Fredericksburg, VA. had a great real estate market which dictated a strong seller's market with low inventory over the summer and up to the Federal Government Shut Down. Home buyers were advised to go home and not return until notified. Their wages were frozen. Mortgage lenders could not get final underwriting approval based on the buyers not working. The real estate activity slowed dramatically during these several weeks.
Tonight, breaking news at the 11th hour informed the world that the Debt Ceiling was lifted and will be re-visited in January, 2014. Government workers may return back to work on Thursday with pay. This is great news. I predict the market to heat up in catch up mode now. Interest rates are low. Home inventory is average. Supply and demand will keep Fredericksburg Realtors like me busy through the end of the year.
What should buyers do now?
Get out there and find your home. Get an aggressive Fredericksburg real estate agent like me to get the home under contract. You want to close on your home prior to the Debt Ceiling postpone date. The interest rates should remain low through the end of the year.
By: Tom Smith
Associate Broker, Century 21 Adventure Redwood