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Update On Zillow And Other AVM's Accuracy - 02/27/07 09:04 AM
A while back, we did an analysis of Zillow and other AVMs to see how accurate they were when it came to determining real estate property values. As we all found out, they were way off. You would think that after having a few months to work out the kinks, they would be accurate by now. Well, the latest analysis based on data supplied by Zillow themselves shows that they're still way off. What is way off? How about within 10 percent of the true market value only 40 to 90 percent of the time!
After checking around on other AVMs, we … (3 comments)
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Long-Term Real Estate Property Values in Northern Virginia vs Unemployment Rate and Labor Force Numbers - 02/22/07 10:50 AM
Two major reasons for a decline in long-term local real estate property values are a poor local economy and an exodus of workers and people from the area. These two figures can be seen in a high and/or severe increase in the unemployment rate and a drop in the labor force.
Northern Virginia's unemployment rate of 1.9% is the lowest in Virginia, which has a very low overall unemployment rate of 2.7%. The labor force was 3.25M in the beginning of 1996 and is currently over 4M, and still increasing.
With a very low unemployment rate and an increasing labor force, the long-term outlook for the … (0 comments)
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Loudoun County Real Estate - The Word On The Street - 02/21/07 11:12 AM
You read the data, you see the graphs and you hear and watch the media comment on the local real estate market in Loudoun County. But what are the active sellers, buyers and real estate professionals saying?
The comments being made by Buyers:
"There's not much to choose from!""Why are the last three we saw so overpriced?""I want move-in-condition, but there aren't many that are.""This property sold in 4 days, but so many have been on the market for 4, 6 or even 12 months.""We can totally beat up every seller out there because _____________ (add in a comment based on an … (2 comments)
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Moving To Loudoun County, Virginia? How Far Will Your Salary Go? - 02/20/07 05:21 PM
If you're relocating to the Loudoun County/Washington, DC metro area, you're probably wondering how far your salary will go and how your cost of living be affected. If you're moving from the midwest, you may get severe sticker shock when you see real estate prices as well as taxes, etc. If you're moving from California or the North East, you may find the area a bargain.
For example, if you're making $75,000 per year and moving from Austin, Texas to the Washington, DC/Northern Virginia area, here's how the cost of living will compare on average:
Groceries will cost 17% moreHousing will cost 141% moreUtilities will cost 32% moreTransporation will cost 10% … (3 comments)
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The Real Estate Buyer's Guide To The Home Buying Process - Part One - 02/07/07 10:43 PM
The process of buying a home is overwhelming to many, especially first time home buyers. Even veteran home buyers may not be aware of new laws, customs, loan options, technologies and market trends that have changed the home buying process since their last purchase. Being the biggest single investment most people will ever make, how come there is so little information on what the process truly involves? And why is there no well-known site or publication that informs consumers of changes and updates as they become available? Well, we're here to address that issue and provide you with the first edition … (14 comments)
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Loudoun County, Virginia Real Estate Market Update - 02/07/07 10:37 PM
Loudoun County real estate inventory levels continue to remain steady. Currently there are 2020 homes for sale in Loudoun County. Levels have been in the 2000 unit range since December. January was a very balanced month with no increase in inventory levels. An unseasonably warm beginning of the month helped sales while listings have remained moderate.
In Ashburn, new listings and sales were identical with sales coming in at 125 for the month. This was also exactly the same number of sales last January. This ends a string of 22 consecutive months of year over year declines in units sold. This … (0 comments)
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Danilo Bogdanovic-Real Estate Consultant -Loudoun and Fairfax County
Ashburn,
VA
More about me…
Market Advantage Real Estate
Address: 107 Kale Ave, Sterling, VA, 20164
Office Phone: (703) 582-6900
Cell Phone: (703) 582-6900
Email Me
Your source for what's going in the Loudoun County real estate scene/market
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