Where Housing Is Headed

Where Housing is Headed

We received an important indicator of where housing is headed last month, when new mortgage applications for home purchases and refinances suddenly surged as they hadn't in months.

Applications for FHA loans to buy houses were up by 10.4 percent. And overall home purchase applications jumped by 7.1 percent.

Meanwhile mortgage interest rates dropped to their second lowest level in nearly two decades, according to the Mortgage Bankers Association. Thirty year fixed rates averaged 4.96 percent and fifteen year rated dropped to just 4.5 percent.

Why's this important? New financing applications to buy homes obviously point to rising purchase contracts and closed sales in the months ahead. They also suggest that prices have hit a level in many markets that is attracting once-hesitant buyers off the sidelines.

There's still another factor that's likely at work here as well: Congress's recent improvements to the home purchase tax credit -- pushing it to $8,000 from $7,500 and making it non-repayable. George Ratiu, research economist for the National Association of Realtors, says the big jump in loan applications could be tied to the improved credit in the stimulus package signed into law last month.

"Consumers may be responding to the stimulation" effect of the better credit for 2009, he said.

But let's be clear here: A rise in home purchase applications does not suggest we've turned the corner in the cycle or have solved the multiple challenges facing markets around the country -- high foreclosure levels, continuing domination in some areas of REO and short sales, and continuing increases in the unemployment rate.

Even amid these problems, however, there are some hints of possible improvements ahead. For example, a new study by research firm Realty Trac and USA Today found that despite the constant headlines about record levels of foreclosures, the more closely you look, the more you find that those numbers are highly concentrated in a relatively small number of counties.

More than half of the nation's foreclosures in 2008, researchers found, were concentrated in just 35 counties in 12 states. You can guess where: California, Las Vegas, Phoenix and Florida.

But the really eye-opening finding: In more than 650 other counties, representing one fifth of all markets in the U.S., foreclosure numbers have actually declined since 2006.

Foreclosures are horrible no matter where they occur. But the fact is: Huge portions of the United States have NOT been seeing record foreclosures, short sales or even serious property value declines. They're doing better.

Written by Kenneth R. Harney

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Fairfax Ridge Condo Weekly Report 3/21/09-4/10/09

MyFairfaxRidgeCondo.com

Relevant Real Estate Information for the Fairfax Ridge Condo Community

INTRODUCTION

First of all. I have a buyer who is looking to buy a 1 bedroom condo here at Fairfax Ridge. If you know of someone thinking about selling, contact me ASAP! This will save you a lot of time in this market.

Second the Fairfax Ridge market has slowed down. We are helping a couple people sell their home, where they owe more than it is worth. If this is your case. Contact us today! There are only short sales on the market right now and there has not been a foreclosure here at Fairfax Ridge in a couple weeks. Which is good.

There are 14 condos under contract. But this number is skewed because 12 of these are short sales. These will sit under contract for weeks if not months. They will bounce on and off the market. And eventually the bank will decide to sell and the buyer will wait long enough to get this condo.

As of today (April 10, 2009 11 AM), there are 5 active listings in the MLS and 14 Condos (+2) are currently under contract and 2 Condos have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

2 - 1 bedroom units ( 2 short sales )
2 -2 bedroom units (2 short sales)
1 - 3 bedroom unit (short sale)

NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

According to MLS, there are 14 condos under contract , 2 bank owned and 12 short sale.

11350 Aristotle Dr #7-202 - 227 (DOMP) 1bd/1ba
11350 Aristotle Dr #7-104 - 14 (DOMP) 1bd/1ba
11352 Aristotle Dr #7-106 - 45(DOMP) 1bd/1ba
11326 Aristotle Dr #4-304 - 144(DOMP) 1bd/1ba
3851 Aristotle Ct #1-305 - 182 (DOMP) 1bd/1ba
11395 ARISTOTLE DR #11-408 - 112(DOMP) 1bd/1ba
11375 Aristotle Dr #9-404 -151 (DOMP) 1bd/1ba
11347 Aristotle Dr #6-307 -14 (DOMP) 2bd/2ba
11321 Aristotle Dr #3-301 - 83 (DOMP) 2bd/2ba
11350 Aristotle Dr #7-101 - 7 (DOMP) 2bd/2ba
11345 Aristotle Dr #6-410 - 26 (DOMP) 2bd/2ba
3851 Aristotle Ct #1-309 - 94 (DOMP) 2bd/2ba
11373 Aristotle Dr #9-307 - 37 (DOMP) 2bd2ba
11361 Aristotle Dr #312 -42(DOMP) 2bd/ 2ba


I will have the final numbers for these once they close


SOLD

According to MLS, 5 condos sold in the last 30 days .

3851 Aristotle Ct #1-304 -280(DOMP) 2bd/2ba (Bank Owned)

Asking Price - $285,000
Sales Price - $250,000
Seller Subsidy - 0

11353 Aristotle Dr #309 - 65 (DOMP) 3bd / 2ba (SHORT SALE)

Asking Price -$260,000
Sales Price - $262,600
Seller Subsidy - 0

11326 Aristotle Dr #4-301 - 45(DOMP) 2bd/2ba

Asking Price - $329,000
Sales Price - $220,000
Seller Subsidy - 0

11397 ARISTOTLE DR #11-207 - 83 (DOMP) 2bd/2ba

Asking Price - $239,000
Sales Price - $239,000
Seller Subsidy - 0

11326 Aristotle Dr #4-401 - 11 (DOMP) 2bd/2ba (Bank Owned)

Asking Price - $240,000
Sales Price - $255,000
Seller Subsidy - $5,000

11371 Aristotle Dr #9-113 - 19 (DOMP) 2bd/2ba (Bank Owned)

Asking Price - $235,000
Sales Price - $235,000
Seller Subsidy - $7,050

These sold more than 30 days ago -

-11305 Aristotle Dr #2-204 - 79 (DOMP) 1bd/1ba (Bank Owned)
Asking Price - $194,500 / Sales Price - $167,000 / Seller Subsidy - $0

-3851 Aristotle Ct #1-418 - 102 (DOMP) 1bd/1ba (Bank Owned)
Asking Price - $174,900 / Sales Price - $174,900 / Seller Subsidy - $5,247

-11347 Aristotle Dr #6-106 - 190 (DOMP) 2bd/2ba (Bank Owned)
Asking Price - $239,000 / Sales Price - $227,000 / Seller Subsidy - $0

-11339 Aristotle Dr #6-215 - 66 (DOMP) 2bd/2ba (Bank Owned)
Asking Price - $279,900 / Sales Price - $250,000 / Seller Subsidy - $0

-11345 ARISTOTLE DR #6-311 - 15 (DOMP) (2 bd/1ba) Bank Owned
List Price - $219,900 / Sales Price - $225,000 / Seller Subsidy - 0

-11353 ARISTOTLE DR #106 - 5 Days on the Market (DOMP) (2bedroom)
(This one had multiple offers and went above asking price) Bank Owned
List Price- $234,000 / Sold Price -$250,000 / Seller Subsidy - $0

-11335 Aristotle Dr #5-215 - 117 (DOMP) 3 level, 2 bedroom, 2 bathroom - Regular Sale
List Price - 329,900 / Sold Price - 250,000 / Seller Subsidy - 0

-11371 ARISTOTLE DR #9-213, FAIRFAX, VA 22030 - 61 (DOMP) 1 level, 2 bed/2ba
List Price - 239,000 / Close Price - 239,000 / Seller Subsidy - 6,000

-11359 ARISTOTLE DR #8-214, FAIRFAX, VA 22030 - 26 (DOMP) 3 level, 2 bd/2ba
List Price - 244,900 / Close Price - 260,000 / Seller Subsidy - 0

-11397 ARISTOTLE DR #11-105, FAIRFAX, VA 22030 - 36 (DOMP) 2 level, 2bed/2ba
List Price - 267,800 / Close Price - 240,000 / Seller Subsidy - 7,590


22033

These stats are for all real estate in the 22033 zip code for the Month of January 2009

	2009	2008	% Change
Total Sold $ Volume	$8,645,400	$10,605,650	-18.4%
Avg. Sold Price	$375,887	$407,910	-7.8%
Median Sold Price	$335,000	$365,000	-8.2%
Total Units Sold	23	26	-11.5%
Avg. Days on Market	85	105	-19%
Avg. List Price for Solds:	$413,327	$438,460	-5.7%
Avg. Sale Price as a percentage of Avg. List Price:	90.94%	93.03%

Fairfax Ridge Condos Sold for 2007 vs. 2008



Fairfax Condos Sold for 2007 vs. 2008




EXPIRED or WITHDRAWN There have been 3 listings that have been taken off the market in the last 30 days.


RENTALS

There are currently 9 condos for rent

1bedroom units - 5 available
2bedroom units - 3 available
3bedroom units - 0 available

6 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a fully licensed property management group. Ask us more about this and how this benefits you !


OBSERVATIONS

We have a 2bd/2ba condo on the 2nd floor that is coming on the market and available June 1st. It will be listed at $1,600. Let us know if you have any interest.

If you are thinking about buying in the next 3 months we would be honored to work with you ! Shoot us an email

Keep checking back each Friday for your updated market report for Fairfax Ridge

Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.

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