Commonsense Real Estate

What Part of “Bottom of the Market” Do You NOT Understand?

2009-06-02T15:58:00.002-04:00

I was looking over the supply of houses on the market this week in Fairfax County, Virginia and it’s really getting dangerously low. Compared to May of 2008, we have 55% fewer homes on the market – and 20% more contracts written on them.That leaves home buyers with only a 7-week supply of houses and it’s getting smaller. Officially – we’re in a sellers’ market. For pocket markets (townships,

HELP! WE NEED LISTINGS!

2009-05-21T11:19:00.003-04:00

This post is going to be very local in nature - Northern Virginia readers -- we need houses to sell! The market has turned on a dime and sellers are now starting to get their asking price, (or 10s of thousands more -- see Steve's comment on last posting); entertain multiple offers and move up to their next house with very cheap loans.Are you ready to sell? Who do you know that's ready to sell?

Home Sellers Market Returns in D.C.

2009-03-27T09:19:00.004-04:00

If you’ve been waiting for the Seller’s Market to return – wait no longer! In the first quarter of this year, several towns and counties in Northern Virginia have entered the Seller’s Market territory with less than a 3-month supply of homes available to home shoppers.Buyers have been leaping off the sidelines for months to snatch up houses that have had a 5-year backup in pricing. For instance,

Northern Virginia Real Estate Market As of March 16, 2009

2009-03-16T11:42:00.003-04:00

Today, the Northern Virginia Association of Realtors sold market is up 10.26% year-to-date.Today, the Northern Virginia Association of Realtors pending sales market is up 21.09% year-to-date.Today, the Fairfax County sold market is up 40% year-to-date.Today, the Fairfax County pending sales market is up 30.96% year-to-date.AGENTS - have you told anyone?BUYERS - have

PUNCH THROUGH!

2009-03-11T13:38:00.004-04:00

I wanted to take a moment and encourage you to Punch Through what’s happening in your business right now. Operate on what you KNOW instead of what you FEAR!Fear paralyzes.Fear creates hesitation.Fear transforms your confidence into doubt. Knowledge is power!Knowledge strengthens your resolve!Knowledge beats down fear every time!Our clients

DC market rated #1 by Forbes

2009-03-03T12:23:00.001-05:00

Finally -- it's not just me. Forbes magazine is letting its readers know that the DC market is on the upswing. Take a look at the link above for the Top 10 as rated by Forbes.com

Just Leave Well Enough Alone

2009-03-01T21:50:00.007-05:00

Yes, I understand we're in the worst foreclosure real estate market on record; and that a lot of people did a lot of bad things; and that we're probably only half way through getting through this real estate debacle. However -- I just ask that the feds be careful how much they need to push along the recovery in the marketplace -- it's already happening. On the street, we watch inventory, pending

The Obama Housing Plan

2009-02-23T18:00:00.002-05:00

I thought you would like to know this information about how the Stimulus Package will affect housing in our area. Frankly, it will tighten up an already tightening market in Northern Virginia. We have been experiencing low inventory and rising prices for the last 6 months west of the Potomac and see no end in sight. Sales are up more than 25% in Fairfax County (and nearly 100% in Prince William

Market is Up - Inventory WAY Down - Prices Holding Steady - Rates Down

2009-01-15T23:06:00.001-05:00

2008 was the Year of Recovery in Northern Virginia and it will continue in 2009, but this time, with a vengeance! Northern Virginia continues to outperform the region, the state and the nation. Buyers face low inventory, competing with multiple buyers and even paying at or higher than asking price. If the market is divided by price ranges, there’s the Hot Market and the Not Market, thus, property

What constitutes the "bottom of the market"?

2008-12-23T13:24:00.005-05:00

I get this question all the time: have we hit the bottom yet? Market by market, that's what's happening across the country. I've been tracking "hot" markets for RealtyTimes.com (http://realtytimes.com/rtpages/manthonycarr.htm) for the last year and I'm seeing very healthy markets across the country in state after state.The strongest market in the country is nearly any county in Texas. As far as

NEWS ALERT: Fixed-Rate Mortgage @ 4.75%

2008-12-11T12:33:00.002-05:00

Hey Folks – I don’t normally send emails out to my whole database, but today’s news is unprecedented from the mortgage field. You can refinance your mortgage on a FIXED RATE 30- or 15-year mortgage at 4.75%. For most mortgage holders, this could save you thousands of dollars per year.I just wanted to pass this on to you and for you to do whatever you want with the

That Bounce Sound Was the Bottom of the Market

2008-12-11T12:14:00.003-05:00

I met up with a potential buyer last night at a well-priced listing that is seller owned and completely fixed up inside. She was worried the price was too high, we hadn’t hit bottom yet, things could get worse, etc., etc.She was not unlike many buyers out there in markets across the country that have already started to show signs of recovery. In Northern Virginia –

FW: Fuel Assistance Program Extended until December 1

2008-11-18T08:26:00.003-05:00

Hello Friends – If you or anyone you know needs assistance this winter with your heating fuel, please see the program below. My wife sent this to me and I wanted to pass this along. There is an online screening process for applicants to complete. Note the deadline – December 1.From: DFS PIO [mailto:DFSPIO@fairfaxcounty.gov]Sent: Monday, November 17, 2008 12:05 PMTo:

D.C. Area Housing Market Booming In Face of Struggling Markets Nationwide

2008-10-27T09:20:00.004-04:00

What makes the Washington, D.C. market different than the rest of the country? The job market within the market. While other cities brag about being the headquarters of Fortune 500 companies, we have something none of them will ever have – the Capital City of the United States. I like the way one colleague puts it when explaining to agents from other states: “When you can put the Pentagon,

Donald Trump: “This is the time to start looking to buy, you’ll get a great deal.”

2008-08-14T23:39:00.001-04:00

Donald Trump, internationally-acclaimed realty guru and multi-billionaire, said on Good Morning America radio August 13, “This is the time to go out and start looking and start buying. Over the course of the next year if you don’t do it you’re going to be very disappointed in the years to come. Now is the best time in years to purchase real estate…especially in the next 12 months to get the best

Northern Virginia Turn Around Full Throttle!

2008-06-27T13:44:00.003-04:00

Wow! I’ve never seen this kind of turnaround happen so quickly. In just a few months, we have gone from negative numbers in every category to double and triple positives all around Northern Virginia (just outside Washington, D.C.). Here’s what’s happening:The foreclosure market has created a feeding frenzy for properties priced under $500,000. Nearly 36% of all homes on the market under $500K are

It's a REAL Spring Market - Northern Virginia Real Estate

2008-06-19T09:33:00.000-04:00

Days on market have dropped. My team members and I are hitting up against multiple offers on listings. Listings in the office are selling. Traffic at open houses are up by 40% in some communities. And the number of contracts written in our market are outpacing last year’s levels. What’s more important to home owners, we are seeing pocket markets that are starting to appreciate.When looking at the

Should You Invest In Foreclosures?

2008-04-07T20:50:00.000-04:00

Periodically I hear from readers who want to make $1 million in real estate -- quickly and with no money down. Usually they want to know more about real estate foreclosures -- how to buy them and how to profit from such homes. I've participated in a couple of these deals, and I'm now working on my second million -- I gave up on the first.Foreclosure properties can be a good place to invest for

Whew! The market's turning

2008-03-31T13:41:00.000-04:00

We are ahead of last March at this time by about 10%. Foreclosures are the hot commodity right now, drawing multiple offers left and right. This week, we were involved with two foreclosures -- one had 10 offers; another 13.Prices are stabilizing and moving upward in some areas in the DC market. I'm seeing the same thing happening around the eastern seaboard. See my piece on http://

Report: Best Time To Buy In 4 Years

2008-03-07T11:34:00.002-05:00

By Tim McLaughlin According to a report released by CNN this past week, it may be the best time to buy a house in more than four years. Valuations on home prices (the difference between what a home should cost and its actual price) are the lowest they've been since 2004, according to the report. The Cleveland-based bank National City Corp, together

Whose Fence Is It Anyway?

2008-03-05T17:04:00.000-05:00

By M. Anthony CarrProperty line issues have suddenly cropped up in the emails I've received in the past few weeks. It appears that homeowners are more aware of their property lines (specifically if a neighbor is violating it) during the spring and summer months than at other times. As we get out there and trim limbs (from the neighbor's big oak tree), mend the fence (which is actually the

Mortgage Limits Increase Provide Buyers Opportunity

2008-02-22T12:33:00.004-05:00

By M. Anthony CarrCongress has spoken on the economic stimulus package and that means most of us are going to get a nice little check in the bank – complements of yourself (it’s your money anyway, right?) Included in the package is a section that will increase the loan limits for conforming home mortgages. Without getting all financialezey on you, it means that higher

Multi-Layered Loans Lower Down Payment, PMI

2008-02-07T07:41:00.000-05:00

by M. Anthony CarrIf you're in the market to buy a home but have little down and want to avoid private mortgage insurance, you might want to look at the multi-layered financing options which have become increasingly available. With these programs, there's a first loan equal to 80 percent of the purchase price, and a second loan for 10 or 15 percent of the remaining costs. The remaining money, 10

Careless Buyers Making Deal-Killer Mistakes

2008-01-30T21:55:00.000-05:00

by M. Anthony CarrIt's every homebuyer's nightmare -- write the contract, get it ratified, go through the excruciating mortgage application process, get approved, and then at the last minute a hang-up turns your American Dream into a nightmare. What's most frustrating is when it's your own fault.Just this week I've talked with agents where a buyer has made some not so wise choices in their

Pocket Markets Reveal Pent-Up Demand

2008-01-25T18:09:00.001-05:00

Here’s the Big Real Estate Story – Interest rates are headed in the 5-ish range again and prices have leveled. That’s it. End of story. Sign here. In fact, the market is actually turning around. Despite what the two dailies have reported, homeowners and shoppers must look at pocket markets to determine how they’re doing as far as the equity in their homes and in determining if it’s time to hold