"As goes the real estate market, so goes the economy" - this is what economists say, and recent years have truly supported that sentiment.... in fact, if the real estate market in America collapses, so does the whole US economy...and then the global economy.
So, no matter whether you're a property owner, buyer, seller, renter, investor, if you have stocks, a 401K or IRA or simply have a job-or want one... it makes sense for you to stay in tune with the major headlines impacting our real estate market. Here's a quick glimpse of this week's headlines:
The Washington Post reported this week that mortgage rates officially hit their lowest point EVER, with the 30 year fixed offering rates as low as 4.69%! It may be time to refinance, or re-visit the idea of moving into a new home! Be sure to contact me for all of your real estate needs, or for a referral to a trusted lender. If you're already in the market, be sure to check out our earlier post listing open houses this weekend! Also, if you're thinking about buying, you don't want to miss the post from earlier this week on the 4 Cs of lending - how lenders review your loan application and determine your creditworthiness.
Fannie Mae is cracking down on strategic defaulters...the message being: If you need to get out of a mortgage, you need to be working with a REALTOR to do a short sale. Those choosing to walk away may have some surprises in store for them. If you're in a situation where you think you need to consider a short sale or other alternatives, I might be able to help... VChrisner@KW.com.
Our federal government, at the urging of the National Association of REALTORS has been toying with the idea of extending that home buyer tax credit. Even though I think that NAR is a great organization and does a lot of important work on Capital Hill, this is one movement I just can't support. In any case, as of Friday, it has't passed... we'll have to see how this plays itself out. The movement does have momentum. Stay tuned.
HousingWatch.com is predicting a housing shortage by 2015 in the Washington DC region. What do they think that means for pricing? They think that means we'll be back to 2005 pricing... but most economists and local REALTORS don't agree with that blanket statement. I don't. But, check out their article anyway.
Forbes.com published a really cool "migration" map...showing the migration patters of...AMERICANS! Click on your county and see where people are coming from and going to!
Are you thinking of selling? Here are a couple things you might want to check out:
Order a Market Snapshot (works anywhere in Northern Virginia, but you do need to enter your address, some info about your home and your correct email) - a report showing nearby comparable homes that have sold and that are on the market will be sent to you, automatically, in minutes...and it will be updated monthly and sent to you. (No bulk emails, promise!)
Are you in Leesburg or Loudoun? Check out the independently prepared and audited reports showing the top brokerages in the area... You probably guessed why I am posting it, of course my office is #1 - again - for the umpteenth time. If you want to sell, hire the best.
Call or email me today: 703-669-3142 VChrisner@KW.com
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Information on these subjects and links to the source reports are available on the Facebook fan page for "The Real Estate Whisperer"-become a fan today to be among the first to here about breaking news.