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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 |
| Active (Sales) |
15033 |
16298 |
| Vacant |
6301 |
6562 |
| % of Market |
42% |
40.3% |
| Under Contract (Last 7) |
242 |
345 |
| Under Contract (Last 30) |
1455 |
1673 |
| Rentals (Active) |
3274 |
3667 |
| Rentals (Last 7 Days) |
100 |
168 |
| Rentals (Last 30 Days) |
1226 |
1358 |
| Month Supply (For Sale) |
10.3 |
9.7 |
| Month Supply (For Rent) |
2.7 |
2.7 |
| THE SPRING MARKET |
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The real estate “Spring Market” is the just around the corner. Typically, our “Spring Market” hits mid-February and this year it appears to be no different. Activity at current listings has picked up substantially over the last few weeks. The result...more contracts. Most of last year, the ‘active’ properties averaged 15,700 per week. This time last year there was an 11.3 months supply of homes on the market. This year it is an astonishing 6.6 months supply! We are selling more houses—some with multiple contracts. What is the reason? We believe that prices have bottomed out in many areas, there are still motivated sellers, interest rates continue to stay low and most recently the news of the stimulus package just passed are proving to be the catalyst for change for our real estate market. We are confident that the market will be great in ‘08.
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| DISTRESSED PROPERTIES |
There is lots of interest in properties that are commonly called distressed properties. Sometimes there is confusion about what these different properties are.
SHORT SALE - when the home owner owes more than the home is worth and is in a hardship situation financially where a sale must happen (loss of job, divorce, etc.). Just because a seller WANTS to sell does not mean the lender(s) will approve the sale. A hardship must be demonstrated and documented.
FORECLOSURE - once a homeowner reaches a point where s/he cannot pay the mortgage and (normally) is behind 3 payments, a NOTICE OF DEFAULT (NOD) is filed by the lender. Often an owner already has the home on the market as a short sale. Foreclosure proceedings vary from state to state.
REO - Real estate owned properties (also called bank owned properties). If a foreclosure property does not sell, it may be auctioned off. If it is not bought then, the house becomes an REO that is “owned by the bank” and sold BY the bank on the open market. |
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