Prices Up, Fewer Houses for Sale in Bristow

Due to low inventory in Nokesville and Bristow, experts indicate that local housing prices and sales are continuing to rise.

“Current buyers seem to be focused on the historical low interest rates and home prices increasing about 8 percent per year over the past 3 1/2 years,” said Long & Foster real estate agent Bill Denny. “Buyers are a little frustrated with the low inventory of homes on the market in Bristow and Nokesville.”

However, according to the Multiple Listing Service, Bristow has seen sales increase from 211 in 2011 to 230 in 2012. Nokesville experienced significant movement as sales increased from 24 to 43 homes sold in the past year.

Agents agreed that the local market is currently seeing more buyers than sellers, and those sellers are receiving approximately 97 percent of their asking price.

Associate Broker Susan Jacobs of Prudential PenFed Realty reported that there are currently 40 homes for sale in the Bristow area, which is down 17.44 percent from last year.

“Of those 40 homes for sale, three are bank-owned and eight are short sales. This is a huge improvement from the 60 percent short sale inventory we had the same time last year,” said Jacobs.

According to real estate agent Lana Schinnerer of RE-MAX, Bristow prices have increased 9.42 percent in 2012, although Nokesville home prices were down 5.66 percent last month.

Buyers, fearing the instability of the past, are now approaching the real estate market with much more deliberation.

“Buyers are very cautious; they are taking their time to study the area,” Schinnerer said. “Staying in their home for 5-10 years may be a reality; the current market doesn’t support buying a home, living in it for two years and then selling it for big profits.”

Despite low rates and favorable conditions for sellers, some are still choosing to rent out their homes rather than sell.

“The rental market has been good in Bristow, with the average home being built prior to the real estate bubble. It has made it affordable for homeowners to rent their current homes and move up to larger ones,” Jacobs said.

There are currently 21 homes for rent in Bristow with an average rental price of $2,338. Jacobs said this is an increase of 13 percent from the same time last year when rents averaged $2,045.

“Renting is another option for those who are upside down and need to transfer out of the area,” Jacobs said.

Denny attributes the increase of renters to the fact that sellers do not realize that they may actually be in better financial shape than they think.

“Many homeowners think they are ‘underwater’ on their mortgage, but they may not be with the price appreciation we have seen over the past few years,” Denny said.

Schinnerer agreed that given the current market conditions, it could be actually cheaper to buy than rent.

With the summer selling season underway, agents speculate the market will continue to demonstrate growth.

“I believe the home sales will continue to be strong.” Denny said. “As long as the rates stay low, and the inventory stays low market prices will continue to rise.”