November '08 Stats

For the month of November 2008, the trends were fairly consistent with previous months. In Fairfax County area, Average Sold Price from 2007 was down about 18% to $423,088 but good news is Total Homes Sold were up just over 3% and Days on Market were down about 8% to 91 days. In Loudoun County, Average Sold Price was $355,235 which was down 28.5% but Total Homes Sold were up just over 11% and Days on Market down almost 16% from the previous year. Interest rates are at historic lows, prices have dropped and the trends & stats prove to be very favorable for buyers.

Interest Rates Hit a Record Low!

30-year fixed interest rates hit their lowest level in almost 40 years! According to Freddie Mac, the average rate fell to 5.19%, down from 5.47% the previous week and 6.14% at the same time last year. Freddie Mac started tracking this data in 1971 and this is the lowest rate during that time. So if you've been trying to determine when it's really the "right time" time to buy, the data speaks for itself. You have tremendous purchasing power with significantly lower home prices than we've seen in years and historically low interest rates. Many buyers are going to be getting off the fence to buy so don't wait or you will actually be competing with other buyers on the best properties.

National Resale News Moving in a Better Direction

This just in from the National Association of Realtors:

• The number of sales for residential resales were up 7% last month, although, unfortunately prices continued to fall


• Inventory for resale homes on the market is the lowest since June 2004

The infallible law of supply and demand allows us to be cautiously optimistic with this news. If supply is getting lower and demand is improving, prices will improve. Think about this seriously though if you are considering buying. Knowing what you now know, there is no need to "wait" to see what happens. It's a great time to buy before prices start creeping back up! Call me today if you are considering buying. There are still good deals to be had and I know where they are ;) j

July & August 2008 Stats

Stats are in from the Northern Virginia Association of Realtors for July and August sales. For July: Total Sold Volume is -12% from July '07, Average Sold Price is -12% and the Total Units Sold is about the same. The days on the market is up 37% from last year to an average of 91 days. For August: Total Sold Volume is -10% for August '07, Average Sold Price is -15% and drum roll.....the Total Units Sold is up 5.78%! The average days on the market for August sold properties was 87 days. It is easy to hyperfocus on all of the bad news in the media, but it's really not doom and gloom when you look at it from a historical perspective. It is a GREAT time to buy right now and rates are still at historic lows. Real estate is one of the very best long-term investments to make, plus you get to enjoy ownership benefits that you just don't get with other types of investments. Call me if you want more specific stats for your local neighborhood!

Daily Traffic Reports Ready for You!

Loudoun County is now offering daily traffic reports to help you with your area commuting. Visit www.loudoun.gov/traffic. If you've never visited the Loudoun County or Fairfax County websites, I encourage you to do so. Both websites have a wealth of information regarding local news information, tax assessments, school info and much more. They also offer a free news alert service to inform you of breaking area news. I subscribe to both and it's an outstanding service!

Loudoun County '08 Foreclosure Numbers

The Washington Post (Aug. 6) reported that from January through June, there were 956 foreclosures in Loudoun County and there were 1,172 permits authorized for new construction during that same period. Just to give you some perspective, there were over 6,600 building permits in 2003! As many area residents know, Loudoun County was the fastest growing county in the nation in 2004. Some view the drop in building as a positive because of their fear of overcrowding but clearly a rise in foreclosures is not a good thing. Foreclosures have affected just about every neighborhood throughout the county and even if you are not selling, it affects you because it brings neighborhood property values down. The good news is there are some indictions that home values are creeping higher. The article gives viewpoints that I totally agree with which emphasize that Loudoun's proximity to the area's job centers, Dulles Airport, and the proposed rail extension will help Loudoun bounce back. The future is good in Loudoun County and now is the time to take advantage of a great buyer's market! Call me today :)

Must See TV on HGTV: Designed to Sell

I do not watch a lot of TV but TIVO is a must for me because every now and then I find a show that I just can't miss. My new favorite show that I highly recommend to everyone is "Designed to Sell" on HGTV. We've all seen lots of makeover-type shows but this one is the best of the best. It profiles everyday homeowners who are getting ready to sell their homes and it shows how with a few minor modifications, they will greatly increase their chances of selling for the best price possible. The homes profiled are in the Washington D.C. area which is fun if you are from the area because you will probably know the neighborhoods. Yet anyone can relate to how these homeowners get so used to "their things" that they don't always realize how a buyer will see their home. With a sharp Realtor and dynamic design team, the home is improved and the results are amazing....all on a very nominal budget! If you are considering selling your home, watch this show. You'll get great ideas and it not only takes the fear out of getting your home ready to sell, but you'll be so excited to see how you can get a great financial return on your efforts! Plus, the hosts are fun and they make you laugh so it's as entertaining as it is informative.