data in 1971 and this is the lowest rate during that time. So if you've been trying to determine when it's really the "right time" time to buy, the data speaks for itself. You have tremendous purchasing power with significantly lower home prices than we've seen in years and historically low interest rates. Many buyers are going to be getting off the fence to buy so don't wait or you will actually be competing with other buyers on the best properties.