Continuing to examine and hold a lively discussion of the Northern Virginia Real Estate market.
Please post your local house search updates, MLS finds, on-topic ideas, and links here.
2 good ones:1) Obviously not a $1.5 million home if it won't sell.http://www.wtopnews.com/?nid=226&sid=14181002) Extreme Makeover homeowners CASH IN and DEFAULT ON Home Equity Loan.http://www.wtopnews.com/?sid=1448461&nid=114After the Harper family used the two-story home as collateral for a $450,000 loan, it's set to go to auction on the steps of the Clayton County Courthouse Aug. 5. The couple did not return phone calls Monday, but told WSB-TV they received the loan for a construction business that failed.
If you look at the next story on the link that Bas gave us it says:"SLOW HOUSING MARKET? DEPENDS ON WHERE YOU LIVE WASHINGTON - Some counties are taking more of a hit when it comes to the slowing housing market in our area. The housing market in Loudoun, Prince William, Prince George's and Charles counties is tough, but homes inside the Beltway -- areas like Arlington, Alexandria, Bethesda and Northwest, D.C. -- are faring much better. Homes near mass transit are moving quicker off the market. George Mason University Senior Fellow John McClain says homes in zip codes near Metro stations are selling in 70 to 80 days, compared with homes outside the Beltway taking up to 200 days to sell. Inside the Beltway, home prices are stabilizing or even increasing. But outside the Beltway, home prices are down as much as 20 percent"This is what I hate about WTOP - no citations, no dates, no links no NOTHING. This guy John McClain (who I respect indicentally) says prices "are stabilizing or going up" --- OK, fine, but how does he know this - where is his research? Is he speaking about median prices? Average prices? Case Shiller repeat home sales prices??? Come on WTOP - you can do better than this!!!
"Inside the Beltway, home prices are stabilizing or even increasing. But outside the Beltway, home prices are down as much as 20 percent"When was this article written? last year?
"Leroy said...When was this article written? last year?"No - it was sometime in the last 2 months but we cant be sure (thanks WTOP). Again, whats his source? how did he come to this conclusion? How do we not know this isnt just ghostwritten by Lance???
Another "news" site I hate - forbes with all its top 10 lists -- apparently the district housing market is now the #2 destination in the US for foreign investors:"You wouldn't expect the District to have performed so well if all you've read about is overbuilding of residential properties in the exurbs. But office, multi-family home and commercial spaces have proved attractive enough to foreign investors to place it second in the U.S.--and tie it with London for second worldwide. The D.C. metro area continues to see strong business and salary growth, especially in Northern Virginia."http://finance.yahoo.com/real-estate/article/105400/Top-U.S.-Real-Estate-Markets-for-Investment
Here's an update from the front lines of Eastern PWC - the market is back up and running, thanks to all of the bank-owned properties. Multiple bids on houses that sell in days or weeks. The last June numbers showed that there was a little over six months worth of inventory on the market, but that number WILL go down when the July numbers come out.
I had this forward to me over the weekend and I just can't beleive the ends these realtors will go to put a positive spin on things. Surprised they weren't trying to sell me swamp land down in Florida too... Now doesn't this want you to do business with a liar? Talk about taking things out of context...Subject: Northern Virginia Real Estate Turn Around Full Throttle! Date: Sunday, July 27, 2008, 9:31 AM FROM THE DESK OF Martina Burns & Team The Team That Delivers The Dream Cell 703-650-8533 Toll Free 866-361-6655 L, Pending Sales: Northern Virginia +7.7%; Fairfax Co. +24%; Prince William Co. 119% Dear Friend: Wow! Ive never seen this kind of turnaround happen so quickly. In just a few months, we have gone from negative numbers in every category to double and triple positives all around Northern Virginia. Heres whats happening: 1. The foreclosure market has created a feeding frenzy for properties priced under $500,000. Nearly 36% of all homes on the market under $500K are foreclosure homes. Only 6% of listings over $500K have that distinction. Thus, prices have reached a psychological barrier point, which has brought out buyers in the thousands around the Capital area. 2. The buyers are competing again for properties priced right and in good condition. It is not unusual with the foreclosure market to see 10 or 20 contracts competing. Many of the foreclosures need only cosmetic fixes and some have upgraded kitchens, baths and flooring. More are coming in the next month. 3. There are plenty of fixer uppers available for those willing to apply sweat equity to build wealth. 4. Prince William County is the county of affordable housing once again. Im seeing more and more first time buyers back in the market, purchasing single-family homes starting in the $100,000s. (These homes are also enticing for investors!) 5. Prices are now holding. If you are buying, more than likely youll be paying closer to asking price now than was possible just a few months ago. Buyers on average are paying 97% of list price. So what? What does that mean to you? If you purchased your home in 2005 or earlier, then now is the time for your move up. Real estate is local and all the signs are lining up: shrinking inventory, increasing demand, holding prices, lower interest rates. Move up into that larger home (or your first home!) before the prices or interest rates make it out of reach! P.S. WHO DO YOU KNOW that is looking to purchase or sell in the next few months. If theyve been waiting for the bottom of the market, its already here! Call me with your referrals and thanks in advance. Sincerely, Martina Burns & Team RE/MAX Allegiance THE TEAM THAT DELIVERS THE DREAM Cell 703-650-8533 Toll Free 866-361-6655 MartinaBurns@cox.net http://MartinaBurns.com Re/Max Allegiance 6084-A Franconia Road Alexandria, VA 22310
This has all the earmarks of a classic pause before the market takes another leg down. Of course in some places prices really are reaching the point where they begin to 'pencil out' again for investors-- but for the most part these prices just look like bargains when compared to the craziness of the last few years. Median prices are still nearly 4 times median annual income in Fairfax Co., so even if we assume they 'only' return to 3 times annual income, they've got a ways to go. If you factor in the overcorrection that usually occurs, a pretty long way.
Thanks Darren, that was hilarious. Wow.
What an awful thing to send out to prospective customers. I have complained about the continual lying and spinning on the part of realtors in the past but this is a particularly bad example.
"The housing market in Loudoun, Prince William, Prince George's and Charles counties is tough, but homes inside the Beltway -- areas like Arlington, Alexandria, Bethesda and Northwest, D.C. -- are faring much better. Homes near mass transit are moving quicker off the market. George Mason University Senior Fellow John McClain says homes in zip codes near Metro stations are selling in 70 to 80 days, compared with homes outside the Beltway taking up to 200 days to sell."Exactly!Amazing how the market doom-boosters here are in consternation over this report! LOL!!!
"Tom said...Exactly!Amazing how the market doom-boosters here are in consternation over this report! LOL!!!"=====================tom, let's keep an eye on this listing and see whether the statement "homes in zip codes near Metro stations are selling in 70 to 80 days" was worth quoting.SHORT SALE 9th Flr, 1 br, 1 den,1 ba, 1 parking space * Steps to Courthouse Metro (Orange line) One of the best newer bldg in Arlingtonlisted @ $408,888; 07 Tax Assessment is $436,100; last sales 7/27/2006 @ $525,900.DOM is 47 as of today. i'll keep you updated when it sells in the next month.
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