All Real Estate is Local: What You Need To Know About Alexandria VA

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I am more than certain that majority of people have heard a million times the famous phrase. Well, it is so famous because it is absolutely true. I decided to write this real estate article to clarify to home buyers and sellers the current market conditions in Alexandria VA and to end up the speculations that go on around the media about foreclosure shadow inventory, decline in home prices and values.

 It is fairly true to confess that the housing market has not stabilized yet. There are certainly a number of homes with delinquent mortgages and many of them in foreclosure process. These are to hit the market in the near future.After this is said I would like to explain and clarify why real estate is strictly local and to prove with facts and numbers why our local Alexandria real estate market is different than the general picture.Alexandria Virginia as a part of Washington DC Metro Area is very solid area to live in, with very minimal rate of unemployment and one of the best areas statistically based on income to affordability ratio. Based on this fact, home owners in default are much less than any other territories in the country. And even though there are properties in foreclosure, the banks do not dump them at once, which is a reason to believe that Alexandria home prices will stay unaffected.If we compare prices of sold single-family homes and townhouses in Alexandria VA between 2009 and 2010, we can see that prices have risen by 16%. Days on the market have dropped with inventory remaining the same. Please review the August 2010 monthly statistics reportprovided by NVAR athttp://nvar.com/images/market-statistics/monthly-sales/2010-08-alexandria-city.pdfThe point that I want to make is that next time when you hear on the news about foreclosures hitting the market, when the media tries to scare you off with statements of home declining values and large number of shadow inventory, please remind yourselves that every real estate market is local. Ask a Realtor, who is knowledgeable enough, to provide you with current market dataand highlight the local housing trend.For those that are interested in purchasing bank owned properties, I have prepared a list of discounted, under market value, homes for sale in Alexandria VA.You Can Get The Foreclosure List at http://alexandriarealestatemarket.com/foreclosuresIf you are a home owner who is behind on his mortgage, please visit http://bestplaceforrealestate.com and you will find great and useful information how you can save your home and what steps you need to take.I really hope that this article provides value to all current, potential and future Alexandria home buyers and sellers. Please come back again for more, the blog is being frequently updated!Also feel free to leave a comment with any opinion you might have related to the topic. We would love to hear from you!