Rental Market is UP * Sales Mixed Signals
Tuesday, September 21, 2010
Hi Folks:
Welcome from the wonderful world of Real Estate in Northern Virginia. The news at this time is that the rental market is firing ahead. Rents seem to have spiked up last month; many of the townhouses are renting for about $200 over last years prices in this area of Alexandria, Arlington and Springfield. People are moving here from all over the country to take advantage of the stronger job market.
The sales prices are still doing pretty well compared to last year, but the effects of the tax credit seem to be wearing off as Buyers stick to their budgets and drive hard bargains. There are fewer short sales and foreclosures affecting the market, but they are still in play. In the first time buyer price range, bidding can be competitive for properties which are in good shape, in good locations, and are not hampered by a short sale. NVAR shows sales prices rising 7.6% over last year, as normal sales make up a larger percentage of the transactions. More Sellers were encouraged to into the market in August, and number of listings rose 15% which may temper sales prices in the Fall.
Welcome from the wonderful world of Real Estate in Northern Virginia. The news at this time is that the rental market is firing ahead. Rents seem to have spiked up last month; many of the townhouses are renting for about $200 over last years prices in this area of Alexandria, Arlington and Springfield. People are moving here from all over the country to take advantage of the stronger job market.
The sales prices are still doing pretty well compared to last year, but the effects of the tax credit seem to be wearing off as Buyers stick to their budgets and drive hard bargains. There are fewer short sales and foreclosures affecting the market, but they are still in play. In the first time buyer price range, bidding can be competitive for properties which are in good shape, in good locations, and are not hampered by a short sale. NVAR shows sales prices rising 7.6% over last year, as normal sales make up a larger percentage of the transactions. More Sellers were encouraged to into the market in August, and number of listings rose 15% which may temper sales prices in the Fall.
Rental Market is UP * Sales Mixed Signals
Hi Folks:
Welcome from the wonderful world of Real Estate in Northern Virginia. The news at this time is that the rental market is firing ahead. Rents seem to have spiked up last month about $200 over last years prices in this area of Alexandria, Arlington and Springfield. People are moving here from all over the country to take advantage of the stronger job market.
The sales prices are still doing pretty well compared to last year, but the effects of the tax credit seem to be wearing off as Buyers stick to their budgets and drive hard bargains. There are fewer short sales and foreclosures affecting the market, but they are still in play. In the first time buyer price range, bidding can be competitive for properties which are in good shape, in good locations, and are not hampered by a short sale. NVAR shows sales prices rising 7.6% over last year, as normal sales make up a larger percentage of the transactions. More Sellers were encouraged to into the market in August, and number of listings rose 15% which may temper sales prices in the Fall.
Welcome from the wonderful world of Real Estate in Northern Virginia. The news at this time is that the rental market is firing ahead. Rents seem to have spiked up last month about $200 over last years prices in this area of Alexandria, Arlington and Springfield. People are moving here from all over the country to take advantage of the stronger job market.
The sales prices are still doing pretty well compared to last year, but the effects of the tax credit seem to be wearing off as Buyers stick to their budgets and drive hard bargains. There are fewer short sales and foreclosures affecting the market, but they are still in play. In the first time buyer price range, bidding can be competitive for properties which are in good shape, in good locations, and are not hampered by a short sale. NVAR shows sales prices rising 7.6% over last year, as normal sales make up a larger percentage of the transactions. More Sellers were encouraged to into the market in August, and number of listings rose 15% which may temper sales prices in the Fall.
BRAC keeps Northern Virginia Real Estate market hot
Saturday, August 14, 2010
People are moving to Northern Virginia from all over the country. Many are taking jobs with the federal government, and with local defense contractors. Also, Northern Virginia still has one of the lowest unemployment rates around. Buyrers and Sellers in this area feel more secure in their jobs than many around the country, and so they are more likely to buy their first home, or move-up to a home which better meets their needs.
Every week I hear from people taking jobs at Fort Belvoir. This has resulted in very strong sales in the surrounding areas of Alexandria, Springfield, Lorton and Woodbridge. The market for affordable townhouses in Alexandria is very hot with multiple offers on properties and homes staying on the market for only a few days. Prices are rising in Springfield, where families can find larger homes in tidy neighborhoods with good schools close to Fort Belvoir. In Lorton where the housing stock is newer, it is very hard to find a property on the market which is not a short-sale. In Woodbridge, investors who snagged up foreclosed and short sale properties over the winter have tidied them up and put them on the market $50000-$100000 above their purchase price. Home buyers looking for move-in ready homes are snapping up these still affordable properties.
As one contractor explained to me, the recent announcement by Robert Gates to "cut" defense spending, was mostly just a re-assing of funds. So there will still be lots of jobs in this area.
Many of my clients are obtaining loan quotes for 30 year mortgages of 4.5%-4.75%; a 30 year low.
Click here to see the full real estate market statistics for the Washington DC area.
Its a good time to buy and sell in Northern Virginia
Every week I hear from people taking jobs at Fort Belvoir. This has resulted in very strong sales in the surrounding areas of Alexandria, Springfield, Lorton and Woodbridge. The market for affordable townhouses in Alexandria is very hot with multiple offers on properties and homes staying on the market for only a few days. Prices are rising in Springfield, where families can find larger homes in tidy neighborhoods with good schools close to Fort Belvoir. In Lorton where the housing stock is newer, it is very hard to find a property on the market which is not a short-sale. In Woodbridge, investors who snagged up foreclosed and short sale properties over the winter have tidied them up and put them on the market $50000-$100000 above their purchase price. Home buyers looking for move-in ready homes are snapping up these still affordable properties.
As one contractor explained to me, the recent announcement by Robert Gates to "cut" defense spending, was mostly just a re-assing of funds. So there will still be lots of jobs in this area.
Many of my clients are obtaining loan quotes for 30 year mortgages of 4.5%-4.75%; a 30 year low.
Click here to see the full real estate market statistics for the Washington DC area.
Its a good time to buy and sell in Northern Virginia
Spring Market Keeps Going After Tax Credit ** Strategic Defaults
Wednesday, May 12, 2010
May 2010:
The tax credit expired almost 2 weeks ago and........ the market in Northern Virginia keeps going. There are still as many people at open houses. Contracts are being written on good properties all over the region. There are very few available homes in the sought after subdivisions. There are still multiple bids on some properties when they come on the market.
Don't expect prices to rise too dramatically, but in a lot of neighborhoods prices have seen the bottom and have started to rise. Buyers are still very cautious with their dollars. They want to be sure that they are not paying too much. While interest rates remain low, the banks have returned to fully underwriting their loan, which makes it difficult for some prospective purchasers to obtain financing. It is good to see full underwriting again. In some neighborhoods this means that better qualified people are moving in, fixing up the homes, and not over crowding the properties.
For the mid & upper price ranges, buyers are better off if they can put down larger down payments as mortgage insurance has become quite expensive. At the entry level, buyers can find financing through FHA, VA or VHDA. These low down payment programs worked well through the '80s and '90s and they will help qualified purchasers buy today. Cash transactions are a larger part of the market than ever before with almost 30% of the homes selling for cash in Northern Virginia. You can read more details at this link Northern Virginia Housing Trends by NVAR
**Strategic Defaults**
Many in the industry feel like we are entering the third round of defaults and short sales. The first two rounds of defaults and short sales were generally sellers who had trouble making their mortgage payments, due either to job loss or rising adjustable rate mortgages. Now we are seeing some sellers who have seen the value of their properties drop by up to 50% in some areas, and while they still can make the payments, they are choosing not to. You have to have a very long term view to keep paying on a mortgage of $285,000 when the properties around yours are selling for $150,000!! The lenders are getting more realistic about their loan modifications. The lenders will often write down the interest rate to 3% or even less, but they are very reluctant to write down the principal.
Yes, things remain interesting in the local real estate maket.
The tax credit expired almost 2 weeks ago and........ the market in Northern Virginia keeps going. There are still as many people at open houses. Contracts are being written on good properties all over the region. There are very few available homes in the sought after subdivisions. There are still multiple bids on some properties when they come on the market.
Don't expect prices to rise too dramatically, but in a lot of neighborhoods prices have seen the bottom and have started to rise. Buyers are still very cautious with their dollars. They want to be sure that they are not paying too much. While interest rates remain low, the banks have returned to fully underwriting their loan, which makes it difficult for some prospective purchasers to obtain financing. It is good to see full underwriting again. In some neighborhoods this means that better qualified people are moving in, fixing up the homes, and not over crowding the properties.
For the mid & upper price ranges, buyers are better off if they can put down larger down payments as mortgage insurance has become quite expensive. At the entry level, buyers can find financing through FHA, VA or VHDA. These low down payment programs worked well through the '80s and '90s and they will help qualified purchasers buy today. Cash transactions are a larger part of the market than ever before with almost 30% of the homes selling for cash in Northern Virginia. You can read more details at this link Northern Virginia Housing Trends by NVAR
**Strategic Defaults**
Many in the industry feel like we are entering the third round of defaults and short sales. The first two rounds of defaults and short sales were generally sellers who had trouble making their mortgage payments, due either to job loss or rising adjustable rate mortgages. Now we are seeing some sellers who have seen the value of their properties drop by up to 50% in some areas, and while they still can make the payments, they are choosing not to. You have to have a very long term view to keep paying on a mortgage of $285,000 when the properties around yours are selling for $150,000!! The lenders are getting more realistic about their loan modifications. The lenders will often write down the interest rate to 3% or even less, but they are very reluctant to write down the principal.
Yes, things remain interesting in the local real estate maket.
Real Estate Sales Stong in Northern Virginia; Alexandria & Arlington areas.
Hello Friends and Folks Interested in Real Estate
We are in the middle of the Spring selling season, and there are lots of real estate contracts being written each week at Re/Max Allegiance.
In my travels, I have noticed the following:
For the Arlington condos priced below $600,000, at this me, 37 condos went under contract last week out of 367 listings on the market, not counting new home sales. At about 10%/ week > 40%/month. This checks with the other data. Of 628 condo properties listed in the past 90 days, 268 or 42% have sold. Only 58 owners decided not to sell. The others are still on the market.
A 42% absorption rate is up from the 33% which Arlington condos sustained in the weak year of 2007. After that weak year, prices fell slightly. The newer condos are out performing the rest of the condo market. The average days on market was 18 days.
You can compare this with the Kingstowne townhouse market in Alexandria, Fairfax County. At this time, there are multiple offers on most townhouses. The absorption rate is 62%, and average days on market is 11. Prices are rising in that area.
Most Realtors in this area expect prices to remain pretty stable over the next few years. In areas where prices were severely depressed, the values are rising.
You can click the following link to see Northern Virginia Housing Statistics http://nvar.com/MarketStatistics/MonthlyReports/2010/March2010MarketReports/tabid/604/Default.aspx
We are in the middle of the Spring selling season, and there are lots of real estate contracts being written each week at Re/Max Allegiance.
In my travels, I have noticed the following:
For the Arlington condos priced below $600,000, at this me, 37 condos went under contract last week out of 367 listings on the market, not counting new home sales. At about 10%/ week > 40%/month. This checks with the other data. Of 628 condo properties listed in the past 90 days, 268 or 42% have sold. Only 58 owners decided not to sell. The others are still on the market.
A 42% absorption rate is up from the 33% which Arlington condos sustained in the weak year of 2007. After that weak year, prices fell slightly. The newer condos are out performing the rest of the condo market. The average days on market was 18 days.
You can compare this with the Kingstowne townhouse market in Alexandria, Fairfax County. At this time, there are multiple offers on most townhouses. The absorption rate is 62%, and average days on market is 11. Prices are rising in that area.
Most Realtors in this area expect prices to remain pretty stable over the next few years. In areas where prices were severely depressed, the values are rising.
You can click the following link to see Northern Virginia Housing Statistics http://nvar.com/MarketStatistics/MonthlyReports/2010/March2010MarketReports/tabid/604/Default.aspx
Spring market 2010 - Tax Credits & Real Estate Assesments
Wednesday, March 31, 2010
March Real Estate Madness 2010
Northern Virginia Real Estate Taxes, Tax Credits, Rising Prices
Finally the snow has melted on the snowiest winter that I have ever seen around here. The warmer temperatures are heralding in a hot real estate market. But the tax assessments are reflecting the price corrections which took place throughout 2009.
In the City of Alexandria, the overall residential tax values fell by 5.16%. Condominiums as a group have declined in value by about 20%. The average house now has a value of $612,749 a decline of 4.03%. The average condominium is now valued at $269,695, a mean decline of 7.83%. The City has proposed a increase in the tax rate from 90c/$100 to 97c/$100. Your assessment was mailed March 25, and the tax rate will be set April 24. Check your assessments here http://alexandriava.gov/realestate/default.aspx
In Fairfax County, the tax assessor has determined that 95% of the residential properties declined in value last year. Only 16% of all the property in the County kept the same assessed value. The average residential value declined by 12.55%. The drop in residential and commercial values lead to a decrease in the tax base of $22.86 billion from the previous year. You can click the following link to see how values have changed in your region of the County http://www.fairfaxcounty.gov/news/2009assessmentmap.pdf . This is leading the County to discuss rising the tax rate to either $1.12/$100 or $1.09/$100. Luckily, the violent crime rate and property crime rate also both fell last year. Check your assessment here. http://www.fairfaxcounty.gov/dta/
Arlington County was the first county to mail their tax assessments in January 2010. The overall real estate assessments dropped by 7.2%, the first time that aggregate values have declined since 1995. Single family homes dropped in value by 3.25%, overall residential values for townhouses, condos and single families dropped by 2.5%. The average residential assessment is now $503,200 down from $520,100 for 2009. Residential values peaked in 2007; now commercial values are falling also.
. http://arlingtonva.us/departments/realEstate/news/2010%20Press%20Release.pdf Check your assessment here: http://arlingtonva.us/Departments/RealEstate/RealEstateAssessmentsMain.aspx
All the Counties offer residents the opportunity to appeal their tax values
Take heart though. There were a lot of residential sales in the winter 2009-2010. This has left us with reduced inventory for Spring 2010. Consequently prices are rising. The Federal Tax Credit is influencing the market, bringing more buyers into the market. This is a great opportunity to put cash in your pocket. The credit is also available for long term residents who have lived in the same home for more than 5 of the previous 8 years. The house has to be priced below $800,000. This is an actual cash tax refund of up to $8,000 for first time buyers. Move-up buyers can take advantage of a $6,500. There are generous income limits for utilizing this tax credit, single people can make up to $145,000 and married couples up to $245,000. http://www.irs.gov/newsroom/article/0,,id=218336,00.html?portlet=7
Just call or email me to see if you or your friends can benefit from this market. Karrina Taylor Brown
Phone 703-336-3745 Email Karrina.Brown@Gmail.com www.TaylorBrown.com
Northern Virginia Real Estate Taxes, Tax Credits, Rising Prices
Finally the snow has melted on the snowiest winter that I have ever seen around here. The warmer temperatures are heralding in a hot real estate market. But the tax assessments are reflecting the price corrections which took place throughout 2009.
In the City of Alexandria, the overall residential tax values fell by 5.16%. Condominiums as a group have declined in value by about 20%. The average house now has a value of $612,749 a decline of 4.03%. The average condominium is now valued at $269,695, a mean decline of 7.83%. The City has proposed a increase in the tax rate from 90c/$100 to 97c/$100. Your assessment was mailed March 25, and the tax rate will be set April 24. Check your assessments here http://alexandriava.gov/realestate/default.aspx
In Fairfax County, the tax assessor has determined that 95% of the residential properties declined in value last year. Only 16% of all the property in the County kept the same assessed value. The average residential value declined by 12.55%. The drop in residential and commercial values lead to a decrease in the tax base of $22.86 billion from the previous year. You can click the following link to see how values have changed in your region of the County http://www.fairfaxcounty.gov/news/2009assessmentmap.pdf . This is leading the County to discuss rising the tax rate to either $1.12/$100 or $1.09/$100. Luckily, the violent crime rate and property crime rate also both fell last year. Check your assessment here. http://www.fairfaxcounty.gov/dta/
Arlington County was the first county to mail their tax assessments in January 2010. The overall real estate assessments dropped by 7.2%, the first time that aggregate values have declined since 1995. Single family homes dropped in value by 3.25%, overall residential values for townhouses, condos and single families dropped by 2.5%. The average residential assessment is now $503,200 down from $520,100 for 2009. Residential values peaked in 2007; now commercial values are falling also.
. http://arlingtonva.us/departments/realEstate/news/2010%20Press%20Release.pdf Check your assessment here: http://arlingtonva.us/Departments/RealEstate/RealEstateAssessmentsMain.aspx
All the Counties offer residents the opportunity to appeal their tax values
Take heart though. There were a lot of residential sales in the winter 2009-2010. This has left us with reduced inventory for Spring 2010. Consequently prices are rising. The Federal Tax Credit is influencing the market, bringing more buyers into the market. This is a great opportunity to put cash in your pocket. The credit is also available for long term residents who have lived in the same home for more than 5 of the previous 8 years. The house has to be priced below $800,000. This is an actual cash tax refund of up to $8,000 for first time buyers. Move-up buyers can take advantage of a $6,500. There are generous income limits for utilizing this tax credit, single people can make up to $145,000 and married couples up to $245,000. http://www.irs.gov/newsroom/article/0,,id=218336,00.html?portlet=7
Just call or email me to see if you or your friends can benefit from this market. Karrina Taylor Brown
Phone 703-336-3745 Email Karrina.Brown@Gmail.com www.TaylorBrown.com
Northern VA Real Estate
Sunday, March 7, 2010
Northern VA Real Estate is hot folks! Listings are being snatched up everywhere. In fact, I'm having a hard time finding homes to sell as there are hardly any good listings on the market. The tax credit has been a major incentive as are low interest rates. The fundamentals in the Northern VA real Estate Market remain solid. The Baby Boomlet is bigger than the Baby Boom, and there are many delightful young couples in the market for quality real estate. This is a good time to buy and a good time to sell. I believe home sales may slow later this Spring as interest rates will rise and the tax credit will end.
Karina Taylor Brown
Karina Taylor Brown
Blizzard 2010 - Washington DC area
Saturday, February 6, 2010
Hello friends; Here we are with a view over I395, where a few cars are travelling along the roadway. The temperature is 21F. The exit ramps are not passable, an ambulance was stuck for 1 hour trying to exit the highway. Greeley Blvd in Spingfield is open. Roads are slippery, and barely passable with an SUV. Earlier today ONLY Giant was open in Alexandria, King St, and Walmart in Fairfax, not Burke was open. Power is now out in Springfield. There was an earlier transformer outage in Alexandria which caused power surges. Watchout for falling branches from trees.
Karrina Taylor Brown
www.TaylorBrown.com
Karrina Taylor Brown
www.TaylorBrown.com
Sales are HOT in Northern Virginia
Sunday, January 17, 2010
The purchasers are like locusts - eating up all the listings. You can't keep a house on the market. Purchasers love the low priced listings - they love the market priced listings in excellent condition and with upgrades. They all want to take advantage of the tax credit. Northern Virginia is a great place to live. Arlington, Alexandria and Springfield are the best places to live. Interest rates are incredibly low.
When you see a place you like, which fits the bill, then you should buy it. Why? Because if you don't then someone else will. And yes, the world is not ending, and so you will need a place to life and so this is a good time to invest in a piece of property. Of course, owning is better for people who live stable lives. While I have seen a lot of cash buyers recently, most real estate purchases involve a loan, and the bankers only want to lend to very credit worthy borrowers. There are some good government financing programs for purchsers who need help getting financing - I can help you find a good lender.
Choose a place which can be a rental for a long term investment if you are a person who may move around a lot. Invest in quality communities such as Arlington, Alexandria and Springfield in Fairfax County. (Visit my blog again soon, and I am sure that I will find the statistics which will document this huge burst in sales and the total lack of available listings.)
It is so much easier if you work with an excellent Realtor. Someone who has your best interest in mind. A person with lots of experience helping people just like you get your best property on the market. I have seen lots of homes in many neighborhoods over the past 20+ years. So if you know what you want, then I can help you find the property that is the best match.
Financing interest rates are low.
My clients have reported that actually receiving the credit can be tiresome. So if you have some tips to make getting the credit easier then please let me know. In the meantime, keep your paperwork together when filing requests with the IRS.
Visit my new website www.TaylorBrown.com We are still building it - so there will be lots more picturs and links there soon.
When you see a place you like, which fits the bill, then you should buy it. Why? Because if you don't then someone else will. And yes, the world is not ending, and so you will need a place to life and so this is a good time to invest in a piece of property. Of course, owning is better for people who live stable lives. While I have seen a lot of cash buyers recently, most real estate purchases involve a loan, and the bankers only want to lend to very credit worthy borrowers. There are some good government financing programs for purchsers who need help getting financing - I can help you find a good lender.
Choose a place which can be a rental for a long term investment if you are a person who may move around a lot. Invest in quality communities such as Arlington, Alexandria and Springfield in Fairfax County. (Visit my blog again soon, and I am sure that I will find the statistics which will document this huge burst in sales and the total lack of available listings.)
It is so much easier if you work with an excellent Realtor. Someone who has your best interest in mind. A person with lots of experience helping people just like you get your best property on the market. I have seen lots of homes in many neighborhoods over the past 20+ years. So if you know what you want, then I can help you find the property that is the best match.
Financing interest rates are low.
My clients have reported that actually receiving the credit can be tiresome. So if you have some tips to make getting the credit easier then please let me know. In the meantime, keep your paperwork together when filing requests with the IRS.
Visit my new website www.TaylorBrown.com We are still building it - so there will be lots more picturs and links there soon.
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