"Just the Facts Ma'am!" Fairfax County VA Market Report (LOCALISM FEATURED)

By
Real Estate Agent with Integrity Real Estate Group

Northern Virginia Real Estate Facts

Even though Joe Friday actually never uttered those words they have become associated with his character in Dragnet. However they seem appropriate to use when we try and talk to our clients about the current Northern Virginia real estate market.

With the news about Countrywide, IndyMac, Freddie Mac and Fannie Mae buyers are finding even more reason to be skittish about the real estate market. In reality things are okay. Notice I didn't say great because they aren't great if you are a seller today. They are okay for realistic sellers who have over the years built up equity in their home. For the sellers who bought a few years ago the current Northern Virginia market isn't at all what they would like it to be.

For buyers though it seems to be the time for the sharks to be circling in the water. Offers of 50 cents on the dollar fly off the fax machines in huge numbers. Folks it is time for just one more reality check. Houses aren't selling for 50 cents on the dollar. In FACT houses that are priced right are selling at just around 93% of list price.

Total Units Sold 2008 538 704 929 1,073 1,278 1,453
Avg. Sold Price 2008 $472,016 $467,979 $466,378 $466,894 $469,049 $484,855
Avg. List Price 2008 $519,342 $513,320 $510,716 $504,723 $509,294 $521,945
Sale Price as % of List Price 2008 90.89% 91.17% 91.32% 92.50% 92.10% 92.89%
Avg. Days On Market 2008 132 123 118 107 93 87
Total Units Sold 2007 1,004 1,039 1,261 1,142 1,271 1,423
Avg. Sold Price 2007 $531,143 $508,545 $529,382 $528,347 $546,042 $574,939
Avg. List Price 2007 $569,781 $544,350 $559,797 $550,674 $573,161 $602,706
Sale Price as % of List Price 2007 93.22% 93.42% 94.57% 95.95% 95.27% 95.39%
Avg. Days On Market 2007 106 113 104 84 79 68

To stick to the facts shows that Northern Virginia prices overall are lower and the number of homes selling is lower but we aren't having a fire sale. Yes there are some neighborhoods and builders (I'll be glad to show them to you) where there are some unbelievable price reductions and a good buyer's agent will show you why.

So before you decide to write an offer that is sure to leave you frustrated take another look at the neighborhood facts. If the average home sale is at 93% of list price then offering 50% of list price is only going to get you the rejected stamp. If you are realistic you might just get the Northern Virginia home you want at a sales price that everyone can live with.

_____________________________________________________________________________________________________

Utilizing Technology, Experience and Uncompromising Service is Cindy Jones commitment to her clients. If you are buying or selling a home in Northern Virginia including Alexandria, Fairfax County, Loudoun County or Prince William County give Cindy a call at 703-346-2213. Stop by VaRealEstateTalk & or Cindy's Northern Virginia Real Estate website for more information.

Search all homes available in the Northern Virginia area.

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                                   Real People*Real Lives*Real Estate

If you are interested in learning more about the Northern Virginia Real Estate market including Alexandria, Arlington, Fairfax and Prince William Counties give Cindy Jones and Integrity Real Estate Group a call at 703-346-2213.

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Integrity Real Estate Group
 
Real People*Real Life*Real Estate

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Topic:
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Comments 18 New Comment

Show All Comments
Rainer
8,585
Keith Webb
GRI
Guardant Investments, Inc.

Cindy....some excellent points which means check the facts, do your homework and perhaps help your buyers get into a home.  Things are not a fire sale by any means.  (Although I do think that Jack Webb (Joe Friday) did say "Just the facts Ma'am")

July 20, 2008 07:54 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Keith-believe it or not according to Wikipedia he didn't actually utter those words.  It is surprising how one phrase changes to another over time:

Friday made famous the line "My name is Friday-I'm a cop," (the latter part later changed to "I carry a badge") said in the introductory narration of every TV episode. Supposedly, he also made the line, "Just the facts, Ma'am," famous. In fact, what Friday actually said in an early episode is "All we want are the facts." However, Friday, as portrayed by Webb, never actually said the oft-repeated phrase.

July 20, 2008 08:02 PM
Ambassador
1,530,777
Gary Woltal
Assoc. Broker Realtor SFR Dallas Ft. Worth
Keller Williams Realty

Cindy, we have seen that 93% number in our areas too, so I agree with your view of the "facts." Wow, a Joe Friday trivia expert and a debate between Keith and Cindy. I like entertainment ; )

July 20, 2008 08:09 PM
Rainmaker
67,820
Denise Allen
Realtor@ Chesapeake, Hampton Roads
Resh Realty Group

You need to go to the auctions in CA.  A friend of mine just bought a $700k home for $200k.  It was just crazy.

July 20, 2008 08:54 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Gary-thanks for the thumbs up on the "facts".  On the trivia front it is fun to research how phrases that we occassionally use may not actually be what we thought they were!

July 21, 2008 07:59 AM
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1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Denise-we have auctions here but most of them aren't absolute so no one is walking away with a house for the deals that your friend got.  Maybe one of these days some of the banks will figure out that this will move inventory and get neighborhoods back on track.

July 21, 2008 08:00 AM
Ambassador
527,847
Rich Jacobson
Your Kitsap County WA Real Estate Broker
Keller Williams West Sound Realty

Cindy:  Nice job on the market report. Short, sweet, fun, engaging. Keep up the great efforts!

July 21, 2008 04:46 PM
Rainmaker
343,971
Sondra Meyer
Colorado Horse Property Specialist
Star View Real Estate

Cindy, I like your market report.  You've added a fun element to it while still keeping it informative.  Good advice to readers. 

July 21, 2008 04:51 PM
Ambassador
2,344,090
Lenn Harley
Real Estate Broker - Virginia & Maryland
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate

Reminds me of the investment buyer who only wanted to look at properties where she'd have "instant equity" when she closed.  She expected to be able to buy $450,000 home for $250,000 in Fairfax.  Something that didn't need any work so she could rent it right away.

She repeated the term "instant equity" so often, I was convinced she watched late night infomercials. 

I wouldn't even pass a person like on to an agent.

 

July 21, 2008 04:58 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Rich-thanks for stopping by and the thumbs up on the market report.

July 21, 2008 05:46 PM
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1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Sondra-thanks I'm hoping that the low ball offers I keep seeing on some of my listings will slow down one of these days :-)

July 21, 2008 05:47 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Lenn-I think I watched that show too.  Don't I also get cash back at closing and find homes worth millions that I can buy at a tax sale for $500? 

July 21, 2008 05:49 PM
Rainer
200,847
Mana Tulberg
Real Estate Agent - Camarillo CA
805 County Real Estate

Amen. You said it all. I try to tell some of my clients these same facts over and over again, but they insist on writing low offers. Reality check, maybe we need to look at homes in a different price range.

July 21, 2008 06:28 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Mana-sometimes we just have to show our clients in black and white what is actually happening in our area.  Hopefully it helps them make the right decision on their offer.

July 21, 2008 07:53 PM
Rainer
274,098
Adam Waldman
Realtor - Long Island
Westcott Group Real Estate Company

CINDY - Good advice for buyers and sellers.  The extreme lowball offers will never get accepted, and only serve to insult the sellers.  As long as the homes comp out, I would suggest that it will usually take a minimum of 90% offer price.

July 22, 2008 04:38 AM
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1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Adam-I've had some success with offers below the 93% market in certain areas.  But I've also had a couple of clients get into bidding wars on homes as well this year.  So it all depends on the location, location, location!

July 22, 2008 07:16 AM
Rainmaker
325,145
Esko Kiuru

Cindy,

It sure is a buyer's market in many parts, but yours in Fairfax isn't that soft as your stats show. 93% off list isn't too bad for sellers. Las Vegas prices have dropped more and now homes at the lower end are selling well.  

July 22, 2008 11:52 PM
Ambassador
1,807,328
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
Integrity Real Estate Group

Esko-we have some areas where the prices have dropped 30% and the sales are up 60% so you can figure the investors and first time buyers have found the sweet spot and are on the move.

July 23, 2008 08:03 AM
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Ambassador
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Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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