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Market Trends
Commentary Provided byMartina Burns RE/MAX Keep in mind the tax advantage will expire 11/30/2009. You need to have closed on the property by this date!! If you can qualify, now is an exceptional time to buy a home in Springfield. Low rates makes a home purchase a great value! Call now for more information at 703-650-8533 |
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| Report Date | Fall 2009 | ||
| Nearest Metro Area | DC | ||
| Buyers’ or Sellers’ Market | More buyers than sellers | ||
| Average Time on Market | 30-60 days | ||
| Market Trend | Decreasing | ||
| Housing Inventory | Limited Supply | ||
| Average Home Price | $400,000 - View Graph Trend | ||
| Best Selling Price Range | $300,000 - $349,000 | ||
| Worst Selling Price Range | $800,000 - $849,000 | ||
| Compared to Last Year | Down 0-5% | ||
| Prices As % of Asking Price | 95-100% | ||
| Multiple Offers? | Yes | ||
| Multiple Offers Commentary | Foreclosures and short sales in ok condition are getting multiple offers within the first few days on market, most at least 5-10 offers, some 10-20 offers, therefore homes are selling above asking price in the 200,000-300,000 price range! | ||
| Greatest Activity | First Time Buyers | ||
| Buyer Activity for the past 90 days in West Springfield is | Increasing | ||
| Seller Activity for the past 90 days in West Springfield is | No Change | ||
| Is Financing Available For Qualified Buyers in West Springfield? | Yes | ||
| Existing Home Prices for the past 90 days are | Increasing | ||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | 25-30% | ||
| Housing Hot Spots | Everything inside the Beltway or within 5 miles and close to Metro or VRE! Most cities within the Fairfax County area are considered 'Housing Hotspots' | ||
| Reason to Buy/Sell | Job Growth | ||
| Average Sold Price | $400,000 - 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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West Springfield Local News
Real Estate News for West Springfield, VA - Thursday October 29th, 2009 7:28pm
Senate panel OKs extension for home buyers' credit
WASHINGTON — Oct. 29, 2009 — Senators reached a compromise to extend the $8,000 tax credit for first-time home buyers, a boost the housing industry expects will help it pull out of its two-year-old downturn.
Lawmakers in Washington also added a $6,500 tax credit for other primary-home purchasers and raised the qualifying income limits to $125,000 for single taxpayers and $225,000 for joint taxpayers, housing-industry sources said.
Under the Senate compromise, buyers must have sales agreements in hand by April 30, but they will have until June 30 to go to settlement, the sources said. The measure still faces votes in the full Senate and the House.
Real Estate News for Springfield, VA - Thursday October 22nd, 2009 5:34pm
Considering buying a home in Springfield, VA. First time home buyer? Fact: our unemployment rate = 6.7 % is much lower than the nation average = 9.8 %, interest rates are at historic lows, buy cheap now, invest in your future
Real Estate News for West Springfield, VA - Thursday October 15th, 2009 5:52pm
Local real estate up-date for Fairfax County / September 2009 / Springfield
http://www.mris.com/reports/marketupdate/Fairfax%20County.pdf
Pending Sales up 22.2 %
Median Sales Price up 13.2 %
List Price vs. Sales Price = 96.9 %
Average Days on Market = 59 days = down 37.8 %
News for West Springfield, VA - Thursday October 15th, 2009 5:02pm
Hello, have not found the right house yet? Got outbid? Let's get together fast to take avantage of the tax credit....
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