I’m neither Democrat or Republican, but this video explains a lot on how our real estate housing market and current economic crisis came about. You’ll probably need to use the pause button throughout the video since it moves fast… watch it and post up your thoughts and comments.
The rising number of foreclosures and short sales over the past year have dramatically affected the supply of homes on the market for Northern Virginia real estate. This has in turn, brought the housing demand down (”economics 101″), along with NOVA area home values. The average home stayed on the market 21 days longer in Jan ‘08 versus Jan ‘07. On the other hand, the recent increase in conforming loan and FHA loan limits should give a boost the the DC Metro area real estate market. We should see a good amount of activity over the next few months into Spring and Summer as home buyer confidence rises. The stars are aligned for a buyer’s market in Northern Virginia!
Dr. Stephen Fuller of George Mason University’s Center for Regional Analysis (CRA) located in Fairfax VA, noted in a report in Feb ‘08 that the regional job picture is very strong. More than 20,000 new jobs are projected for Northern Virginia each year through 2011. The report stated that of the 15 largest U.S. job markets, the D.C. Metro area showed the lowest levels of unemployment: 3% - compared with a national unemployment average of 4.8%.
*Data from the Metropolitan Regional Information System, Inc (MRIS). Northern Virginia real estate figures include data collected from Fairfax County and Arlington County, and the cities of Alexandria VA, Falls Church VA, Fairfax VA, and the towns of Vienna VA, Herndon VA and Clifton VA. (Sales figures do not include most new home construction sales and For Sale By Owner sales since the data was not entered in the MLS. Only Northern VA Realtors can access the MLS to enter the sales data)
As most of you know from the recent real estate news, new home builders are having a hard time selling homes in the DC Metro area. Therefore, more homes and condos in Northern Virginia and Washington DC are available to purchase than one would expect. Is this a good time to buy? It depends on your situation. If you plan on buying a home because of the recent interest rate cuts, make sure you plan to living there for at least 3 - 5 years. This way you can weather the times if there is any downturn in the market.
If you plan on buying a new home, then turning around to flip it for a profit in the next year or two - I would say that now is NOT the time for you to buy. The best deals from what I’ve seen lately in Northern Virginia and DC are new construction homes and foreclosures. I have typically seen the largest price drops in these types of homes recently. Not to say you can’t find a great deal on a resale home, but sellers who have bought within the last 3 years (and did 100% financing) are many times “upside down” and don’t have much room for negotiations.
Many first time home buyers are unaware that the sales agents at these new home communities work FOR the builder. What does this mean? Well, it means that they are on the builder’s side and are looking out for the builder’s best interest. The reason I bring this point up is because you should always visit a new home community with representation from a real estate agent. Your agent will look out for your best interest, including pointing out design flaws, giving resale pointers, justifying comps, factoring in incentives, assisting with contingencies, making sure you are protected and negotiate on your terms. It doesn’t cost you any more to use an agent and the price of the home stays the same, so why wouldn’t you utilize the expertise of a real estate professional?
Click the link below to watch the video from Kiplinger. (heads up, there is a 10 second commercial before the actual video)
A brand new community called Chatsworth Village in Manassas, VA is absolutely beautiful. These are garage townhome-style condos with easy access to Rt. 66 and the VRE. Units feature: Gourmet Kitchen, corian countertops, upgraded cabinetry, stainless steel GE appliances, hardwood flooring in foyer and kitchen area, ceramic tile in all bathrooms, dual owner’s suites(one on main level), upper owner’s suite features a walk-in closet, porch, and gas fireplace. 2 & 3 bedrooms, 2 bathrooms, with 1 car garage with 1,600+ sq. ft. are starting in the high $200k’s.
If you would like to visit Chatsworth Village in Manassas, VA, be sure to give us a call at 1-888-998-9455 or at info@homezill.com to receive an additional 2% cash back on the purchase of your home!
RE/MAX International is the nation’s number one real estate franchise, and the number ten franchise overall, according to Entrepreneur Magazine’s 29th Annual “Franchise 500 Survey.” RE/MAX has held the honor of the top real estate franchiser for eight of the past ten years. The survey, which appears in this month’s edition of Entrepreneur Magazine ranks RE/MAX among the top ten in four different franchise categories. The Denver-based real estate franchiser was ranked #1 in the low-cost franchise category, #7 among global franchises, #10 in the fastest-growing franchise category, and 10th among ALL franchises. Its closest competitor in the real estate industry was ranked in the 43rd position.
“We are not surprised by our high ranking, given the quality of our affiliated broker/owners and sales associates,” said Margaret Kelly, CEO of RE/MAX International. “They lead the industry in experience and productivity and we’re proud to offer them a comprehensive array of support services.”
The Entrepreneur Franchise 500 Survey is the most comprehensive franchise ranking in the world. The initial survey was conducted in 1980, and it was the first ranking of franchises in the industry. Over the years, the ranking procedure has been refined to provide the most accurate formula for identifying today’s top franchises.
Through extensive online search capabilities, HomeZill.com servicing Northern Virginia, Washington DC and Maryland has provided home buyers with one of the best DC Metro MLS searches on the web. Not only does HomeZill provide a great home buyer search tool, but they give up to 2% cash back in home buyer rebates, saving consumers thousands of dollars on commissions!
Here’s to high end living at Abingdon Row condos in Alexandria, VA. In the heart of Old Town, Alexandria you’ll have the convenience of big-city living. Only 5 miles south of Washington, DC and a few blocks from the Braddock Road Metro station. Units feature: Hardwood Floors in Living Room, Dining Room, Foyer and Kitchen, 9’ Ceilings in Living Areas, Recessed Lighting, Two Panel, Smooth Finish Interior Doors with Polished Chrome Hardware, Individual High Efficiency Electric Heat and Air Conditioning Systems, Fire Sprinkler and Smoke Detector Systems, Full Size Washer and Dryer, Balconies, Patios and Rooftop Decks in Select Homes, Granite Countertops in a Choice of Colors, Maple Cabinetry with 42” Upper Cabinets In a Choice of Finishes, Stainless Steel Undermount Sink, Stainless Steel Appliances, 30” Gas Range with Microwave Above, and Chrome Single Lever Faucet with Integral Spray. The building design features: Intimate, professionally Designed Lobby, Landscaped Courtyard, Controlled Entry Access, Reserved Underground Parking, Individual Storage Areas (select homes), State of the Art Wiring for Telephone, Cable, Data and Internet Access, and Community Rooftop Deck. One Bedroom One bathroom start at $364,900 and Two Bedroom Two bathroom start at $559,900.
If you would like to visit Abingdon Row condos in Alexandria, VA, be sure to contact us at 1-888-998-9455 or at info@homezill.com to receive an additional 2% cash back on the purchase of your new home!
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