Northern Virginia Real Estate Market Update though June 2009

June Real Estate sales in Northern Virginia were more of the same from the previous three months.  We had a short supply of houses for sale, rising prices, and bidding wars all over.  There was a particular lack of foreclosures on the market compared to previous months. In most parts of Northern Virginia, there remained about a 3-month supply of homes on the market.  The …

Northern Virginia Market Update through April 2009

The Northern Virginia Real Estate Market continued to sell at an even faster pace in May.  In the Norther Virginia area (including Alexandria, Arlington, Falls Church City, Fairfax County, and Fairfax City) 32.69% of the homes on the market sold during the month.  Fairfax County led the way in that area with 33.68% selling.  And for the first time in a long time, average prices …

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Living the Dream

  I talked to a client on the phone this morning to get some information for her closing next week. Then I asked her what her schedule would be after the closing, when they would be leaving the area. And the excitement poured out of her. Awesome.   I realized that I just got to be a small part of what this couple has been …

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Northern Virginia Real Estate Market Update through February 2009

Market Statistics were published this morning by MRIS and my summary spreadsheet is below.  All areas of the Northern Virginia Real Estate market showed strength in February, both when compared to recent months and to past February data. The market for the Northern Virginia area (including Arlington, Alexandria, Falls Church City, Fairfax County, and Farifax City) is down to a 4.3 month supply of inventory. …

Northern Virginia Real Estate Market Update–through October 2008

Ok….I have to admit it….I’m surprised by this month’s numbers.  Since April of this year we have been sitting very close to a 5-month supply of homes on the market.  I our current economic context I have been very excited by the 5-month number.  It means that 20% of the people who are trying to sell there home have been successful each month.  This is …

City of Fairfax Real Estate Market Update–through October 2008

The City of Fairfax continues to lag the Northern Virginia market as a whole in October.  Last month 15% of the homes on the market sold in Fairfax City.  This is slightly lower, but in the same ballpark as the numbers from a year earlier.  I added a column to the statistics spreadsheet which I’ll explain in my Northern Virginia Market Report. Here are the …

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Working Wisely with a Loan Officer

A good relationship with a loan officer is vital for someone wanting to make solid decisions on the purchase of a home. As a Realtor advises you on the physical, transactional, a lifestyle aspects of your purchase, a loan officer advises you on the financial. A good loan officer will ask you a lot of questions about your personal situation to assure that: 1) You …

Mortgage Market Good and Home Sales are Up

In today’s Washington Post Kenneth Harney wrote: Loan terms and credit underwriting standards have been toughened up, but you can still put down 3 percent (3.5 percent after Jan. 1) on an FHA-insured mortgage and 5 percent on certain Fannie Mae and Freddie Mac loan programs with private mortgage insurance. The FHA’s credit standards are generous and forgiving — the agency exists to help people …

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Can you Win in this Real Estate Market?

As I write this the whole world is going through an economic crisis.  Congress just passed a bill to “bail-out” Wall Street.  Stock markets all over the world have tumbled, and some have closed their markets to avoid further losses.  The main issue in the presidential debate has become the economy.  Voters want to know which candidate can get us out of “this mess we’re …