While the prices continue to tumble in Prince William County, there are some very encouraging signs. Twice as many closings occurred in January 2009 as the previous year. New listings are down, contracts are up. Way up! 79% increase in number of homes sold in 2008 vs 2007.
If Days on the market continues to decline, we should see a reduction in the falling prices. Since mid 2005, we have witnessed the struggling housing market in Prince William. It has been longer and more painful than many other parts of the area and country. The foreclosure rates climbed hugely in 2007 and 2008. Is there an end in site? As long as savy buyers continue to buy up the bargain inventory, there should be. We'll keep watching and reporting. If you want speak personally about your opportunities please call our Prudential office at 703-497-7788.
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