Archive for August, 2008
Ugly MLS Photo: Wide Angle Shots/ Pots
August 29th, 2008 categories: Worst MLS Photos
The truth is that there is no substitute for a wide angle shot. Especially for the guy who took this photo….
123 House Lane- $100,000- 3 bedroom/ 2.5 baths
Home conveys with refrigerator, microwave, draining pan, and 3 pots!
Have a great weekend!
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Loudoun County Absorption Rates
August 28th, 2008 categories: Market Statistics
I was stunned today when I pulled Loudoun’s Absorption Rates to find that the inventory has DROPPED AGAIN. Not by much…. Only a .57 drop!
Absorption Rate: How many weeks it would take to sell off the remaining amount of homes in the market if the current sales rate continued as is.
July- 19.05 Weeks
August- 18.45 Weeks
There are two good things to notice here. One is that the inventory is continuing to decrease. Two is that we are seeing signs of market stability that is healthy for both buyers and sellers.
Absorption Rate stats can help you decide if it is a good time to buy or sale. Economist tend to agree that 6 months or more of market inventory is a buyers market.
These stats do not include condos. All information is deemed reliable but should be verified for accuracy.
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Countryside In Sterling; Home Sales Going Wild!
August 27th, 2008 categories: Countryside, Market Statistics
I mentioned yesterday that Countryside in Sterling is currently one of the best selling communities in all of Loudoun. Here are the stats to prove it.
If you are a first time buyer and only need a couple of bedrooms up and a basement then this is perfect townhome community. There are a few 3 bedrooms out there but they are scarce. Many of the homes have a fenced in backyard and deck. At this price, these have to be the best deal around to stay under 2k a month with everything included.
Here are a couple best ones that are not foreclosures. This also is scarce.
Related Post:
Countryside In Sterling, VA- Community Of The Week
Loudoun Home Sales Stats, Days On Market, Average Price
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Countryside In Sterling, VA- Community Of The Week
August 26th, 2008 categories: Countryside
Little attention has been given to Countryside in Sterling, VA….UNTIL NOW.
I am not sure than any community has sold as well Countryside in the 2nd and 3rd quarter of this year for first time buyers… and for good reason. Here are a look at their sales stats.
A Little About Countryside
Countryside is located about 27 miles west of Washington DC in Sterling VA in the 2065 zip code. It is bounded by the Potomac River to the north and Route 7 to the South. It began in the mid 1970’s when the area was still farm land. Most of Countryside was developed by Pulte homes and has a little more than 2,500 homes all together. Around half of them are town homes.
The beauty of Countryside is the pockets of trees that were left by the builder and have had ample time to mature and enrich the community. There are also many walking trails through the neighborhoods and of course the Potomac River.
There are currently only 2 townhomes in Countryside that are for sale that ARE NOT a foreclosure or short sale under 300k. They are both my office’s listings. Let me know if you are interested.
Related:
Countryside In Sterling; Home Sales Going Wild!
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Buyers Beware Of The Golden Deals
August 25th, 2008 categories: opinion
Caveat emptor is Latin for “Let the buyer beware.”
The traditional doctrine of caveat emptor is encouraging buyers to make sure that they are cautious of the conditions of the property they are purchasing. I am just using it for a catchy title and for the purpose of bringing to light a bank pricing strategy and Realtors who are playing the game out of bounds to the markets detriment.
I get calls weekly from buyers who see homes for sell in the area that are priced over 10% lower than all of the other homes around. Even the foreclosures! Another too good to be true story.
What is going on. I will tell you. Some banks have started pricing homes way below even foreclosure market value. Will they really accept that price. I haven’t seen it happen. They want a pile of offers brought to them. There are times after all of the offers come in, that the bank simply comes back and tells all of the purchasers to bring their “BEST AND FINAL OFFER,” to get people to bump up their price again.
How does this hurt anyone?
- First of all, it continues the appearance of a market decline where legitimate sellers feel that they have to compete with this low price.
- It causes appraisal issues for banks looking at properties in the area. And YES, banks doing FHA loans are now beginning to look at Active comps.
- It constipates a flow of buyers who could be out purchasing many of the realistically priced homes or foreclosure deals.
What are Realtors doing wrong?
- Not taking them off of the market after a contract has been accepted in writing. If you have a contract on a foreclosed or short-sale home and it is not off of the market within 48 hours after it has been signed by the seller or bank it is important that you take action.
You can start by having your agent call the listing agent and reminding them to remove it from active status. If they refuse to remove it (some say the bank won’t let them stop marketing it), there is a strong chance they are in violation MRIS codes (the Northern VA, DC, Southern MD MLS Provider). This can affect your neighborhood, your contract (if accepted), and your chances of loosing a bid. Contact MRIS at (Toll Free): 888-838-8200 to report it.
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Loudoun Home Sales Stats, Days On Market, Average Price
August 20th, 2008 categories: Market Statistics
Loudoun home sales continue strong through July. There has been a decrease in homes sold and pending sales which is to be expected because of families preparing for the school year. The best things I am noticing are the increases in averages sales prices along with the decrease in new listings. This is great news.
Remember, we are not looking for the market to return to where it was 3 years ago. We are simply looking for signs of stability.
Find Your Homes Value
All information is deemed reliable but should be verified for accuracy.
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Buyers That Need FHA Loans With Sellers Help Must Act QUICK!
August 19th, 2008 categories: Real Estate News
If you are a buyer needing SELLER PAID down payment…. You better act quick!!!
The recently passed Housing and Economic Recovery Act of 2008 is ELIMINATING this program for buyers all together through programs like Nehemiah, AmeriDream, etc… You can still receive help from family members but NOT from Sellers.
Many lenders have already stopped offering this program. There are a few left like Bank of America that are still offering it with contracts that they receive UP TO September 5th and settle by October 1st, 2008.
If you need some great lenders to consider check out my vendor list.
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New MLS Rules Should Help Market And Home Searchers
August 18th, 2008 categories: Local Issues, Real Estate News
Searching for homes has become a lot like digging through a bag of your friends thrift store pile to hopefully find one good shirt that may fit.
You can find 80 homes within your price range. But to actually find one that is not a short sale or foreclosure in decent condition has become an art form.
Who has time for this?
The good news is that MRIS (the Northern VA MLS provider) is now requiring Short Sale homes that have contracts signed by the seller on them but are simply awaiting bank approval to be removed from active status in the MLS. They now go under a status called Contingent Kick Out which in the computer looks like “Cko.”
This is good news for buyers who don’t want to waste their time looking at homes that already have offers on them. For those who want to bid on these homes while they wait bank approval, they still can.
Many Realtors have not adapted to this rule yet and some do not like it since they want to receive multiple offers. However, it is much better for the market as a whole and makes it a lot easier for purchasers to find the deals they are looking for.
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The Washington Post Has Spoken
August 14th, 2008 categories: Real Estate News
I have written a few articles concerning the new government tax credit available.
Here is an article from the Washington Post to back it up. Check it out HERE.
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Leesburg and Lansdowne Home Sales Stats
August 13th, 2008 categories: Market Statistics
Though home sales for Eastern Loudoun have been strong, Leesburg hasn’t moved as quickly as Ashburn and Sterling. Surprising to me, Potomac Station and Potomac Crossing has currently outsold Lansdowne. Nevertheless I am impressed with the numbers as I am sure you will be.
Find out Your Homes Value Here…..
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