 |
 | Real Estate Blog |
|
|
Friday, 06 November 2009
TeamWorks Real Estate is a contributing corporate sponsor for the RACE TO END WOMEN'S CANCER
Please help us get this message out. It would be great if folks would contribute to this worthy cause. Most of us have at least one friend or family member taken from us by this disease group.
Links:
http://gcfrace.com/sponsors.html
http://gcfrace.com
Friday, 16 October 2009
NVAR September Stats:
Up, Up & Away:
September Housing Data Shows Four Months Supply of Inventory; Pending Home Sales Up 13 percent; Number of Home Sales Up 2 Percent; Average Home Prices Up 5 Percent
September 2009 Regional Home Sales
|
Northern Virginia: September 2009
The Northern Virginia Association of Realtors® reports on September 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,684 homes sold in September 2009, a 2.06 percent increase above September 2008 home sales of 1,650.
Active listings decreased by 24.40 percent from last year, with 6,889 active listings in September, compared with 9,112 homes available in September 2008. The average days on market (DOM) for homes in September 2009 decreased by 32.26 percent to 63 days, compared with 93 days in September 2008.
Sales prices peaked compared to those realized last year. The average sales price in September increased by 4.94 percent from September 2008, to $427,881, compared with last September's average of $407,748.
The median price of homes sold in Northern Virginia rose in September to $375,000, which is an increase of 7.68 percent compared with September 2008's median price of $348,250.
The number of pending home sales in Northern Virginia in September shows an increase of 13.22 percent at 2,012 compared to 1,777 in September 2008.
Greater Northern Virginia: September 2009
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for September 2009 shows a decrease from September 2008.
The number of Greater Northern Virginia region homes sold in September was 2,961, an 11.88 percent decrease from September 2008's total of 3,360 sales. Pending home sales showed a slight increase of less than one percent from September 2008's 3,741 to 3,770 in September 2009.
The average sales price of $366,798 in September 2009 increased by 10.21 percent over September 2008's average sales price of $332,803.
Across Greater Northern Virginia, the number of listings showed a decrease from 2008 numbers, with 13,666 listings active, which is 28.45 percent less than this time last year, when 19,100 homes were available. The average DOM for a home sold in September 2009 was 62 compared with last year's 101 DOM, a decrease of 38.82 percent.
|
Employment Prospects Favorable With Government Agencies: Federal Government Must Hire Tens of Thousands of New Workers to Fill Mission-Critical Jobs
|
Great news for job seekers this fall: the federal government is hiring tens of thousands of new employees. Based on a survey of 35 federal agencies representing nearly 99 percent of the 1.9 million federal workforce, Where the Jobs Are 2009: Mission-Critical Opportunities for America, outlines government-wide projected hiring needs for the next three years.
|
Exact number of jobs created difficult to ascertain but
CNN Money reports:
Stimulus: Creating jobs or not? White House and states say thousands of people have jobs because of stimulus, but Republicans say more needs to be done.
|
By Tami Luhby, CNNMoney.com senior writer
NEW YORK (CNNMoney.com) - "Is the largest one-time economic recovery effort in U.S. history creating jobs?
According to new reports from governors across the country, it is."
The CNN Money article continues;
..."The White House . . . maintains that the stimulus package has stopped the hemorrhaging of jobs and has turned around the economy's direction.
Last month, the president's top economic advisers said the recovery act helped turn around the economy. They pointed to the fact that the number of jobs lost in the third quarter averaged 256,000 per month, two-thirds less than the country sustained at the beginning of the year.
'Thanks largely to the Recovery Act ... we have walked a substantial distance back from the economic abyss and are on the path toward economic recovery,' Larry Summers, director of the National Economic Council, wrote Monday in response to the Republican leaders' letter. 'Most importantly, we have seen a substantial change in the trend of job loss.'"
|
Northern Virginia: Many Love It!
Book-signing event sparks debate about our region's benefits
|
By David Hoffman, Fairfax Times
At a recent book signing event, the author of the book, "The Fight for Fairfax County: A Struggle for a Great American County" discussed his observations about prospering regions.
Regarding Fairfax County, the author's summary is explained by the Fairfax Times reporter: "The good guys [local developers] won a decades-long battle over road-building, sewer and water infrastructure and wallboard construction, leading to the construction of "edge cities" like Tysons Corner and a flurry of residential subdivisions that dot the landscape from Great Falls to Springfield. In the author's eyes, the heroic efforts of these far-sighted entrepreneurs have led to Fairfax County becoming a top location in the country for good schools, good jobs and good communities."
|
Friday, 24 July 2009
RISMEDIA, July 24, 2009-Existing-home sales rose for the third consecutive month with inventory easing and home prices declining less sharply in June, according to the National Association of Realtors®.
Existing-home sales-including single-family, townhomes, condominiums and co-ops-increased 3.6% to a seasonally adjusted annual rate of 4.89 million units in June from a downwardly revised pace of 4.72 million in May, but are 0.2% lower than the 4.90 million-unit level in June 2008.
Lawrence Yun, NAR chief economist, is hopeful about the gain. “The increase in existing-home sales occurred in all major regions of the country,” he said. “We expect a gradual uptrend in sales to continue due to tax credit incentives and historically high affordability conditions. Despite the rise in closed transactions, many Realtors® are reporting lost sales as a result of new appraisal standards that went into effect May 1 of this year.”
A June survey of NAR members shows 3% experienced at least one lost sale as a result of the new Home Valuation Code of Conduct, with seven out of 10 reporting an increased use of out-of-area appraisers. Seventy percent of NAR appraiser members said consumers were paying higher fees, while 85% report a perceived reduction in appraisal quality.
“Clearly the process needs to be revised, but the most logical approach is to use appraisers with local expertise, industry designations and access to local data, who make a physical examination of the property and use apples-to-apples comparisons with nearby home sales,” Yun said. “In many cases, normal homes are being compared with distressed homes sold at a discount, which often are in subpar condition-this is causing real harm to both buyers and sellers.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 5.42% in June from 4.86% in May; the rate was 6.32% in June 2008. Mortgage interest rates have trended lower in recent weeks.
Total housing inventory at the end of June fell 0.7% to 3.82 million existing homes available for sale, which represents a 9.4-month supply at the current sales pace, down from a 9.8-month supply in May. Raw inventory totals are 14.9% below a year ago.
“This is another hopeful sign-if we can keep the volume of sales above the level of new inventory, prices could stabilize in many areas around the end of the year,” Yun said.
An NAR practitioner survey in June showed first-time buyers accounted for 29% of transactions, unchanged from May, and that the number of buyers looking at homes is up nearly 12 percentage points from June 2008.
NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth, said there are very good opportunities. “Despite some of the challenges, the housing market continues to demonstrate signs of recovery,” he said. “The temporary first-time buyer tax credit is clearly helping people make a decision and is contributing to the overall stimulus impact, but since it’s taking longer to close transactions, many would-be beneficiaries may not be able to take advantage of the credit before the December 1 expiration date. As a consequence, consumers need the expertise of Realtors more than ever to navigate both the obstacles and opportunities in today’s market.”
The national median existing-home price for all housing types was $181,800 in June, which is 15.4% below June 2008. Distressed properties, which accounted for 31% of sales in June, continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Single-family home sales rose 2.4% to a seasonally adjusted annual rate of 4.32 million in June from a level of 4.22 million in May, and are 0.2% higher than the 4.31 million-unit pace a year ago. The median existing single-family home price was $181,600 in June, which is 15.0% below June 2008.
Existing condominium and co-op sales jumped 14.0% to a seasonally adjusted annual rate of 570,000 units in June from 500,000 in May, but are 3.1% below the 588,000-unit level in June 2008. The median existing condo price was $183,300 in June, down 18.9% from a year ago.
Northeast
Regionally, existing-home sales in the Northeast rose 2.5% to an annual pace of 820,000 in June, but are 4.7% below a year ago. The median price in the Northeast was $249,400, down 5.9% from June 2008.
Midwest
Existing-home sales in the Midwest increased 0.9% in June to a level of 1.10 million but are 1.8% lower than June 2008. The median price in the Midwest was $157,000, which is 9.1% below a year ago.
South
In the South, existing-home sales rose 4.0% to an annual pace of 1.81 million in June but are 3.7% below a year ago. The median price in the South was $163,200, down 11.9% from June 2008.
West
Existing-home sales in the West improved by 6.4% to an annual rate of 1.16 million in June, and are 11.5% higher than June 2008. The median price in the West was $214,800, which is 24.9% below a year ago.
Tuesday, 19 May 2009
|
April Statistics Now Available!
Click here to view the monthly statistics for April 2009.
|
|
|
April 2009 Regional Home Sales
|
Northern Virginia: April 2009
The Northern Virginia Association of Realtors® reports on April 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.
A total of 1,544 homes sold in April 2009, a 6.12 percent increase above April 2008 home sales of 1,455.
Active listings decreased by 23.04 percent from last year, with 8,234 active listings in April, compared with 10,699 homes available in April 2008. The average days on market (DOM) for homes in April 2009 decreased by 15 percent to 85 days, compared with 100 days in April 2008.
Sales prices continue to remain lower than those realized last year. The average sales price in April fell by 16.29 percent from April 2008, to $405,514, compared with last April's average of $484,432.
The median price of homes sold in Northern Virginia in April was $356,750, which is a decline of 13.72 percent compared with April 2008's median price of $413,500.
Greater Northern Virginia: April 2009
Sales activity in Greater Northern Virginia (NVAR jurisdictions plus Prince William, Loudoun and the Greater Piedmont counties) for April 2009 continues to show an increase from 2008.
The number of Greater Northern Virginia region homes sold in April was 2,904, a 5.75 percent increase from April 2008's total of 2,746 sales. This marks the thirteenth consecutive month of increased year-over-year sales totals for Greater Northern Virginia.
The average sales price of $331,600 in April 2009 continues to lag behind the 2008 average by 18.63 percent. The April 2008 average sales price was $407,519.
Across Greater Northern Virginia, the number of listings showed a decrease from 2008 numbers, with 15,683 listings active, which is 33.18 percent less than this time last year, when 23,471 homes were available. The average DOM for a home sold in April 2009 was 89 compared with last year's 112 DOM, a decrease of 20.52 percent.
|
Price Stabilization Is First Step to Recovery:
Tax Credit Bridge Loans on the Way
|
Although there are encouraging signs in the housing market - including a pick-up of home sales in previously hard-hit markets, record affordability, and continuing low interest rates - prices have not yet hit bottom, according to a panel of housing and economic experts who spoke at a real estate summit hosted by the National Association Of Realtors® as part of its Midyear Legislative Meetings in Washington, D.C., the week of May 11, 2009.
To put a floor under the market, the federal government must continue to intervene, panelists said, and expanding the first-time home buyer tax credit is a good place to start. The credit should be expanded to all households, they said, including those with higher incomes, and increased significantly in value, perhaps to $15,000 to $16,000 instead of the current $8,000.
"Then it would start to move real estate," said Robert Sibcy, president of Sibcy Cline, REALTORS®, based in Ohio.
In a positive move, the U.S. Department of Housing and Urban Development is set to roll out guidelines permitting HUD-approved lenders, public housing finance agencies, and some nonprofit organizations to make bridge loans to home buyers. The loans would be collateralized by the $8,000 tax credit, giving buyers the upfront funds for a down payment.
The inability to use the credit for the down payment has been a major stumbling block for the tax credit. NAR has been calling for HUD to use its authority to allow the bridge loans.
During the summit, HUD Secretary Shaun Donovan announced that HUD has decided to allow bridge loans, sparking a loud cheer of appreciation from more than 1,000 Realtors® attending the session.
"We want FHA consumers to access the credit to use as a down payment," Donovan said. "I want to thank NAR for its partnership with FHA." More details on the guidelines will be released in a few days, he said.
Donovan said the credit is expected to stimulate 100,000 first-time home buyer purchases and 60,000 move-up purchases this year before it expires December 1.
|
Affordability At All-Time High
|
Historically low interest rates and low prices combine to put housing affordability at an all-time high, according to NAR Chief Economist Lawrence Yun. Speaking at NAR's Midyear Legislative Meetings in Washington, D.C., Yun offered his analysis of the current national and regional housing picture, as well as his predictions for the future of the industry.
"We're overshooting downward, which sets the stage for a big upswing," Yun stated. "Any further decline is over-correction at this point," he added.
Early summer will be a critical time to see how buyers are responding to the federal stimulus package, Yun said. He cautioned Realtors® to encourage buyers to stay within their budgets and called for sound underwriting standards. "We want sustainable homeownership," he said.
Yun noted that the credit crunch appears to be easing somewhat. He predicts some economic recovery in 2010, with national unemployment edging higher - to 10.5 percent - before stabilizing.
People buying today could see slight increases in value by next year, Yun concluded. "Today's homebuyers are perfectly positioned to hedge inflation," he said.
|
Northern Virginia's Market Hits Bottom,
Expert States at NAR Summit at Mid-Year
|
Elizabeth Razzi, of The Washington Post, covered the panel of speakers at the Summit at the NAR Midyear Event.
She wrote the following item on her May 13 blog, citing Tom Lawler, founder of Lawler Economic & Consulting in Vienna:
Beware Dated Housing Stats
"Anyone here from Northern Virginia?" asked Lawler. He was one of the panelists in that marathon economic summit meeting that the NAR held at the Marriott Wardman Park [on May 12]. "Northern Virginia is actually starting to bottom," he said.
He warned participants that all the home-price indexes reported in the news rely on dated information. "Case-Shiller not only has a lot of foreclosures, but the last index was based on January-February closings and those contracts were made a month or two earlier," he said, referring to the closely followed index of home prices.
|
'Economists In The Latest Wall Street Journal Survey See An End To The Recession By Autumn,' The Wall Street Journal Reports
|
According to the WSJ survey results: Half the respondents said that fiscal and monetary stimulus has provided the basis for a sustainable recovery. Twenty-seven percent said it has boosted the economy, but they had doubts about sustainability.
According to the article: "The Fed has the big guns and has effectively averted a depression or a much more severe recession," said Diane Swonk of Mesirow Financial.
The role of the Fed in stabilizing the market has boosted the outlook for Chairman Ben Bernanke. On average, the economists say there is a 72 percent chance that Mr. Obama will reappoint the Fed chairman in 2010. "If there's a hero to this piece, it's Ben Bernanke," said Paul Kasriel of The Northern Trust Corp.
Although there will be slight improvements in the economy, the unemployment rate will increase before it declines, the economists agreed. Forty-six percent of the surveyed experts noted that the recession could last three to four years, with 27 percent believing that it could end in five to six years. All economists noted that recession corrections take years.
|
|
|
|
|
|
|
Thursday, 23 April 2009
Moving up in today's dismal housing market can be a financially shrewd maneuver, real estate agents across the country are telling their clients.
Msnbc.com's Mike Stuckey reports. Click here to read Stuckey's aritcle.
Thursday, 16 April 2009
I would like to let folks know that they can have a comprehensive monthly marketing snapshot, at no charge. Here is a sample. This is helpful to owners that are interested in the market value of their homes, sellers or those contemplating selling, and buyers who want to know what is available in real time, what has sold, etc. There is also a wealth of other information in the areas, schools, recreation, etc. This information is confined to the immediate area where people are looking (zip code) and is an invaluable tool.
Just Click on View It
Wednesday, 25 March 2009
Hello,
The most recent real estate market statistics for our area have been recently released. Feel free to have a look by clicking here!
Take care and remember to contact us for any of your Northern Virginia real estate needs.
Brian Schantz
TeamWorks Real Estate
131 E. Broad Street
Falls Church, VA 22046
Office: (703) 532-3033
Cell: (703) 850-7868
Fax: (703) 532-7683
Email: Brian@TeamWorksRE.com
 |
|
|
