A Look Back at Real Estate in Northern Virginia in 2009

By
Real Estate Agent with Realty World Select

From my personal experience, all I can say is that from April until December this market has seemed to me like the Wild West! Because of the First Time Home Buyer’s $8,000 tax credit, combined with historically low interest rates and home prices way down, there have been many more new people becoming first time home buyers. However, dealing with the different situations of buying bank owned homes or short sales, changing rules for appraisers for Conventional loans(HVCC), have brought quite a few interesting and at times, very stressful (but exciting!) situations

 

Now, the tax credit has been extended to April 30, 2010 and expanded to include those moving up(or down). I’ve also included an article and video explaining who can qualify for these new tax credits. In short, if you have lived in your current home for 5 out of the last 8 years, you can qualify for up to $6,500 tax credit for the purchase of your new home.
The way I interpret the statistics and my experiences over the last few months is this:
-Days on Market are going down dramatically-less inventory and quicker sales increases prices.
-Median and Average sales prices have increased—-in Fairfax County 18%.
-The activity in the lower price ranges has been incredibly active, but, activity for homes over $300,000 is also increasing. This is the price range that should be most affected by the expanded tax credit.
From January to April, I predict a very active market. If you’ve waiting for the market to turn around to sell your house and buy another, and have some equity, now may be the best time to put your house on the market. Call me if you would like to take a look at your individual situation. A good goal to shoot for( to make the April 30th deadline) is to have a ratified contract before March 15. It generally takes about 30 days from ratification to settlement and because of new regulations for the Good Faith Estimate; it is helpful to have some extra days to cushion any last minute surprises.
Buyers-it’s important to understand the types of sales available to you. Regular sales, Bank owned (REO) and short sales. Each has their merits and drawbacks and it’s important to understand the differences and how it affects your situation and the home that you choose. It also may be advisable to expand your geographical concepts and make sure that your budget matches the type of house and location of your new home.  A little change may lead you to your dream home.
Greater Northern Virginia Sales Report: http://nvar.com/LinkClick.aspx?fileticket=7lolFeZod8s%3d&tabid=575&mid=1462
Fairfax County Statistics http://nvar.com/LinkClick.aspx?fileticket=qeJzOLJNfnE%3d&tabid=575&mid=1462
Prince William County: http://nvar.com/LinkClick.aspx?fileticket=%2bezD1PFB4D8%3d&tabid=575&mid=1462
.

Now, the tax credit has been extended to April 30, 2010 and expanded to include those moving up(or down). I’ve also included an article and video explaining who can qualify for these new tax credits. In short, if you have lived in your current home for 5 out of the last 8 years, you can qualify for up to $6,500 tax credit for the purchase of your new home.

The way I interpret the statistics and my experiences over the last few months is this:

-Days on Market are going down dramatically-less inventory and quicker sales increases prices.

-Median and Average sales prices have increased—-in Fairfax County 18%.

-The activity in the lower price ranges has been incredibly active, but, activity for homes over $300,000 is also increasing. This is the price range that should be most affected by the expanded tax credit.

From January to April, I predict a very active market. If you’ve waiting for the market to turn around to sell your house and buy another, and have some equity, now may be the best time to put your house on the market. Call me (703-338 1129) if you would like to take a look at your individual situation. A good goal to shoot for (to make the April 30th deadline) is to have a ratified contract before March 15. It generally takes about 30 days from ratification to settlement and because of new regulations for the Good Faith Estimate;  it is helpful to have some extra days to cushion any last minute surprises.

Buyers-it’s important to understand the types of sales available to you. Regular sales, Bank owned (REO) and short sales. Each has their merits and drawbacks and it’s important to understand the differences and how it affects your situation and the home that you choose. It also may be advisable to expand your geographical concepts and make sure that your budget matches the type of house and location of your new home.  A little change may lead you to your dream home.

Here are some links with information about real estate activity last year in Northern Virginia:

Greater Northern Virginia Sales Report: http://nvar.com/LinkClick.aspx?fileticket=7lolFeZod8s%3d&tabid=575&mid=1462

Fairfax County Statistics http://nvar.com/LinkClick.aspx?fileticket=qeJzOLJNfnE%3d&tabid=575&mid=1462

Prince William County: http://nvar.com/LinkClick.aspx?fileticket=%2bezD1PFB4D8%3d&tabid=575&mid=1462

 

 

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