Keeping you up to date on the real estate market in Northern Virginia. Demand is HIGH, supply is LOW. Hear what Scott has to say…now is the time to….
Contact Scott MacDonald 702-652-5777 Broker/Owner of RE/MAX Gateway for more information and a personal assessment to meet your goals.
It is truly hard to believe that a new year is upon us; welcome to 2017! It seems that the years fly by faster as we get older. This is an exciting time in so many respects, so it would be nice to be able to enjoy these great times longer.
Anyway, it appears as if we will have an exceptional year here in the Northern Virginia real estate market. Consumer confidence is at a 13-year high which typically bodes well for housing. Additionally, though the mortgage interest rates have risen slightly since the election, we still have many buyers out in the market looking for and in many cases buying homes today. Online activity as well as calls from our great clients like you have picked up recently. Also, all indications point to the continuation of high paying jobs here in Northern Virginia. Dr. Stephen Fuller of George Mason University’s Center for Regional Analysis shared with us that employment in the Professional and Business services along with Retail Trade and Health/Education will all continue to grow into 2017. He predicts that 2017 will be “the year” of the decade for housing in Northern Virginia.
There is just one caveat … we need houses to sell! Inventory levels on active resales was down to just over 4,100 homes in all of Northern Virginia this past week. We haven’t had this few homes on the market since the first week of February in 2012, when it was barely over 3,900 houses. In speaking with other agents, we will have homes coming up for sale in February, but there is an appetite for houses today! So, it is not a bad idea to put your home on the market sooner than later if you are thinking about it and if your home is in the right condition to sell. The belief is that we will continue to have a demand for houses throughout the year, so if you are considering making a move in 2017, please let me know, we are here to help!
I hope you have a joyful and prosperous 2017! And please remember we are always here to help you and anyone you know with their real estate needs.
We recently attended the RISMedia convention in New York and have compiled notes that I will share with you on what was discussed and comment – occasionally how it will affect our business and ask that you do research on certain topics to inform yourself to give our clients the most up-to-date information so they can make the right decisions when buying or selling a house.
Finance update
FHA–
There have been two price increases on FHA loans recently – upfront MI and monthly MI.
-Lenders paid less on FHA loans.
-FHA loan amounts decrease.
-Potential increase in down payment requirements are also on the horizon.
-FHA Loans are 30% of the market.
-MI – 5% down training on MI is required for agents who want to stay in the know!
Additional facts on the market:
-2/3 mortgage applications don’t go through.
-Do consumers understand the process of obtaining credit – no – Agents are transactional
-7 million people have been out of work for 26+ weeks.
-19.8% of all prior mortgages are 90+days delinquent.
-Eminent defaults are on the horizon – stay tuned.
-60 million + people with less than 630 credit score.
Lenders are looking for point of sale contact with Realtors
-Want to help you grow your biz and attract more agents into their database?
The question is how?
-Training and education
-Shared marketing dollars
-Leads
-Exposure to listings through marketing ventures.
– What else can they provide?
GSE’s are stagnant on Capitol Hill and we shouldn’t expect progress anytime soon. Too much else is on their plate.
270 points in Dodd-Frank bill – The lending industry WILL change. We are expecting to receive talking points of the bill for you to share with your clients so stay tuned!
Do you know what Qualified Residential Mortgages are? It is important to stay up on the trends. QRM will push a 1/3 of Buyers out of market. The comment period on QRM ends 6/10/2011 – get in the know and make your comments to your elected officials!
“Stuff” is thrown up against the wall right on Capitol Hill now to see what sticks
– A tax on new home sales was proposed so that the existing home inventory could get absorbed and new home sales would subside as a result.
What is the HAMP Mod’s default rate within 6 months? It occurs 60% of the time.
Average consumer has 13 credit obligations – 9 credit cards.
48% of college students leave school with bad credit
58% of college grads move home because of poor credit.
Ask your clients, “What is likelihood of you buying furniture, blinds, etc., if you do, can you really afford this house with this additional debt?”
Become a long term trusted advisor for your clients – provide valuable content – early and often.
Education is a continued effort so get educated. Get it? Got it? Good!
Now, go sell something!
Scott's Motivation and Real Estate Market Updates 