Market Stats for March 2010

2010 Loudoun County Monthly Sales Statistics
Month	Residential Units Sold	Average Sales Price	Median Price	Average Days on Market	Active Listings	New Listings This Month	New Pendings This Month	Average S/P as a Percentage of L/P
January	247	$382,668	$322,500	70	1914	569	413	93.27%
February	238	$369,482	$340,000	52	1944	518	433	95.86%
March	409	$388,649	$368,000	65	2184	898	639	93.92%
April
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December
Metropolitan Regional Information Systems, Inc.   ::    Last Updated on 2/10/2010

The Proof is in the Puddin'

Sales prices in Loudoun County

Look at the trend of home sale prices over the past 3 years... You can see where the market has had it's most significant drop in sales pricew. You can also notice where we've stated to see stabilization in the real estate market and most recently, slow but steady increases in sales prices!

SPIKE IN SALE PRICES!!

I've been saying for several months that we have been seeing a very steady real estate market in Loudoun County. Now here it is... finally, for the first time since 2005, March 2010 year to date median sales prices are HIGHER than they were in March 2009!
Read the full article from DAAR here:

DAAR - Member Services - Loudoun Market Watch: Median Sales Prices and Sales Spike

Contact me if you'd like to set up a time to talk more about the real estate market!!

Carmelle Shea

2009 Market Statistics- Loudoun County

Special thanks to the Dulles Area Association of Realtors for tracking and producing this data for us to see!

Loudoun County Home Sales 2009 end on an UP-SWING!~

Loudoun County ended the year on an up-swing: low supply and high demand resulted in an increase in sales prices from November 2009 to December 2009. However median sales prices are still lower than prices from December 2008. In fact, the median sales price for homes are comparable to 2003/2004 prices! There is only 3.4 months supply of homes available on the market. This is the lowest it has been in 4 years. Approximately half of the homes actively listed for sale as of December 2009 were distress sales, ie., Short sales or foreclosures. Despite the term "Distress", offers are coming in at 95-97% of their list price. Low-ball offers are a thing of the past! This may not be forever, however... Loudoun County may have another wave of foreclosures coming. If the demand for housing continues as it is, house prices should be relatively consistent with their current value. If demand for housing goes down, expect prices to fall too. Again, I say... it is a sellers market, with 2003 prices. If you have to sell or are considering a sale in the near future, this may be THE BEST time to do so. Call us for a personal consulation on your housing needs.

The Mortgage Crisis- A message to my father

It our job as top producing real estate agents to stay current on the housing market...locally and nationally. It is also our job to educate our clients on the market. And, selfishly, in an effort to support the facts that I have been saying to my father for the past 12 months, I felt the need to post this information. (Dad, are you there??)

Here are some interesting national statistics I received from "my numbers guy", Michael Farrell, Assistant VP of Bank of America Home Loans, Mid Atlantic region:

*A new record was hit today – 14.41% of ALL U.S. mortgages are currently in default. Keep in mind 4 states make up 43% of all foreclosures (California, Florida, Nevada and Arizona)
* First time ever, Prime mortgage delinquencies out number sub-prime delinquencies. This is due to job loss and the difficulty in modifying Prime loans due to already “good” rates and it’s not about a bad loan
* FHA loans rate of default has increased again (again still mainly in 4 states)
* The amount of loans currently in default and in foreclosure now exceeds the number of homes for sale today.

So to my father, The Mortgage Crisis goes far beyond the fact that lenders gave bad loans to unqualified buyers. The banks are not the sole reason for the issues we are seeing in the housing market. You are not bailing out people who 'got in over their heads' and made poor financial decisions. The economy as a whole is impacting the housing market. Don't be so bitter.. By the way, I love you, Dad!

Carmelle

Fannie Mae is going to be a LANDLORD!

Outside the box thinking for Fannie Mae!

Fannie Mae has announced a Deed-for-Lease (D4L) program to help struggling homeowners avoid forclosure and also stay in their current house by paying rent. This is in conjunction with the Deed-in-Lieu of Foreclosure(DIL)Program. In other words, the end result is that Fannie Mae gets the house and you are no longer the homeowner.

Of course there are guidelines and criteria for progam eligibility.

Here are some brief highlights:

* You can have only one trust on the property. If you have a home equity loan or line of credit or second trust, you do not qualify.

* You have to determine if Fannie Mae funds your current mortgage. To do this, go to Fannie Mae's loan lookup website and put in your address:


* Your current loan servicing company will be responsible for implementing the program. In other words, contact the company to which you make your mortgage payments.

* You have to show a hardship or difficulty making your current mortgage payments.

* You can't show too much hardship..you need to show that you are able of paying the current rental market rate for the property. As a guideline, the rental value must be 31% or less of your household income.

*Servicers can start offering this immediately.

Call 'The Power of 3' for more details! We are here to be your real estate resource!

Carmelle Shea