When deciding on how the real estate market is doing, we must first identify to which market we are referring the residential resale market, new residential construction market, or the various types of commercial real estate. We must also look at what geographical location to consider since some areas are doing better than others.
When assessing the residential resale market, there are two issues to consider — 1) number of actual sales and 2) home prices. With 2007 concluded, many who are reporting on the final figures are passing judgment on whether the year was good or bad. If you look at the second issue of home prices, the growing oversupply of inventory in most areas has pushed prices downward. For buyers who purchased two to three years ago who must sell today, that is not good news. For buyers who are looking to purchase today, it is great news to have many choices of homes at lower prices.
Lets consider the first issue the number of actual sales in 2007. Back in 2001, the number of resale (existing) homes nationally hit an all time record of 5.3 million sales and the market was good. In 2002, we were thrilled to see another record at 5.6 million home sales which was considered a great year in real estate. Although some thought it couldnt get any better, the market continued to reach new heights each year: 2003 = 6.2 million, 2004 = 6.8 million, 2005 = 7.1 million. Then in 2006, inventories were growing, but still 6.5 million homes were sold. Although less than the peak of the previous year, it was still the third best year in history. Then, despite all the doom and gloom from the media about the market in 2007, 5.6 million homes were sold, the same number sold as our great year of 2002.
People are still buying existing homes and they should. Sellers are still selling their homes, not for as much as two and three years ago, but for most, more than they bought it for. If we can assist you or any one you know to better understand what is happening in our current market, please let us know.
At the Annual Meeting of The Belt Team, Christy Belt Grossman, Chief Operating Officer, announced that The Belt Team sold 42 homes in Vienna in 2006. She said The Belt Team sold more homes in Vienna than any other Realtor in the Northern Virginia Association of Realtors! These sales, she said, took place in the 22180, 22181, 22182, 22183 and 22027 ZiP Codes. Christy told members of the team that some people think in terms of only Vienna (22180) proper. She emphasized that the Belt Teams sales occurred in the much broader area of all the Zip Codes combined. Cudos to all members of The Belt Team! And a GREAT BIG THANK YOU to all of The Belt Teams customers and clients who have placed their trust in us!
Did you know The Belt Team is your #1 choice for creating Real Estate Success Stories? The Belt Team specializes in real estate success stories! And our clients satisfaction is our favorite success story! Heres what Laura Armitage of Vienna, Virginia, wrote to us after we sold her rental house, helped her purchase her new dream home, and listed her old house: In record time you sold our rental house, led us to settlement of our new dream home, and listed our old house for sale! The professional way that all transactions were handled really impressed me. I was impressed even more, however, by your honesty, kindness, and strong sense of values. The Belt Team is wonderful. I loved getting to work with your husband, Christy and Terry. It is the small touches that make your team so special. I know that you have been honored with many well- deserved real estate awards. Your greatest accomplishment is the wonderful family that you and your husband have raised, and the values you are living and passing on in your work and family life . Thank you, Laura! You have made our day! What a wonderful success story! The Belt Team continues creating Success Stories. Give us a try and well help you be next!
After 30 years of serving the wonderful people of Vienna and Oakton, Virginia, and the surrounding areas, The Belt Team, a family-owned and operated group of real estate professionals, and Coldwell Bankers #1 real estate team in Virginia, has gone public with our real estate blog! We thank all of you, our clients and customers, for your loyalty and trust. Our growth from a one person operation to seven real estate professionals simply would not have been possible without you! Our goal in this new real estate blog is to provide you, and prospective buyers and sellers, with pertinent information you will find helpful when you are considering the purchase or sale of your home. We encourage you, the readers of this blog, to check back periodically for our updates. We truly hope that what you will find here will be of great interest to you. We would like to hear from you also. So please do not hesitate to tickle the keys. Wed love to hear your thoughts, reactions, ideas and whatever. And do give us a nice hello occasionally.