Reported by Flo Nystrom, MA, BA, CRS, ABR, ePRO, RECS
Updated November 16, 2009.
Current Market Rating: 2
1
2
3
4
5
Buyer's
Seller's
Current Price Trend: 4
1
2
3
4
5
Falling
Rising
Approaching December 2009 in the Northern Virginia Area, the $8,000 Tax Credit given as part of The Stimulus Package has resulted in an increase in sales as well as an increase in sale prices.
As of November 7, 2009, the existing $8,000 Tax Credit for First Time Home Buyers has been extended, and a $6,500. Tax Credit for Purchasers who have lived in their primary residence for 5 consecutive years of the last 8 years has been added.
Economic Predictions indicate an improving real estate market in the 1st and 2nd Quarters of the year 2010.
Interest rates are at @5% 30 Year Fixed . And, loans are available for purchasers with 3% downpayment, employment documentation and moderate good credit recordation.
The liquidity is alive for the 90% of mortages that are backed by the Federal Government, i.e., FHA, Fannie and Freddie Mac.
Thus, home prices are affordable and mortgage money is available. Smart purchasers are coming forward at this time.
Foreclosures and Short Sales are entering the marketplace. This can have an effect on reduced values in certain areas.
The lending abuses and fraud of Wall Street led to the 700 Billion Dollar Bailout. Also, the "Bailout" known by the Government as TARP, i.e., "troubled asset relief program", will allow bad loans off the books of banks enabling them to make loans again.
Also, repayment terms of defaulted loans may be worked out. And, other stimulus programs are in the works.
Location Characteristics: The growth rate in Loudoun County in the last 5 years has escalated making it one of the highest rates in the nation. Still within acceptable commuting distance to both Tysons Corner and the city of Washington, D.C., there has been an influx of home buyers, particularly interested in the new home construction. Prices are considerably lower than in the close-in areas of Washington, D.C. That is not to say that sellers are not realizing appreciation. Commercial enterprises include AOL and MCI. Also, Dulles Airport and its high tech corridor dot the countryside.
About Flo Nystrom:
Flo Nystrom has been a Realtor since 1979 working the Northern Virginia areas along with her partner/husband, Frank, i.e., The Nystrom Group. Flo's education and experience is reflected in the following: MA, BA, CRS (Certified Residential Specialist), ABR (Accredited Buyer Representative), ePRO500 (NAR Internet Certification), RECS (Real Estate CyperSpace Specialist), Institute for Luxury Home Marketing Member, Long and Foster Gold Team 2003, NVAR Million Dollar Sales Club 2003, Pioneer Member of NVAR, NVAR Commercial & International Forum Member. The Nystrom Group strives and succeeds in offering their sellers and buyers with the quality service needed to accomplish the sale of properties and the buying of properties. Visit www.FloNystrom.com to obtain much needed information on the Selling and Buying Processes. Telephone 703-934-8222 for assistance.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
