Posts Tagged ‘market watch’

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MARKET WATCH: 2008 Spring Housing Market April 1–NO JOKE

Tuesday, April 1, 2008
Understanding Today’s Market
Coldwell Banker Residential Brokerage
 

 


April 1, 2008 — Two widely-discussed national statistics based on what happened in February are that overall home prices dropped and the number of homes sold increased. The media’s conclusion given from that data is that with lower prices, more people are able to buy. As seen by these graphs, there is more to that story. 

When you look at the statistical graphs of residential housing activity by county, you will see the trends in the market for your area. In almost every county, more homes are coming on the market every month than are being sold increasing the total housing inventory. In many cases, housing inventory today is twice what it was in 2005. As with any commodity, when there is a surplus, there is downward pressure on prices. 
Sellers who did not study these trends were holding on to the notion that their house was at the same price level before inventory began to increase in late 2005. After many months of hoping falling prices would end, sellers learned the reality of the market – until inventory is reduced substantially, prices would not go up. Now as sellers price their homes to match the current market seen by buyers, their homes sell. In many cases these sellers are still realizing a significant profit due to the appreciation in prices in the first part of this decade making up for the comparatively minimal decreases in the last two years.
Many buyers have held off purchasing for more than two years because the media told them the real estate market was “not good.” This has been especially true during the “mortgage crisis” widely circulated in the media over the last eight months leading buyers to believe that mortgage money was not available. Now more buyers understand that the “bad” news was not directed at them. With mortgage money available at low interest rates, coupled with a wide selection of homes at moderated prices, buyers are now purchasing in greater numbers.

If you would like to discuss the current market with me, or know someone who would benefit from this information, please contact me so I may be of assistance.
Kindest Regards,
Kae Davis
Licensed VA Real Estate Professional

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REALTOR CORNER: Samson Realty has Smart Request for MRIS to Add Short Sale Information to Information Database to help speed and smooth Closing Process on Short Sale HOMES

Thursday, March 6, 2008
Hello All!We need to request that MRIS implement changes in the listing process for Short Sale properties. We have written a letter (see below) that we request that you copy and paste into an email to be forwarded to MRIS staff. These requests are intended to remedy the Short Sale epidemic currently overwhelming our market. As you can see below. We request that these listings be re-classified and full disclosure is made by the listing agent regarding payoff, approval status and time necessary to obtain bank approval. We hope that these changes will have a positive impact on our business in the coming months. If you agree with these changes, please copy and past this letter into an email and forward it directly to the following email addresses as well as forward it to any Real Estate professional that you can. The more people that send this to MRIS, the more likely MRIS will take action.suggest@mris.net

Thanks for your participation!!!

Regards,

Doug Hall and Donny Samson
Associate Brokers
Samson Realty

3/6/2008——————————————————————–

To Whom it May Concern,

The Washington DC suburban real estate market has an overwhelming number of Short Sale and auction properties available for sale through MRIS. These short sales are typically listed at “teaser “prices that are not reflective of the actual price that the buyer will pay for the property. Because of this, these listings are causing much distress for purchasers, their agents and the industry as a whole. We feel that these listings need to be separately classified through the MRIS MLS system in a way that accurately discloses the constraints that will be imposed on any contract submitted. Disclosures including: time needed to obtain a 3rd party approval, whether the sellers lender has already approved the short sale and payoff amounts. We propose the following solution and request that MRIS quickly implement these changes to take effect immediately:

Create new separate “status” heading of:

AUCTION/SHORTSALE

Instead of short sales and auctions being classified as ACTIVE the listing agent would use the above status when listing a property.

For Short Sale listings add required field for:

Number of days required for short sale approval
Payoff amount of first mortgage
First mortgage bank
Has bank agreed to short sale yes/no

Payoff amount of second mortgage
Second Mortgage Bank
Has bank agreed to short sale yes/no

The benefits of these changes are that they will allow agents to better educate their buyer clients about short sale listings. This will also require agents to provide full disclosure through MRIS to prospective buyers and their agents.


Excerpt from email blast by Casey Samson

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Zillow offers HOME VALUE REPORT to show Changes (Increase of Decline)

Tuesday, March 4, 2008

How Does Your City Rate?

Zillow’s latest Home Value Report shows that over the past year, U.S. single-family home values have decreased by 5.5%, while condo values have declined by 7.4%.

VALUE CHANGES 

ASHBURN 20148 

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Realtor.com shows online marketing surpasses all other media when it comes to marketing your home for sale.

Tuesday, March 4, 2008

Just the facts… Realtor.com has been funding some really big research projects and has released that for the year 2008, people seeking information about the local housing market are 500% more likely to sell a home if it has been advertised on the Internet (rather than simply relying on the newspaper).  To those of us living in the Dulles Technology Corridor, this comes as no surprise; but for many people and agents in the housing markets nationwide, they are scratching their heads wondering why properties not aggressively marketed by Internet are not selling at as fast a rate…

With the release of these new stats that show the dramatic rise in popularity of the Internets, these same folks can look back with 20/20 vision in hindsight and say, “Who knew?”. To that I would just laugh and answer, “Anybody under 40 or anyone living in Loudoun County–that’s who.”

Cheers, everyone. May all your internet footprints be left in the soft sand of the virtual beach standing on the edge of the real estate marketing ocean. Thanks for the statistical support Realtor.com–those of us out here who love the net and all the positive life changes the web has the power to bring us are really grateful to you.   

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Scanning Print Advertising for NORTHERN VIRGINIA REAL ESTATE? Washington Post has online option for Tech Friendly!

Sunday, February 17, 2008

I don’t know about your family, but ours is caught in the middle of generational crossfire with the older folks reading a daily printed paper and the younger generations being incredibly tech savvy. Rushing out each Sunday morning to fetch the Sunday Paper is not always the first thing on our list of priorities, but to keep ourselves informed and “in the know” about news and local happenings, we have turned to the internet–and the Washington Post has given us a great way to keep up with our contemporary elders without every having to set foot outside our home.

Know someone who still relies on print advertising to find information on real estate or open houses in Loudoun county and want to plan your day together?

Here’s the easy way to find out what is being advertised in the Washington Post each weekend. Hop online and visit http://www.washingtonpost.com/wp-srv/real-estate/ashburn-homes-realestate.html. Once you sign up, you can keep up with the old school reader and still be in the know.

Happy Sunday News,

Kae Davis

www.activerain.com/KaeDavis

Excerpt from the Washington Post online advertisment…

Ashburn, Virginia Real Estate

Trying to find Ashburn, Virginia homes for sale? On washingtonpost.com you can search our Ashburn real estate listings whenever you want. Find condominiums, single family homes, town homes, duplexes, and more when you use washingtonpost.com. Select specific property criteria such as the number of bedrooms and bathrooms, fireplace, basement, and swimming pool.

Find Ashburn, Virginia new homes for sale using our designated New Construction search. Search for Ashburn, Virginia real estate listings and view floor plans, virtual tours, or additional photos. If you’re interested in open houses for the weekend use our search to find an open house in Ashburn, Virginia.

Take advantage of washingtonpost.com site tools to map the property, email the listing, print flyer, or view community guide and crime report information. Use washingtonpost.com for your home buying in Ashburn, Virginia!

Sell Your Home

Sell Your Home in Ashburn, Virginia. Reach potential buyers by advertising your Ashburn, Virginia real estate listings on washingtonpost.com. You can add up to 20 photos and include 1,000 characters of descriptive text in your listing. Users can also provide links to an e-mail address, web site, and virtual tour. Even schedule an open house! Agents and brokers can are allowed to submit an agent photo or broker logo to appear on the details page of the listing. Washingtonpost.com is the place for selling and home buying in Ashburn, Virginia.

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ASHBURN REAL ESTATE OVERVIEW FROM ZILLOW

Wednesday, February 13, 2008

Interested in learning more about our Ashburn area REAL ESTATE MARKET? Check out this great new 2008 launch of a statistical review platform presented by Zillow:

http://www.zillow.com/real-estate/VA-Ashburn 

Listing affordability date, home types by percent, and why Ashburn residents are unique, there is fun new information about the Loudoun County Real Estate Market Trends for everyone! 

Post courtesy of Michael A. Gilbert, Licensed VA Real Estate Agent YOUR ASHBURN NEIGHBOR, Weichert Realty Ashburn Office: 703-726-3909 43150 Broadlands Center Plaza, Ste 104 Fax: 703-726-0313 Ashburn, VA 20148 Email: mgilbert@weichert.com

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Ashburn makes Sperling’s “Best Places to Live” List

Thursday, February 7, 2008

Real Estate

Virginia

Ashburn

ZIP: 20147

Nearest metro area: Washington-Arlington-Alexandria
Population: 56,223

Median home price: $625,000
Median household income: $96,588
Unemployment rate: 2%
Commute time: 33.6 minutes
Violent crime index: 2