When
considering real estate in Alexandria VA, there are 5 important things to
consider. Foremost is location. The other four things are directly connected
to the nature of the economy and real estate market. As a real estate professional, I’ve summarized
those points for you in this short article.
When
thinking Alexandria
real estate there are certain things that you need to watch and be informed
about.
1. Location, location, location
The famous phrase is well familiar to almost anyone in the world. The majority
of Alexandria Virginia home owners and potential purchasers prefer properties
that are near reputable schools, provide easy commute and offer features that
are necessity to the nowadays human being – garage space(s), more closet space,
contemporary look and layout.
2. Practical is in demand
The slow Alexandria economy is influencing
home design. Surveys show that more home owners are favoring smaller spaces
that are often less expensive to maintain. There is also an increased demand
for flexible informal layouts, more practicality throughout the home. There has
been a drop in upscale property enhancements. At the same time businesses
finally improving at residential architecture firms, with quarterly billings
increase for the first time since 2007.
3. Fannie Mae takes aim at strategic defaults
Alexandria VA borrowers with a Fannie Mae-backed
mortgage who engage in a strategic default will not be eligible for another
Fannie Mae-backed loan for seven years. Fannie will also seek deficiency
judgments against borrowers if allowed by state law. Strategic defaults are
defaults by borrowers who have the capacity to pay but don’t, or who don’t
complete a workout alternative in good faith.
4. How much “shadow inventory” is out there?
About 2.4 million properties are considered part of the shadow inventory
nationwide, according to NAR. Not counted are delinquent properties whose
owners are trying to modify their mortgage or delinquent properties that are
already on the market as short sales or foreclosure sales. On the positive side,
banks are releasing inventory methodically rather than dumping them at once,
which can result in depressed Alexandria home
prices.
5. Alexandria
Jumbo loans more available
A year ago, even the most creditworthy borrowers in Alexandria VA
struggled to secure home loans of more than $729,500(Jumbo Loans). Those loans
are backed by Fannie Mae and Freddie Mac. But since this spring, the
interest-rate spread between conforming and jumbo loans has narrowed and the
numbers of lenders offering the loans has jumped. As of late July, 2010,
lenders were offering jumbo loans at about 5.5% compared to 7% a year earlier.
NAR chief economist Lawrence Yun said that sales of homes priced at $750,000 or
higher jumped 30 percent from mid-2009 nationwide.
Alex Pachedzhiev with Realty USA has earned the nationally recognized Short Sales and Foreclosure Resource Certification. The National Association of Realtors offers the SFR certification to real estate professionals who want to help both buyers and sellers navigate these complicated transactions, as demand for professional expertise with distressed sales grows.
Alex is a specialist in representing first-time home buyers and buyers pursuing bank owned properties (REO deals). He holds an ABR professional designation, the benchmark of excellence in representing buyer clients.
