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
Tuesday, April 14, 2009
Friday, March 6, 2009
Stimulus and Northern Virginia Real Estate Market - The REAL Real Estate Market
Greetings!
I am sure you have been hearing a lot of information about what is going on with the stimulus package – designed to help jump start the economy and lagging home sales. But, since all real estate is local, I thought I’d share my take on what is happening in the market, some relevant county information, regional trends and some information about the stimulus. If you’d like to receive a neighborhood specific analysis, please let me know. I would be happy to provide you with that information.
First things first!
The stimulus package has been signed into law and provides great incentives for first time home buyers to get into the market now! In fact, I have learned that if you are a first time home buyer (or renter who has not owned a home within 3 years), and you close on your home before the April tax deadline, you will get immediate access to that $8,000 tax credit. Read all about the stimulus package here on Realtor.org. There are also new loan limits for Freddie Mac and Fannie Mae that have helped boost affordability of home buying for all types of buyers. Talk to a lender (or your tax professional) to get the specifics on how these items relate to your situation. If you would like recommendations of someone to talk with, I am happy to refer you to a pro that I trust.
Time for Action! Tax Credits, Great Values and Interest Rates at Historic Lows!!
Conforming (non-Jumbo) home loan limits have been increased in our area to $729,500, allowing for much more affordable rates for all types of loans! That coupled with the drop in interest rates are really heating up the market! Interest rates saw a recent drop into the 4 ½ – 5% range (Jumbos are in the 6 ½% range) which make buying more affordable now. With sales prices considerably lower, on average, area wide -- the area is much more affordable for first time home buyers, investors and those looking to move up to a larger home. Remember if you are buying and selling in the same market, you may receive less on the selling side, but you will make up for those losses on the buying side.
Across the Region in 2008
The home price trends in Northern Virginia show a considerable decline in sales prices over the last few years. 2008 took the largest hit on prices across the region as a whole. Fairfax, Prince William and Loudoun Counties all saw an astounding 20 – 30% decline in prices from 2007 to 2008 across the board. The average price in the 4th quarter of 2008 declined 9.2% from the previous quarter and 28.1% from 4th quarter 2007. The total time homes were listed for sale (Days on market) averaged 99 days in the 4th quarter - 98 days in the 3rd quarter 2008. But the number of homes sold increased considerably.
Days on Market are leveling off, seeing more of a flat line, and as you can see in the following information for January 2009 data, those numbers are changing. While this isn’t yet an indicator that prices will begin to rise, it does show some stabilizing. AND, the number of homes selling shows an increase in demand. That coupled with more limited supply of listings (fewer homes on the market), could indicate that we are near or at the bottom. Some communities may have already seen the bottom and could begin to see modest price increases if demand continues. Ultimately, we won’t know where the bottom of the market is until it is behind us. What we do know is that demand for well priced homes in good condition is leading to situations where we see multiple contracts and bidding wars, above the asking price of the home.
Promising News for Early 2009
Though it is only February, we have already seen big changes in the market this January versus 2008. There has been a huge increase in the number of home purchases AND the average days on market have dropped considerably. The number of homes available – versus average homes sold per month (Month’s Supply) is down significantly, making this a great time for would be sellers to get their homes listed. The news of the stimulus coupled with extremely low interest rates are bringing more buyers into the market. This coupled with fewer active listings means less competition from other sellers.
Greater Northern Virginia Statistics*
Jan-08 Jan-09 % Change
Homes Sold 1,379 2,132 55.51%
Days on Market 105 129 -18.65%
Sales Price $303,275 $422,591 -28.23%
Active Listings 8,831 11,500 -25.36%
Month’s Supply** 7.17 14.95 -52.01%
County Specific Updates are available for Loudoun, Fairfax and Prince William (our primary markets), but didn't come through to be easily posted here. Please email or call me if you'd like me to send them your way.
I am sure you have been hearing a lot of information about what is going on with the stimulus package – designed to help jump start the economy and lagging home sales. But, since all real estate is local, I thought I’d share my take on what is happening in the market, some relevant county information, regional trends and some information about the stimulus. If you’d like to receive a neighborhood specific analysis, please let me know. I would be happy to provide you with that information.
First things first!
The stimulus package has been signed into law and provides great incentives for first time home buyers to get into the market now! In fact, I have learned that if you are a first time home buyer (or renter who has not owned a home within 3 years), and you close on your home before the April tax deadline, you will get immediate access to that $8,000 tax credit. Read all about the stimulus package here on Realtor.org. There are also new loan limits for Freddie Mac and Fannie Mae that have helped boost affordability of home buying for all types of buyers. Talk to a lender (or your tax professional) to get the specifics on how these items relate to your situation. If you would like recommendations of someone to talk with, I am happy to refer you to a pro that I trust.
Time for Action! Tax Credits, Great Values and Interest Rates at Historic Lows!!
Conforming (non-Jumbo) home loan limits have been increased in our area to $729,500, allowing for much more affordable rates for all types of loans! That coupled with the drop in interest rates are really heating up the market! Interest rates saw a recent drop into the 4 ½ – 5% range (Jumbos are in the 6 ½% range) which make buying more affordable now. With sales prices considerably lower, on average, area wide -- the area is much more affordable for first time home buyers, investors and those looking to move up to a larger home. Remember if you are buying and selling in the same market, you may receive less on the selling side, but you will make up for those losses on the buying side.
Across the Region in 2008
The home price trends in Northern Virginia show a considerable decline in sales prices over the last few years. 2008 took the largest hit on prices across the region as a whole. Fairfax, Prince William and Loudoun Counties all saw an astounding 20 – 30% decline in prices from 2007 to 2008 across the board. The average price in the 4th quarter of 2008 declined 9.2% from the previous quarter and 28.1% from 4th quarter 2007. The total time homes were listed for sale (Days on market) averaged 99 days in the 4th quarter - 98 days in the 3rd quarter 2008. But the number of homes sold increased considerably.
Days on Market are leveling off, seeing more of a flat line, and as you can see in the following information for January 2009 data, those numbers are changing. While this isn’t yet an indicator that prices will begin to rise, it does show some stabilizing. AND, the number of homes selling shows an increase in demand. That coupled with more limited supply of listings (fewer homes on the market), could indicate that we are near or at the bottom. Some communities may have already seen the bottom and could begin to see modest price increases if demand continues. Ultimately, we won’t know where the bottom of the market is until it is behind us. What we do know is that demand for well priced homes in good condition is leading to situations where we see multiple contracts and bidding wars, above the asking price of the home.
Promising News for Early 2009
Though it is only February, we have already seen big changes in the market this January versus 2008. There has been a huge increase in the number of home purchases AND the average days on market have dropped considerably. The number of homes available – versus average homes sold per month (Month’s Supply) is down significantly, making this a great time for would be sellers to get their homes listed. The news of the stimulus coupled with extremely low interest rates are bringing more buyers into the market. This coupled with fewer active listings means less competition from other sellers.
Greater Northern Virginia Statistics*
Jan-08 Jan-09 % Change
Homes Sold 1,379 2,132 55.51%
Days on Market 105 129 -18.65%
Sales Price $303,275 $422,591 -28.23%
Active Listings 8,831 11,500 -25.36%
Month’s Supply** 7.17 14.95 -52.01%
County Specific Updates are available for Loudoun, Fairfax and Prince William (our primary markets), but didn't come through to be easily posted here. Please email or call me if you'd like me to send them your way.
The sales prices in many counties have declined significantly across the board. However, there are some neighborhoods that have been the driving factor in those declines. Some areas in PW and Loudoun Counties, for example, had substantial numbers of sub-prime loans, which have gone into foreclosures and have brought the overall county statistics down sharply. So, while these numbers may be alarming, and a guide of what has happened on a more local level, every neighborhood should be looked at independently to judge the value of those homes as well as the buying and selling conditions.
Real Estate is a Long Term Investment
For those of us who bought homes during the peak, or near-peak, this news is difficult to swallow. We have to remember that real estate is a long term investment. John McClain, an economist with George Mason University said recently on an interview on WTOP News that if you look at how prices have risen over the last 10 years, even with this significant market correction, homes have still appreciated an average amount. This means real estate prices are in line with normal growth patterns. What we experienced in the early part of this decade was atypical. And, it will take some time to build those values back. It is, however a great time to continue to maintain the value in your home. Continue to do quality maintenance and repairs. Upgrade the home so that you can enjoy living in it for a few years to come. Don’t make the mistakes so many of us do and wait to upgrade or even paint your home just before you sell it. You may discover that you love your home even more if you give it a little TLC.
Please let me know if you have any questions about the information I have provided, or if you’d like to speak with me about your neighborhood. Remember, I am neither an economist, nor a tax attorney nor a CPA. I am gathering this information from various sources including MRIS, the local MLS board that I belong to and the market that I see on a daily basis as a licensed Realtor®. If you question the data, please feel free to contact MRIS at www.mris.com. I am reporting the information I receive there.
And, if you know someone looking to buy or sell their home, it would be my pleasure to help them.
Jodi Spelbring
Jodi@JodiSellsVA.com
703-625-4667
Real Estate is a Long Term Investment
For those of us who bought homes during the peak, or near-peak, this news is difficult to swallow. We have to remember that real estate is a long term investment. John McClain, an economist with George Mason University said recently on an interview on WTOP News that if you look at how prices have risen over the last 10 years, even with this significant market correction, homes have still appreciated an average amount. This means real estate prices are in line with normal growth patterns. What we experienced in the early part of this decade was atypical. And, it will take some time to build those values back. It is, however a great time to continue to maintain the value in your home. Continue to do quality maintenance and repairs. Upgrade the home so that you can enjoy living in it for a few years to come. Don’t make the mistakes so many of us do and wait to upgrade or even paint your home just before you sell it. You may discover that you love your home even more if you give it a little TLC.
Please let me know if you have any questions about the information I have provided, or if you’d like to speak with me about your neighborhood. Remember, I am neither an economist, nor a tax attorney nor a CPA. I am gathering this information from various sources including MRIS, the local MLS board that I belong to and the market that I see on a daily basis as a licensed Realtor®. If you question the data, please feel free to contact MRIS at www.mris.com. I am reporting the information I receive there.
And, if you know someone looking to buy or sell their home, it would be my pleasure to help them.
Jodi Spelbring
Jodi@JodiSellsVA.com
703-625-4667
Monday, March 2, 2009
Snow in March!
What do you know? Snow in March!! So nice to take in a snow day every once in a while, everyone's busy day comes to a screeching halt. Had a great day with the kids, catching up on life in general. Have a wonderful evening tonight. I'll be back with my Realtor hat back on tomorrow, ready to go again.
Vicky Noufal
Vicky Noufal
Tuesday, February 10, 2009
National Harbor - Something New
Last Sunday's glorious weather prompted my family and I in search of something new and fun to do...and we found it at National Harbor, located very close to Alexandria but across the border in Maryland. We had a blast enjoying the walk along the sandy walking trail, enjoyed shops, a multitude of restaurants and fantastic views of the water. There are several hotels if you want to overnight there including the famous Gaylord Resort and Conference Center. Be sure to walk into the atrium of the conference center which offers a tropical garden oasis, four restaurants, beautiful fountains and even a small Colonial Williamsburg gift store (which is totally up my alley). There are a number of events and cruises you can enjoy. Be sure to check out their website at www.NationalHarbor.com. We had a great time and are looking forward to going back in the summertime. Don't forget your camera!! There are lots of photo opportunities to take advantage of.
Vicky Noufal
703-402-5416
Vicky Noufal
703-402-5416
Wednesday, January 28, 2009
DC Metro Area - Prices are Near or At the Bottom Says GMU Economist
Listen to this story on WTOPNews.com outlining the Washington DC area's buyer's market. He says we are near or at the bottom. In particular, he touches on Prince William County which has seen the biggest turn around. PRices are down 41% but sales are up 200% from last year. Prices are now more affordable for investors & home buyers. New home foreclosures in Prince William are at 1/2 of what they were in 2008 -- signalling this could be the end of the sliding prices.
Listen here - scroll down to "Buyer's Market in Housing" John McClain, George Mason University
Good news for the buyers out there & for the sellers, who should be able to hold onto the equity that they have in their homes now.
Jodi Spelbring
Jodi@JodiSellsVA.com
703-625-4667
www.YourNextVAHome.com
Listen here - scroll down to "Buyer's Market in Housing" John McClain, George Mason University
Good news for the buyers out there & for the sellers, who should be able to hold onto the equity that they have in their homes now.
Jodi Spelbring
Jodi@JodiSellsVA.com
703-625-4667
www.YourNextVAHome.com
Tuesday, January 27, 2009
Fairfax County Real Estate Statistics
According to our MLS data (MRIS), the following data was recorded for Fairfax County homes for December of 2008.
2008 2007 % Change
Total Sold Dollar Volume: $ 463,887,046 $ 454,787,544 2.00 %
Average Sold Price: $ 403,380 $ 540,128 - 25.32 %
Median Sold Price: $ 320,000 $ 430,000 - 25.58 %
Total Units Sold: 1,150 842 36.58 %
Average Days on Market: 96 112 - 14.29 %
AvG. List Price for Solds: $ 444,292 $ 595,870 - 25.44 %
Avg Sale Price as a
percentage of Avg List Price: 90.79 % 90.65 %
I thought this was good data to publish as it's a great indicator of the overall market. Sales prices have decreased by 25% since December of 2007 and buyers are recognizing the good values out there thereby increasing our total units sold for 2008 by 36%! This is indeed a great time to buy a home. More and more investors are starting to come out and play again. The numbers are finally starting to make sense.
Vicky Noufal
703-402-5416
2008 2007 % Change
Total Sold Dollar Volume: $ 463,887,046 $ 454,787,544 2.00 %
Average Sold Price: $ 403,380 $ 540,128 - 25.32 %
Median Sold Price: $ 320,000 $ 430,000 - 25.58 %
Total Units Sold: 1,150 842 36.58 %
Average Days on Market: 96 112 - 14.29 %
AvG. List Price for Solds: $ 444,292 $ 595,870 - 25.44 %
Avg Sale Price as a
percentage of Avg List Price: 90.79 % 90.65 %
I thought this was good data to publish as it's a great indicator of the overall market. Sales prices have decreased by 25% since December of 2007 and buyers are recognizing the good values out there thereby increasing our total units sold for 2008 by 36%! This is indeed a great time to buy a home. More and more investors are starting to come out and play again. The numbers are finally starting to make sense.
Vicky Noufal
703-402-5416
Friday, January 16, 2009
Multiple Offers Making a Comeback : HGTV FrontDoor Real Estate
Check out this article on multiple offers making a comeback! No, I'm not kidding with you. It's true and it can be hard work to find the one. It's also an exciting and exhilirating process to go through. Everyone can recognize a good value and for the good properties that come out there, it's a very hot market. There are some wonderful opportunties out there to purchase homes under market value and at exceptionally good interest rates. If you would like more information on these properties, please give me a call. Let the good times roll!
Vicky Noufal
703-402-5416
Multiple Offers Making a Comeback : HGTV FrontDoor Real Estate
Vicky Noufal
703-402-5416
Multiple Offers Making a Comeback : HGTV FrontDoor Real Estate
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