Awesome Northern Virginia Real Estate Snapshot - July 2010.mpg

Hey guys, Rot Ouy here for another NOVA Real Estate Update. For July, we have a few interesting stats and trends to talk about. Obviously, the initial tax credit deadline ended on June 30th, so it'll be intriguing to see how that affects the numbers over the next few months.

In last month's report, we talked about the importance of days on market. DOM is down 38% from a year ago this time, but up 10% from last month. So homes have stayed on the market a little bit longer than in previous months.

It's a modest gain, and it's tough to really assess this number month to month, but if we start to see consistent gains over the next few months, than that could be an indicator that the market is beginning to equally balance again between buyer and seller.

Again, sellers, with these low interest rates, and number of buyers in the market, it's a good time to consider selling even if you're in a potential short sale situation. To help assess your current selling dynamic, feel free to contact us at info@ajteamrealty.com

Buyers and sellers alike, should be interested in the financial makeup of the market. As buyers, you need to know who your competition is... and as sellers, you want to know what the financial profile is for folks looking at your home.

My partner, Allen, touched on the financial buyer makeup for Prince William and I thought it would be cool to touch on the NOVA makeup. We've found that they're suprisingly different.

June saw 55% of homes purchased financed using a conventional loan, 33% using a government insured loan, and 10% were all cash transactions.

Here's a stat worth noting. 203 homes were purchased using a VA loan. A VA loan is 100% financing. It's a no money down product available to veterans and active duty of our military.

In contrast, there were 212 All Cash Transactions last month.

It's quite fascinating when you think about it, that there were more all cash purchases, than no money down purchases, especially considering the doom and gloom we hear so often about our economy and markets today.

This is even further proof that every market is highly localized.

Buyers, rates are still low, junder 4.5% in many cases, and good deals are still available, but it's still all about timing.

Thanks for joining us this month.

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• market update
• market snapshot
• prince william real estate
• fairfax real estate