Our crystall ball is officially in the shop getting worked on! Today's real estate market is constantly changing. We used to have a pretty good idea what the next couple months were going to look like in any given year, but nowadays, that is simply not the case!
April of 2010 offered many promising statistics. What will really be interesting to see is what happened in May when those stats finally arrive. April was the last month for a Buyer to ratify a contract and qualify for the tax credit. It was an extremely busy month and houses were selling left and right. As soon as May arrived, everything slowed down considerably. The very end of the month started to pick up again and as I write this, we are feeling like we are getting back to an even pace. Here are the stats for April:
2009 2010 Change
New Listings 244 320 +31.1%
Closed Sales 171 151 -11.7%
Pending Sales 208 285 + 37.0%
Median Sales Price $174,450 $191,000 +95.5%
% of Original List Price at Sale 90.8% 93.9% +3.4%
Average Days on Market 95 57 -40.4%
Single Family Detached Inventory 812 623 -23.3%
Townhouse Inventory 112 65 -42%
As you can see, inventory dropped dramatically! New listings and pending sales saw a subastantial increase, while closed sales dropped. This could be due to the amount of time many short sales are taking to close. The average days on market decreased 40.4%! While all of these statistics show that houses are selling quicker and Sellers are receiving higher offers, the very best statistic is the one showing the median sales price increased +9.5% in April!
Spotsylvania's spring market is just what the doctor ordered! Now is still a great time to buy with sales prices and interest rates being so low! It's also not a bad time to sell as days on market are steadily decreasing and Sellers are receiving much better offers. We hope you all enjoy your summer and we will let you know when we get our crystal ball back!
Friday, June 4, 2010
Wednesday, May 5, 2010
Caroline County
It appears that prices in Caroline County were on the rise this past March! Listings were up, closed sales were up and days on market decreased! What wonderful news considering what all of us are used to hearing in today's media! Here are all of the most recent statistics for Caroline County:
March 2009 March 2010 Change
New listings 68 80 +17.6%
Closed Sales 21 25 +19.0%
Pending Sales 20 25 +25.0%
Median Sales Price $141,500 $145,000 +2.5%
% of Orginial Sales Price 84.4% 92.29% +10.0%
Ave Days on Market 125 116 -7.2%
Single Family Detached 245 245 0%
TH-Condo Inventory 22 22 0%
March was a fantastic month sales wise! The snow was gone, spring had sprung and the tax credit was still available! The momentum kept going into April and so far in May, has not stopped! Everyone is hypothesizing on whether or not the tax credit will come back and what impact it really did have. But here is the thing to remember! Caroline and the surrounding area of Fredericksburg and all of it's neighbors are sitting on top of prime real estate! Our location between Washington D.C. and Richmond is ideal for commuters and families. Our prices are the lowest they have been in years and interest rates are wonderful! It is still a great time to buy and sell and we don't anticpate the lack of the tax credit to be a huge impact on activity in our area. While our crystal ball has been in the shop and we don't know exactly what the future holds, we look forward to a wonderful season and hope that the worst is behind us!
March 2009 March 2010 Change
New listings 68 80 +17.6%
Closed Sales 21 25 +19.0%
Pending Sales 20 25 +25.0%
Median Sales Price $141,500 $145,000 +2.5%
% of Orginial Sales Price 84.4% 92.29% +10.0%
Ave Days on Market 125 116 -7.2%
Single Family Detached 245 245 0%
TH-Condo Inventory 22 22 0%
March was a fantastic month sales wise! The snow was gone, spring had sprung and the tax credit was still available! The momentum kept going into April and so far in May, has not stopped! Everyone is hypothesizing on whether or not the tax credit will come back and what impact it really did have. But here is the thing to remember! Caroline and the surrounding area of Fredericksburg and all of it's neighbors are sitting on top of prime real estate! Our location between Washington D.C. and Richmond is ideal for commuters and families. Our prices are the lowest they have been in years and interest rates are wonderful! It is still a great time to buy and sell and we don't anticpate the lack of the tax credit to be a huge impact on activity in our area. While our crystal ball has been in the shop and we don't know exactly what the future holds, we look forward to a wonderful season and hope that the worst is behind us!
Wednesday, April 28, 2010
Spring time is here! The market in Spotsylvania is very active right now with low priced listings selling super fast, median sales price slightly up over last year at this time, and inventory quickly shrinking! While it appears we have a good amount of listings that came on in March, we are down 29.9% compared to last year for single family homes and down 52.2% for town homes/condos. We are down 4.8% in new listings for the year. In the low price ranges, this means stiff competition for first time home buyers seeking to find that new home in a good location and in good condition. Multiple offers are typical and prices are escalating to win those homes! In higher price ranges, activity is good, days on market have decreased and percent of sales price received at time of offer has increased!
Here are our latest stats for Spotsylvania County:
Spotsylvania County Mar-09 Mar-10 % Change
New listings 272 328 20.60%
Closed Sales 158 153 -3.20%
Pending Sales 201 251 24.40%
Median Sales Price $183,746 $187,550 2.10%
% of Orig Price 88% 94.40% 7.20%
Avg. Days on Market 117 75 -36%
Single family Inv. 853 598 -29.90%
T.Home/Condo Inv. 134 64 -52.20%
Avg. Days on Market 117 75 -36%
Single family Inv.
Remember, there are only 2 days left to write a contract and be eligible for the first time homebuyers’ tax credit and the move-up tax credit! There is still time to find that great house! It is also a great time to list your home (especially if it is a regular sale) as there are many Buyers out there who are looking for that very thing! Happy Spring!
Here are our latest stats for Spotsylvania County:
Spotsylvania County Mar-09 Mar-10 % Change
New listings 272 328 20.60%
Closed Sales 158 153 -3.20%
Pending Sales 201 251 24.40%
Median Sales Price $183,746 $187,550 2.10%
% of Orig Price 88% 94.40% 7.20%
Avg. Days on Market 117 75 -36%
Single family Inv. 853 598 -29.90%
T.Home/Condo Inv. 134 64 -52.20%
Avg. Days on Market 117 75 -36%
Single family Inv.
Remember, there are only 2 days left to write a contract and be eligible for the first time homebuyers’ tax credit and the move-up tax credit! There is still time to find that great house! It is also a great time to list your home (especially if it is a regular sale) as there are many Buyers out there who are looking for that very thing! Happy Spring!
Tuesday, April 20, 2010
What You Aren't Hearing Every Day!
So I have a couple that has been searching for their new home for the last couple of months. If you listened to the news, you would have no idea that stories like theirs even exist! We have been looking and looking and up until recently we have not found a home that really fits their family or what they really want in a home. I have been very proud of them for not rushing into something that is not right just to meet the tax credit deadline or put their home search behind them.
Three weeks ago I received a heads up from another agent that a flip was getting ready to go back on the market. It sounded perfect for my clients so we ran out right away. It was GREAT and they LOVED it! We put an offer on it only to find out that their lender has a credit overlay and has not lifted their FHA restrictions that FHA itself has. This is a very rare issue so there was no way for us to know this ahead of time. Our only option at that point was to go to another lender. We called two other lenders only to find out that somehow their credit dropped just enough to take them under the qualifying limit. They have continued to pay all of their bills on time, even pay off a little more debt so it was just the luck of the draw that this happened. We were not able to purchase that house and now only have a set period of time to find something else that we can purchase so that the original lender can do the loan by using the original credit report they pulled.
So off we went back to the market to find another home. There is hardly anything on the market in Spotsylvania County under $190,000 that is a regular sale or a foreclosure that does not require us to get a pre-approval with another company. We finally found one, and just went through another multiple offer situation. On the news all you hear is the doom and gloom of the market. You only hear that houses aren't selling. What you don't know is that houses in the first time homebuyer price range are flying off the market on the very day they are listed if they are in good locations and in good condition. They have multiple offers and are escalating in price way over what they can actually appraise for. These are the realities of our local market here. It is way different than what you hear!
So how are my clients doing? They are great and we are going to find that right house for them! It is only a matter of time!
Three weeks ago I received a heads up from another agent that a flip was getting ready to go back on the market. It sounded perfect for my clients so we ran out right away. It was GREAT and they LOVED it! We put an offer on it only to find out that their lender has a credit overlay and has not lifted their FHA restrictions that FHA itself has. This is a very rare issue so there was no way for us to know this ahead of time. Our only option at that point was to go to another lender. We called two other lenders only to find out that somehow their credit dropped just enough to take them under the qualifying limit. They have continued to pay all of their bills on time, even pay off a little more debt so it was just the luck of the draw that this happened. We were not able to purchase that house and now only have a set period of time to find something else that we can purchase so that the original lender can do the loan by using the original credit report they pulled.
So off we went back to the market to find another home. There is hardly anything on the market in Spotsylvania County under $190,000 that is a regular sale or a foreclosure that does not require us to get a pre-approval with another company. We finally found one, and just went through another multiple offer situation. On the news all you hear is the doom and gloom of the market. You only hear that houses aren't selling. What you don't know is that houses in the first time homebuyer price range are flying off the market on the very day they are listed if they are in good locations and in good condition. They have multiple offers and are escalating in price way over what they can actually appraise for. These are the realities of our local market here. It is way different than what you hear!
So how are my clients doing? They are great and we are going to find that right house for them! It is only a matter of time!
Wednesday, April 14, 2010
365 Things to Do in Fredericksburg
I am so excited and proud to work at my office right now! My Administrative Manager, Jenny Quinlan, and myself are brainstorming constantly how to offer our clients, Agents and the community more and more information and value driven services. We both grew up in Spotsylvania and really love the place we call home! We have recently created a new blog titled, "365 Things To Do In Fredericksburg"!!!!! Every single day a new post goes up provided by Jenny or one of our Agents on a fabulous thing to try in Fredericksburg or our surrounding area! We live in a history rich environment with so many things to do, both tried and true and new for the young and old, and every age inbetween. We hope you take a look at our blog or become a fan on Facebook! We look forward to continuing to provide you with a wealth of information on real estate and the community in which we live!
Tuesday, February 23, 2010
January was quite a month! Of snow that is! It is going to be very challenging comparing this January to January 2009 or to even guage how this market is progressing so far this year! We received three weekends of snow in January that made it very difficult for prospetive Buyers to view available inventory. The weather also made it hard for Sellers to list their homes. While new listings and pending sales were not what we had expected, days on market, available inventory and percent of original list price received at sale were all very promising!
Stafford County January 2009 January 2010 Year to Date
New listings 226 205 -9.3%
Closed Sales 97 88 -9.3%
Pending Sales 165 141 -14.5%
Median Sales Price $232,000 $229,500 -1.1%
% of Orig List Price at Sale 87.7% 96.7% +10.3%
Average Days on Market 143 67 -52.9%
Single Family Inventory 715 497 -30.5%
Townhouse Inventory 187 66 -64.7%
One of the most impressive changes is the 10% increase in the amount of money Sellers are receiving from their offers. Buyers are having to give much better offers or even compete in multiple offer situations to secure the home of their dreams! Inventory has decreased substantially making homes in convenient locations, in good condition and priced well, highly sought after. It will be interesting to see if the decreased inventory is due to Sellers not listing during the horrible weather of January, or if our inventory has shrunk that much! Stay tuned!
Stafford County January 2009 January 2010 Year to Date
New listings 226 205 -9.3%
Closed Sales 97 88 -9.3%
Pending Sales 165 141 -14.5%
Median Sales Price $232,000 $229,500 -1.1%
% of Orig List Price at Sale 87.7% 96.7% +10.3%
Average Days on Market 143 67 -52.9%
Single Family Inventory 715 497 -30.5%
Townhouse Inventory 187 66 -64.7%
One of the most impressive changes is the 10% increase in the amount of money Sellers are receiving from their offers. Buyers are having to give much better offers or even compete in multiple offer situations to secure the home of their dreams! Inventory has decreased substantially making homes in convenient locations, in good condition and priced well, highly sought after. It will be interesting to see if the decreased inventory is due to Sellers not listing during the horrible weather of January, or if our inventory has shrunk that much! Stay tuned!
Thursday, January 28, 2010
Free Coffee!
So who doesn't love free coffee? I am one of those people that can only drink one cup a day or I will shake like a leaf all day. That includes even some decaff coffees! It drives my husband nuts because I have to have a nice hot cup in the morning and I will still be drinking it around noon! He always wants to give me less, which I think is unfair, as I like the feeling of holding a full cup of hot coffee. So what is my point you are wondering? WAWA off of Warrenton Road is giving away free coffee today to celebrate their anniversary! Go enjoy some! You might find me shaking down the aisle getting my second cup afterall!
Tuesday, January 26, 2010
I'll see you in Disney World!
I was discussing scheduling an open house with one of my clients today and we were trying to figure out what weekend would be better to do it. After talking about the snow storm we are supposed to get this weekend, we decided next weekend would be better. We discussed how we would both be out of town that weekend and that another agent from my office would be sitting the open house. We never said where we were both going to be, we just laughed how Murphy's Law will most likely kick in and while we are both out of state we will receive an offer (well, maybe that is just both of us thinking positively!) A couple hours later he sent me an e-mail and mentioned that the trip he and his family are taking is to Florida. I sent him one right back (gotta love Blackberries!) and said, "Hey! I will be there too!" He then sent me another one saying that he will be in Disney World that Sunday. I couldn't believe it because I will be there that very same day!
It never ceases to amaze me how real estate follows me where ever I go! It is a universal phenomenan, meaning that everyone everywhere is interested in it! I have a real estate friend that recently moved to Georgia and offered for us to stay whenever we come through. I have another friend in Florida that has referred me several times and has offered for us to stay there as well! I love real estate and am so thankful for the friends it has helped me make over the years! It is still a Small World Afterall!
It never ceases to amaze me how real estate follows me where ever I go! It is a universal phenomenan, meaning that everyone everywhere is interested in it! I have a real estate friend that recently moved to Georgia and offered for us to stay whenever we come through. I have another friend in Florida that has referred me several times and has offered for us to stay there as well! I love real estate and am so thankful for the friends it has helped me make over the years! It is still a Small World Afterall!
Thursday, January 21, 2010
Welcome to my blog! I am so excited to share my adventures in real estate with you! Over the last bunch of years, I have had so many wonderful, hillarious, touching, frustrating and emotional experiences dealing with my amazing clients and their home buying and selling endeavours. Real estate is so much more than buying and selling houses! It is a young couple deciding where they are going to settle down and start their family. It is a family being relocated for employment purposes. It is someone deciding to invest. It is someone who has to buy or sell due to a change in family or financial status. At the end of the day, it is not about the houses, or the market, or the loan or anything else that has to do with real estate. It is about the people. And in my case, my experiences with them!
There is no job quite like being a Realtor. When you are a Realtor, it is a family affair. The only way you can truly be successful and take care of both your family and your work repsonsibilites is to, at times, blend the two together. I have been incredibly blessed with a husband that supports me like no other, two beautiful boys that are learning real estate at a very young age and a very special Mom who helps me both at the office and at home! I hope you enjoy all of our adventures and truly get to see what real estate is all about!
There is no job quite like being a Realtor. When you are a Realtor, it is a family affair. The only way you can truly be successful and take care of both your family and your work repsonsibilites is to, at times, blend the two together. I have been incredibly blessed with a husband that supports me like no other, two beautiful boys that are learning real estate at a very young age and a very special Mom who helps me both at the office and at home! I hope you enjoy all of our adventures and truly get to see what real estate is all about!
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