Northern Virginia Real Estate Update
Posted on Created: Thursday, 10 March 2011 17:16
February was the third consecutive month to show improvement in the overall housing market for both buyers and sellers. The average sale price is down from last year, and at the same time, homes are selling for 5% more than they were at the beginning of 2010. The current state of the spring housing market has perked the interest in investors, according to the National Association of Realtors, the percentage of investor purchases is up 17% from last year. The real estate market has benefited from a number of factors recently including a large supply of available homes, incredibly low mortgage rates, and prices that are still unusually low. The overall supply of Clarendon Condos For Sale ...
 
Tax Credit Deadline Extended
Posted on Created: Wednesday, 04 November 2009 13:46
People who were worried about the impact of the expiration of the special tax credit can now rest easily.  Senators recently voted to extend this credit beyond its original expiration date of the end of November.  It will now expire at the end of April.  Economists feared that, had the credit not been extended, we would have seen a sharp decrease in home sales.  And with the market behaving the way that it is now, we could hardly afford that.                 In addition to the extended deadline, the tax credit now applies to more than just first-time buyers.  A 6,500 dollar credit will be given to buyers who had owned their previous home for more than five years.  This will provide buyers with extra incentive to make a purchase, and will surely prompt some to buy who would not otherwise have been in the market.                  However, is this measure just delaying the inevitable downfall of the market?  Not necessarily.  The extra five months ...
 
Race Issues in the Market
Posted on Created: Monday, 05 October 2009 14:08
It has come time for the Federal Reserve’s annual inspection of mortgage statistics.  With the economy and the real estate market in the state that it is, this review is particularly important.  Officials need to see what is going wrong, and this review is one way to do that.                 The results of the investigation are in, and there are some very disturbing trends.  Nearly a third of all homeowners who applied for a mortgage were turned down, as lenders tried to crack down on the mortgage crisis by apparently giving help only to those who were in dire need.  As bad as this news is, it isn’t even the worst news that came out of this report.  It appears as if blacks and Hispanics were twice as likely to be rejected as whites.                  This brings up the issue of racism in the real estate market.  As if we didn’t have enough problems right now.  Mortgage companies say that they are not discriminating based on race, of course. ...
 
Gap closes between Renting and Buying
Posted on Created: Friday, 31 July 2009 11:14
In times like these, when the real estate market is desperately starving for new buyers, a boost is needed. That boost may come from an unexpected source: renters who found it more sensible to buy. With the low mortgage payments of today, the cost difference between buying a home and renting one have, in some cases, dropped to a level where it would no longer be logical to rent. In some cases, the difference in price has dropped to just above 100 dollars a month. When you have twice the space of an apartment and are only paying a hundred dollars more, why would you possibly rent? In certain areas, the average price difference between buying a home and renting one has dropped from 777 dollars a month to just above 200 dollars a month in a period of three years. The real estate market may very well get an unexpected boost from these converted renters. Home prices have dropped to under 100 dollars in some areas, and the gap is expected to grow smaller and smaller due to the fact tha ...
 
Home Sales Increase
Posted on Created: Sunday, 19 July 2009 20:29
The real estate market is shifting rapidly. In the past year, from May of 2008 to May of this year, average home prices have decreased by 17 percent. This rapid shift in price has prompted more and more buyers to make the big decision of buying a home. According to Bloomberg.com, "Sales prices of existing homes dropped 17 percent in May from a year before, spurring a second straight gain in purchases and helping reduce the nation's glut of unsold properties." If this report is accurate, then the drop in the average home price could lead to a rebound in home sales. As long as these rates stay low for a while, the real estate market has a good chance of bouncing back. The sales pace experienced in May was the strongest pace since October, and it shows no sign of slowing down. It was the first back-to-back increase since 2005. This strong buying spree is not the only good news for the real estate market. Even though some experts say that foreclosure rates are extremely high, the ...
 
One Year Stats are Promising
Posted on Created: Sunday, 19 July 2009 20:24
Amidst all of the negative predictions by experts on the upcoming future of the real estate market, there are definitely signs of improvement. When one looks at the big picture, they can see that, overall, measurable statistics for the market have made a turn for the better in the last year. Statistics from June 2009 reflect this turnaround. During June of this year, 2,169 homes sold. That mark turns out to be 14.2 percent above the figure for June of 2008 when 1,900 homes were sold. There are also not as many homes sitting stagnant on the market. June 2009 saw a 27 percent drop in available homes on the market as compared to June of 2008. With the number of available homes on the rise, common sense would say that the prices of these homes must be rising. However, that is not the case. From June 2008 to June 2009, the average price for a home actually dropped by 7.42 percent, providing buyers with the unique opportunity to beat the laws of supply and demand. Many critics of ...
 
Foreclosures lead to low prices
Posted on Created: Friday, 26 June 2009 09:32
While the real estate market has been down recently, some pleasantly promising figures are beginning to emerge. In both April and May of this year, house sales increased. This means that, for the first time since September of 2005, sales experienced an increase in back-to-back months. Perhaps this signifies a turning point in the market. While speculators expected a slightly more significant rise than the 2.4 percent sale increase that the market experienced, those same speculators acknowledge that the increase is still a step in the right direction. Economists say that this periodic increase in home sales may mean that the economy will follow suit, while buyers will be eager to pounce on the opportunity. Things seem to be looking up for the real estate market. If you are looking to buy a home at a low price, this unique market state will provide you the opportunity to do so. Are you finding deals out there? ...
 
 
 

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