McLean, Virginia – Proprietary research just completed by Craftmark Homes supports the conclusion that today’s buyer’s market is an excellent time to purchase a new home.
The research was compiled for the Craftmark Group by Anna Pitheon, a recognized real estate market research consultant to national, regional and local homebuilders, with decades of experience at Housing Data Reports, a monthly real estate statistical and trend reporting service, and as an independent consultant and industry spokesperson.
Data was assembled from a variety of sources including the National Association of Home Builders, the National Association of Realtors, Metropolitan Regional Information Systems, the Northern Virginia Association of Realtors and the Office of Housing Enterprise Oversight.
Key conclusions supporting the wisdom of buying now were as follows:
New home prices in the Washington, D.C. area have not been this affordable in years. Now is the time to market a resale home and step into a new home before new home prices climb higher.
You can sell your current home. The average days on market nationally for resale homes totaled 90 days in 2007. This is up only slightly from the long-term national average of 76 days.
The Washington, D.C. housing market is healthy. There has clearly been a market correction, but all data indicates that local homebuyers are stepping up to the plate to take advantage of one time opportunities created by a combination of affordable prices and interest rates.
The Washington, D.C. area is not in recession. The local economy is still strong and in a cycle of growth.
Overall reasons to buy now were grouped into 10 major conclusions which were all supported by research data.
(1.) Local trends are up.
(2.) Economic indicators show the Washington, D.C. Market is thriving & insulated from recession.
(3.) New home appreciation outperforms the stock market.
(4.) Real estate continues to be the best family wealth builder.
(5.) Mortgage rates have retreated substantially.
(6.) Housing prices, interest rates & income growth are very favorable & are making homeownership more affordable.
(7.) Subprime fall-out has little effect on credit-worthy buyers in the Washington, D.C. market.
(8.) Nationally, existing home sales are still near the highest levels ever.
(9.) Properly priced existing homes are selling.
(10.) Today’s buyer’s market must be taken advantage of now.
The research data supporting these conclusions is available at all Craftmark Homes communities. In the words of Court Treuth, Vice President of Craftmark Homes, “This research comes as good news to homebuyers, many of whom have been waiting years for the right opportunity to purchase. Our data clearly shows that a new home remains the best family wealth builder available, and that today’s buyer’s market offers an unprecedented opportunity. We have been able to provide just the boost in confidence required for people to take advantage of the remarkably affordable prices and financing available now.”
