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Northern Virginia Real Estate Market Update through August 2009

The real estate market cooled slightly in August from July.  This is typical of what happens each year as fall approaches.  In August, buyers had a little easier time finding a house that earlier in the summer.  Nonetheless, houses are moved a lot quicker this August than the previous three Augusts. We continue to see price recovery.  For the first time in several years some …

Northern Virginia Real Estate Market Update through May 2009.

The major change we saw in the market this past month is that prices are climbing.  The lack of inventory has become a real problem, with about a three-month supply of homes on the market in Northern Virginia in general.  Bidding wars are taking place on many houses right now.  I wrote two offers for clients this week; one house had 5 offers on it, …

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Northern Virginia Market Update through March 2009

The Northern Virginia real estate market had homes selling more quickly in March than in any month since January of 2006.  The supply of homes in the Northern Virginia market, defined as Arlington and Fairfax Counties, along with the cities of Alexandria, Falls Church, and Fairfax, was at a 3.5 month supply in March.  Prices ticked up a little bit from February, but are still …

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Northern Virginia Real Estate Market Report (New & Improved!)

Below is a spreadsheet of the latest statistics for the Real Estate Market in Northern Virginia.  A lot has changed (hopefully improved!) this month so take a close look at the spreadsheet.  A few of the changes: Different Jurisdictions are on separate tabs of the same spreadsheet.  As always I have stats for Northern Virginia (Arlington, Alexandria, Falls Church City, Fairfax City, and Fairfax County) …

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Video on Finding Low Priced Homes at FranklyMLS.com

I put together this video with detailed instructions on how to use FranklyMLS to find houses that are under-priced.  If you have any questions about the process, leave them in the comments section below and I’ll answer them for you. UPDATE NOVEMEBER 26, 2008:  New features were added to FranklyMLS that allow you to get email updates when under-priced homes come on the market.  See …

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Northern Virginia Real Estate Market Update

The housing rate in Northern Virginia (defined as Arlington, Alexandria, Fairfax County, Fairfax City, and Falls Church City) sold at a rate of 19.5% in September.  This number is down slightly from the previous month, but almost double the 10.5% rate from September of 2007. The statistics continue to show an improving market.  The real test for this market will come next month when the …

Attending the Northern Virginia Economic Summit

I will be attending the Northern Virginia Economic Summit this morning (Sept 11, 2008) put on each year by the Northern Virginia Association of Realtors. This meeting has become an annual event for me personally. It is a chance to hear from Economists who specifically study the economy in our region, and leaders who are shaping the future of the whole Washington DC region. The …

Real Estate Tax Rates in Northern Virginia

What do various counties and cities charge for property taxes on homes in Northern Virginia? The following figures are per $100 of assessed value in the tax year 2008: Arlington County:  81.8¢ Alexandria City:  84.5¢ Fairfax County:  92¢ Falls Church City:  $1.03 Fairfax City:  79¢ Loudon County: $1.14 Prince William County:  97¢ Most of the rates I have listed above are “base rates.”  Most counties …

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Northern Virginia Market Update

The Northern Virginia Real Estate market again sustained its recent strength in June with 20.14% of the available inventory going under contract. This is the third straight month that we have sold more than 20% of the inventory. This surprised me because the market typically sells fewer homes in June than in April or May. Last month was our best June in several years. Below …