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Category: Market Updates

Occasional overviews of local real estate markets.

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Inlet Cove is near Fort Belvoir and Potomac Mills

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  1. Inlet Cove is alongside Route 1
  2. This neighborhood of townhouses is near grocers and eateries
  3. Inlet Cove is close to Fort Belvoir, Alexandria, and Potomac Mills shops, in the city of Woodbridge
  4. Interior to these properties are multilevel
  5. Inlet Cove is serene

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comfortable shopping? got what you are looking for? Nesbitt Realty buying, selling, renting, and property management in Northern VA (703) 765 0300
comfortable shopping with the United States armed forces? got what you are looking for? Nesbitt Realty buying, selling, renting, and property management in Northern VA (703) 765 0300

Pending Home Sales on an Upswing

Pending home sales increased again in March, affirming that a surge of home sales is unfolding for the spring home buying season, according to the National Association of REALTORS®.
single family residence
Gambrel roof in Waynwood
The Pending Home Sales Index, a forward-looking indicator based on contracts signed in March, rose 5.3 percent to 102.9 from 97.7 in February, and is 21.1 percent above March 2009 when it was 85.0; this follows an 8.3 percent increase in February. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, said favorable affordability conditions have been working with the tax credit. “Clearly the home buyer tax credit has helped stabilize the market. In the months immediately following the expiration of the tax credit, we expect measurably lower sales,” he said. “Later in the second half of the year, and into 2011, home sales will likely become self-sustaining if the economy can add jobs at a respectable pace, and from a return of buyer demand as they see home values stabilizing.” Regional Numbers * The PHSI in the Northeast declined 3.3 percent to 75.1 in March, but remains 27.2 percent higher than March 2009. * In the Midwest the index increased 1.2 percent to 98.9 and is 18.5 percent above a year ago. * Pending home sales in the South jumped 12.7 percent to an index of 121.2, which is 28.3 percent higher than March 2009. * In the West the index rose 1.9 percent to 99.9 and is 8.8 percent above a year ago. “Another encouraging sign is the improvement in the availability for jumbo and second-home mortgages,” Yun said. “As bank balance sheets strengthen, it is just a matter of time before lending of non-government-backed mortgages steadily opens up.” Source: NAR

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A Good Time to Buy a High-End Home

exterior
Corner view
Some of the best housing deals are on high-end homes, many over $1 million. Some of them need TLC or they aren’t in the most-coveted locations. But there are plenty of desirable properties and lots of sellers who are getting impatient. Buyers with cash have the best opportunities. Buyers who need a mortgage should move especially quickly. With the Federal Reserve ending its purchases of mortgage securities this month, the mortgage market is likely to rise from its current low level. Even if prices fall further, the rising cost of borrowing could eliminate any savings. As Kenneth Rosen, chairman of the Fisher Center for Real Estate and Urban Economics at the University of California, says, this is a "very good time to be a buyer at the high end." Source: The Wall Street Journal, Nick Timiraos and James R. Hagerty (03/27/2010)

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Who is today’s homebuyer and why are they buying?

National Association of RealtorsThe National Association of Realtors recently did a study about the characteristics of home buyers. Some of the findings might surprise you. Thirteen percent of buyers purchased a home with one or more parents and grandparents together with adult children. There were several reasons given for purchasing a multi-generational home.
  1. Cost savings;
  2. Children over the age of 18 moving back into the house; and
  3. Health and caretaking of aging parents.
On the other hand, it's no great surprise that sixty-five percent of recent home buyers were married couples. The typical first-time buyer was 31-years-old, while the typical repeat buyer was 53. Thirty-three percent of recent home buyers were first-time buyers, which is still suppressed from the historical norm of 40 percent among primary residence buyers. The people who are buying homes are earning nice salaries. The 2013 median household income of buyers was $84,500. The median income was $68,300 among first-time buyers and $95,000 among repeat buyers. Why are people buying homes? For about a quarter of recent home buyers, the primary reason for the home purchase was a desire to own a home. Less than ten percent purchased due to a job-related relocation or move. Only eight percent bought for the desire to be in a better area or because of a change in family situation. Nesbitt-Realty-wide-124
Christmas lights at Mormon Tabernacle
Christmas in the National Capital Area

Learn more about living in Alexandria VA.

Old Town Realtors
The Torpedo Factory is located near the Waterfront and King Street in Old Town Alexandria.

If you are considering buying or selling property, planning to relocate, looking for Alexandria homes for sale, Alexandria condos for sale or looking for any other information about real estate in Alexandria, or the surrounding areas, you have come to the right place.

This complete Alexandria real estate resource for offers everything you will need: access to property listings with photographs and virtual tours, home valuation tools, and real estate articles to help guide you through the home buying or selling process. You can also find contact information for Condo Alexandria / Nesbitt Realty, your Alexandria real estate agent, REALTOR or real estate broker. We can help you with you buy or sell a home, and find information about Alexandria communities , schools, real estate market conditions, recreation and much more!

In addition to detailed listings of existing houses for sale in Alexandria, Condo-Alexandria.com also provides access to Alexandria new construction homes for sale. We also offer a comprehensive local real estate guide for Alexandria where you can find a wealth of community information about Alexandria and specific zip codes in Alexandria. Looking for a different city? We also provide a Northern Virginia real estate guide with a list of other cities and communities in Northern VA.

Those interested in residential real estate in Alexandria will find many types and styles of homes for sale in Alexandria, as well as community events of interest and local amenities unique to the Alexandria area. Others may enjoy outdoor activities and family friendly atmosphere of Alexandria.

 

‘Missing Households’ Plague Housing Recovery

High unemployment among young adults is prompting a big loss in household formation that is critical for long-term housing demand, according to housing experts. Of 25 to 34 year olds, about 75 percent were employed in September; that’s about the same as year-ago levels and near the levels during the recession, The Wall Street Journal reports. Young adults who are unemployed are mostly opting to live with their parents and aren’t renting or owning their own place. Indeed, the number of adults under the age of 35 who are living at home is at the highest level since 1981. More than 30 percent of those aged 18 to 34 are living with their parents. The typical average is 28 percent. As young adults put off home ownership, the number of first-time home buyers continues to be constrained. The National Association of REALTORS® reported Monday that first-time home buyers accounted for 28 percent of home purchases in September -- down from 32 percent in September 2012. But when young adults do get off the sidelines, it could prove a big boost to home sales. “Assuming consistent population to household ratios and home ownership ratios, the 1.8 million individuals currently living at home would translate into an additional 590,000 households and roughly 200,000 additional home owners -- roughly a boost of about 4 percent to the projected level of sales in 2013,” according to NAR’s Economists’ Outlook blog. Source: “Did You Know: Pent Up Demand Among Young Adults Could Boost Home Sales by 200,000,” NAR Economists’ Outlook (Oct. 1, 2013) and “Employment Shows ‘Missing Households’ Still Weigh on Housing,” The Wall Street Journal (Oct. 22, 2013)

Big-Ticket Homes in Higher Demand

The luxury home market is gaining momentum, with prices rising and many areas where upscale housing once struggled now turning into a seller’s market, according to the Institute for Luxury Home Marketing. “Prices have been trending up fairly strongly since the beginning of the year,” Laurie Moore-Moore, the institute’s founder, recently told the Chicago Tribune. “Inventory has been tight, though we're starting to see a little growth in inventory again. It's not stock-market driven, not necessarily. When you look back at the housing-market downturn, the low point probably was in 2007. Typically, a downturn would be driven by high mortgage-interest rates, but this time it was the whole real estate market that crashed. And at that time, the number of wealthy people in America actually declined, and the number of wealthy households is an extremely important driver of demand.” But by 2010, there were nearly as many wealthy households as before the downturn, with affluent households recovering fairly quickly, Moore-Moore says. “This group focused on residential real estate as a pretty desirable asset — for them, a second or third home turned out to be a portfolio play,” Moore-Moore notes. “Driving the recovery, we've had record low interest rates and a perception of bargain prices and then we've had this very affluent group saying, maybe real estate is a smart buy.” The high-end markets flourishing the most are Baltimore; Charlotte, N.C.; San Francisco; and Washington, D.C., according to a monthly analysis by the Altos Research data firm on behalf of the Luxury Home Marketing. The report tracks 31 ZIP codes with the highest median prices. But not all luxury home markets are gaining momentum, according to the report. For example, some luxury markets are considered stable, including Atlanta, Los Angeles, Miami, Las Vegas, Denver, and Dallas. Also, luxury-home markets are still seeing prices fall in areas like Chicago, New York, Seattle, and Orlando. Source: “Luxury home sellers feeling rich again,” The Chicago Tribune (May 10, 2013)
  • Arcturus -- Along the Potomac River near George Washington Parkway

  • Arlington Ridge -- Overlooking the capital's river valley

  • Belle Haven -- An established neighborhood of distinctive homes

  • Chesterbrook -- Elegant homes on quiet streets in Mclean

  • Clifton -- A place to find your micro-mansion

  • Great Falls --- Impressive residences with large lots

  • Langley -- Great schools, quiet neigbhoods

  • Rivercrest -- Stately homes on the Arlingwood bluff

  • Seminary Hill -- Impressive homes on large lots close to town

  • Yacht Haven -- Boater's paradise on the Potomac

 

Morningstar: 40 Months to Clear Distressed Inventory

Morningstar’s Distressed Inventory Index shows that distressed inventory dropped 19 percent nationwide, and the number of liquidations fell 14 percent. "We estimate that it will take 40 months to clear the national distressed inventory. This is down three months from one year ago," says Brian Grow and Becky Cao of Morningstar. "In the recent housing market we have seen rising nationwide home prices, the heightened interest in stressed properties by investors, a higher percentage of short sale liquidations, and improved loan performance." As of February 2013, the number of distressed properties was at 1 million, marking a 40 percent drop from the peak of 1.8 million properties reached in 2009. Short sales have risen in 2012, which means fewer properties are being liquidated. The percentage of short sales in total distressed sales has climbed to 53 percent, from 45 percent. "The increase in short sales has not accelerated the overall speed of liquidation. In fact, there is a noticeable decline in the liquidation rate since the third quarter of 2012, when the short sale percentage continued to rise, but the months of inventory stopped declining," the Morningstar report states. "While there may be benefits associated with short sales, such as quicker property disposition and higher sale prices relative to foreclosure sales, short sales alone do not appear to be doing enough to speed up the resolution of distressed loans.” Source: “Liquidation rates shrink, despite rise in short sales: Morningstar,” HousingWire (May 9, 2013)

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Affordability Remains High, Despite Price Gains

Low mortgage rates and stabilizing incomes are keeping home affordability high and giving home buyers “ample buying power,” according to the National Association of REALTORS®. The Wall Street Journal highlights the following example on just how affordable housing has become: “Assuming a 5 percent down payment, a 3.5 percent mortgage rate, and 25 percent of a gross income devoted to mortgage payments, a buyer would only need an income of $36,500 to buy a house at the median price. With a 10 percent down payment, the required salary falls to $34,600, and with a 20 percent down payment, it falls to $30,700.” In the first quarter, the median family income nationwide was $62,200. Housing affordability remains high despite recent reports that show home prices in 150 U.S. cities saw their biggest year-over-year gains in more than seven years, according to NAR’s most recent report, reflecting data from the first quarter of 2013. The median price of a single-family, existing home was $176,600 in the first quarter of this year, an increase of 11.3 percent from year ago levels, NAR notes. Source: “Home Prices Jump but Affordability Remains in Buyers’ Favor,” The Wall Street Journal (May 9, 2013)

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