This Week in Northern Virginia Real Estate - 4/30/2009
The 200-400k price range inside and around the beltway is still very hot right now. There was a property that came on the market Monday night in Burke. I showed it Tuesday afternoon around 3:30 and there were two other agents showing the property when I was there. I called the agent around 5 pm and there were already 4 contracts on the property.
If the market for sales continues to pick up the rental market will slow a bit. I have a couple of rentals that are taking longer to rent than what I have experienced in the last few years. I have a new rental listing that is coming on the market this weekend in Del Ray. It will be interesting to see how quickly that one is rented.
I am hoping that the change in conforming loan limit will help stimulate the $400-700k range. With the increase in conforming loan limits the interest rates will be going down on jumbo loans. Hopefully this will help move-up buyers to jump off the fence. Now is a great time for move-up buyers to get in the market. Their lower priced house should sell quickly if priced right and they should still be able to get a deal on their higher priced move-up home.
New Home Construction - Another agent that I work with who sells luxury new homes in Potomac said that she wrote 5 contracts last week. It is a great sign that things are picking up in the luxury home market. I don't think she was writing more than one contract per month for a while.
Important Links:
Most viewed listings in Northern Virginia this week http://matrix.mris.com/Matrix/Public/Email.aspx?ID=30518426473/. They are all now under contract.
Join Virginia Homeowner's Alliance and get all of the information you need on home ownership in Virginia http://www.vahomeownersalliance.com/default.asp. Tell them that Kim Darwaza referred you.
The Obama Administration released details this week on how to help bring relief to responsible homeowner's http://www.makinghomeaffordable.gov/.
Donald Trump Buys Lowes Island Golf Club http://www.washingtonpost.com/wp-dyn/content/article/2009/02/13/AR2009021303352.html
Localities within Northern Virginia have recently adopted Fiscal Year (FY) 2010 budgets, including changes to the residential real estate tax rates:
City of Alexandria: $0.903; Budget Details
Arlington County: $0.865; Budget Details
Fairfax County: $1.04 + $0.01 stormwater fee; Budget Details
Loudoun County: $1.245; Budget Details
Prince William County: $1.212; Budget Details
All rates are per $100 of assessed value.
To search the Northern Virginia MLS or for more information on the Northern Virginia Real Estate Market please visit http://www.kimdarwaza.com.