Arlington County continues to be one of more active markets in the DC Metro area. Subway access and close proximity to DC are key desirable features for living in Arlington.
$729,750 is the New loan amount - See below market stats for details!
Here are market stats for Arlington County for the month of September 2008:
In September, the total number of active listings on the market in Arlington was 787. Of those active listings, the minimum list price was $105,000 while the maximum list price was $8,850,000. The average list price was $675,453. The average number for property days on the market is 108.
The number of listings under contract was 143. Of those listings under contract, the minimum list price was $90,000 while the maximum list price was $1,659,900. The average list price was $535,288. The average number for property days on the market is 67.
The number of listings that were sold & settled in September was 189. Of those listings sold, the minimum list price was $132,500 while the maximum list price was $2,451,300. The average list price was $526,630. The average number for property days on the market was 85.
Typically in the 1st quarter of the year inventory continues to balance out, the selection of homes isn't as great as the choices early in the 4th quarter.
$729,750 is the New Maximum Loan! On 3/6/08 FHA, Fannie Mae, and Freddie Mac announced that they have raised loan limits set by the economic stimulus bill. FNMA and FHLMC will only purchase jumbo-conforming mortgages that are originated through December 31, 2008, and that are secured by one-unit properties. Mortgage lenders will assist customers with implementation by providing reference materials including an online loan limit reference tool and guidance on our loan limits based on a property's geography, both of which are expected to be available on April 1, 2008. Prior to the change, FHA was capped at $362,790 and Fannie and Freddie had loan ceilings of $417,000. Before the credit crunch, rates on jumbo loans were about .25 percent higher. Now with tighter credit, jumbo rates are as much as a 1% higher. The FHA plan will open up some great opportunities. Here are some of the highlights: *FHA loans can allow a credit score as low as 620 *The borrower has to put in 3% of the sales price into the transaction. *All 3% can come from a gift if necessary. You need no cash reserves. *Qualification ratios can go as high as 50% for debt to income ratio. *The seller can pay up to 6% of the sales price toward closing costs; however the borrower still MUST put 3% into the transaction. *All single family homes and townhouses are eligible for FHA financing. Condos must be approved for FHA. *FHA does not have an issue with declining markets (Fannie Mae and Freddie Mac do) *This will really help with first time buyers, or buyers who have slightly below average credit and little cash. *FHA mortgages are consumer friendly loans made by private banks that are insured by the government, making them attractive because the government guarantee enables lenders to easily sell off the loans. Buyers and sellers need to be well informed. They need to educate themselves with all the fundamental local information that affects pricing and sales: including time on the market, inventory declines and increases, the overall pace of sales, and the average differential between asking prices and sold prices. With knowledge of this information you will be well positioned to buy or sell.
We would be glad to help you and your referrals with straight forward, world class service and guidance when buying or selling. Our relocation network can help connect you to agents in 63 countries.
For over a host of Facts, Tips, Free Reports, and Mistakes to Avoid, visit www.CaseyOneal.com Feel free to call or email with questions, we want to help you with all of your real estate needs!
VIP Buyer Programs *Beat out other buyers to Hot New Listings (and those with newly adjusted prices) with priority real time automatic email notification - *Foreclosure bargains * 3 Ways to Buy a Home for Less Money * How to Avoid 9 Common Buyer Traps BEFORE Buying a Home * $10,000 Guaranteed savings when you purchase*
Home Sellers * Free Over-the-Net Home Evaluation * 27 Tips to Drive up the Sale Price * How to Set the "Right" Asking Price * 11 Costly Home Inspection Pitfalls * Guaranteed Sale Program
Casey O'Neal, Associate Broker, RE/MAX Allegiance 703-824-4196 casey@caseyoneal.com Serving Northern Virginia for over 23 years
ZIP Codes: 22201, 22202, 22203, 22204, 22205, 22206, 22207, 22213 Approximate Location Boundaries: Minutes to DC, Pentagon, & National Airport
Location Characteristics: Established neighborhoods with mature trees, close to the Blue, Yellow and Orange Line Metro stations, parks, shopping, extremely convenient to Washington, DC. Small County Government with excellent services and low taxes.
About Casey ONeal, Associate Broker:
What is your biggest concern when purchasing or selling a home? There are always questions and issues that every buyer or seller deals with before they seriously enter the process.
For BUYERS it might be getting the best financing, paying the right price, inspections and property condition, and getting to settlement without any hassles.
For SELLERS it might be pricing their home, making repairs for preparing for the market, and timing of sale, and ensuring a successful closing with no problems.
There are many publications and web sites that offer information about buying a home, although the internet cannot consult, counsel, advise and have knowledge of local laws and market conditions. More importantly the internet cannot understand your goals and needs and care about you as a client.
After 22 years in the real estate business I have learned that educating a client is the best way to overcome fears and apprehension. That is why we have published comprehensive handbooks for both buyers and sellers to explain the various steps and procedures along with our own service process. We also have performance guarantees not offered by the typical real estate agent, one of which is our Easy Exit Agreement. All of our buyer and seller clients have the ability to cancel their agreement at any time, placing you in control.
After handling over 950 residential transactions through 2006, we can offer expert advice with proven experience in the Northern Virginia marketplace. Casey is a licensed real estate Broker and is constantly involved with continuing education and has earned the Accredited Buyer Representative designation (ABR), Certified Residential Specialist (CRS), and Internet Professional (e-Pro).
Catherine Tallant, our buyer specialist, is an Accredited Buyer Representative (ABR) designation, which is the benchmark of excellence in buyer representation. This coveted designation is awarded by the Real Estate BUYER'S AGENT Council (REBAC), an affiliate of the National Association of REALTORS, to real estate practitioners who meet the specified educational and practical experience criteria.
Catherine’s newest designation is an ASP, Accredited Staging Professional. Our seller clients can benefit from this value added service which will maximize their property’s appeal for an increased sales price and faster sale.
We would be glad to help you and your referrals with straight forward, world class service and guidance when buying or selling. Our relocation network can help connect you to agents in 63 countries.
For over 162 Facts, Tips, Free Reports, and Mistakes to Avoid, visit www.CaseyOneal.com Feel free to call or email with questions, we want to help you with all of your real estate needs!
VIP Buyer Programs *Beat out other buyers to Hot New Listings (and those with newly adjusted prices) with real time automatic email notification - * New construction * 3 Ways to Buy a Home for Less Money * How to Avoid 9 Common Buyer Traps BEFORE Buying a Home * $10,000 Guaranteed savings when you purchase*
Home Sellers * Free Over-the-Net Home Evaluation * 27 Tips to Drive up the Sale Price * How to Set the “Right” Asking Price * 11 Costly Home Inspection Pitfalls * Guaranteed Sale Program
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
