The Winchester, VA real estate market is heating up. Homes in good condition that are priced well, soon find themselves in bidding wars with multiple buyers looking for a deal. More sellers are finally feeling comfortable enough to list their homes after years of sitting on the sidelines.
The Winchester, VA real estate market took an average hit of 33% in 2008-2009. The downward trend covered every inch of the local market. It didn’t matter if the homes were high-end or moderate range homes, everybody was affected at some level.
There was a wave of foreclosures that felt like a fiscal tsunami washing away equity and hope. Foreclosures are receding, but a few linger on the market. As foreclosures hit low tide, short sales bubbled up to take their place. Recession weary homeowners felt they had to make a choice between a series of bad options, but that’s changing.
The recent improvements in the Winchester real estate market have pushed those short sale fears adrift. Home prices are lining up with a break-even or profitable prices for those who feared they would have to sell at a loss.
There are still short sales and foreclosures on the market, but the numbers are dwindling. Fair market properties are rising to their former dominance, and sellers are feeling confident again. Is the Winchester, VA real estate market past the worst days of the recession? I can finally say, “I think so.” It has been a long time coming.