I have found that the DC market is a paradox in the National Real Estate Market. Do you agree disagree?
The National Real Estate market is still showing decline overall but here in DC we are seeing improvement.
My opinion is based on home sales prices increasing in the Maryland and Virginia real estate markets and the low Unemployment rate.
According the Washington Post article dated June 29th, 2011, Home prices begin slight rebound" by Cezary Podkul. He states: "Prices in the Washington region were up 3% from March to April and 4 percent over the past year." He bases this information on Case Schillers Composite 20 index of home prices not seasonally adjusted. Also, the impact of employment in the region has had wide impact on this percentage increase. For the DC are Department of Labor and Statistics reports the following for the unemployment rate as of May 2011:
MD Unemployment rate 6.8%
VA Unemployment rate 6.0%
These two rates compared to the National Unemployment rate of 9.1% have helped the real estate rebound in the DC area.
Do you agree or disagree?
Tuesday, July 12, 2011
Tuesday, February 22, 2011
Ashburn Homes For Sale
Here is a new video on Youtube that I have linked to my Ashburnhomes4u.com website. Information about Ashburn Virginia Home Sales and neighborhood amenities. Interview two current Moms in Ashburn. Owners of Ashburn Homes and see what their feedback is on living in Ashburn Virginia. Good Stuff, Great neighborhood :
Follow this link: http://www.youtube.com/watch?v=ALpYN076g14
Tuesday, February 1, 2011
Buyers and Sellers Opportunities Now
Currently in the DC metropolitan area we are starting to rebound in the real estate market. Some areas are bouncing back a little faster then others . DC metropolitan area includes the counties surrounding DC such as Montgomery County MD, Prince Georges County MD, Howard County MD, Fairfax County VA, Arlington VA, Alexandria VA, Falls Church City VA, Fairfax City VA, Prince William County VA. On Dec 29th the Washington Post reported out of 20 U.S. metropolitan cities, DC had the highest increase in total median sales price an increase of 3.7%. This increase also includes a few counties that did not increase overall such as Prince Georges county which actually dragged this 3.7% percentage lower. There were many (over 4000) foreclosures in Prince Georges County MD in 2009. Despite this high number of foreclosures DC metro area still saw an increase in median sales price. We beat out Boston, New York and many other major metropolitan cities.
This leads me to believe there are tremendous opportunities and wonderful deals in the DC metropolitan area thatwe may never see again! With these opportunities out there we need to do our homework and rely on the experienced real estate agents to provideaccurate statistics to help buyers and sellers to make informed decisions on home sale prices to sell and buy.
Right Now the Opportunities are that the STARS are ALIGNED....
These are the stars
*Interest Rates are still low
*There is more inventory for buyers to choose from and home prices are increasing slowly.
*DC metro increase of 3.7% median price indicates a trend towards increasing home sales prices
*DC metro area offers a strong job market that will continue to support increasing home sales.
This leads me to believe there are tremendous opportunities and wonderful deals in the DC metropolitan area thatwe may never see again! With these opportunities out there we need to do our homework and rely on the experienced real estate agents to provideaccurate statistics to help buyers and sellers to make informed decisions on home sale prices to sell and buy.
Right Now the Opportunities are that the STARS are ALIGNED....
These are the stars
*Interest Rates are still low
*There is more inventory for buyers to choose from and home prices are increasing slowly.
*DC metro increase of 3.7% median price indicates a trend towards increasing home sales prices
*DC metro area offers a strong job market that will continue to support increasing home sales.
Wednesday, August 25, 2010
Quick and Easy Crime Deterrents
Your home is your sanctuary. You depend on it to keep your loved ones safe, and it's where you keep your cherished possessions and valuables. With so much at stake, protecting your home from intruders is of the utmost importance.
In the United States, a burglary occurs every eight seconds. Thieves average 8-12 minutes in your home, searching for valuable items like electronics, jewelry and hidden cash. Despite this, the vast majority of burglars are not professional thieves and can be thwarted with a few basic measures.
With a few easy steps you can keep your home secure and your familly safe, and I can help. For more information please watch for my September Newsletter and check out my website : www.Ireneshomes.net
1. Neighborhood Watch, 2. Security Systems, 3. Dogs, 4. Exterior lighting, 5. Panic button if your car has a car alarm keep your keys handy, 6. Ask neighbors to pick up mail and newspapers when away on vacation, arrange for yard care.
National Neighborhood Watch Institute www.nnwi.org to provide more information on crime deterring signs for homes and communities.
In the United States, a burglary occurs every eight seconds. Thieves average 8-12 minutes in your home, searching for valuable items like electronics, jewelry and hidden cash. Despite this, the vast majority of burglars are not professional thieves and can be thwarted with a few basic measures.
With a few easy steps you can keep your home secure and your familly safe, and I can help. For more information please watch for my September Newsletter and check out my website : www.Ireneshomes.net
1. Neighborhood Watch, 2. Security Systems, 3. Dogs, 4. Exterior lighting, 5. Panic button if your car has a car alarm keep your keys handy, 6. Ask neighbors to pick up mail and newspapers when away on vacation, arrange for yard care.
National Neighborhood Watch Institute www.nnwi.org to provide more information on crime deterring signs for homes and communities.
Monday, August 3, 2009
Can I buy a foreclosure for below list price?
Can I buy a foreclosure (bank owned home) for below list price? This is a very common question I am asked almost daily. This is my answer:
It really depends on the individual situation. Here are the first few questions that need to be answered about about the property.
1. Is the home priced below market value for that neighborhood?
2. Is it in distressed condition?
3. Are there other offers on the home?
Question 1. - I always do my homework and check the comparables to find out if the home is priced below the normal sold price for that neighborhood in the past 3-4 months. Would you expect to pay less then what other homes sold for in the last 3 months? Yes I hope so that would be the only reason it would be a great deal. If it is less then what other homes are selling for then why is it less? What are the days on market? If it has been on the market 90+days then why? Which leads me to Question 2. - When my client wants to purchase and is qualified to buy I always view the property with my client. Many times a bank owned will be in distressed condition: Walls will need painting, carpets or flooring will need thorough cleaning and some appliances might need replacing. These are all very common expected fix ups in Foreclosed homes. I try to calculate an approximate fix up cost to bring the property up to move in condition. This gives my client a ball park figure for fixing up the home. It will also let us know if the fix up costs will exceed the market value for other homes in the neighborhood.
Question 3 - is the MOST IMPORTANT. As in any competitive situation, if there are two or more offers on the same property then it will be tough to get the home for below list price. No, we will not know the amount of the other offers and you can write an offer for below list price but it can be like pulling a needle out of a haystack. I recommend a price to my client based on the recent solds in the neighborhood. I deal with competitive situations on a regular basis. Buyers have to be open to perhaps going to list price or might even need go above list price. (crazy as that sounds) It still might be a good deal for that neighborhood. Buying a foreclosed home is a fantastic way to get a great deal on a home if you are seeking to buy in a particular neighborhood. My advice to any buyer is to listen to your realtors' advice when writing an offer price on a foreclosed or bank owned home. If your realtor is good they should provide the comparables to you . I have the knowledge and expertise but please choose a realtor who has experience in the market you are trying to buy in! This will help you have a successful purchase!!
In answer to my original question Can I buy a foreclosure for below list price? Sometimes yes, and sometimes no. It depends on if you have other offers on the same home and what that neighborhood sales market looks like. Good Luck to you and I wish you much success in buying your home!
Post your questions and comments to me. I look forward to hearing from you!
Irene Curry, Realtor, ABR
Prudential Carruthers Realtors
http://www.ireneshomes.net/
irene.curry@cox.net
cell: 703-677-7677
It really depends on the individual situation. Here are the first few questions that need to be answered about about the property.
1. Is the home priced below market value for that neighborhood?
2. Is it in distressed condition?
3. Are there other offers on the home?
Question 1. - I always do my homework and check the comparables to find out if the home is priced below the normal sold price for that neighborhood in the past 3-4 months. Would you expect to pay less then what other homes sold for in the last 3 months? Yes I hope so that would be the only reason it would be a great deal. If it is less then what other homes are selling for then why is it less? What are the days on market? If it has been on the market 90+days then why? Which leads me to Question 2. - When my client wants to purchase and is qualified to buy I always view the property with my client. Many times a bank owned will be in distressed condition: Walls will need painting, carpets or flooring will need thorough cleaning and some appliances might need replacing. These are all very common expected fix ups in Foreclosed homes. I try to calculate an approximate fix up cost to bring the property up to move in condition. This gives my client a ball park figure for fixing up the home. It will also let us know if the fix up costs will exceed the market value for other homes in the neighborhood.
Question 3 - is the MOST IMPORTANT. As in any competitive situation, if there are two or more offers on the same property then it will be tough to get the home for below list price. No, we will not know the amount of the other offers and you can write an offer for below list price but it can be like pulling a needle out of a haystack. I recommend a price to my client based on the recent solds in the neighborhood. I deal with competitive situations on a regular basis. Buyers have to be open to perhaps going to list price or might even need go above list price. (crazy as that sounds) It still might be a good deal for that neighborhood. Buying a foreclosed home is a fantastic way to get a great deal on a home if you are seeking to buy in a particular neighborhood. My advice to any buyer is to listen to your realtors' advice when writing an offer price on a foreclosed or bank owned home. If your realtor is good they should provide the comparables to you . I have the knowledge and expertise but please choose a realtor who has experience in the market you are trying to buy in! This will help you have a successful purchase!!
In answer to my original question Can I buy a foreclosure for below list price? Sometimes yes, and sometimes no. It depends on if you have other offers on the same home and what that neighborhood sales market looks like. Good Luck to you and I wish you much success in buying your home!
Post your questions and comments to me. I look forward to hearing from you!
Irene Curry, Realtor, ABR
Prudential Carruthers Realtors
http://www.ireneshomes.net/
irene.curry@cox.net
cell: 703-677-7677
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