Market Advantage Real Estate Statistics:
Buying opportunities should be significant in Q4 of 2007 through the end of 2008.

Sales have stayed lower than in the previous 7 years.

View Unit Sales by Month Graph

Inventory has increased, and the trend is expected to continue, at very least, into Q2 of 2008.

View Available Listings Graph
View New Listings Graph

Days on market is at it's second highest level in 8 years. While this increases opportunity for buyers,
sellers that can wait out the downturn should plan to hold property for the long term.
We are not in the market prediction business, but would assume that it will not be a good time to sell for quite some time.
When you buy, make sure it is a property you will love for serveral years.
The days of flipping homes for profit is gone for now.

View New Contracts Graph
View Average Days on Market Grapn

Although the divergence between average and median price has corrected, the trend is clearly down. Timing the market is impossible, but a solid floor will need to be established before we are likely to see any type of recovery.

View Average Sale Price Graph
View Average vs. Median Price Graph

Summary - It is a good time to look for purchase opportunities. I expect there will be chances to own excellent properties for pennys on the dollar, for those savvy few that align themselves with an informed, experienced agent/broker that can help them to navigate the new opportunities in REO, and pre-foreclosure sales.

Great questions for would be buyers to ask their agent/broker:
Have you done foreclosure and/or REO transactions before? - Some things are only learned by doing. How long has the property been vacant? - The condition of the property will deminish in direct proportion to days of neglect. When was the property purchased? - This will give you some insight into the market conditions at point of sale. You can use the charts at this site to help. Has the lender(s) approved the price on the property you are interested in, ahead of it being listed? - Even with prior lender approval the process can take months. Without it, the lend might never agree to the price for which the property was originally listed.

Market Condition charts overview the actual listing, contract, and sold data directly from the MLS reported numbers for Loudoun County, VA. We use this data because it has historically show itself to be a good indicator of the surrounding market.

Please always seek professional help in real estate transactions. Never rely on any web-based information to make a purchase or sale decision. Every property and situation is unique, and requires individual attention.