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Wednesday, February 25, 2009

Market Update for NOVA

Ok I wanted to give everyone who visits this website some insight to what we are seeing in the market right now.

This is crucial as things are changing in our market.

In plain English: More people now than ever are taking advantage of this great opportunity to buy. Because of this, Less and Less homes are on the market each day.

But for you to believe me lets look at the facts.

I talked to my Mortgage Lender at Bank of America . He said they are so slammed this month and it has not been like this since 4 years ago!

Why?

Interst rates at record lows
So many homes are affordable
So many bank owned properties at below market values
First Time Home Buyers get $8,000 for buying!

But lets look at the housing facts to verify all this:

Observations from the numbers below

I have been tracking these numbers for months now. This is the first time we have had so many of these northern virginia cities listings, that were active go down and the number of sales go up.

That can't continue to happen for much longer.

I am a full time agent. I see multiple offers on homes every day. I see homes on the market for less than a week. The great deals go fast! They come and go and you have to be ready.

What can you do?

The first step is to get pre qualified. That way if we stumble across one of these gems that is going to have multiple offers and not stay on the market but a few days. You are ready to put an offer down.

This also helps us narrow our search by how much you can afford and how much you want to spend each month.

Contact the best. You can not have some agent who is part time in the business or has very little experience. We just helped our buyers buy a property where there were multiple offers and our offer was 10k LESS than the next offer. Do you think we pulled out all the tricks to win that for our buyer? You better believe it !

Whats your next step?

Contact us

Hard Core Facts

Since most of the readers on this blog are first time home buyers, I will keep the price under 400,000 for our data. Which means the numbers will be lower then if we used any price.

Fairfax

174 Active Listings (-32 from 1 month ago)

In the last 30 days 172 homes are under contract or have sold ! (+43 from 1 month ago)

Centreville

216 active listings (-29 from 1 month ago)

In the last 30 days 238 homes are under contract or have sold ! (+44 from 1 month ago)

Reston

142 active listings (+19 from 1 month ago)

In the last 30 days 132 homes are under contract or have sold ! (+7 from 1 month ago)

Herndon

130 active listings (-46 from 1 month ago)

In the last 30 days 212 homes are under contract or have sold ! (-7 from 1 month ago)

Falls Church

256 active listings

In the last 30 days 213 homes are under contract or have sold!

Arlington

281 active listings (-9 from 1 month ago)

In the last 30 days 150 homes are under contract or have sold ! (+4 from 1 month ago)

Alexandria


Over 500 active listings (Still)

In the last 30 days over 500 homes are under contract or have sold ! (Still)

Mclean/Vienna/Oakton

101 active listings (-30 from 1 month ago)

In the last 30 days 58 homes are under contract or have sold ! (+4 from 1 month ago)





Monday, February 23, 2009

New Stimulus Package

Here is what Barack Obamas New Stimulus Package can mean to you.


$8,000 Tax Credit For First Time Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, It's a great incentive you can take advantage of and get a nice tax credit and increase your tax return by upto $8,000.
  • Available only to first-time home buyers-(must not owned a home for less than 3 years)
  • The tax credit is not a loan and does not require repayment*

    *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
  • The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
  • Home purchase must be for a primary residence
  • The credit is available on home purchases between January 1, 2009 and December 1, 2009
  • If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
  • The credit is not eligible if the seller is a relative of the buyer
Home Energy Credit

Tax Incentives for Improving Existing Residential Real Estate

  • Homeowners can recoup up to 30% of the cost of installing energy saving features in their home
  • The credit is valid on up to $1,500 of improvements
  • Over $4 billion was allocated for the Home Energy Credit
  • Examples of improvements: Energy Efficient Windows and Doors, Air Conditioning, Furnaces, Water Heaters

Breakdown of the Stimulus Package’s Expenditures
Tax Relief - $288 Billion
State and Local Fiscal Relief - $144 Billion
Infrastructure and Science - $111 Billion
Protecting the Venerable - $81 Billion
Health Care - $59 Billion
Education and Training - $53 Billion
Energy - $43 Billion
Other - $8 Billion

President Obama will also start outline a plan to help decrease foreclosures and help struggling homeowners meet their current financial commitments. The new plan is part of TARP 2, The 3 step financial Stability Plan involving a government investment of up to $2 trillion dollars. Limited details include analyzing and investing in struggling banks, creating a “bad bank” for purchasing unhealthy assets from financial institutions and investing funds in stimulating business and consumer lending.

Keep an eye on the news for more information. New Buyers can save now and get the right home. I have also been told that if you are a new home buyer and purchase before you do your taxes this year (or get your taxes amended after you have already got them done) you can claim the 8,000 tax credit this year. Please consult your tax professional to varify this. Yet, do that or using the home energy credit can save you alot this year and in the future.

Contact me asap for more questions or if you are interested in getting this $8,000 back for buying a home this year !


Thursday, February 19, 2009

First Time Home Buyers!

The Government just passed a bill giving First Time Home Buyers $8,000 for buying a home this year.

Contact me asap for more info and how you can take advantage of this and the low interest rates.

How can you pass up such a great time to buy ??

Monday, February 9, 2009

Free TGIF Meal !

Thats right. Click on the link below for a free buy one entre get one entre FREE from TGIF

I have already used this coupon twice !

Enjoy this gift from us

Click on the link below for a free buy one entre get one free entre from TGIF :)

http://www.angelfire.com/art2/saracarol/backup/TGIFridaycoupon.pdf

Thursday, February 5, 2009

Gates of Fair Lakes Condos Weekly Report 1/20/2009-2/5/2009

MyGatesofFairLakesCondo.com

Relevant Real Estate Information for Gates of Fair Lakes . A gated condo community.

INTRODUCTION

The buyers are out !!! You will not believe all the multipe offers and buyers out looking at homes right now. Just another reason to have a experienced realtor. We just negotiated 2 multi offer deals this week and got homes for our clients at amazing prices.

As of today (February 5, 2009) There are 4 active listings in MLS and 2 condo that is currently under contract.

Here’s the breakdown of all active listings in MLS:

2 - 2 bedroom units (1 Bank Owned, 1 Short Sale)
2 - 1bedroom unit (Bank Owned, 1 Regular Sale)


NEW LISTINGS

According to MLS, there was 0 new listing this week.


UNDER CONTRACT

According to MLS, there is 2 condos under contract.

12902 FAIR BRIAR LN #12902
12834 FAIR BRIAR LN

I will have the final numbers for this once it closes, if it closes.


SOLD

According to MLS, 0 condos sold in the last 30 days.

Sold More than 30 Days ago

12898 FAIR BRIAR LN #12898, FAIRFAX, VA 22033 (226 DOMP) (2bed/2ba) Regular Sale

Asking Price - $324,900
Sales Price- $284,000
Seller Subsidy - $10,000


22033

These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%


Fairfax Condos Sold for 2007 vs. 2008






RENTALS

There are currently 3 condos for rent

3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group also. Just ask us more about how this benefits you.


OBSERVATIONS

Not much is happening here. Yes it is an excellent gated community with amenities but there are also not a lot of condos here so their will be lower numbers on the market at one time.

We have one short sale that got a contract but either the buyer didnt feel like waiting or the bank was not agreeing to pay that price. It is priced very low. But remember the bank has to agree to that price, banks are reluctant to sell so low.

There are 2 bank owned condos here that are worth checking out if you want to live in the Fair lakes area. This community is centrally located and right near 66.

Keep checking back for the status of your community. If you have any questions or would like to know the value of your home right now, email us!





Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.