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

By
Real Estate Broker with CJ Realty Group, Inc.

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 CJ Realty Group,  a call at 703-346-2213. 

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Check out www.varealestatetalk.com and www.cjrealtygroup.com for more information.
CJ Realty Group Woodbridge VA 
Real People*Real Life*Real Estate

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Topic:
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Virginia Fairfax County
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Northern Virginia Real Estate
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Tags:
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Comments 18 New Comment

Ambassador
1,771,093
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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
274,084
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
Ambassador
1,771,093
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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
1,771,093
Cindy Jones
Pentagon, Fort Belvoir & Quantico Real Estate News
CJ Realty Group, Inc.

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
Ambassador
1,771,093

Cindy Jones

Pentagon, Fort Belvoir & Quantico Real Estate News
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