May 2012 real estate search results are in and Washington, DC-MD-VA-WV(VA) was the #13 most searched market in the country in May 2012, based on data released today by Realtor.com, the #1 homes for sale real estate web site.
Median list prices for homes in Washington, DC-MD-VA-WV(VA) hit $399,900 in May 2012, a 8.08% increase from one year ago this month, and 1.24% increase from April 2012. The national median list price in May 2012 was $194,900, a 3.17% increase compared to May 2011.
Active for sale inventory of homes in Washington, DC-MD-VA-WV(VA) in May 2012 leveled out at 13,441, a -15.65% decrease compared to May 2011. National inventory counts for May 2012 were 1,876,924, a -20.07% decrease as compared to a year ago.
The median age of inventory in Washington, DC-MD-VA-WV(VA) in May was 52 days, a 8.33% increase compared to April 2012. Nationally, the median age of inventory was 83 days, a -1.19% decrease compared to April.
For details on all 146 MSAs monitored by Realtor.com in May 2012, click here:
Contact me if you’re interested in a custom report detailing real estate trend data by county or zip code.
Each month, Realtor.com surveys up to 250 Metro Service Areas (MSA) throughout the nation and monitors real estate trends including consumer search behavior, median list prices on for sale homes, active inventory counts and median age of inventory. The information is released to local markets to help consumers and real estate professionals as they work together to successfully navigate their local market.
According to Realtor.com, the top 10 most searched real estate markets, identified as MSAs, in the United States in May 2012 include:
1st Chicago, IL
2nd Detroit, MI
3rd Los Angeles-Long Beach, CA
4th Philadelphia, PA
5th Dallas, TX
6th Atlanta, GA
7th Tampa-St. Petersburg-Clearwater, FL
8th Phoenix-Mesa, AZ
9th Orlando, FL
10th Las Vegas, NV
In addition, the top most searched real estate markets in Virginia in May 2012, and the national searched rank included:
#13 Washington, DC-MD-VA-WV(VA)
#48 Norfolk-Virginia Bch-Newport News, VA
#68 Richmond-Petersburg, VA
#115 Roanoke, VA
Realtor.com, the #1 homes-for-sale site, displays more than four million for sale and for rent property listings fed directly to the site for free by more than 850 multiple listing services (MLS) across the nation. More than 80 percent of all listings on Realtor.com are updated every 15 minutes with important information including price changes, sold data and property status changes, with the remaining properties updated every one to 24 hours. All homes tracked in these monthly reports are single family homes, condominiums, co-ops and townhomes.
I often hear that 100% financing is gone for good. But it’s not true! Here are just a few of the programs available . . . and these are all fixed rate loans, nothing fishy here:
BB&T bank offers the CHIP loan for buyers with credit scores at 680 or above with 100% loan to value. With a 620 score the LTV is 97%. Loan amounts are up to $417,000 and there are other restrictions.
Navy Federal Credit Union offers 100% financing for their members. No private mortgage insurance, no down payment, and loan amounts available up to $1,000,000.
VHDA (Virginia Housing Development Authority) has a popular home loan called FHA plus. No down payment is needed because in addition to the FHA-insured first mortgage, you get a second mortgage to help fund your down payment and closing costs.
The USDA Guaranteed Loan Program is a federal program offered through the United States Department of Agriculture. Rural Housing through the USDA program provides a number of homeownership opportunities to rural Americans, as well as programs for home renovation and repair. This is an excellent product and benefit for those individuals that qualify. Rural Housing also offers 100% financing opportunities for those who qualify.
Of course most of these programs require that the buyer receive homeownership counseling or take a homebuyer education course, but that commitment is usually not more than two or three hours.
For more information, contact an experienced real estate agent. I’d be happy to help.
Another affordable community near the Vienna Orange Line is the Waterford Community off Blake Lane in Vienna, VA , just past Oakton High School. These 186 units were built around the mid 1970’s. Below are the homes that sold in 2011 with broker participation. There probably were some For Sale By Owner sales (as they usually are, but i don’t have those numbers).
It’s a vibrant, active community. Just check our this sample HOA newletter here to see what’s going on in Waterford. http://goo.gl/w2C2I
As of this date, there is one unit that is “For Sale By Owner,” which I can show to any interested persons. The last home sold in February, 2012 at 2927 Cashel. The list price was $439,000 and it closed at $422,000. HOA Fees are $233 quarterly. The community schools as Mosby Woods Elementary, Luther Jackson Middle, and Oakton High School. And, from most locations, it’s an easy walk to the Vienna Metro!
|Address||ListPrice||Close Price||Close Date||BR|
|2908 Cashel Ln||$434,900||$434,900||23-May-11||3|
|2927 Cashel Ln||$439,000||$422,000||29-Feb-12||3|
|2929 Cashel Ln||$424,900||$420,000||29-Jul-11||4|
|2953 Cashel Ln||$434,900||$434,900||17-Jun-11||3|
|9904 Longford Ct||$439,900||$430,000||6-May-11||3|
|9943 Longford Ct||$315,000||$275,100||25-Jan-11||3|
|9943 Longford Ct||$439,900||$439,900||8-Apr-11||3|
|2980 Valera Ct||$429,000||$429,000||12-Aug-11||3|
|2932 Waterford Ct||$429,900||$400,000||19-Oct-11||4|
|2938 Waterford Ct||$394,900||$394,900||29-Apr-11||4|
|2950 Waterford Ct||$449,500||$449,000||29-Aug-11||4|
Let me know if you are interested in this community!
Mortgage Predictions for 2012
by Dean Hartman on January 5, 2012
It’s the time of year that we look ahead and attempt to give our best guesses about the market, the industry, and the effects they may have. So, here are my thoughts about the mortgage world:
Interest Rates Should Be Stable
With a faltering economy nationally and worldwide, including pessimistic estimates for employment, there is little chance that the Fed will risk increasing rates which would jeopardize any recovery. Couple that with a Presidential Election in November and conventional wisdom, and we’ll see rates hovering in the same neighborhood for most of 2012.
Mortgage Costs Will Increase
Quietly tucked away in those bills passed in Congress to extend the payroll tax cuts before the holidays was an increase of 10 basis points in the guarantee fees on loans sold to Fannie Mae and Freddie Mac. That will translate into .10% higher interest rates (which would be $4000 extra on a $200,000 loan over 30 years). Interestingly enough, the additional revenue is not going to Fannie or Freddie to help with defaulted loans, but rather going to the US Treasury to make up for the payroll tax cut….go figure.
The Mortgage Interest Deduction Will Be Challenged
Look for people of a certain income level to lose their write off as a measure to increase revenue. Taking away from the wealthy as a way to raise governmental revenue is politically strategic. It is unlikely everyone will lose the deduction (political suicide), but that top 1%…watch out.
Loan Products Will Expand
Common sense lending will start creeping back. Large down payments will liberalize credit and income standards. This will likely begin with local banks who are comfortable with appraised values. I’m not calling for a return to the madness, but some loans that are low risk are not being done today. Anticipate some lenders expanding their guidelines.
Don’t be shocked by a lowering of FHA loan limits and/or an increase in the FHA Up Front Mortgage Insurance Premium either. Overall, mortgages should give people more reasons to buy homes in 2012 as the economic recovery is strongly tied to housing. Given that most people vote their own personal economy rather than policy beliefs, I expect support by those who are looking to be re-elected.
Here are about 100 homes in zip codes 22181 and 22031. Prices range from $145,000 to $3, 799, 984.
If you are interested in any, or if you would like to sell your home, please don’t hesitate to call.
From KCM Blog
Dec. 1, 2011
With an election year right around the corner, it seems obvious that the world is full of flip-floppers, so why should housing and mortgage policy-makers be any different? Remember when the Federal Government was trying to ease its way out of being the dominant provider of mortgage financing (and trying to move people more into the private sector and Private Mortgage Insurance)? Remember the days when government insured financing (through FHA loans) was capped at 85% of their conventional counterparts (from Fannie Mae and Freddie Mac)? Then, the government recently decided to LOWER the conforming loan limits in high cost areas from $729,750 back to $625,500. The logic was sound. Home values have declined, therefore, so should conforming loan limits.
But then comes the reality that the home buyers buying between $650-750,000 are going to suffer with higher rates. How can we fix it? The flip flop. That’s how. The government’s solution…raise FHA loan limits back up. More government involvement in housing finance. None-the-less, it’s good news for a segment of the home buying population who can still enjoy great rates with as little as 3.5% as a down payment.
In the constantly changing world of mortgages, it is imperative that you work with a loan professional who knows how to properly position you, taking into consideration numerous factors – from loan program, to costs, to eligibility.
President Obama signs HR 2112, extends FHA and VA loan limits
November 21, 2011 | by Anne
Original article from AGBeat.com.
Loan limit increase finalized
We reported last week that bipartisan Congressional efforts passed HR 2112, the Consolidated and Further Continuing Appropriations Act of 2012 to restore higher FHA loan limits which expired on September 30, 2011.
This agreement (that came with riders) increased the maximum dollar amount of mortgage loans that can be insured by the Federal Housing Administration (FHA) back to $729,750 after dropping the cap to $625,500 automatically after a temporary increase was issued for all loans insured by the FHA. The restored higher limit will remain in place through 2013 but does not include Fannie Mae or Freddie Mac backed loans.
Representatives Gary Miller and Brad Sherman (R-CA) successfully got a measure passed that created a conforming loan limit cap of $625,000 in areas with median home prices over $417,000 before it was initially increased to $729,750 which expired and was passed by a 298-121 vote in the U.S. House of Representatives and a 70-30 vote in the Senate.
Obama signs HR 2112 into law
HR 2112 has passed and President Obama signed into law HR 2112 late on Friday. The bill provides $128 billion in discretionary appropriations to provide funding for three 2012 appropriations bills (Agriculture, Transportation-Housing and Urban Development and Commerce-Justice Science).
The Consolidated and Further Continuing Appropriations Act of 2012 provides $1.3 billion to HUD for administration, up $16 million from 2011 but down $18 million from the President’s request.
VA Loan Information (from Veterans Administration Website) (11-29-2011)
[11/22/2011 – Latest Funding fee Update!! On November 21, 2011, President Obama signed HR 674, Vow to Hire Heroes Act of 2011 that includes a provision to revert funding fees to their former higher level through September 30, 2016. We have released circular 26-11-19, which provides more information. Please monitor this site and the Funding Fee Payment System site for information.]
These homes were sold between September 1, 2011 and November 18, 2011
|Address9480 Virginia Center Blvd #433||Close Price$205,000||Advertised SubdivisionAcadia|
|9718 Kingsbridge Dr. #303||$181,000||HawthorneVillage|
|3115 Buccaneer Ct. #201||$199,900||HawthorneVillage|
|9480 Virginia Center Blvd #333||$210,000||Acadia|
|2765 Centerboro Dr. #261||$214,000||Marquis atViennaMetro|
|2791 Centerboro Dr. #187||$300,000||Marquis atViennaMetro|
|9480 Virginia Center Blvd #335||$335,000||Acadia|
|9480 Virginia Center Blvd#||$335,000||Acadia|
|9625 Nonquitt Dr.||$330,000||Tudor Hall|
|3074 Sugar Lane||$332,500||CyrandallValley|
|9480 Virginia Center Blvd #439||$300,000||Acadia|
|9633 Lindenbrook St.||$350,000||Linden Square|
|9648 Lindenbrook St.||$341,000||Linden Square|
|2935 Everleigh Way||$355,000||Covington|
|9502 Poplar Leaf Ct.||$365,000||Circle Woods|
|2931 Deer Hollow Way #307||$390,000||Hunter Branch|
|3082 SouthernElm Ct.||$391,750||Circle Woods|
|9878 Oakdale Woods Ct.||$360,000||Oakton Cloisters|
|9115 Vosger Ct.||$392,000||Hampton Court|
|9914 Brightlea Dr.||$415,000||Edgelea Woods|
|2932 Waterford Ct.||$400,000||Waterford|
|1112 Pekay St. SW||$385,000||ViennaWoods|
|9657 Masterworks Dr.||$462,500||Country Creek|
|1115 Drake St.||$475,000||ViennaWoods|
|9731 Water Oak Dr.||$495,000||Five Oaks Place|
|2918 Rensselaer Ct.||$520,000||Ivy Square|
|806 Tapawingo Rd.||$530,000||Townes of Moorefield|
|534 Marshall Rd.||$548,500||ViennaWoods|
|9638 Black Maple Dr.||$560,000||Beech Grove|
|3141 Blue Barn Way||$570,000||Beech Grove|
|636 Marshall Rd.||$570,000||Moidone Acres|
|2880 Crossbow Ct.||$615,000||Edgelea Woods|
|2969 Covington SquareWay||$612,000||Towns ofCovington|
|9419 Van Arsdale Dr.||$620,000||VirginiaCenter|
|9951 Leamoore Lane||$730,000||Edgemoore|