WASHINGTON (AP) -- Home prices fell in nearly nine out of every 10 U.S. cities in the first quarter of this year as first-time buyers looking for bargains dominated the market.
The National Association of Realtors said Tuesday that median sales prices of existing homes declined in 134 out of 152 metropolitan areas compared with the same period a year ago. Prices rose in the other 18 cities.
Nationwide, sales of foreclosures and other distressed properties made up about half of the market.
Home sales fell in all but six states -- Nevada, California, Arizona, Florida, Virginia and Minnesota -- where buyers have been able to snap up foreclosures at a deep discount.
Sales more than doubled in Nevada, rose 81 percent in California and grew 50 percent in Arizona -- signaling that the worst may be over for those distressed states.
Still, the median sales price nationwide was $169,900, down 13.8 percent from a year ago. The median price is the midpoint, which means half of the homes sold for more and half for less.
The biggest drop, of more than 50 percent, was in Fort Myers, Florida. Prices fell 40 percent or more in Saginaw, Michigan; Akron, Ohio; San Francisco; San Jose, California; Phoenix; Sarasota, Florida, and Riverside, California.
The biggest price gain, of more than 21 percent, was in Cumberland, Maryland. The only other double-digit increase was in Davenport, Iowa, which saw the median price climb nearly 14 percent.
Lawrence Yun, the trade group's chief economist, said the $8,000 tax credit for first-time buyers included in the economic stimulus package signed by President Barack Obama earlier this year should boost sales.
"We expect a measurable increase in home sales during the second half of the year, which would help stabilize prices in most areas," Yun said in a statement.
Do you want to wait for the next run-up? Or do you want to buy at the bottom? Call us for more DETAILED analysis of northern Virginia. (703) 580-5333 or visit us at http://SelectForSavings.com
Tuesday, May 12, 2009
Monday, May 4, 2009
Pending home sales rise 3.2 percent in March in second straight month of increases
On Monday May 4, 2009, 10:04 am EDT
WASHINGTON (AP) -- The National Association of Realtors says pending U.S. home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.
The real estate group said Monday its seasonally adjusted index of pending sales for previously occupied homes rose 3.2 percent to 84.6 in March. The index was 1.1 percent above last year's levels and has risen for two straight months after hitting a record low in January.
The index, which started in 2001, tracks signed contracts to purchase existing homes. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
Now, remember, this is a NATIONWIDE figure and all areas are different. For instance, Prince William County has seen a 300% increase in sales over last year! A sign of a bottom.
Another sign of a bottom is Investors. Investors are scooping up homes by the hundreds, fixing them up and flipping them for a hefty profit! We have seen this many times over the last few weeks as prices are incredibly low and interest rates are at an all-time low.
Call or email us for all the facts.
WASHINGTON (AP) -- The National Association of Realtors says pending U.S. home sales rose from February to March as buyers took advantage of deeply discounted prices and low interest rates.
The real estate group said Monday its seasonally adjusted index of pending sales for previously occupied homes rose 3.2 percent to 84.6 in March. The index was 1.1 percent above last year's levels and has risen for two straight months after hitting a record low in January.
The index, which started in 2001, tracks signed contracts to purchase existing homes. Typically there is a one- to two-month lag between a contract and a done deal, so the index is a barometer for future home sales.
Now, remember, this is a NATIONWIDE figure and all areas are different. For instance, Prince William County has seen a 300% increase in sales over last year! A sign of a bottom.
Another sign of a bottom is Investors. Investors are scooping up homes by the hundreds, fixing them up and flipping them for a hefty profit! We have seen this many times over the last few weeks as prices are incredibly low and interest rates are at an all-time low.
Call or email us for all the facts.
Monday, March 23, 2009
Home Sales Post UNEXPECTD RISE!
Well, maybe "unexpected" by the ecomonists, but not unexpected by us! We have been tracking this for months! If you continue to wait for more news like this, you will be too late! Interest rates are at 4.5% today for a 30 yr fixed with only 3.5% down and ALL CLOSING COSTS paid by the seller! The below article is about the nation as a whole, but here in Northern VA, the increases are much more dramatic. Time to get off the fence or miss the boat... 1st Time HomeBuyers and Investors are flooding the market which will result in less supply and higher prices.
February existing home sales rise by 5.1 percent!
February existing home sales rise by 5.1 percent!
WASHINGTON (AP) -- Sales of existing homes rose from January to February in an unexpected boost for the slumping U.S housing market as buyers took advantage of deep discounts on foreclosures.
The National Association of Realtors said Monday that sales of existing homes grew 5.1 percent to an annual rate of 4.72 million last month, from 4.49 million units in January. It was the largest sales jump since July 2003.
Sales had been expected to fall to an annual pace of 4.45 million units, according to Thomson Reuters.
The median sales price plunged to $165,400, down 15.5 percent from $195,800 a year earlier. That was the second-largest drop on record.
February's median sales price was up slightly from January, which recorded the lowest median price since September 2002. Prices are down about 28 percent from their peak in July 2006.
In contrast with the housing boom, when buyers took out ever-riskier loans and maxed out their home equity lines, "homebuyers are not over stretching" said Lawrence Yun, the Realtors' chief economist. "They want to stay within their budget."
By summertime, sales are expected to get a boost from a $8,000 tax credit for new home buyers included in the economic stimulus package signed by President Barack Obama last month.
The number of unsold homes on the market last month rose 5.2 percent to 3.8 million, a typical increase for the winter months. At February's sales pace, it would take 9.7 months to rid the market of all of those properties, unchanged from a month earlier.
The bursting of the U.S. housing bubble has caused foreclosures to swamp the market -- especially in particularly distressed states like California, Florida, Nevada and Arizona.
About 45 percent of sales nationwide are foreclosures or other distressed property sales, according to the Realtors group. Those properties typically sell for about 20 percent less than non-distressed homes.
That's great news for buyers, who are paying the most attractive prices in years. Plus, interest rates have sunk to historic lows.
The Federal Reserve last week moved to reduce already low rates by printing $1.2 trillion and pumping it into the economy through the purchases of mortgage-backed securities and Treasury debt.
The central bank also will double its purchases of debt issued by Fannie Mae and Freddie Mac to $200 billion.
Wednesday, March 4, 2009
Prince William County RECORD SALES!
According to MRIS statistics, Prince William County had a record setting month in January home sales. More homes were sold in january 2009 than in any January EVER RECORDED!
What does this mean to you?
It means that supply is starting to decline, which in the months ahead may drive up prices. The reason PW County has seen such a dramatic increase is because PW County leads the nation in declining home prices. In some cases, prices have dropped 50-60%!
And with interest rates at all-time lows, the number of buyers has increased significantly. It is very common to see multiple offers on homes right now. The homes that are move-in condition sell almost immediately when hitting the market.
If you are looking for an expert to show you how to get a home WITHOUT multiple offers, then contact us today. We find the good properties BEFORE they hit the market, thus giving our buyers the upper hand and the lowest price!
For example, we just sold a 2 yr old TH for less than HALF of its selling price just 2 years ago WITHOUT any other offers on the property because we found it first. And we have done this dozens of times over the last few months.
Be sure to bookmark our website http://selectforsavings.com/ to read about our expert service!
What does this mean to you?
It means that supply is starting to decline, which in the months ahead may drive up prices. The reason PW County has seen such a dramatic increase is because PW County leads the nation in declining home prices. In some cases, prices have dropped 50-60%!
And with interest rates at all-time lows, the number of buyers has increased significantly. It is very common to see multiple offers on homes right now. The homes that are move-in condition sell almost immediately when hitting the market.
If you are looking for an expert to show you how to get a home WITHOUT multiple offers, then contact us today. We find the good properties BEFORE they hit the market, thus giving our buyers the upper hand and the lowest price!
For example, we just sold a 2 yr old TH for less than HALF of its selling price just 2 years ago WITHOUT any other offers on the property because we found it first. And we have done this dozens of times over the last few months.
Be sure to bookmark our website http://selectforsavings.com/ to read about our expert service!
Tuesday, March 3, 2009
Home Purchase: Deal or No Deal?
(From bankrate.com)
Deal. If you are contemplating buying a home, now may be the perfect time to make a purchase. Real estate sales have sagged in many parts of the country as buyers have been frozen in the headlights of the economic downturn. As a result, prices are falling in many markets.
"If I could buy real estate right now, I would," says Amy Bonis, a certified mortgage planner with Alera Financial in Raleigh, N.C. "It's clearly a buyer's market. If you can buy a house that is undervalued, it's like, what shade of green do you want?"
In addition, mortgage rates have fallen near historic lows, substantially reducing the cost of financing for buyers with good credit.
Bonis says buyers who act now rather than wait are likely to see the best return.
"Somebody has to start buying, and when they do, there are going to be more buyers on the market, which is going to cause home prices to go up," she says. "When you stimulate home prices to go up, that affects the economy in a positive way, which raises interest rates. What people don't realize is, by the time they hear that things are better, (their opportunity) is already gone."
Footnote: This article is based on nationwide sales and pricing, whereas Prince William County has seen price declines of up to 50% and Home Sales in January set a record for the most sold EVER in that month, even MORE than when the Real estate bubble was happening! Time to buy? YES!
Deal. If you are contemplating buying a home, now may be the perfect time to make a purchase. Real estate sales have sagged in many parts of the country as buyers have been frozen in the headlights of the economic downturn. As a result, prices are falling in many markets.
"If I could buy real estate right now, I would," says Amy Bonis, a certified mortgage planner with Alera Financial in Raleigh, N.C. "It's clearly a buyer's market. If you can buy a house that is undervalued, it's like, what shade of green do you want?"
In addition, mortgage rates have fallen near historic lows, substantially reducing the cost of financing for buyers with good credit.
Bonis says buyers who act now rather than wait are likely to see the best return.
"Somebody has to start buying, and when they do, there are going to be more buyers on the market, which is going to cause home prices to go up," she says. "When you stimulate home prices to go up, that affects the economy in a positive way, which raises interest rates. What people don't realize is, by the time they hear that things are better, (their opportunity) is already gone."
Footnote: This article is based on nationwide sales and pricing, whereas Prince William County has seen price declines of up to 50% and Home Sales in January set a record for the most sold EVER in that month, even MORE than when the Real estate bubble was happening! Time to buy? YES!
Saturday, February 21, 2009
Why the Northern Virginia area is Great Place to buy!
At the same time Wall Street is losing jobs and prestige, the nation's capital is gaining steam as it ramps up to fight the recession. Look out, New York, Washington is gaining on you.
As the nation's most populous metro area feels Wall Street's pain, the fourth-largest -- Washington -- is barely sensing the recession. In fact, Moody's Economy.com estimates that metro Washington's economy will actually grow 2.5% from mid-2008 through mid-2010. New York's economy is expected to shrink 4.2%.
It wouldn't be the first time that Washington benefited from a national crisis. Back in 1930 the District of Columbia was a quiet Southern town, scoffed at by New York sophisticates. But as the federal government ramped up to fight first the Great Depression and then World War II, its population grew 65% in two decades, vs. just 14% for New York City.
This time Washington is getting a boost from government spending to fight the recession and fix the financial system, as well as the ongoing expenses of fighting wars in Iraq and Afghanistan and promoting homeland security. While President Barack Obama pointedly left Washington for Denver to sign the $787 billion stimulus package on Feb. 17, locals expect the metro area to garner a big share of the dollars.
Where Home Sales Rise
"Oversight alone will (mean) tons of new jobs," enthuses Jill Landsman, a spokeswoman for the Northern Virginia Assn. of Realtors, who says the pace of home sales has picked up over the past year even as prices have continued to fall.
Job-seeking Wall Streeters who jump on Amtrak's Acela to Washington may be dismayed to find that the maximum pay for an FDIC bank review examiner is close to $180,000. That's great for most folks, but paltry next to the bonus-swelled compensation many bankers are used to. The pay can be a lot better, though, at the Beltway Bandit consulting firms that are ramping up to assist the FDIC, Treasury Dept., and others. Consulting jobs for senior specialists in finance "can pay north of $200 an hour," says Andrew Reina, a practice director for risk consultant Ajilon Solutions.
Companies such as Computer Sciences Corp., Science Applications International Corp., or SAIC, and Booz Allen Hamilton employ tens of thousands of people in the Washington area and continue to expand. Even before the current crisis, professional and business services, which include private-sector lawyers, accountants, engineers, and consultants, made up 21% of metro Washington's annual economic output, even more than the 20% made up by government itself, according to a BusinessWeek estimate based on government data. The financial crisis "creates opportunities for companies like ours" to provide expert assistance, says David Booth, Computer Sciences Corp.'s president of global sales and marketing.
The New Talent Magnet
By at least one measure, it's Washington rather than New York that's attracting the best and brightest these days: According to George Mason University's Center for Regional Analysis, metro Washington leads the nation in the share of jobs that are in high-tech and the share of workers with advanced degrees.
As for New York, the mix -- and the outlook -- is bleak. Finance typically accounts for 32% of the metro region's output, mostly because finance jobs pay so well. But pay limits, combined with job cuts, will harm everything from condos to car dealerships. New York State Labor Dept. analyst James Brown says, "There will still be a need for capital-raising, but it's pretty clear the sector won't be as profitable or as large."
Adds Moody's Economy.com economist Marisa Di Natale: "New York, we think, is going to have a pretty severe recession."
Staging a Comeback?
In one measure of how dire things have gotten for New York's finance sector, Mayor Michael Bloomberg on Feb. 18 announced a $45 million plan to retrain investment bankers, traders, and others who have lost jobs on Wall Street. The money will also provide startup money and office space for new businesses by the former Wall Streeters. According to The New York Times, city officials expect New York to lose 65,000 jobs in finance during this recession, and not gain them back any time soon.
"We say good luck to the people in New York. We know they're going through some tough times," says Arnold Punaro, general manager of SAIC's Washington operations.
Then again, there is one resource that New York has in abundance, and that's self-confidence. Regional Plan Assn. President Robert Yaro, whose nonprofit organization coordinates planning in a 31-county area, says New York has been declared dead over and over since the 1880s, but always springs back.
"The fundamental strength," says Yaro, "is that every 24-year-old in America and the world wants to be here. Because every other place seems kind of sleepy."
Feb 20th, 200, Business Week
As the nation's most populous metro area feels Wall Street's pain, the fourth-largest -- Washington -- is barely sensing the recession. In fact, Moody's Economy.com estimates that metro Washington's economy will actually grow 2.5% from mid-2008 through mid-2010. New York's economy is expected to shrink 4.2%.
It wouldn't be the first time that Washington benefited from a national crisis. Back in 1930 the District of Columbia was a quiet Southern town, scoffed at by New York sophisticates. But as the federal government ramped up to fight first the Great Depression and then World War II, its population grew 65% in two decades, vs. just 14% for New York City.
This time Washington is getting a boost from government spending to fight the recession and fix the financial system, as well as the ongoing expenses of fighting wars in Iraq and Afghanistan and promoting homeland security. While President Barack Obama pointedly left Washington for Denver to sign the $787 billion stimulus package on Feb. 17, locals expect the metro area to garner a big share of the dollars.
Where Home Sales Rise
"Oversight alone will (mean) tons of new jobs," enthuses Jill Landsman, a spokeswoman for the Northern Virginia Assn. of Realtors, who says the pace of home sales has picked up over the past year even as prices have continued to fall.
Job-seeking Wall Streeters who jump on Amtrak's Acela to Washington may be dismayed to find that the maximum pay for an FDIC bank review examiner is close to $180,000. That's great for most folks, but paltry next to the bonus-swelled compensation many bankers are used to. The pay can be a lot better, though, at the Beltway Bandit consulting firms that are ramping up to assist the FDIC, Treasury Dept., and others. Consulting jobs for senior specialists in finance "can pay north of $200 an hour," says Andrew Reina, a practice director for risk consultant Ajilon Solutions.
Companies such as Computer Sciences Corp., Science Applications International Corp., or SAIC, and Booz Allen Hamilton employ tens of thousands of people in the Washington area and continue to expand. Even before the current crisis, professional and business services, which include private-sector lawyers, accountants, engineers, and consultants, made up 21% of metro Washington's annual economic output, even more than the 20% made up by government itself, according to a BusinessWeek estimate based on government data. The financial crisis "creates opportunities for companies like ours" to provide expert assistance, says David Booth, Computer Sciences Corp.'s president of global sales and marketing.
The New Talent Magnet
By at least one measure, it's Washington rather than New York that's attracting the best and brightest these days: According to George Mason University's Center for Regional Analysis, metro Washington leads the nation in the share of jobs that are in high-tech and the share of workers with advanced degrees.
As for New York, the mix -- and the outlook -- is bleak. Finance typically accounts for 32% of the metro region's output, mostly because finance jobs pay so well. But pay limits, combined with job cuts, will harm everything from condos to car dealerships. New York State Labor Dept. analyst James Brown says, "There will still be a need for capital-raising, but it's pretty clear the sector won't be as profitable or as large."
Adds Moody's Economy.com economist Marisa Di Natale: "New York, we think, is going to have a pretty severe recession."
Staging a Comeback?
In one measure of how dire things have gotten for New York's finance sector, Mayor Michael Bloomberg on Feb. 18 announced a $45 million plan to retrain investment bankers, traders, and others who have lost jobs on Wall Street. The money will also provide startup money and office space for new businesses by the former Wall Streeters. According to The New York Times, city officials expect New York to lose 65,000 jobs in finance during this recession, and not gain them back any time soon.
"We say good luck to the people in New York. We know they're going through some tough times," says Arnold Punaro, general manager of SAIC's Washington operations.
Then again, there is one resource that New York has in abundance, and that's self-confidence. Regional Plan Assn. President Robert Yaro, whose nonprofit organization coordinates planning in a 31-county area, says New York has been declared dead over and over since the 1880s, but always springs back.
"The fundamental strength," says Yaro, "is that every 24-year-old in America and the world wants to be here. Because every other place seems kind of sleepy."
Feb 20th, 200, Business Week
Friday, February 20, 2009
New Housing Stimulus Tax Credit Defined Here!
Enhanced Tax Credit Provides Outstanding Opportunity for Home Buyers
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
$8,000 Home Buyer Tax Credit at a Glance
- The tax credit is for first-time home buyers only.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Give us a call or email for more information on how you can take advantage the dream of home ownership!
In its efforts to stimulate the economy and revive the housing market, Congress has enacted legislation providing a tax credit of up to $8,000 for first-time home buyers.
But time is of the essence for buyers who want to take advantage of this opportunity. Only homes purchased on or after January 1, 2009 and before December 1, 2009 are eligible.
$8,000 Home Buyer Tax Credit at a Glance
- The tax credit is for first-time home buyers only.
- The tax credit does not have to be repaid.
- The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
- The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
- Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
Give us a call or email for more information on how you can take advantage the dream of home ownership!
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