Wow, what a market we have been through the first half of 2013. Interest rates that were almost beyond belief fueled a buying spree that has not been seen for seven years in our area. A close look at the numbers will show that some locations and some price points fared better than others. The market under $600,000 was, and continues to be, non-stop in and around the beltway.
Be careful when you listen to the statistics as often figures are reflecting the gangbuster business in the under $600,000 market. The next segment of the market — $600,000-$900,000 has benefited from VA and FHA programs as low down payment loan programs are still an important financing mechanism for homebuyers in this range. The alternative is 10-20 percent down. In many cases the 10 percent down payment programs are limited.
Above $900,000, the market is turning much slower and bears more careful scrutiny. In Alexandria City for instance, there have been few sales between $900,000 and $1,500,000 and fewer still above $1,500,000. What accounts for this adjustment in the market?
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