I hope everyone is doing well. There have been some interesting developments in the financial and housing markets here in the area. My collegue, Mike Farrell, summarizes the recent changes below. Please don't hesitate to contact me regarding questions that you may have. The market here in Northern Virginia is selling. Prices have come down; however, the affordability index is excellent. The market is no longer a local Buyer's market...multiple offers are common place. Competition is fierce for well priced properties...Let me know if you are interested in additional market information...
Excerpt from Mike Farrell's recent update on Feb 16, 2009:
Mortgage rates are still at an all time low and it is still a great time to buy a home.
Busy month for the Capalbo Team! Houses are selling and quickly! Interest rates are down at incredible levels. First time home buyers are out in numbers taking advantage of distressed inventory, great deals and great interest rates. Inventory is actually down. And finding a home is not necessarily easy. If you need to move quickly, start looking now. The inventory is low and in some areas, we are seeing multiple offers and competitive bidding for homes. On the other side of the coin, economic data is pointing to a continued downturn in the economy. Unemployment is rising, consumer confidence is falling. We are seeing and helping families that are in need of assistance and advice on how to cope with these difficult times. If you or…
The Presidential Election has been extremely passionate this year. Controversy, emotions, and varied opinions have been highlighted by the media for the past year. Concerns over the stock market, housing, foreign affairs and taxes have been brought to the forefront by these elections. In truth, I can't remember an election where I have been bombarded with so many auto-dialed messages and polling. Whether you are a Democrat, Republican, Independent or other party it is amazing to have the freedom and the opportunity to express your views, emotions, and concerns about our government. I am proud that we can vote and choose our own government. I hope that you had the opportunity to express your views and get out the vote.
October is here! It is a time for football, Oktoberfest, Halloween and lots of leaves. My family is doing quite well. My knee continues to heal and we are counting down the days until the triplets get their driver’s permits. Thanks for all the advice, prayers and good wishes. I truly hope all is well with you and yours. Please keep me posted and up to date with your family happenings. I would love to hear from you.
There is tremendous turmoil and uncertainty in today’s markets. The Federal Government has passed a bailout plan that is unprecedented. Many families are facing financial crisis and are concerned about what the future holds. My team has been instrumental in helping families through hard times, and advising others on
Have you ever noticed that everyone seems happy in a Seller’s Market and miserable in a Buyer’s Market? In a Seller’s market there is a rush and a euphoric atmosphere. Sellers are thrilled with the value of their home. Buyers are overjoyed when they are the winning bid on a home. Caution is thrown to the wind. Basic principles and fundamentals are often overlooked. Buyers stretch beyond their means anticipating continued price appreciation, and investors buy anything they can.
In a buyers market we find the opposite. Many sellers truly can’t sell their homes. They may owe far more than the current market value of the home. Perhaps, they feel angry or that they are “giving their house away.” Short sales and foreclosures increase and pull down market
The current Manassas Real Estate market is challenging and it's hard to know whether it's time to buy, sell, or hold your property. There are large numbers of homes in foreclosure and property values are under pressure. We've experienced at least a 20% decline in property values since 2006, and we continue to experience price uncertainty. Many homeowners and investors are asking some tough questions
What's happening in this market?
How long will it last?
What is this Financial Crisis or Credit Crunch and how does it impact me?
How is this market and the Financial Crisis impacting my property values?
Is it time to unload my property and SELL NOW?
Is it time to look for other investments, elsewhere?
Here’s wishing everyone a prosperous 2008. 2007 was yet another volatile year for Northern Virginia real estate. Foreclosures and pre-foreclosure inventory has soared and continues to rise. I anticipate additional foreclosure activity as adjustable rate mortgages reset in record numbers.
Western Prince William County experienced record growth in 2005 and 2006, many of these homeowners purchased these homes with adjustable rate mortgage products. As these mortgages adjust and reset, many homeowners are finding themselves unable to afford the increased payment. They may be unable to sell through normal channels due to the decline in market values. Pre-foreclosure options may include loan refinancing, loan renegotiation, or short sale possibilities.
Would you like to pay off your mortgage and be debt free? What would you do if you didn't have a monthly mortgage payment? How much disposable income would be available without this debt? Are you concerned that your monthly mortgage payment will adjust in the future? These are some of the questions facing homeowners today. The answers are not always clear and will vary from situation to situation.
I have some great ideas and tips that can help you pay off your mortgage faster and help with your family’s budget. Small adjustments in how you pay your mortgage can make a huge difference. Changes in attitudes can also help achieve financial independence. Please give me a call or shoot me an email. I'll be happy to talk to you about your current housing