The real estate market in Eastern Prince William County is still in a "Seller's Market Zone" due to low inventory and pent-up demand. Buyers are trying to take advantage of low interest rates before they rise again but cannot find a home to purchase without multiple offers on homes in good condition! Even the homes that are not in good condition have investors swarming over them with cash offers.
Compare home sales for Lake Ridge in June of 2013 to home sales in June of 2012:
The number of available homes for buyers to purchase is down 23.81% Low Inventory
New listings on the market in Sept. is down 23.81% Low Inventory
Homes under contract is up 18.52% Creating even Lower Inventory
Washington, D.C. is one of the best cities in the country right now for the local food movement. Not only does this area have chefs that are dedicated to buying products from as close as possible, there are farms all over Virginia and Maryland that are capable of providing top-notch produce and meats.
The local food movement is one with staying power. Not only is it good for the environment, it’s good eating. Local tastes fresher. And as all good dining habits start at the home, it’s never too early to teach your children about the benefits of eating local
That makes this weekend the perfect opportunity to show children how to do so, with many local farms opening their barn doors for family-centric
What a difference a year makes. The Sterling Market in 2012 was caught in the Short Sale and Foreclosure trend, particularly the Sterling Park area. June of 2013 has seen a great resurgence of the overall market trends of Loudoun County and Northern Virginia, inventories remain at record lows as the demand continues to outpace the supply.
Avg. Sales Price
Total Unit sales
Even though interest rates have moved up slightly from 60 days ago, they have leveled off and show a slight fall back towards previous record lows.
What a great time to sell and enjoy
The number of homes sold in Page County in June of 2013 as compared to June of 2012 is basically the same, however the amount of days on the market dropped significantly from 252 days last year to 148 days this year! This is a clear indication that the market has improved! There is much more demand.
The interest rates were at historical lows as well, this helped Buyers jump off the fence in June.
The average sold prices did not reflect an increase, however the median sold price for Page County increased by 36%!
With the average price in Page County being only $184,000, it is a very affordable location for first time home buyers! There are no money down programs for qualified home buyers
Washington D.C. is a city dictated by its calendar. From when Congress is in session to its many annual traditions, this place likes to stay very well regulated.
Which is why it’s nice that each year, Capital Fringe Festival comes along to shake it up. Yes, the performing arts event follows a tradition yearly schedule, but that is about the only conventional part of Washington’s annual ode to the odd.
Now in its eighth year, Capital Fringe Festival is a city-wide arts festival, with a strong focus on performance, that specializes in both the local and the weird. The Festival is the premier of event of Capital Fringe, a non-profit whose mission is to support artists from the area
The last time I did a market report for Vienna was in May and the information I was pulling was from March. In that Blog post, I warned buyers that now was the time to get on the train before interest rates went up.
Guess what...they went up!
The rates didn’t just go up a hair, either. They went up 1.5% plus. Let’s be completely real though for a moment. They are still at historic lows, and if they went any lower, our economy would be heading back towards uncertainty. Interest rates are up and that's a sign that our economy IS indeed recovering. Notice I said "recovering," which means it is not fully recovered, which means another rate adjustment, in the north position, is in our
HHH (hot, humid, hazy) is how Washington is described during the summer, but don’t let the weather keep you from enjoying all that Washington has to offer. There are museums and art galleries along the Mall that are free. The Newseum is absolutely fabulous and one can spend days there checking out all the exhibits.
Take a refreshing walk in Rock Creek Park where even on the hottest days you can relax in the shade of the large old trees and picnic with family and friends. A cool sail along the Potomac aboard the Odyssey is a wonderful way to spend an evening with dinner and dancing. Any weather is fine for a show at one of the many theaters in Washington, where both Broadway shows and
Whenever Washington, D.C. is compared to other great cities of the world, there is always one place it seems to have the most in common with:
The look and feel of Washington, D.C. is synonymous with one of Europe’s greatest towns. A lot of that is because, as most know, a French engineer took the lead in designing our capital's layout. With its grand avenues and numerous circles, Pierre L'Enfant made it quite akin to Paris.
There's more; not only did France help the U.S. in the Revolutionary War, they underwent a democratic revolution almost immediately after ours. This established an allegiance between the two cities that will always exist. In fact, the major holidays each country
How many times are you going to hear "You may be missing the boat if you want to buy real estate"?
Yes, interest rates are going up, making your buying power less. You'll see from the following statistics that home prices are increasing, but it is still "A GREAT DAY FOR REAL ESTATE" because in the past, we've seen interest rates higher and home prices higher still.
Just don't wait too long if you really want to buy something. Traditionally, prices continue to rise and if you buy now, you'll be able to say "I got a great price at great terms!"
Average Sold Price
Sellers are asking, "Is this a good time to sell my home in Northern Virginia?"
Good question, and I have the answer: ABSOLUTELY!!
Just look at the housing report below, comparing sales activity for May 2013 against May 2012. Sold prices jumped an average of 22% for all home types (single family, townhome, condo) with the largest jump for townhomes and condos at 27%, or $70,000. But wait - detached single family homes sold for over $108,000 more than last year, too! I call this the "Big Bounce Back" from the price drop of 2007-2009. Check out the stats below then go to the next question sellers are asking...