The good news for sellers in Northern Virginia:
- Home sales up 54% compared to the month of September 2007;
- Pending home sales (contracts) up 58%;
- Both Pending and Actual sales also higher than September 2006.
The good news for buyers:
- Median sales price down 21% in the past year, 27% from Sept 2005;
- Mortgage funding under $730,000 is readily available (with income documentation and good credit, i.e. over 700 credit score) and very reasonable – still well under 7%, and signs point to it getting back under 6% fairly soon. FHA and VA are extremely active – about 33% of all purchases, compared to 53% for conventional mortgages. (This might seem low, but last September the FHA/VA percentage was less than 3%.) This is important because FHA and VA are the primary sources for mortgage funding if you have less than 10% down – FHA goes with 3% and VA with zero.
UPDATE: Article in the Washington Post today mentioning sales in Prince William County going up 235% compared to Sept 2007, and stats on detached home sales in Loudoun and Fairfax counties. My stats discuss sales in “Northern Virginia” which includes Fairfax, Arlington, and Alexandria and incorporated cities within.
Contact me if you have any questions about Northern Virginia real estate.