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Written by Cook and Zook Team
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Thursday, 15 April 2010 |
The Washington area housing market is in the early phases of the recovery cycle:
- Prices continue to show signs of a moderate recovery: 1st quarter prices in the metro are up from the same quarter in 2009, with the Outer jurisdictions (Loudoun, Prince William and Frederick Counties) outperforming the Core and Inner jurisdictions. Prices will likely gain traction throughout 2010, as buyer and seller expectations continue to move closer to a balance, facilitating an increase in transaction volume. This is the second consecutive quarter prices have risen on a trailing 12-month basis, representing the first increases seen since the 4th quarter of 2007.
- Days on market continue to decline compared to both last quarter and a year ago. Properties in the Outer jurisdictions have experienced the sharpest decline, but across the region, time on market is very close to or below the region’s long-term average.
- The ratio of inventory to sales continues to decline in most jurisdictions from one year ago. The metro-wide ratio of 5.7 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
- The gap between buyer and seller demands is closing with the average sales price in the 1st quarter of 2010 at 93.8% of list price, the highest ratio in more than two years.
Source: www.nvar.com/marketstatistics/quarterlytrends
Click Here for a more in-depth look at the Metropolitan Regional Information Systems "Trends in Housing" Report
In additional to local real estate, the National Association of Realtors releases statistics on state-by-state existing-home sales and metropolitan area median home prices each quarter. The state existing-home sales report includes single-family houses, condos and co-ops. The price report reflects sales prices of existing single-family homes by metropolitan statistical area (MSA). Beginning on February 15, 2005, this quarterly report includes a breakdown of condo and co-op prices by metro market.
1st Quarter 2010 Existing Home Sales by State
1st Quarter 2010 Single-Family Metropolitan Area Home Sales
1st Quarter 2010 Condo/Co-op Metropolitan Area Home Sales
Related Article: Home Prices Rising in More Metro Areas, First Quarter Sales Up From a Year Ago
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Written by Jeff Detwiler, President of Long and Foster
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Thursday, 25 March 2010 |
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As I have been traveling around and meeting with many of our Sales Associates and team members, we have been talking a lot about the current state of our industry and in particular, the Housing Affordability Index. I wanted to share some insight and help explain what the index is and why it is important – particularly right now. You have no doubt seen or heard the press mention that the ‘Affordability’ index is at or near record levels. The NAR’s Housing Affordability Index (HAI) rose to the range of 160-170 this year, setting record high levels.
The NAR Housing Affordability Index – What is It?
Essentially, the index is a measure of the financial ability of U.S. families to buy a house. In the simplest terms, an index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment. 
The NAR Housing Affordability Index – Trending Higher
The current index at the end of 2009 stood at 171.6 and that is 56 points above where it was at the end of 2007! What this shows is that the relationship between home prices, mortgage interest rates and family income is very favorable right now. The NAR has said that it is the most favorable since tracking began in 1970!
The Impact of Mortgage Rates
While pricing is obviously important, mortgage rates drive a significant piece of the affordability puzzle. It’s important to keep in mind that for every increase of 100 basis points (or 1% in rate); the monthly payment goes up about $63 per month for each $100,000 borrowed. Over the life of a 30-year loan, that can add up quickly - to $22,680 for each $100k borrowed.
With everything we have seen in the marketplace, this may well go down as one of the best buying opportunities in decades. It’s our job to get that message out there for potential buyers and sellers looking to move up! |
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Written by Patrick Powers
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Monday, 22 February 2010 |
Hurwitz James Company
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What makes a home safe? These days most would say a home security system by Brinks Home Security or ADT Home Security would suffice. But if your home was designed by Al V. Corbi, he would make your typical security system look like child's play. Al V. Corbi is a well known authority in residential and yacht security. In 2002 he designed and built what might be the safest home in the world. Located on top a hill in Los Angeles, the 8,000 square foot home boasts 32 rooms on five levels and a 6 car garage. Like a guard tower, the home has a 360 degree view of its surroundings.
A few of the home's highlights are two separate panic rooms, two architecturally invisible "safe cores," a complete exterior surveillance system, a gourmet kitchen with granite counter tops and commercial grade appliances, two offices, a wine cellar and a home theater. The safe cores are areas of the house that allow the occupants to retreat to a completely isolated location in the house that can withstand intruders, natural disasters, and a nuclear blast. Corbi did not want to get into too many specifics about his security for obvious reasons. He will leave those secrets for himself and the next home owner. If you enjoy this type of high level security as well as a high level of sophistication in your life, a home like this will only cost you $7.25 million.
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Written by Janet Amendola
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Wednesday, 17 February 2010 |
 In today’s volatile economy, it’s very difficult to predict what will happen in the housing market. With never ending changes in the lending industry, and short sales and foreclosures at an all time high, many buyers and sellers are uncertain of where home values are going.
That doesn't mean consumers shouldn't invest money into a home, rather that they must be conscientious when making home improvements to ensure money spent will provide a good return on investment when it's time to sell.
One of today's top trends in home improvements is the addition or renovation of hardwood floors. As with many decor trends, fads change and go out of style before a project can even be completed. However, hardwood flooring offers a timeless and classic design that will stand the test of time. Consumers have a wide array of choices when it comes to hardwood flooring, including which rooms to install it in, the various types of hardwoods to choose from, and even accents and custom designs.
Home decorators and designers will be the first to tell you that hardwood flooring offers ageless elegance and style to any living area.
We’ve Come A Long Way, Baby! (In refinishing floors that is….)
If you already have hardwood floors but they are in less than great shape, you may shutter at the prospect of refinishing them because of the huge mess that it creates. Well, think again!!
Sanding and finishing hardwood floors is typically a messy process that leaves dust in your home for weeks! Now, with the Bona Atomic Dust Containment System from BonaKemi, dust during resurfacing is virtually eliminated. Utilizing powerful vacuum systems attached to all sanding equipment, this state of the art technology will virtually eliminate the airborne dust that could otherwise settle back down into the finish. Not to mention, this system also provides a healthier environment for flooring employees and family members. The system contains 98% of the carcinogenic wood dust created by the sanding process. Who knew that even the flooring industry would one day “Go Green”?!
So I guess the answer in many cases is………To Hardwood!!
BonaKemi DCS Information provided by Thadson Flooring, a Cook & Zook preferred vendor.
Thadson Flooring
4394 Henninger Court, Ste M
Chantilly, Va. 20151
703-817-0382
www.thadsonflooring.com
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Written by Lauren Riddiough Clement
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Wednesday, 17 February 2010 |
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 No matter how large or small your decorating budget, careful planning is the best present you can give your home.
It’s easy to be overwhelmed at the thought of a complete decorating makeover. Proper pre-planning will help you bring things into focus and give you a specific priority list. By making a written long range decorating plan, your makeover project will go from dull to dazzling over the course of time.
On a budget? There are plenty of major changes you can make with little effort and expense. Wallcovering is one way you can achieve a maximum affect on a budget – as is paint.
Window treatments always add an air of sophistication to any room. If you long for a beautifully designed window treatment, but can’t afford it just yet, why not create it in stages or layers. Start with an under treatment that works well by itself. Later you can combine your under treatment with over drapery and even a cleverly designed top treatment for a luxurious, layered effect. Once the foundation is in place, your room will already look better, and it will be easy to add the perfect finishing touches when your decorating budget allows.
Whether you’re just sprucing up a little or undertaking a major redecorating project, the key to success on any budget is planning.
Lauren Riddiough Clement
INTERIORS by Decorating Den
Owner/Decorator
p. 703.771.2238
f. 703.771.7899
c. 571.330.6353
www.decdens.com/lriddiough
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© 2008 Cook and Zook Team. All Rights Reserved.