Reported by Flo Nystrom, MA, BA, CRS, ABR, ePRO, RECS
Updated October 22, 2008.
Current Market Rating: 2
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Current Price Trend: 2
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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.
Well priced properties can still expect to sell reasonably soon. Interest rates are still at a low time level.
ZIP Code: 22039 Location Characteristics: Fairfax Station offers both average size lots and 5 acre parcels. Pricing can be high middle or up to high ranges depending on size and amenities of the property. Commuting to the city of Washington, D.C. as well as local jobs are the order. Many amenities in terms of shopping, schools, medical facilties exist.
About Flo Nystrom:
Flo Nystrom has been a Realtor since 1979 working the Northern Virginia areas along with her partner/husband, Frank, i.e., The Nystrom Group. Flo's education and experience is reflected in the following: MA, BA, CRS (Certified Residential Specialist), ABR (Accredited Buyer Representative), ePRO500 (NAR Internet Certification), RECS (Real Estate CyperSpace Specialist), Institute for Luxury Home Marketing Member, Long and Foster Gold Team 2003, NVAR Million Dollar Sales Club 2003, Pioneer Member of NVAR, NVAR Commercial & International Forum Member. The Nystrom Group strives and succeeds in offering their sellers and buyers with the quality service needed to accomplish the sale of properties and the buying of properties. Visit www.FloNystrom.com to obtain much needed information on the Selling and Buying Processes. Telephone 703-934-8222 for assistance.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
