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Email Nate - NateJohnson@1245team.com

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Market Update for NOVA

Ok I wanted to give everyone who visits this website some insight to what we are seeing in the market right now.

This is crucial as things are changing in our market.

In plain English: More people now than ever are taking advantage of this great opportunity to buy. Because of this, Less and Less homes are on the market each day.

But for you to believe me lets look at the facts.

I talked to my Mortgage Lender at Bank of America . He said they are so slammed this month and it has not been like this since 4 years ago!

Why?

Interst rates at record lows
So many homes are affordable
So many bank owned properties at below market values
First Time Home Buyers get $8,000 for buying!

But lets look at the housing facts to verify all this:

Observations from the numbers below

I have been tracking these numbers for months now. This is the first time we have had so many of these northern virginia cities listings, that were active go down and the number of sales go up.

That can't continue to happen for much longer.

I am a full time agent. I see multiple offers on homes every day. I see homes on the market for less than a week. The great deals go fast! They come and go and you have to be ready.

What can you do?

The first step is to get pre qualified. That way if we stumble across one of these gems that is going to have multiple offers and not stay on the market but a few days. You are ready to put an offer down.

This also helps us narrow our search by how much you can afford and how much you want to spend each month.

Contact the best. You can not have some agent who is part time in the business or has very little experience. We just helped our buyers buy a property where there were multiple offers and our offer was 10k LESS than the next offer. Do you think we pulled out all the tricks to win that for our buyer? You better believe it !

Whats your next step?

Contact us

Hard Core Facts

Since most of the readers on this blog are first time home buyers, I will keep the price under 400,000 for our data. Which means the numbers will be lower then if we used any price.

Fairfax

174 Active Listings (-32 from 1 month ago)

In the last 30 days 172 homes are under contract or have sold ! (+43 from 1 month ago)

Centreville

216 active listings (-29 from 1 month ago)

In the last 30 days 238 homes are under contract or have sold ! (+44 from 1 month ago)

Reston

142 active listings (+19 from 1 month ago)

In the last 30 days 132 homes are under contract or have sold ! (+7 from 1 month ago)

Herndon

130 active listings (-46 from 1 month ago)

In the last 30 days 212 homes are under contract or have sold ! (-7 from 1 month ago)

Falls Church

256 active listings

In the last 30 days 213 homes are under contract or have sold!

Arlington

281 active listings (-9 from 1 month ago)

In the last 30 days 150 homes are under contract or have sold ! (+4 from 1 month ago)

Alexandria


Over 500 active listings (Still)

In the last 30 days over 500 homes are under contract or have sold ! (Still)

Mclean/Vienna/Oakton

101 active listings (-30 from 1 month ago)

In the last 30 days 58 homes are under contract or have sold ! (+4 from 1 month ago)

New Stimulus Package

Here is what Barack Obamas New Stimulus Package can mean to you.


$8,000 Tax Credit For First Time Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, It's a great incentive you can take advantage of and get a nice tax credit and increase your tax return by upto $8,000.
  • Available only to first-time home buyers-(must not owned a home for less than 3 years)
  • The tax credit is not a loan and does not require repayment*

    *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
  • The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
  • Home purchase must be for a primary residence
  • The credit is available on home purchases between January 1, 2009 and December 1, 2009
  • If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
  • The credit is not eligible if the seller is a relative of the buyer
Home Energy Credit

Tax Incentives for Improving Existing Residential Real Estate

  • Homeowners can recoup up to 30% of the cost of installing energy saving features in their home
  • The credit is valid on up to $1,500 of improvements
  • Over $4 billion was allocated for the Home Energy Credit
  • Examples of improvements: Energy Efficient Windows and Doors, Air Conditioning, Furnaces, Water Heaters

Breakdown of the Stimulus Package’s Expenditures
Tax Relief - $288 Billion
State and Local Fiscal Relief - $144 Billion
Infrastructure and Science - $111 Billion
Protecting the Venerable - $81 Billion
Health Care - $59 Billion
Education and Training - $53 Billion
Energy - $43 Billion
Other - $8 Billion

President Obama will also start outline a plan to help decrease foreclosures and help struggling homeowners meet their current financial commitments. The new plan is part of TARP 2, The 3 step financial Stability Plan involving a government investment of up to $2 trillion dollars. Limited details include analyzing and investing in struggling banks, creating a “bad bank” for purchasing unhealthy assets from financial institutions and investing funds in stimulating business and consumer lending.

Keep an eye on the news for more information. New Buyers can save now and get the right home. I have also been told that if you are a new home buyer and purchase before you do your taxes this year (or get your taxes amended after you have already got them done) you can claim the 8,000 tax credit this year. Please consult your tax professional to varify this. Yet, do that or using the home energy credit can save you alot this year and in the future.

Contact me asap for more questions or if you are interested in getting this $8,000 back for buying a home this year !

First Time Home Buyers!

The Government just passed a bill giving First Time Home Buyers $8,000 for buying a home this year.

Contact me asap for more info and how you can take advantage of this and the low interest rates.

How can you pass up such a great time to buy ??

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I have already used this coupon twice !

Enjoy this gift from us

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