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Market Trends
Commentary Provided byGlenn Stromberg and Michael Labrash It is a good time to be a buyer here in Northern Virginia. There is ample inventory to choose from, prices are down, interest rates are low, offers are negotiable, the economy is good, we are adding over 50,000 new jobs per year and the population is growing steadily. All of these are positive indicators for the future of Real Estate values in this part of Virginia. |
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| Report Date | Fall 2009 | ||
| Nearest Metro Area | Northern Virginia | ||
| Buyers’ or Sellers’ Market | More buyers than sellers | ||
| Average Time on Market | 30-60 days | ||
| Market Trend | Decreasing | ||
| Housing Inventory | Good supply - Some Prices | ||
| Average Home Price | $300,000 - View Graph Trend | ||
| Best Selling Price Range | $300,000 - $349,000 | ||
| Worst Selling Price Range | $500,000 - $549,000 | ||
| Compared to Last Year | Down 10-15% | ||
| Prices As % of Asking Price | 95-100% | ||
| Multiple Offers? | No | ||
| Multiple Offers Commentary | Yes, homes in good condition and appropriately prices will receive multiple offers. | ||
| Greatest Activity | Repeat Buyers | ||
| Buyer Activity for the past 90 days in Quantico is | Increasing | ||
| Seller Activity for the past 90 days in Quantico is | No Change | ||
| Is Financing Available For Qualified Buyers in Quantico? | Yes | ||
| Existing Home Prices for the past 90 days are | Increasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% | ||
| Housing Hot Spots | Woodbridge, Dumfries and Manassas. | ||
| Reason to Buy/Sell | Job Growth | ||
| Average Sold Price | $300,000 - View Graph Trend | ||
| National Real Estate Market | |||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... | |||
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Glenn Stromberg and Michael Labrash
Long & Foster Lorton, Virginia 703-216-2620 glenn.stromberg@longandfoster.com Agent Home Page 
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Quantico Local News
Headline News for Quantico, VA - Tuesday October 6th, 2009 10:30pm
Your chance to have everything on your wish list! The beautiful upscale home AND the 1/2 acre picturesque lot! 8' wide covered front porch which runs the length of the home. Walk-Out basement, huge deck, 8919 Kiger Street, Lorton, VA 22079. Call Susan 703-216-2620 $624,900 FFX Schools - SCHS Commute Against traffic!
Is anyone out there still on the real estate fence? - Friday September 11th 2009
A couple of months ago I wrote offers for 7 such fence walkers (people who were waiting for all the housing stars to align). In my opinion, which only pertains to Northern VA, now is a very good time to write an offer on your dream home or investment property but it's not going to be easy. Not only do you have plenty of competition but many of the homes on the market are being sold under "short sale terms". This means you also need time (4 month process) and patience because communication from a bank is sparse while your offer and the sellers' hardship are being evaluated. The good news for buyers: Prices are down approximately 5% from 2008 prices. Homes in Woodbridge, Stafford and Triangle are more affordable and if you have to move, you should have no problem renting a well maintained home.
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