Tuesday, August 30, 2011

Case Shiller - National Home Prices up 3.6% in 2nd Quarter!

The Case Shiller Indices (click link for full report) indicates that home prices rose by 3.6% Nationally in the 2nd Quarter of 2011! In the Washington area the increase was 2.3% over the 1st Quarter report. This is good news, however in the year over year comparison our prices declined by -1.2%.

For the full report click the link above.

Tuesday, August 23, 2011

New Home Sales at 5 Month Low, Backlog Easing

The sales of new single-family houses fell slightly in July to a seasonally adjusted annual rate of 298,000. The U.S. Census Bureau and the Department of Housing and Urban Development issued the estimated figure on Tuesday and at the same time revised the June new-home sale rate down to 300,000 from the earlier estimate of 312,000. The July figure is a decrease of 0.7 percent from the new June number but is 6.8 percent above the July 2010 estimate of 279,000 new homes sold.

FULL STORY HERE

Thursday, August 18, 2011

Fake a divorce to buy a house?

The following article appeared in the Toronto Star! If you think we had a "BUBBLE" what is this!


Toronto’s real estate bidding wars may make acquiring a home tough. But it’s much worse in China.


There, some couples have to fake their own divorces so they can get third mortgages and bank loans to buy properties. And others are actually getting real divorces worried that a fraudulent divorce might come back to haunt them.
In other cases, real estate agents are helping couples with forged marriage licenses and documents to prove local residency and allow buyers to purchase more properties.
The strategies are all designed to thwart the Chinese government’s efforts to prevent a price bubble in the housing market. In recent months the government has taken dramatic steps to curb an ever escalating housing market, including limiting the number of properties a family can own.
Owning residential property is a relatively new phenomenon in China with the acquisition of residential property beginning only 13 years ago.
Since then house fever has gripped the nation, coinciding with surging incomes. And it’s not likely to stop since China’s five-year plan allows for an increase in incomes by an annual average of more than seven per cent.
With more money in their pockets everyone wants to invest in property. Housing sales have surged 25 per cent in the first seven months from a year earlier and prices have climbed in 67 out of 70 cities monitored by the Chinese government.


Follow link for full article

http://www.thestar.com/business/article/1040646--couples-fake-divorces-to-buy-homes-in-china


Wednesday, August 17, 2011

Visit the Rock Creek "Tree House"

Just like on TV! Take a look at this really unique home in Rock Creek Park. It can be a lot of fun to view some of the unique homes in our area, I hope you like this is much as I did.

Click below to view this unusual home:

http://www.mristv.com/2011/03/the-treehouse/

Tuesday, August 16, 2011

It's a dog's life! Just got a lot better in Northern Virginia!!



On July 11, 2011, Realty Alliance Incorporated presented a check for $3656.24 to Northern Virginia Sheltie Rescue. It was one of the largest donations Sheltie Rescue has ever received. Pictured above, left to right are Dave & Donna Martin (Donors), Barbara "Barb" Gardiner (NVSR), Caryn Humphrey (REMAX Select Prop.) and Tiffany Hine of RAI.

Realty Alliance Incorporated is a real estate referral company with a different idea. Imagine a real estate company that is dedicated to serving our communities through the funding of local charities. RAI is that company, and it lives up to its slogan laying the foundation for a better tomorrow. If you are buying or selling a home and would like to see a portion of your commission donated to your favorite charity, RAI can be reached at admin@raidonations.org, or simply call 703 – 547 – 1514.

Realty Alliance Incorporated                                  www.raidonations.org

Monday, August 15, 2011

No. Va. Real Estate statistics for July

The Real Estate market showed slight improvement in July  compared to July 2010. The Numbers are below.

Breast-Cancer Awareness Benefit & Silent Auction!

RE/MAX Select Properties will host a breast-cancer awareness benefit and silent auction on August 18 at the Broadlands Sports Bar & Grill, 42882 Turo Parrish Dr. #105, Ashburn Va. The event will be from 4 PM until 10 PM with the auction ending at 7:30 PM. There will be a five dollar cover charge and all proceeds will benefit  "Swing for the Cure".

Please come out and join the fun! There will be over 40 items in the auction including something for everyone.

Tuesday, August 9, 2011

Battlefield Parkway opens in Leesburg!!

Good by traffic! The long awaited Battlefield Parkway section between Fort Evans and Edwards Ferry Roads will occur this weekend!

Monday, August 8, 2011

Is Northern Virginia real estate the safe haven?

With today's financial turmoil, everyone is looking for a safe haven. In my opinion it is right under our nose. We have already undergone the collapse of the over-inflated housing market across the country and especially in Northern Virginia! There is every reason to believe that our prices are at their bottom and that we will see a gradual increase for the foreseeable future. Given the turmoil in the financial markets, the uncertainty of most investments and the gridlock on Capitol Hill, real estate looks pretty good! If the government does downsize, as it has done in the past, the effect on our local market has usually been nothing worse than flat.

We are in the right place at the right time!

Friday, August 5, 2011

US DEBT DOWNGRADED TO "AA" BY S&P!!!!

Friday evening S&P downgraded US rating from"AAA" to "AA" for the first time in history! Click HERE for the full S&P statement!

Financial Turmoil and Your Home!

The recent news of financial turmoil and reduction in government spending has many people on edge in this area. It is just natural that our concerns spillover into the housing market. What can we expect to happen to our home prices when we consider these potential disasters? The national housing market and our local housing market as always are not the same. Real estate markets are subject to local conditions, Location Location Location, has never been more true. Let us look at how these two events affect your home value.

The first event I will consider is the financial turmoil that is underway in the stock market. It is natural as stock markets face decline, people experience a certain level of fear for their financial condition. This will cause people to stop and think longer and harder before they make major financial decisions, and buying a home is a major financial decision. This will cause a slowing in the real estate market. It is important when making housing decisions that you evaluate all of the conditions affecting your local market. Making a panic decision to buy or sell is never in your best interest! Although this financial turmoil may have a major impact on your 401(k) program, in this area it will have a minimal impact on the value of your home. The last time the stock market began to panic, it had a major impact on our home prices, and most of that panic in the stock market was created by instability in the mortgage market, which directly affected housing. The financial conditions that are effecting today's markets are completely different. This unrest is being driven by unemployment, government cutbacks, international turmoil and basic instability in the financial sector. Our local housing market should remain stable as we are insulated from most of these problem areas.

What about government spending? To see how that affects our area we have to look at what has occurred in the past, and what naturally occurs in bureaucracies when they downsize. In general, our area consists of managers in both the federal sector and the government contractors, which surround the Beltway. The majority of the unemployment that will come naturally because of this downsizing will occur in the outlying areas not in the Washington area. This is been proven over and over again whenever we entered one of these reductions in force as they are commonly referred to. We will experience a slowdown caused by our indecision and fear, however  the long-term outlook for the Washington area and Northern Virginia in particular remain positive. We should not see any appreciable reductions in our housing prices in the near future, and will see a gradual rise over the next few years.