New study shows rents increasing

Your rent keeps going up and it's not likely to change any time soon.

According to newly released data from the Bureau of Labor Statistics, rents are rising at the fastest pace in six years. Combined with vacancy rates at 20-year lows it is currently a "landlord's market" in American real estate with rent rates increasing faster than inflation.  

Builders are working on the demand side of the equation and more multifamily units are being built, however they will take time to be completed. Vacancy rates are projected to stay low for at least two years. 

Is it time for you to stop paying your landlords mortgage and start building equity in your own home? What questions are standing between you and home ownership? Attend my free class for first time home buyers to learn more. 

Novmber 2014 Northern Virginia Housing Market Update

The median sales price DC Metro area continues to rise - November 2014 saw a 1.3% increase from last year. The number of closed sales fell slightly, but the number of single family homes closed increased 6.3% from this time last year.

What that means for DC metro homeowners is a pretty balanced and stable market. New lending options requiring only a 3% down payment for 2015 are poised to make this a great year for first time home buyers, and move up, or right sizing sellers.

The median sales price of a home in Fairfax County was up 3.4% in November from last year.
November 2013   $439,900
November 2014   $455,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.


Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help. 

nicoleduffey@kw.com

703-303-2889

October 2014 Northern Virginia Housing Market Update

The median sales price DC Metro area is on the rise - October 2014 saw a 5.3% increase from last year. The number of closed sales fell slightly, but the reduction was from the distressed properties section of the market.

What that means for DC metro homeowners is a pretty balanced and stable market. Active listings are on the rise and have been increasing since the lows of the recession. This is good news as more homeowners find their property values sufficient to pay off their mortgages, and more houses for sale means more choices for buyers.

The median sales price of a home in Fairfax County was up 2.3% in October from last year.
October 2013   $440,000
October 2014   $450,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.


Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help. 

nicole.duffey@gmail.com

703-303-2889

September 2014 Northern Virginia Housing Market Update

DC Metro home prices are overall pretty flat and holding close to what they were this time last year.
Nothing dramatic to report this month.

What that means is a balanced stable market. However, inventory is on the rise and has been increasing since the lows of the recession. Good news as more homeowners find their property values sufficient to pay off their mortgages, and more houses for sale means more choices for buyers.

The median sales price of a home in Fairfax County was down 1.3% in September from last year.
September 2013   $456,000
September 2014   $450,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.

Monthly Reminder: Real Estate is always a LOCAL thing. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling than give me a call or send me an email - I'm happy to help. 

If you want more data RBI has tons of numbers HERE.