Real Estate Conditions Today
It has been a while since I wrote my blog. My promise to myself was to try and blog every week but it has been one heck of a couple of months in the roller coaster ride of real estate. I recently attended a presentation on the mortgage meltdown that was titled appropriately as “The Perfect Storm.” The storm included increased sub prime lending, quickly rising home prices and lots of mortgage companies, hedge funds, mutual funds and investors bringing an appetite for profit. This all led to loose underwriting. How loose? I read in one Wall Street Journal article about a loan called the “Ninja Loan.” To my surprise, the definition of a “Ninja Loan” was a loan that required no income, no job and no assets!
Things seem to be calming down in the mortgage area and let’s hope things stay calm. So what is the status of the market? As of August, the average home in Stafford County, VA is selling for approximately 91% of its list price and was on the market for about 116 days. Additionally, in the month of August there were 1,531 active homes for sale, 105 homes that went under contract and 127 homes that sold.
As of August, the average home in Prince William County, VA is selling for approximately 92% of its list price and was on the market for about 126 days. Additionally, in the month of August there were 5,984 active homes for sale, 425 homes that went under contract and 461 homes that sold.
As the dust continues to settle, lenders are getting back to business with most if not all sub prime loans gone and full documentation loans the norm. For buyers, this means you will have be ready to produce your pay stubs, investment statements, tax returns, etc. For sellers, people are still buying houses. You need to ensure the buyer of your home is a pre-qualified buyer. You will also need to be realistic about how fast your home is going to sell and how much it is going to sell for. As I always say, PRICE and CONDITION of a house being sold are the two most important items that will get your house sold.
Feel free to visit my website and search for homes at http://www.yournovaagent.com/. If you are a seller or a buyer, I would love to work with you!
Things seem to be calming down in the mortgage area and let’s hope things stay calm. So what is the status of the market? As of August, the average home in Stafford County, VA is selling for approximately 91% of its list price and was on the market for about 116 days. Additionally, in the month of August there were 1,531 active homes for sale, 105 homes that went under contract and 127 homes that sold.
As of August, the average home in Prince William County, VA is selling for approximately 92% of its list price and was on the market for about 126 days. Additionally, in the month of August there were 5,984 active homes for sale, 425 homes that went under contract and 461 homes that sold.
As the dust continues to settle, lenders are getting back to business with most if not all sub prime loans gone and full documentation loans the norm. For buyers, this means you will have be ready to produce your pay stubs, investment statements, tax returns, etc. For sellers, people are still buying houses. You need to ensure the buyer of your home is a pre-qualified buyer. You will also need to be realistic about how fast your home is going to sell and how much it is going to sell for. As I always say, PRICE and CONDITION of a house being sold are the two most important items that will get your house sold.
Feel free to visit my website and search for homes at http://www.yournovaagent.com/. If you are a seller or a buyer, I would love to work with you!
posted by kristinburns at 2:12 PM
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