First Time Home Buyer FRENZY!

As we all know, the end of the 1st time home buyer tax credit is supposed to come to an end on November 30th. The $8000 tax credit has resulted in a SELLER's real estate market for any home priced at $400K or less. YES, you read this correctly... a SELLERs Market! Any one who was or is in this price range knows this first hand... Competing contracts, escalation clauses with offers above asking price, writing mulitple contracts, running see a property as soon as it comes on the market in hopes to be the first to submit an offer, agents begging fellow agents to give them a heads up on when a property will be coming available... it's been NUTS! I felt like it was 2005 all over again! The appraisers have been keeping the values in control as not to allow for inflated sales prices, which is what put us in this mess in the first place.

Last night, the Senate approved an extension of the current $8000 tax credit for first time home buyers to continue through April 2010. The House is expected to approve this in the next day or so. Then on to the final signatures at the White House. This will hopefully keep consumer confidence up... I hope the extension allows for a balance in the first time home buyer market!

Carmelle Shea

Tax Credit for HOMEOWNERS--Could it be?

This is what I've been mentioning during my real estate discussions with friends. The middle value real estate market has come to a hault due to depreciating house values (and decreased consumer confidence in housing, employment and the economy in general). A homeowner who is lucky enough to sell their current home without bringing money to the table, doesn't want to do so since they will have $0.00 to put toward another property. Renting is an option, but not always a desireable one. Now, there is a new proposal for a tax credit for home owners... Here's the initial jist of it: current or previous homeowners who have owned a home for 5 consecutive years out of the past 8 years may receive a tax credit of $6500 for the purchase of a new home. The income cap for this program is at $125,000 for single income family, $225,000 for a dual income family. I am curious to see how this pans out!! I'll keep you posted!

Carmelle Shea

Shenstone Farm, Leesburg VA

If you are looking for a home with picturesque views and spacious lots in Loudoun County, Virginia, be sure to check out 'Shenstone Farm' in Leesburg, VA. Located four miles off the Dulles Greenway and two miles from Leesburg's quaint shops, restaurants and historic district, Shenstone Farm is an ideal community of about 125+ homes all with at least 3 acres or more. If you would like to learn more about Shenstone Farm, call Vicky Noufal at 703-402-5416.

Sold out in Loudoun County

It's been a busy August! Buyers are out in droves trying to taking advantage of the $8000 first-time buyer federal tax credit which is coming to its expiration date on November 30th, 2009. The tax credit seems to have done its job. That, along with attractively set low interest rates and we are facing much different challenges than we were dealing with in Fall of 2008. Our inventory is practically sold out. Homes under 400k are hard to find and prices will and have begun to rise in this price range. New home builders know it, first time buyers know it and soon the rest of the world will realize that change is in the air. How exciting!! Call Vicky Noufal at 703-402-5416 for your local real estate needs.

Have we hit bottom yet in the real estate market?

HAVE WE HIT BOTTOM IN THE REAL ESTATE MARKET YET? Probably one of the most frequently asked questions that I'm asked and of course, it's an impossible question to answer. The only way to know that we've hit bottom in the real estate market is to be back up on the rise again. I think the question can only be answered region by region and only time will tell the full story... but if I had to give you an opinion today, I would say that we did hit bottom last Fall of 2008. Many buyers were holding back or walking away from new construction deals and leaving their deposits on the table. Consumer confidence was at an all time low and the number of sales transactions showed it. There were a number of 'spec' homes sitting idle and the builders were getting anxious. Some of the best buys of 2009 were picking up these early winter steals.

Over the past few months, change is definitely in the air. It seems that there are multiple offers on most homes under $500k in Loudoun and Fairfax County. The deals are certainly still out there with many people picking up the foreclosures and short sales of today's market. We just have to fight a little harder to grab one. Many of the new home builders are busy writing contracts right and left. There aren't as many incentives thrown out as there was previously and even more noticeable, there's not as many builders building. Home inventory is down and the numbers tell the story. Lowered home sales inventory (down to 2200 homes in Loudoun County in July 2009), lowered days on the market (62 days on the market as opposed to 100+ day a year or two ago), historically low interest rates and first-time tax credits (which will expire soon in November unless extended by the Federal government) are making all the difference.

Things haven't looked this good in a long time. I'll keep my fingers crossed that we really have hit the bottom and are on our way back to a normal and healthy real estate market. We are not totally out of the woods yet but rays of sunshine are finally starting to filter through and it feels good!

Vicky Noufal
Noufal ~ Shea ~ Spelbring
'The Power of 3'
703-402-5416

Clarifying the $8,000 Homebuyer Credit

Are you a First Time Home Buyer Looking for a Free $8,000?



If so, the government may have something that will work for you! The government stimulus package included an $8,000 tax credit for first time home buyers AND people who have not been homeowners for the last three years. What this means for you is that the $8,000 can be utilized immediately upon purchasing your home for downpayment, closing cost or a bridge loan.



But, that $8,000 credit only applies to families purchasing homes between January 1, 2009 and December 1, 2009. Don't delay -- get all the details by calling a member of our team. In some areas prices are actually starting to rise.



Your Next VA Home Team -- Personal Service with Team Support!



Start shopping now with our free MLS search here!



Jodi Spelbring

Jodi@JodiSellsVA.com

703-625-4667

How's the real estate market in Loudoun County, VA?

How is the real estate market in Loudoun County, VA? The number question I get asked daily and frequently. I believe we are turning the corner and things are improving every day. I am seeing multiple offers on many properties and things are popping. Even homes in the upper price brackets are getting more showings and yes, more offers...

What has changed? The number of foreclosures are trickling out into the marketplace very slowly making short sales the hot new thing. I think a reduced inventory of homes (single family home inventory down 30% from the same time last year) coupled with incredibly good interest rates and wonderful tax incentives have given this market a great big boost. The Spring market is typically the busiest time of the year and real estate (no matter which kind of market we are in) is based on life driven events. People are relocating, getting married, upsizing and downsizing. People are in general more hopeful and it feels good to be busy.

If you have any question about real estate and/or living in Loudoun or Fairfax County, please call me at 703-402-5416.

Vicky Noufal
Century 21 Redwood Realty