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.
Showing posts with label foreclosure. Show all posts
Showing posts with label foreclosure. Show all posts
Tuesday, January 26, 2010
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.
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.
Friday, November 20, 2009
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:
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
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
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