Nate & The 12:45 Team Did It Again
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Email Nate - NateJohnson@1245team.com

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)





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