REIN’s December 2008 is too big to post in the blog, so click here for the info.
Posts Tagged ‘Housng Sales’
Posted in Allegiance Stats, Listing Info, Market Stats, RE/MAX Allegiance News, tagged Alexandria Real Estate, Arlington Real Estate, Fairfax Real Estate, Fredericksburg Real Estate, Housing Market, Housing Market Stats, Housing Stats, Housng Sales, Northern Virgina Real Estate, RE/MAX, RE/MAX Allegiance, RE/MAX Allegiance News, Virginia Real Estate, Woodbridge Real Estate on December 16, 2008 | Leave a Comment »
The following represents market share for November 2008, based on listing units, for Virginia MRIS listings. RE/MAX increased its market share lead over Long & Foster, which found itself at a two year low.
Long and Foster: 13.9%
Coldwell Banker: 7.37%
Keller Williams: 6.99%
Century 21: 5.29%
Posted in Allegiance Stats, Market Stats, Positive Economic News, Real Estate News, Selling Info, Uncategorized, Winners, tagged Alexandria Real Estate, Arlington Real Estate, Blacksburg Real Estate, DC House Appreciation, DC Real Estate, Fairfax Real Estate, Federal Financing Finance Agency, FHA Loans, Fredericksburg Real Estate, Good Economic News, Harrisonburg Real Estate, Housing Market, Housing Market Stats, Housing Price Appreciation, Housing Price Appreciation by State, Housing Stats, Housng Sales, Interest Rates, Maryland House Appreciation, Maryland Real Estate, Northern Virginia Real Estate, Positive Economic News, RE/MAX, RE/MAX Allegiance, Real Estate News, Richmond Real Estate, Roanoke Real Estate, VHDA Loans, Virginia House Appreication on December 11, 2008 | 1 Comment »
Interest rates are at 4.5 year lows. Financing is available with little or no money down. Inventory is high with builders and sellers willing to negotiate. A good time to buy? I think so! Worried about appreciation? You should not be as long as you’re looking at your home purchase as a long term investment (not to mention the warm shelter it brings from the elements and tax breaks too). Appreciation in Virginia, Maryland and the District of Columbia has consistently out-gained the national average. Time to get off the fence!
House Price Appreciation by State
Five Year Appreciation
Percent Change in House Prices Period Ended September 30, 2008
source: Federal Financing Finance Agency
Posted in Positive Economic News, Real Estate News, Selling Info, tagged DC Real Estate, Good Economic News, Housing Market, Housing Rebound, Housng Sales, Maryland Real Estate, RE/MAX, RE/MAX Allegiance, Virginia Real Estate on November 4, 2008 | Leave a Comment »
If you’re a homeowner seeing property values plummet, look to the commercial real estate market for solace. It might tell you which areas will recover fastest–and which will likely remain weak.
The Urban Land Institute recently asked 700 real estate professionals to name the best (and worst) places to invest in commercial real estate in the coming year. Those surveyed included private developers, Realtors and Real Estate Investment Trust executives. Their answers also apply to the residential market, since the single-family-home sector typically follows the economy. As wages go up and there are more jobs, more people can buy homes, pushing prices up.
The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don’t have a glut of condos or office space.
These traits landed Seattle the No. 1 spot on the list. No city scored above a 6.15 on a scale of one to nine (one being an abysmal place to invest and nine being excellent).
Seattle is “a diversified market, has a good base of business and is becoming a 24-hour city,” says Stephen Blank, senior resident fellow, finance, of the Urban Land Institute. “It’s going to be in a good position to come back.”
Although the city is suffering from the loss of Washington Mutual and the downsizing of Starbucks, Boeing and Microsoft are still relatively strong. Apartment vacancies are low and there aren’t too many new buildings going up, meaning the market won’t be oversupplied. The same is true in the retail space.
San Francisco comes in second with a 6.12. The City by the Bay learned from the tech crash of 2001 not to overbuild. There is a reasonable supply of office and apartment space, which should limit vacancies. San Francisco’s port is also expected to help the city during the downturn as Americans continue to rely on Asian imports.
Washington, D.C., New York and Los Angeles round out the top five.
Of course, there’s no guarantee that an improved commercial market will lead to an improved home market. However, investors have a better chance of seeing home prices rise in fundamentally strong markets like Seattle than in struggling cities like Detroit.
It landed at the bottom of the list, scoring a 2.24. Detroit has been reliant on the car industry, which is rapidly shrinking. Other businesses are unlikely to fill the void in the next few years, which means the city will be hit hard by further economic struggles.
New Orleans also lands near the bottom with a score of 3.33. The city has been losing businesses to Houston, Dallas and Atlanta since Hurricane Katrina hit in 2005.
The other cities at the bottom of the list– Columbus, Ohio, Milwaukee, Wis., and Cleveland–suffer from dying industries and lack of tourist appeal.
Recent attempts to turn downtown Milwaukee into a thriving 24-hour city haven’t been enough to protect it from the coming downturn. Increasingly picky investors are expected to favor higher-quality port cities over Midwest towns.
And while Columbus has the potential to become a major shipping hub for goods traveling cross-country, that revitalization may have to wait for a stronger economy and a government focused on improving the nation’s roads.
For now, prospects are dim.
By Dorothy Pomerantz, Forbes.com
Nov 3rd, 2008
Posted in Market Stats, Real Estate News, tagged DC Real Estate, Good Economic News, Housing Market, Housng Sales, Maryland Real Estate, NAR, National Association of REALTORS, RE/MAX, RE/MAX Allegiance, Virginia Real Estate on October 29, 2008 | Leave a Comment »
Bargain hunters and home owners who pulled their properties off the market hoping for better days down the road helped shrink the inventory of available homes in September, according to a Wall Street Journal survey.
The largest year-over-year declines in inventory were 32.1 percent in Sacramento, 27.1 percent in Orange County, Calif., 21.6 percent in Los Angeles, 21.5 percent in Boston, 21.1 percent in Denver, and 20.6 percent in San Diego.
Demand for housing has slowed even as the population has increased, according to Census Bureau figures. Mortgage Bankers Association chief economist Jay Brinkmann blames lack of jobs, noting that young people don’t go out on their own nearly as frequently during tough times.
Source: The Wall Street Journal, James R. Hagerty (10/28/08)
Posted in Listing Info, Market Stats, Positive Economic News, Real Estate News, Selling Info, tagged DC Real Estate, Good Economic News, Housing Market, Housng Sales, Maryland Real Estate, NAR, National Association of REALTORS, RE/MAX, RE/MAX Allegiance, Virginia Real Estate on October 28, 2008 | Leave a Comment »
Sales of newly constructed homes rose in September, but the median selling price slipped.
The September report from the Census Bureau finds new home sales inched up 2.7 percent from August to an annualized rate of 464,000. Despite the gain, sales are down 33 percent from September 2007, and far below the pace during the boom years.
The median new home sales price in the U.S. for September declined to $218,400, down from $221,900 in August, while the mean selling price was $275,500, up from $263,900.
According to the report, new homes sales jumped 22 percent in the West, which has seen some of the nation’s steepest price drops, while sales in other regions were down or flat. However, sales in the West still are off nearly 38 percent on a year-over-year basis.
The new home sales report followed news last week that sales of existing homes rose in September by 5.5 percent, the largest monthly gain in more than five years.
Washington Business Journal, 10/27/08
Posted in Listing Info, Market Stats, Positive Economic News, Real Estate News, Selling Info, tagged DC Real Estate, Good Economic News, Housing Market, Housng Sales, Maryland Real Estate, NAR, National Association of REALTORS, RE/MAX, RE/MAX Allegiance, Virginia Real Estate on October 26, 2008 | 1 Comment »
Existing-home sales increased last month as buyers responded to improved housing affordability conditions, according to the National Association of REALTORS.
Existing-home sales – including single-family, townhomes, condominiums and co-ops – rose 5.5 percent to a seasonally adjusted annual rate of 5.18 million units in September from a level of 4.91 million in August, and are 1.4 percent higher than the 5.11 million-unit pace in September 2007.
NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said low home prices and low interest rates have been attracting buyers. “This is the first time since November 2005 that home sales have been above year-ago levels,” he said.