Alexandria City Real Estate Market Conditions - April 2008

Alexandria City Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of April 2008.

In April, the total number of active listings on the market in Alexandria City was 767. Of those active listings, the minimum list price was $110,000 while the maximum list price was $3,495,000. The average list price was $548,776. The average number for property days on the market is 115.

The number of listings under contract was 268. Of those listings under contract, the minimum list price was $101,000 while the maximum list price was $4,750,000. The average list price was $520,899. The average number for property days on the market was 76.

The number of listings that were sold & settled in April was 144. Of those listings sold, the minimum list price was $135,000 while the maximum list price was $1,795,000. The average list price was $493,126. The average number for property days on the market was 85.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Arlington County Real Estate Market Conditions - April 2008

Arlington Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of April 2008.

In April, the total number of active listings on the market in Arlington was 860. Of those active listings, the minimum list price was $109,000 while the maximum list price was $8,850,000. The average list price was $647,958. The average number for property days on the market is 107.

The number of listings under contract was 287. Of those listings under contract, the minimum list price was $144,000 while the maximum list price was $5,875,000. The average list price was $548,897. The average number for property days on the market is 59.

The number of listings that were sold & settled in April was 182. Of those listings sold, the minimum list price was $119,000 while the maximum list price was $5,000,000. The average list price was $607,023. The average number for property days on the market was 70.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Fairfax County Real Estate Market Conditions - April 2008

Fairfax County Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of April 2008.

In April, the total number of active listings on the market in Fairfax County was 6980. Of those active listings, the minimum list price was $87,852 while the maximum list price was $15,000,000. The average list price was $619,334. The average number for property days on the market is 118.

The number of listings under contract was 2057. Of those listings under contract, the minimum list price was $89,900 while the maximum list price was $4,200,000. The average list price was $509,018. The average number for property days on the market was 93.

The number of listings that were sold & settled in April was 1013. Of those listings sold, the minimum list price was $114,900 while the maximum list price was $6,500,000. The average list price was $487,615. The average number for property days on the market was 107.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Falls Church City Real Estate Market Conditions - April 2008

Falls Church City Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of April 2008.

In April, the total number of active listings on the market in Falls Church City was 50. Of those active listings, the minimum list price was $184,900 while the maximum list price was $1,375,000. The average list price was $726,976. The average number for property days on the market is 129.

The number of listings under contract was 14. Of those listings under contract, the minimum list price was $375,000 while the maximum list price was $1,595,000. The average list price was $701,078. The average number for property days on the market was 165.

The number of listings that were sold & settled in April was 12. Of those listings sold, the minimum list price was $524,500 while the maximum list price was $1,249,000. The average list price was $827,271. The average number for property days on the market was 91.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Virginia Property Sellers get some Justice....and it's all good!

Property Sellers in Virginia were recently given a nice gift!  Actually a reversion back to the way it was in 2007, reducing the Grantor's tax back to 1%.  It was a shame to see how a transportation tax could affect real estate once again, because of the ineptitude of the politicians in Virginia.

The Supreme Court of Virginia ruled last month that the legislation creating the Northern Virginia Regional Transportation Authority and giving it the power to collect taxes was unconstitutional.  In the real estate world, the related fee of interest was is the Congestion Relief Fee that charged the seller $4.00 per thousand of the sales price or assessed value whichever was the higher amount, together with the existing Grantor's tax of 1%.  

With the new tax increase to 5%, a property owner selling a $500,000 home would pay a tax of $2,500 in 2008 instead of $500 prior to 1/1/08.  The Grantor's tax is now at 1% again, although watch out for paying tax on the assessed value if it’s higher than the sales price, as this is a newer development, as sales prices routinely goes below the assessed value.

House Bill 1578 requires the settlement agent involved in the real estate transaction to return the congestion relief fee to the individual or individuals who paid the fee.

If you or someone you know just paid the fee (settlements closing from January 1 to February 29, 2008) you need to notify the settlement agent in writing of the correct mailing address.

Here is how the refund process will work: The Northern Virginia Transportation Authority will have until May 1, 2008 to return the funds to the Clerks of the Circuit Court in the affected localities.  The Clerks return the Congestion Relief Fees to the Settlement Agents within 60 days from the effective date of this legislation. Upon receipt of funds from the Clerk of Court, the Settlement Agent will have 90 days to return the funds to the proper party.

Can’t the lawmakers in Virginia agree to just come up with a more equitable tax, and call it a tax instead of a relief fee!  How about reinstating the car tax and leave real estate alone!

Buyers will enjoy some awesome financing opportunities in Northern Virginia!

$729,750 is the New Maximum Loan for FHA, Fannie and Freddie! 

   On 3/6/08 FHA, Fannie Mae, and Freddie Mac announced that they have raised loan limits set by the economic stimulus bill.

   FNMA and FHLMC will only purchase jumbo-conforming mortgages that are originated through December 31, 2008, and that are secured by one-unit properties.  Mortgage lenders will assist customers with implementation by providing reference materials including an online loan limit reference tool and guidance on our loan limits based on a property's geography, both of which are available as of this writing in mid March.

   Prior to the change, FHA was capped at $362,790 and Fannie and Freddie had loan ceilings of $417,000.  Before the credit crunch, rates on jumbo loans were about .25 percent higher.  Now with tighter credit, jumbo rates are as much as a 1% higher.

   The FHA plan will open up some great opportunities.  Here are some of the highlights:

*FHA loans can allow a credit score as low as 620

*The borrower has to put in 3% of the sales price into the transaction. 

*All 3% can come from a gift if necessary. 

*You need no cash reserves.

*Qualification ratios can go as high as 50% for debt to income ratio.

*The seller can pay up to 6% of the sales price toward closing costs; however the borrower still MUST put 3% into the transaction.

*All single family homes and townhouses are eligible for FHA financing.  Condos must be approved for FHA.

*FHA does not have an issue with declining markets (Fannie Mae and Freddie Mac do)

*This will really help with first time buyers, or buyers who have slightly below average credit and little cash.

*FHA mortgages are consumer friendly loans made by private banks that are insured by the government, making them attractive because the government guarantee enables lenders to easily sell off the loans.

Alexandria City Real Estate Market Conditions - February 2008

Alexandria City Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of February 2008.

In February, the total number of active listings on the market in Alexandria City was 674. Of those active listings, the minimum list price was $120,000 while the maximum list price was $3,495,000. The average list price was $540,051. The average number for property days on the market is 132.

The number of listings under contract was 99. Of those listings under contract, the minimum list price was $135,000 while the maximum list price was $1,795,000. The average list price was $427,680. The average number for property days on the market was 84.

The number of listings that were sold & settled in February was 106. Of those listings sold, the minimum list price was $135,000 while the maximum list price was $2,999,000. The average list price was $492,699. The average number for property days on the market was 109.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Arlington County Real Estate Market Conditions - February 2008

Arlington Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of February 2008.

In February, the total number of active listings on the market in Arlington was 744. Of those active listings, the minimum list price was $109,000 while the maximum list price was $9,500,000. The average list price was $665,376. The average number for property days on the market is 123.

The number of listings under contract was 147. Of those listings under contract, the minimum list price was $119,000 while the maximum list price was $2,050,000. The average list price was $540,237. The average number for property days on the market was 77.

The number of listings that were sold & settled in February was 138. Of those listings sold, the minimum list price was $130,000 while the maximum list price was $1,539,000. The average list price was $531,605. The average number for property days on the market was 78.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Fairfax County Real Estate Market Conditions - February 2008

Fairfax County Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of February 2008.

In February, the total number of active listings on the market in Fairfax County was 6064. Of those active listings, the minimum list price was $99,900 while the maximum list price was $15,000,000. The average list price was $624,608. The average number for property days on the market is 136.

The number of listings under contract was 949. Of those listings under contract, the minimum list price was $107,000 while the maximum list price was $6,500,000. The average list price was $492,670. The average number for property days on the market was 113.

The number of listings that were sold & settled in February was 683. Of those listings sold, the minimum list price was $114,900 while the maximum list price was $5,200,000. The average list price was $488,191. The average number for property days on the market was 124.

Find Your Home’s Value On-Line  www.CaseyOneal.com

Falls Church City Real Estate Market Conditions - February 2008

Falls Church City Real Estate

Our Team constantly monitors local real estate statistics to inform our clients. Below you will find real estate stats for the month of February 2008.

In February, the total number of active listings on the market in Falls Church City was 40. Of those active listings, the minimum list price was $199,900 while the maximum list price was $1,650,000. The average list price was $802,354. The average number for property days on the market is 186.

The number of listings under contract was 14. Of those listings under contract, the minimum list price was $275,000 while the maximum list price was $1,210,000. The average list price was $669,696. The average number for property days on the market was 70.

The number of listings that were sold & settled in February was 11. Of those listings sold, the minimum list price was $180,000 while the maximum list price was $1,649,900. The average list price was $798,143. The average number for property days on the market was 140.

Find Your Home’s Value On-Line  www.CaseyOneal.com