Market Conditions for Burke, Virginia Reported by Flo Nystrom, MA, BA, CRS, ABR, ePRO, RECS Updated October 22, 2008.

Current Market Rating: 2 1 2 3 4 5 Buyer's Seller's

Current Price Trend: 2 1 2 3 4 5 Falling Rising

Approaching November 2008 in the Northern Virginia Area, inventory in general is down and sales are up. That is, according to NVAR's Statistical Analyses, for the month of September 2007 compared to the month of September 2008, the following is apparent: more active listings in 09/2007 compared to 09/2008; less sales in 09/2007 compared to 09/2008. Also, average days on market for the 09 figures in both years remain approximately the same, i.e., a 3 month period. However, the 09/2008 sale price has decreased over the 09/2007 sale price, i.e., a 20% decrease.

Interest rates remain under 6%. And, loans are available for purchasers with 3% downpayment, employment documentation and moderate good credit recordation.

The liquidity is alive for the 90% of mortages that are backed by the Federal Government, i.e., FHA, Fannie and Freddie Mac.

Thus, home prices are affordable and mortgage money is available. Smart purchasers are coming forward at this time.

Foreclosures and Short Sales are entering the marketplace. This can have an effect on reduced values in certain areas.

The lending abuses and fraud of Wall Street which led to the 700 Billion Dollar Bailout have industry experts relating that the next 3 quarters are in contract. Also, the "Bailout" known by the Government as TARP, i.e., "troubled asset relief program", will allow bad loans off the books of banks enabling them to make loans again.

Also, repayment terms of defaulted loans may be worked out. And, other stimulus programs are in the works.

With the economy going into a recession, it appears that the real estate industry may be somewhat recession free.

The price range in Burke being middle for Fairfax County results in faster sales with properly priced properties.

ZIP Code: 22015

Approximate Location Boundaries: The town of Old Burke and the Planned Community of Burke Centre encompass this zip code.

Location Characteristics: Burke Centre, a planned community of single family homes, townhouses and condominiums has many amenities including clubhouse, pool, tennis and in addition access to Fairfax County Parks, to a superior public school system, to world renouned medical facilities, and to cultural events locally as well as in the city of Washington, D.C. Transportational means are plentiful. The Federal Government is inviting to Military Personnel and nearby technology firms are plentiful.

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