You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!
This spectacularly updated home sited on a private 1/3 acre lot offers over 3,500 sqft of refined living space, 4/5BR, 3.5BA, 2-car garage & tons of recent updates & improvements (kitchen/baths/floors/basement/paint/ HVAC/roof). Featuring a fully finished lower level w/expansive recreation room, den & full bath. Fenced backyard w/playset, shed & deck. Minutes from FFX Co. Pkwy/Metro/I95/Mall.
This stunningly updated (fresh paint, new carpet, new HVAC, updated kitchen) 1 bedroom, 1 bath condo at the Rotonda offers panoramic views of the Tysons Corner skyline and is located just minutes from the Tysons Corner Metro Stations. The Rotonda is rich with amenities including indoor/outdoor swimming pools, men's and women's spas, fitness center, yoga studio, digital gaming room, billiard and ping-pong tables, general store, tennis courts, golf putting green, children's play areas, mini soccer field, sand volleyball court, basketball court, and more.
There is a good chance you've been hearing about how hot the real estate market is. It's true! Below are some of the latest statistics for the Northern Virginia Market to give you a better idea of the current market conditions.
Inventory of available homes remains low (Active Listing) while demand remains high (Closed Sales). In March 2018, there was a 1.7 month supply of homes on the market in the Northern Virginia Area (April stats not yet available). This is well below the 6 month supply that many real estate professionals consider normal, fewer homes for sale generally indicates a seller's market.
Additionally, the median sold price for all regions in Northern Virginia has risen from YTD 2017 to YTD 2018 (1st QTR).
If you would like market statistic for your neighborhood/area you can give me a call or visit my Market Update page on my website at www.homesforsalenorthernvirginia.com/search/market_report_search/ to subscribe to a free monthly market report for your neighborhood/area.
This beautifully updated 4/5BR, 3BA, light-filled home sited on a 1.21 acre private lot features over 2,600 sqft, 2-car garage & $25K+ in recent improvements including paint inside/out, refinished hardwood floors, new carpet, updated kitchen w/granite countertop/SS appliances & updated BAs. Walkout lower level w/BR & full BA & 4th level BR/rec room. Located just minutes from Quantico, RT1 & I95.
Showing Agent:
Pearson Smith Realty
571-643-5552
Licensed In: VA
License #: 0225075870
Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as:
“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”
When demand exceeds supply, prices go up. This is currently happening in the residential real estate market.
Here are the numbers for supply and demand as compared to last year for the last three months (March numbers are not yet available):
In each of the last three months, demand (buyer traffic) has increased as compared to last year while supply (number of available listings) has decreased. If this situation persists, home values will continue to increase.
The reason home prices are still rising is because there are many purchasers looking to buy, but very few homeowners ready to sell. This imbalance is the reason prices will remain on the uptick.
According to a new study from Lending Tree, Americans who have filed for bankruptcy may be able to rebuild enough credit to qualify for a home loan in as little as 2-3 years.
This is in stark contrast to the belief that many have that they need to wait 7-10 years for their bankruptcies to clear from their credit reports before attempting to apply for either a mortgage or a personal or auto loan.
The study analyzed over one million loan applications for mortgages, personal, and auto loans and compared borrowers who had a bankruptcy on their credit report vs. those who did not to find out the “Cost of Bankruptcy.”
The study found that 43.2% of Americans who filed bankruptcy were able to repair their credit back to a 640 FICO® Score in less than a year. The percentage of those who achieved a 640 FICO® Score increased to nearly 75% after 5 years. The full breakdown of the findings was used to create the chart below.
Americans who were able to repair their credit scores to a range of 720-739 within three years of filing were able to obtain the same financing options as those who had never filed bankruptcy.
According to Ellie Mae’s latest Origination Insights Report, 53.5% of those who were approved for a home loan had FICO® Scores between 600-749 last month. This is great news for Americans who are looking to re-enter the housing market.
Raj Patel, Lending Tree’s Director of Credit Restoration & Debt-Related Services had this to say:
“People may think that filing a bankruptcy would put you out of the loan market for seven to ten years, but this study shows that it is possible to rebuild your credit to a good credit quality.”
“LendingTree’s research found that very few bankruptcy filers have a harder time [obtaining a mortgage] than those who have not filed for bankruptcy.”
If you are one of the millions of Americans who has filed for bankruptcy and think that you have to wait 7-10 years to make your dream of returning to homeownership a reality, let’s get together to find out if you qualify now.
Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!
You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.
We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.
