Casey's Blog

Avoiding Deer Car Collisions as Deer activity is increasing in Northern Virginia

Casey O'Neal (RE/MAX Allegiance) — Sun, 29 Nov 2009 11:17:10 -0600

In Northern Virginia deer are getting very active in the 4th quarter of the year, and they will be more active over the next few months. It is not uncommon to see deer lying on the sides of many roads in the area. To avoid hitting a deer here are some valuable tips to drivers from The Virginia Department of Game and Inland Fisheries. 1. When driving, particularly at dusk and dawn, slow down and be attentive. If you see one deer, likely there will be others. If one deer crosses the road as you approach, others may follow. 2. Deer habitually travel the same areas; therefore deer crossing signs have been installed by the Virginia Department of Transportation. Use caution when you see these signs. 3. Drivers should apply brakes, even stop if necessary, to avoid hitting a deer, but should never swerve out of the lane to miss a deer. A collision with another vehicle, tree or other object is likely to be more serious than hitting a deer. 4. Rely on your caution and your own senses, not deer whistles you can buy for your car. These devices have not been shown to be effective. 5. Any person who is involved in a collision with a deer or bear while driving a motor vehicle, thereby killing the animal, should immediately report the accident to the Conservation Police Officer or other law enforcement officer in the county or city where the accident occurred. 6. Drivers who collide with a deer or bear, thereby killing the animal, may keep it for their own use provided that they report the accident to a law enforcement officer where the accident occurred and the officer views the animal and gives the person a possession certificate.

Home Buyer Tax Credit Extension Becomes Reality + October Stats for N. Virginia

Casey O'Neal (RE/MAX Allegiance) — Thu, 12 Nov 2009 21:07:52 -0600

On 11/6/09 the President signed legislation approving an extension and expansion of the home buyer tax credit. Key points of the legislation include: * Extension of the $8,000 tax credit for first-time home buyers under contract by April 30, 2010 and settling by July 1, 2010; * Addition of a $6,500 tax credit for existing home owners, if living in their principal residence for five consecutive years in the past eight years; * Increasing income limits for eligible home buyers to $125,000 for single buyers and $225,000 for couples; and, * Capping the purchase price of the home at $800,000. Northern Virginia Market Stats: October 2009 The Northern Virginia Association of Realtors® reports on October 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. A total of 1,604 homes sold in October 2009, a 10.09 percent increase above October 2008 home sales of 1,457. Active listings decreased by 21.91 percent from last year, with 6,877 active listings in October, compared with 8,806 homes available in October 2008. The average days on market (DOM) for homes in October 2009 decreased by 38.30 percent to 58 days, compared with 94 days in October 2008. Sales prices were lower than those realized last year. The average sales price in October decreased by less than one percent from October 2008, to $424,510, compared with last October's average of $427,502. The median price of homes sold in Northern Virginia rose in October to $356,800, which is a decrease of less than one percent compared with October 2008's median price of $359,000. The number of pending home sales in Northern Virginia in October shows an increase of 24.06 percent at 1,990 compared to 1,604 in October 2008.

Northern Virginia's Market is giving first time buyers the blues!

Casey O'Neal (RE/MAX Allegiance) — Sun, 18 Oct 2009 16:56:34 -0500

Real Estate Market Trends for September in Northern VA The Northern Virginia Association of Realtors® reports on September 2009 home sales activity for Fairfax and Arlington counties, Alexandria, Fairfax & Falls Church Cities, & towns of Vienna, Herndon and Clifton. A total of 1,684 homes sold in Sept. 2009, a 2% increase above Sept. 2008 home sales of 1,650. Active listings decreased by 24.40% from last year, with 6,889 active listings in 9/09, compared with 9,112 active homes available in Sept. 2008. The average days on market (DOM) for homes in September 2009 decreased by 32.26% to 63 days, compared with 93 days in August 2008. The Average Sales price increased 4.94% Sept. 2009 averaging $427,881, compared with last Augusts’ average of $407,748. Pending home sales in Northern Virginia in Sept. 2009 increased 13.22 % at 2,012 units compared to 1,777 in Sept. 2008. First Time Buyers Have the Blues in their Quest for “Affordable” Homes under $300,000 in Northern VA Our team has routinely experienced 5, 10, even 25 offers presented on some of our affordable listings, and our buyers have written multiple offers on many different properties. Here are some comments from other agents in our company representing buyers seeking affordable housing showing their frustration: “We are pounding our head against the wall. We have quite a few FHA buyers in that area and we are losing out to cash and conventional buyers on a regular basis. It is very frustrating…especially on a $250,000 deal” “One of the problems I see as a listing agent is the bidding up – banks are not necessary taking the highest offer because they are concerned about the appraisal – so conventional with more money down is winning a lot” We’ve been in multiple offer situations for many months. Here’s the trick: in addition to writing a full price offer w/no closing costs, we did put a modest escalation clause in place (they could only go so high), but most importantly my lender spoke w/the listing agent to assure him of the solidity of my buyer’s financial ability, and solid nature of their approval. It was JUST the ticket to tip the scales in our favor. Incredibly happy clients (& new home owners now), with both their agent and their lender” “My experience is that CASH buyers are putting bids in for those homes in that area and they have the money to bid up, and fix them up and resell them. Some of them coming back on the market with the new owners are making $50000. That is the problem. I used to do bids on HUD/foreclosed homes in Maryland, and always won them for my clients, they look at the bottom line that they want and the same I'm sure applies today, they want the asking price or 10% above, no Seller Subsidy, if you want a seller subsidy you have to add that on to your contract price. “That is all I know. Hope other Realtors can give you more insight” “No, one buyer was able to switch to conventional. Had 48 contracts bidding for one house in Annandale, and we lost out again” “We just lost a contract with 20% down, $40K over list price with a conventional loan, settle in 30 days losing out on a $224K list price foreclosure in Fairfax with 17 offers! Not easy anywhere” I know the feeling. It certainly appears to be the norm these days rather than the exception. We put in several as well before we got one to go thru. What we did was put in an escalation clause but you have to be careful with that and make sure you protect your client. Specifically, don't waive the appraisal clause & do you homework & try & get a feel for where you think it will appraise” I know your frustration. I am having the same problem in Lakeridge. Some sellers are not taking FHA loans. Please forward any info or suggestions” “It takes time and perseverance! Be there the day the house comes on the market, write and submit the contract same day. (Some times you just get lucky depending on the listing agents practices.) Inquire often regarding quantity of offers received. Always be prepared for best and final round and bid to your clients maximum capability! It sometimes requires 30K over asking price....and then you contend with appraisal issues! I am averaging 8-12 offers for FHA and VA clients....VA clients are even more difficult! It is doable, just a whole lot of work for lower income properties” “I am experiencing the same thing. My client is FHA on a townhouse in Centreville and there were 25 offers and lost out to higher price and conventional financing. We have done this about 5 times now. No inventory” “I had same experience with my client, with multiple offers over list price we were getting outbid and just not getting contracts accepted. My client finally and fortunately was able to go conventional. Next property we wrote on had 15 offers and we got it. My team leader also list's foreclosures for banks and we get a lot of offers on each one, usually some cash offers as well. With banks usually accepting cash and conventional contracts It could be really difficult for your client, unless your client can go conventional I think her best chance is to go in high and hope they pick your offer. Might have to go higher with offer than you think with multiple offers. Good luck.” Same frustrations here . . . especially Manassas Park. I’ve got one client I’ve written 7 offers on ….. aaarrrggghhh”

Can it be a Seller's market in Northern Virginia's Alexandria and Arlington?

Casey O'Neal (RE/MAX Allegiance) — Sun, 13 Sep 2009 11:36:34 -0500

Being close to the Federal Government in Washington DC creates strong demand for housing. Momentum continues as buyers gain confidence that the bottom of the real estate market is at hand. Lower interest rates and lower prices have really helped fuel the market in 2009. In some price points and geographic areas there have been modest price increases along with multiple offers. Appraisals still remain a challenge in many sales, coming in lower than what buyers are willing to pay. Does this mean it's a seller's market? Well, it depends. It all boils down to location, price and commodity. Any property priced under $300,000 is typically commanding multiple offers in the "close in" Northern Virginia market. Single family homes priced between $400,000 and $500,000 are attracting serious attention. Here are some figures for Real Estate Market Trends in Northern Virginia - home sales in August 2009 as compiled by the Northern Virginia Association of Realtors®. The home sales activity is for Fairfax and Arlington counties, Alexandria, Fairfax & Falls Church Cities, & towns of Vienna, Herndon and Clifton. A total of 1,813 homes sold in August 2009, a .06% increase above August 2008 home sales of 1,812. Active listings decreased by 23.66% from last year, with 7,016 active listings in 8/09, compared with 9,190 active homes available in August 2008. The average days on market (DOM) for homes in August 2009 decreased by 27.59% to 63 days, compared with 87 days in August 2008. Sales prices remain lower than those realized last year. The average sales price in August 2009 fell by 3.17% from August 2008, to $458,172, compared with last Augusts’ average of $473,183 in 2008. The number of pending home sales in Northern Virginia in August 2009 shows an increase of 9.7 % at 2,070 compared to 1,887 in August 2008. In Arlington County, the average sold price for single family homes dropped from $803,949 in 8/08 to $741,484 in 8/09. For Alexandria City the average sold price for single family homes dropped from $767,778 in 8/08 to $642,238 in 8/09. Buyers: It’s a great time to buy! FHA loans up to$729,750 with only 3.5% down are available to all qualified buyers, not just first time buyers! Time is running out for the $8000 Tax credit for first-time homebuyers buying as their primary residence, expiring on 12/1/09. For home buyers who need assistance with downpayment and closing costs, some state housing finance agencies offer a short-term loan based on the home buyer's qualification for the federal tax credit, so the $8,000 credit can be monetized at settlement. For details visit www.federalhousingtaxcredit.com. Get into the housing market today. Visit www.NovaNewHome.com Looking for Bank owned homes? For a FREE list of Bank owned homes. visit www.NovaBargainHouses.com

Market Statistics for Northern Virginia: June 2009

Casey O'Neal (RE/MAX Allegiance) — Sun, 02 Aug 2009 10:11:02 -0500

The Northern Virginia Association of Realtors® compiles reports on June 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. A total of 2,169 homes sold in June 2009, a 14.16 percent increase above June 2008 home sales of 1,900. Active listings decreased by 27 percent from last year, with 7,617 active listings in June, compared with 10,440 homes available in June 2008. The average days on market (DOM) for homes in June 2009 decreased by 14.46 percent to 71 days, compared with 83 days in June 2008. Sales prices continue to remain lower than those realized last year. The average sales price in June fell by 7.42 percent from June 2008, to $451,354, compared with last June’s average of $487,549. The median price of homes sold in Northern Virginia in June was $392,367, which is a decline of 5.68 percent compared with June 2008’s median price of $416,000. The number of pending home sales in Northern Virginia in June shows an increase of 17.12 percent at 2,463 compared to 2,103 in June 2008. In the close in areas of Northern Virginia we have experienced strong interest and in many situations multiple offers on lower priced property, with fluctuations occurring neighborhood by neighborhood, sometimes zip code by zip code. Arlington County and Alexandria City remain the hottest markets. A factor for increased demand is the $8,000 first-time home buyer tax credit, which recently has been monetized at the closing table for FHA mortgage products. This enables buyers to use the credit immediately upon closing.

$8000 Home Buyer Tax Credit Basics

Casey O'Neal (RE/MAX Allegiance) — Sun, 03 May 2009 10:13:46 -0500

The American Recovery & Reinvestment Act of 2009 offers an $8000 maximum tax credit for first-time homebuyers buying homes as their primary residence between January 1 and December 1, 2009. A First-Time Home Buyer is anyone who has not owned a home within the last 3 years. If an unmarried couple jointly buys a home, and one person owned a home (within 3 years) and the other did not, they can “designate” the tax credit to that person who will be able to claim it on their individual tax return. This rule also applies for parents to co-sign on a mortgage. The parents own a home, their son or daughter is FTHB— and may claim the tax credit. Income Limits can be more complicated and first-time homebuyers should always seek advice from a tax expert. The income number is always based on Modified ADJUSTED GROSS INCOME (MAGI). Single taxpayer: MAGI of $75,000 or less, Married taxpayer: MAGI of $150,000 or less. There is also a provision for those single and married who EXCEED the income limits to claim a partial tax credit. A “tax credit formula” has been created to determine. the dollar amount. For example, if a single tax payer’s MAGI is $82,000, their partial tax credit is $5200. Taxpayers can choose to claim their tax credit on either their 2008 tax returns or wait until the 2009 tax year to file. For example, if they exceed the income limit in 2008 (which would only qualify them for a partial credit) but their income has been decreased in 2009 due to a temporary layoff or cut back in over time, they can wait until 2009 to claim the tax credit (for the full tax credit). A FTHB can borrow the dollar amount of the expected tax credit from a relative and pay it back when the tax credit is received. It could be used towards down payment and closing costs. FHA and VA loan programs will allow it. VA 100% loans are now available to $812,500 in the DC area. Higher loan amounts are also available with a down payment equal to 25% of the purchase price above $812,500. The FHA has just implemented new limits in March 2009 for its loan guarantee programs that will allow it to insure mortgages of up to $729,750 with only 3.5% down payment (This loan cap also applies to the FHA 203K renovation loan program).

Assessment Values versus Market Values

Casey O'Neal (RE/MAX Allegiance) — Sun, 01 Feb 2009 09:38:32 -0600

Assessment Values versus Market Values. Arlington County data reveals that the average assessment for single family property would drop 2%, from $530,100 in 2008 to $520,100 in 2009. Market statistics from the realtor’s mls data base, MRIS, reveal the following sales price declines from November 2007 to November 2008: 13% average decline for condos, 22% average decline for townhouses, and a 19% decline for single family houses ($483,600 average sold price for all three residential categories). The County does acknowledge that their mass appraisal formula for computing assessed values has a diluted effect compared to more recent sale values and lags behind the last 6 month market trends. For example, the 2009 assessed values compiled by Arlington County pulls data from sales during 7/1/2007 through 6/30/2008, which leaves 6 months for market trends to adjust, thus making the January 2009 assessed values out of line with current and most recent values. The median price of homes sold in Northern Virginia in 11/08 was $335,000, which is a decline of 21.18% compared with 11/07’s median price of $425,000. FREE Report on Getting the Price You Want and Need When Selling Your Home www.SettingYourHousePrice.com

Healthy Outlook for Northern Virginia real estate market in 2009

Casey O'Neal (RE/MAX Allegiance) — Mon, 26 Jan 2009 21:00:57 -0600

Greater Washington Economic Conference Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs. the normal 2.5% growth per year. The Washington economy will have a 1.5% growth in GDP vs. the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA. Job growth has averaged 46,500 per year since 1991 with some recent years as follows: o 2003 – 56,000 o 2004 – 71,000 o 2005 – 63,000 o 2007 – 29,000 o 2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000 Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread. He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows: o 2009 – 23,700 o 2010 – 36,500 o 2011 – 42,400 o 2012 – 48,100 o 2013 – 54,000 Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000. Needless to say, we are very fortunate to be living and working in this area for a number of reasons. Let us hope we can take advantage of the opportunities that may be more evident and attainable here than in many other markets.

October 2008 Alexandria City Real Estate Market Conditions

Casey O'Neal (RE/MAX Allegiance) — Thu, 06 Nov 2008 12:30:59 -0600

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 October 2008. In October, the total number of active listings on the market in Alexandria City was 640. Of those active listings, the minimum list price was $75,000 while the maximum list price was $6,400,000. The average list price was $562,627. The average number for property days on the market is 122. The number of listings under contract was 109. Of those listings under contract, the minimum list price was $75,900 while the maximum list price was $1,665,000. The average list price was $419,536. The average number for property days on the market was 66. The number of listings that were sold & settled in October was 142. Of those listings sold, the minimum list price was $119,900 while the maximum list price was $1,645,000. The average list price was $459,273. The average number for property days on the market was 72.

October 2008 Arlington County Real Estate Market Conditions

Casey O'Neal (RE/MAX Allegiance) — Thu, 06 Nov 2008 12:30:35 -0600

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 October 2008. In October, the total number of active listings on the market in Arlington was 831. Of those active listings, the minimum list price was $95,000 while the maximum list price was $8,850,000. The average list price was $679,418. The average number for property days on the market is 114. The number of listings under contract was 120. Of those listings under contract, the minimum list price was $114,500 while the maximum list price was $1,850,000. The average list price was $480,998. The average number for property days on the market is 71. The number of listings that were sold & settled in October was 156. Of those listings sold, the minimum list price was $114,900 while the maximum list price was $2,000,000. The average list price was $557,885. The average number for property days on the market was 66.

October 2008 Falls Church City Real Estate Market Conditions

Casey O'Neal (RE/MAX Allegiance) — Thu, 06 Nov 2008 12:30:06 -0600

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 October 2008. In October, the total number of active listings on the market in Falls Church City was 59. Of those active listings, the minimum list price was $130,000 while the maximum list price was $1,725,000. The average list price was $630,614. The average number for property days on the market is 101. The number of listings under contract was 3. Of those listings under contract, the minimum list price was $619,950 while the maximum list price was $1,299,000. The average list price was $869,317. The average number for property days on the market was 63. The number of listings that were sold & settled in October was 9. Of those listings sold, the minimum list price was $499,000 while the maximum list price was $998,700. The average list price was $707,206. The average number for property days on the market was 79.

October 2008 Fairfax County Real Estate Market Conditions

Casey O'Neal (RE/MAX Allegiance) — Thu, 06 Nov 2008 12:29:22 -0600

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 October 2008. In October, the total number of active listings on the market in Fairfax County was 5426. Of those active listings, the minimum list price was $57,000 while the maximum list price was $16,500,000. The average list price was $659,603. The average number for property days on the market is 134. The number of listings under contract was 1086. Of those listings under contract, the minimum list price was $65,500 while the maximum list price was $4,250,000. The average list price was $387,831. The average number for property days on the market was 92. The number of listings that were sold & settled in October was 1108. Of those listings sold, the minimum list price was $89,900 while the maximum list price was $4,275,000. The average list price was $422,846. The average number for property days on the market was 102. For a FREE List of Bank Owned Homes – Call 1-800-895-1307 ID# 8042, or Visit www.NovaBargainHomes.com Find Your Home’s Value On-Line - www.CaseyOneal.com Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! - www.BuyBackorFree.com

Alexandria City Market Stats

Casey O'Neal (RE/MAX Allegiance) — Wed, 08 Oct 2008 08:12:01 -0500

Here are some market stats for the month of September 2008: In September, the total number of active listings on the market in Alexandria City was 672. Of those active listings, the minimum list price was $85,000 while the maximum list price was $3,500,000. The average list price was $543,508. The average number for property days on the market is 117. The number of listings under contract was 124. Of those listings under contract, the minimum list price was $93,900 while the maximum list price was $1,645,000. The average list price was $434,687. The average number for property days on the market was 86. The number of listings that were sold & settled in September was 155. Of those listings sold, the minimum list price was $109,000 while the maximum list price was $2,500,000. The average list price was $467,687. The average number for property days on the market was 85.

Arlington County Market Stats

Casey O'Neal (RE/MAX Allegiance) — Wed, 08 Oct 2008 08:10:01 -0500

Here are market stats for Arlington County for the month of September 2008: In September, the total number of active listings on the market in Arlington was 787. Of those active listings, the minimum list price was $105,000 while the maximum list price was $8,850,000. The average list price was $675,453. The average number for property days on the market is 108. The number of listings under contract was 143. Of those listings under contract, the minimum list price was $90,000 while the maximum list price was $1,659,900. The average list price was $535,288. The average number for property days on the market is 67. The number of listings that were sold & settled in September was 189. Of those listings sold, the minimum list price was $132,500 while the maximum list price was $2,451,300. The average list price was $526,630. The average number for property days on the market was 85.

Alexandria City Real Estate Market Conditions - May 2008

Casey O'Neal (RE/MAX Allegiance) — Tue, 10 Jun 2008 11:09:43 -0500

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 May 2008.

In May, the total number of active listings on the market in Alexandria City was 780. Of those active listings, the minimum list price was $105,000 while the maximum list price was $3,495,000. The average list price was $532,445. The average number for property days on the market is 111.

The number of listings under contract was 182. Of those listings under contract, the minimum list price was $120,000 while the maximum list price was $2,249,000. The average list price was $500,940. The average number for property days on the market was 82.

The number of listings that were sold & settled in May was 174. Of those listings sold, the minimum list price was $159,900 while the maximum list price was $3,295,000. The average list price was $512,720. The average number for property days on the market was 73.

Find Your Home’s Value On-Line www.CaseyOneal.com Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com

Arlington County Real Estate Market Conditions - May 2008

Casey O'Neal (RE/MAX Allegiance) — Tue, 10 Jun 2008 11:08:15 -0500

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 May 2008.

In May, the total number of active listings on the market in Arlington was 897. 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 $658,003. The average number for property days on the market is 98.

The number of listings under contract was 221. Of those listings under contract, the minimum list price was $115,920 while the maximum list price was $1,775,000. The average list price was $550,738. The average number for property days on the market is 69.

The number of listings that were sold & settled in May was 209. Of those listings sold, the minimum list price was $130,000 while the maximum list price was $5,875,000. The average list price was $540,244. The average number for property days on the market was 64.

Fairfax County Real Estate Market Conditions - May 2008

Casey O'Neal (RE/MAX Allegiance) — Tue, 10 Jun 2008 11:06:51 -0500

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 May 2008.

In May, the total number of active listings on the market in Fairfax County was 7084. Of those active listings, the minimum list price was $87,852 while the maximum list price was $17,500,000. The average list price was $630,604. The average number for property days on the market is 116.

The number of listings under contract was 1466. Of those listings under contract, the minimum list price was $96,500 while the maximum list price was $4,950,000. The average list price was $472,869. The average number for property days on the market was 83.

The number of listings that were sold & settled in May was 1217. Of those listings sold, the minimum list price was $89,900 while the maximum list price was $4,247,000. The average list price was $490,466. The average number for property days on the market was 93.

Falls Church City Real Estate Market Conditions - May 2008

Casey O'Neal (RE/MAX Allegiance) — Tue, 10 Jun 2008 11:03:22 -0500

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 May 2008.

In May, the total number of active listings on the market in Falls Church City was 50. Of those active listings, the minimum list price was $299,000 while the maximum list price was $1,500,000. The average list price was $774,947. The average number for property days on the market is 98.

The number of listings under contract was 16. Of those listings under contract, the minimum list price was $184,900 while the maximum list price was $1,100,000. The average list price was $567,697. The average number for property days on the market was 84.

The number of listings that were sold & settled in May was 7. Of those listings sold, the minimum list price was $325,000 while the maximum list price was $889,000. The average list price was $563,057. The average number for property days on the market was 269.

Alexandria City Real Estate Market Conditions - April 2008

Casey O'Neal (RE/MAX Allegiance) — Mon, 05 May 2008 19:23:16 -0500

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

Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com

Arlington County Real Estate Market Conditions - April 2008

Casey O'Neal (RE/MAX Allegiance) — Mon, 05 May 2008 19:21:01 -0500

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

Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com

Fairfax County Real Estate Market Conditions - April 2008

Casey O'Neal (RE/MAX Allegiance) — Mon, 05 May 2008 19:18:39 -0500

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

Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com

Falls Church City Real Estate Market Conditions - April 2008

Casey O'Neal (RE/MAX Allegiance) — Mon, 05 May 2008 19:16:48 -0500

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

Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com

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

Casey O'Neal (RE/MAX Allegiance) — Tue, 01 Apr 2008 21:46:15 -0500

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!

Casey O'Neal (RE/MAX Allegiance) — Sun, 16 Mar 2008 14:01:18 -0500

$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

Casey O'Neal (RE/MAX Allegiance) — Tue, 11 Mar 2008 11:31:15 -0500

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

Buy Any One of Our Listings or Any Home through Our Team and if YOU Are Not Satisfied within 18 Months, We’ll Buy it Back or Sell it for Free! www.BuyBackorFree.com