Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

Oct. 16, 2012

Alexandria VA Foreclosure Sales Report – September 2012

Alexandria VA Foreclosure Sales Report - September 2012
Longer Days on Market and Lower Prices for Foreclosure Homes

Alexandria VA Real Estate - Foreclosures and bank owned homes can be a good opportunity to purchase a home in Alexandria VA that is priced below market value.  Over the past few years, the number of foreclosures has increased nationally, but on a local level, you might be surprised at the foreclosure activity here in Alexandria.  Let's take a look.

Of the 160 homes that sold in Alexandria (City), VA in Septbember 2012, 7 of them were foreclosures, that's less than 5%.

What was the average days on market for a foreclosure home in Alexandria VA in September 2012?  As a buyer agent, I've noticed an increase in cash buyers lately.  And with interest rates pushing downward, more first-time homebuyers are also taking advantage as opposed to facing increased rents.  More buyers, less days on the market?  Let's see...

 
In Septermber 2012, foreclosure homes stayed on the market longer than traditional homes for sale.  On average, bank owned homes were on the market for 61 days, while traditional sales had an average of 45 days.

Can I buy a bank owned home in Alexandria VA below market value?  Are these homes a good deal?

 

 

For the past three months, Alexandria VA foreclosures have sold for less than the asking price on average.  In September 2012, bank owned homes sold for 88.92% of the original asking price, while traditional homes sold at 96.85% of the original asking price.

Sign Up for Email Alerts for ALL REO and Bank Owned Foreclosure Homes For Sale in Alexandria VA

 Here is a list of current foreclosures for sale in Alexandria VA:

 

Sept. 19, 2012

Northern Virginia Real Estate Market Stats for August 2012

Northern Virginia Real Estate Market Stats for August 2012

The numbers are in and the following video highlights the sales and trends that we saw in the Northern Virginia real estate market for the month of August 2012.  Take a look at the video below:

 

Here are the highlights:

  • The economy is still adding jobs but not at the expected rate
  • Unemployment rate is down nationwide to 8.1%.
  • The Fed confirmed the interest rates will remain low through mid 2013.
  • Regional unemployment for Northern Virginia is 4.3% (one of the lowest in the nation).
  • Buyer activity continues to grow, there were 3,050 sales in August, that number is up 9.7% from this time last year (the highest August total in 3 years)
  • The number of new pending contracts up 7% from this time last year at 3,081.
  • There was a 25% lower number of active listings (6,310) in comparison to this time last year (August 2011 of 8,487), the lowest August level seen in 8 years.
  • Declining trend in new listings continues; 3,456 in August, down less than 1% from last year's level.
  • Tightening supply is driving up the median sold price continued, up 4.6% from August 2011 (year over year gains in every month in 2012).
  • Homes are selling faster, median days on market is 22 days.(down 9 days from this time last year)

Now we've all heard that buyers are usually the ones who sit on the fence, but if you are thinking about selling your home, the recipe is right to sell quickly and for a good price.

See Also - July 2012 Market Stats - We Are In The Middle Of A Housing Turnaround

 

Posted in Market Reports, Videos
Sept. 11, 2012

Alexandria VA CDPE Agent - Just Listed Condo in Palazzo at Park Center

Alexandria VA CDPE Agent - Just Listed Condo in Palazzo at Park Center

Alexandria VA Short Sale Help - It's always nice to find a distressed sale that it is move in condition, especially a top floor condo in a sought after building like the Palazzo at Park Center.  It's a newer subdivision, with perks such as garage parking and amenities like a fitness center, community center, and outdoor pool.  This new listing at 4550 Strutfield Lane Unit #2409 is exactly what you're looking for.

With over 1100 square feet, and an open floor plan, you'll love how the kitchen offers extra cabinets and countertop space, and includes a walk-in pantry with full sized washer and dryer.  Because it's a top floor unit, you'll also enjoy the benefit of vaulted ceilings and the best views from the balcony.  Overlook your own private, natural retreat with a view of a duck pond nestled by trees.  You won't believe that you're in the city!

This home is a two bedroom, two full bath, plus den model.  The den is perfect for the telecommuter, or make it your personal reading room or 'place of zen'.  The master bedroom has a ceiling fan, and a full master bathroom with double vanity sinks and large walk-in closet with custom shelving.

Additonal features include two coveted garage spaces, in addition to a separate storage closet.

This home is a short sale and requires lender approval (Wells Fargo).  If you're getting into the Alexandria VA real estate market and searching for condos for sale, then a short sale could be the right property for you.   If you are upside down on your Alexandria VA home and are curious about market values, take advantage of our FREE short sale calculator.  It will help you determine how long it will likely take for the values in your immediate area to increase so that you can break even.

 Tamara Inzunza is a Certified Distressed Property Expert (CDPE) and short sale specialist, serving the Alexandria VA area.

See All Condos For Sale In Palazzo at Park Center

Search for Alexandria Bank Owned Foreclosures and Short Sales

 

Aug. 18, 2012

Client Testimonial - I'm Rockin

Client Testimonials - I'm Rockin!!!

Thank you so much to my friend and repeat client Tarsha for her recent post on my Facebook wall. Here's what she had to say...

 Thank you Tarsha!  We recently received short sale approval and closed on Tarsha's home.  If you are looking for a top Alexandria VA listing agent, please contact me today!

 

Posted in Testimonials
Aug. 15, 2012

Northern Virginia Market Stats for July 2012

Northern Virginia Market Stats for July 2012

The following is the latest update for real estate market statistics in the Northern Virginia area for the month of July 2012.

 

Here are the highlights:

  • The national economy continued slow recovery, however, almost all analysts agree that we are in the middle of a housing turnaround.
  • There is positive news on th housing front.  For example, Fannie Mae and Freddie Mac reported strong earnings in the second quarter for 2012.  Also, Northern Virginia's unemployment rate is 4.4% (one of the lowest regional unemployment rates in the nation).  The region has added 31,000 jobs.
  • Total sales in July were 3,040 sales which is the highest July total in three years.
  • New pending contracts on the rise.
  • Inventory of homes for sale continues to decline, currently 24.7% below this time last year.
  • New listings are Lowest July total in 15 years.
  • Median sales price increased to $400,500 for Northern Virgnia.
  • 97.3% average list to sold price, median days on market is 20 days, which results in upward pressure on prices and lower median days on market

 

 

Posted in News
July 1, 2012

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps!

We've weathered the wind storm Derecho, and are still enduring temperatures in the 90's with the heat index in the 100's.  The Alexandria VA real estate market is keeeping up with mother nature, especially in two particular zip codes.  According to the latest real estate market statistics, there are two communities in Alexandria VA where the homes are selling within one week of being listed.

Alexandria VA homes for sale in the zip code of 22308 during the month of May 2012 saw swift action.  Statistics show that homes that were sold in the first 10 days of being listing were sold at 99.33% of their original list priceHomes in the Del Ray zip code of 22301 fared even better, they were sold at 101.05% of their original list price.  If you are thinking about selling your Del Ray home, then now may indeed be the time to sell.

Posted in News
June 20, 2012

Old Town Alexandria And Del Ray Pools Help You Cool Down Under Hot Temps

Kids at the PoolOld Town Alexandria And Del Ray Pools Help You Cool Down Under Hot Temps

Yes, you could fry an egg on the asphalt today, but the Old Town Alexandria and Del Ray Pools have extended hours to help you stay cool.  The City of Alexandria issued an announcement earlier today:

Due to the extreme heat, the Memorial Pool, located at 901 Wythe St., will open from noon to 6 p.m., and the Warwick Pool, located at 3301 Landover St., will open from 4 p.m. to 7 p.m. on Thursday, June 21 and Friday, June 22. Admission will be free to all City residents. Memorial Pool, normally only open to residents 13 years of age and younger, will be open to all residents this Thursday and Friday. All children 12 years of age and younger must be accompanied and supervised at all times by an adult 18 years of age and over. Children under age 6 must be accompanied by an adult eighteen years and older. Children must be in proper bathing attire at all times, and within arm’s length of the adult when in the pool. Regular summer operating hours for the Old Town and Warwick Pools begin Saturday, June 23, and for the Memorial Pool on Monday, June 25.

So if the kids are bored and want to stay cool, take them out to the pool! Remember to carry plenty of water and apply the appropriate sunscreen for added protection.

Posted in News, Things To Do
June 6, 2012

Tam's Tuesday Tip for June 5 2012 - Low Downpayment Program Information

Tam's Tuesday Tip for June 5 2012 - Low Downpayment Program Information

Thank you to one of my preferred lenders, Kelly Wadsworth of Wells Fargo Home Mortgage for sharing this information!  Wells Fargo has a low downpayment program called the Community Development Mortgage Program (CDMP) that requires 2% of the sale price.

 

For more information, please see the Community Development Mortgage Program (CDMP) flyer, or contact Kelly Wadsworth at Wells Fargo Home Mortgage at 202-516-5707.

Posted in Buyers, Videos
May 1, 2012

Tam's Tuesday Tip - Say What?

Tam's Tuesday Tip - Say What?

Alexandria VA Real Estate - What did that listing agent just ask me?  If you're in the market to buy a home in Alexandria VA, then watch today's Tuesday Tip, where I answer the question.

                                    

 

Posted in Videos
April 20, 2012

Buying A Home In Alexandria VA - Here Are My Top Lenders To Help With Mortgage Approval

Buying A Home In Alexandria VA -
Here Are My Top Lenders To Help With Mortgage Approval

Before you get geared up to look at homes for sale in Alexandria VA, invest the time in meeting with a local mortgage lender to help you with your mortgage approval.  Getting approved for your mortgage will help you in a variety of ways:

  1. First, your mortgage approval will tell you exactly how much money you can spend.  And whether you know it or not, it's all tied to your credit report.  Interest rates are credit score driven, so the higher your credit score, the lower your interest rate on your mortgage.
  2. Your mortgage approval will let you know what type of financing you'll be using, and that means knowing how much you'll need for a down payment.  The 100% financing and 'no money down' mortgage programs are still available, and again, they're credit score driven.  So if you're aiming to buy a home for sale in Alexandria VA with no down payment, then a lender can tell you if you qualify.
  3. Your mortgage approval will let you know how much you'll need in closing costs.  For example, if a lender offers a no money down program, but charges a loan origination fee, then that means you'll have to pay interest up front on your mortgage, and that will be considered part of your closing costs.  You may be able to take advantage of obtaining a loan with no down payment, but doesn't mean you won't have any closing costs.
  4. You'll get a free credit report.  Getting your mortgage approval is free, and it requires a lender to pull your credit report.  If you're not quite in a position to buy a home, your lender can help you by putting together a game plan to increase your credit score so that you can take advantages of lower interest rates.

Choosing your mortgage lender is an important step in the homebuying process.  Here are my top local lenders (in no particular order):

All of these lenders offer a variety of programs to fit your financial needs.  From grants, to first-time buyer programs, to no mortgage insurance programs, to VA loans, FHA, and conventional, these lenders take the time to ask the important questions to help you finance your new home purchase.

Posted in Buyers