NOW is the time to BUY and SELL. In my humble opinion - we are in a unique pocket of the real estate market right now. Supply of homes for sale is the lowest since July of 2005! September data for Loudoun County Real Estate indicate we had 2100 listing active on the market. Homes are moving under contract in about 61 days. I have had my own listings go in less time than that. A Leesburg property listed for $419k went in 2 days with multiple offers. We are waiting for the next "wave" of foreclosure properties which should start happening in the Spring of 2010.
Last Friday, I attended the Dulles Area Association of Realtors Economic Summit in Ashburn. Top Economists - including Gregg Stratton of the National Association of Realtors, spoke positively toward the real estate market for the first time in many months.
The first slide in Gregg's outline: "Financial Markets Improving, Rise in Unemployment has Slowed, Housing sales/prices up in 2009 and Positive Economic Growth in 3rd Quarter".
As a Realtor, I have been telling you all what I see and hear out in the field. All speakers indicated that the Metro DC area, including Northern Virginia, is somewhat insulated by the incredible job opportunities we have here. Yes, we have been hit by the down market and unemployment, but we are recovering at a faster pace.
I have felt the positive changes in the market for months and have shared this in my blogs and conversations. Economists like to have data and trends so they can report the facts. Once they report you'll start hearing it on the media. Don't wait. This is a GOLDEN opportunity if you've been waiting for change. It's here.
You can find Gregg Stratton's outline and more at the Dullesarea.com website. Call or email me today if you have questions or just want to find out what your home is worth in today's market.
For a first time home buyer or anyone who qualifies who has not owned a home in 3 years, it sounds too good to be true. But it is! The tax credit is cash to you on next year's return, or you might amend this year's return. As always, check with your tax advisor or attorney if you have any questions on whether you qualify. You must close on or before 12/1/09. If you have not started the process I can connect you with great lenders, tax advisors and of course- a great Realtor (ME).
A few myths- you can use this tax credit as your downpayment. In May, the National Association of Realtors reported that some FHA lenders are allowing you a bridge type of loan to use the credit as closing costs. This has not been perfected and all of the lenders we've spoken to say it just isn't feasible because you'd only get $5,000 of the credit instead of the full $8,000. For more information and the full scoop go to: http://www.federalhousingtaxcredit.com/2009/home.html
Don't miss this great opportunity!
Spring has definitely brought out the buyers. The Government stimulus plan is doing the job. First time home buyers are taking full advantage of the $8k tax credit and I am seeing more FHA and even VA loans than ever before. Lending guidelines are still pretty tough and some banks are making it difficult but for the most part, buyers are buying and banks are lending. Inventory is the real issue. Most of the lowest priced homes have sold off and I am starting to see multiple contracts on properties from the $150k range as well as in the $900k range which is an indicator of recovery. With that, the time is still right to buy- don't miss out on the great pricing we still have.
Well, you can get a nice 3 bedroom townhouse in Leesburg for instance! I have several investor clients with cash and a few who have financed through a lender - with no issues. These clients have asked me to find an investment that doesn't need much work that they can buy for $80-90k and rent out WITH POSITIVE CASH FLOW.
NO PROBLEM - I have it! There are still opportunities in Loudoun for this type of property. I have been sucessfully negotiating bank owned contracts for my investors and they'll tell you - they got a great deal. I've been saying it since October and I'm still saying it - because it's true! I'm busy - writing contracts and was even spotted out on New Year's day showing homes and writing contracts. Call me - I'm never too busy to help you with any real estate question you may have. Thank you to all of my current clients who continue to refer me to friends and family- I love it!
Short sales - not a problem. I'm about to finish a short sale course and become a certified specialist.
