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| Ray Repage - 703.587.0542 |
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THE NORTHERN VIRGINIA REAL ESTATE MARKET BY THE NUMBERS
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JAN |
FEB |
MAR |
APR |
MAY |
| Active (Sales) |
15033 |
16298 |
16664 |
16999 |
17295 |
| Vacant |
6301 |
6562 |
6189 |
5950 |
5897 |
| % of Market |
42% |
40.3% |
37.1% |
35% |
34.1% |
| Under Contract (Last 7) |
242 |
345 |
613 |
799 |
955 |
| Under Contract (Last 30) |
1455 |
1673 |
2768 |
3201 |
4055 |
| Rentals (Active) |
3274 |
3667 |
2956 |
2971 |
3080 |
| Rentals (Last 7 Days) |
100 |
168 |
174 |
204 |
286 |
| Rentals (Last 30 Days) |
1226 |
1358 |
1356 |
1275 |
1490 |
| Month Supply (For Sale) |
10.3 |
9.7 |
6.0 |
5.3 |
4.3 |
| Month Supply (For Rent) |
2.7 |
2.7 |
2.2 |
2.3 |
2.1
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DON'T GET CAUGHT TRYING TO TIME THE MARKET. JUST CALL ME!
~ Ray 703-587-0542
| FHA LOAN LIMITS ARE GOING UP |
Now is a great time to buy or refinance a home. The FHA has been working with the federal government to try to help homeowners purchase and retain their homes through programs like FHA Secure. FHA Secure was enacted by the government in order to allow people a way to refinance their homes at lower interest rates and avoid default and foreclosure if they have adjustable rate mortgages. The FHA has saved many homeowners from foreclosure by allowing them to refinance even if they were in default with their current home loan.
Now the FHA has gone one step further to come to the aid of homeowners as a result of the Economic Stimulus Act of 2008. This act allows for the FHA home loan limits to be temporarily increased in order to help stimulate and stabilize the U.S. housing market. This act went into effect as of March 6, 2008 and allowed the FHA to increase the loan limits for people who qualify for guaranteed loans through the FHA and people who are refinancing their loans through the FHA. Before this act the FHA loan maximum limit was $362,790. The new FHA limit for the Northern Virginia and Washington DC Metro area is now $729,750 with just 3% down. In addition, the new Fannie Mae/Freddie Mac ‘jumbo-conforming’ for the DC Metro real estate region is going to mirror the new FHA limit. |
| Should you have ANY questions about these changes , CALL or EMAIL– I’m here to help |
| WHAT DOES ALL THIS MEAN TO YOU |
| First, hire the right agent. Next, have your agent educate you on the market. Third, take advantage of financing that is available today as it may be gone tomorrow. We know that all markets are cyclical and as a result, prices will rebound. Always have. Always will. As a general rule, you can’t time the market. We are now seeing multiple offers on properties priced below market. These sale prices for these properties have in turn escalated above the list price. There are buyers and investors alike that are savvy about today’s market and are making the decision to buy. If you are a long term investor or a home buyer looking for a “home”, there is no better time to buy than now! |
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| If you would like to receive a printed copy of our most current newsletter, just email your name and mailing address to admin@rayrepage.com and we will add your name and address to our mailing list. Our mailing list is private and only accessible to The Repage Team. |
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