Absorption Rate – November 2012

by Nouman Mirza

The days are short, the weather is cold and the cheery holiday atmosphere is in the air! As we come to an end of the air, we must look at the housing market as well! Like all winter seasons, this one has similarities that show that the winter is here.  The inventory has gotten low and with the low interest rates, the market is showing signs of a seller’s market in most areas. However, the average absorption rate for the Northern Virginia is at 5.7 months, which is considered a “normal market.”

As always, I calculate the absorption rate for the DC Metro Area. These numbers are the calculation of the supply and demand of real estate inventory. So, what do these numbers mean? Typically, if absorption rate is 5-7 months, it is considered “normal market.” If it’s below 5, it’s a “sellers market” and if it’s above 7, then it’s a “buyers market.”  The percentage indicates how the market has improved (↑) or declined (↓) compared to last month.

Absorption rate is calculated by dividing the total number of active and pending listings by the number of homes sold in a month. The resulting answer let’s us know how many months it will take to sell the entire inventory of homes. I love numbers and have started to calculate the absorption rate for the , more specifically, I will be focusing on Northern Virginia since that’s my area of expertise and state of licensure.

The numbers used for my calculations are from MRIS MLS and are deemed reliable but not guaranteed. Remember, real estate is local so here are the absorption rates for last month in Northern Virginia:

City of Alexandria – 3.4 mos (↑42.5%)
Arlington County – 2.7 mos (↑29.1%)
Clarke County – 8.3 mos (↓30.8%)
Fairfax County – 3.6 mos (↑28.6%)
City of Fairfax – 5.8 mos (↓26.5%)
City of Falls Church – 2.0 mos (↑73.1%)
Fauqier County – 7.1 mos (↑8.3%)
Frederick County – 6.8 mos (↑4.0%)		 City of Fredericksburg – 10.6 mos (↓22.7%)
Loudoun County – 4.8 mos (↑19.6%)
City of Manassas – 3.6 mos (↑5.3%)
City of Manassas Park – 3.4 mos (↑187.3%)
Prince William County – 4.5 mos (↑8.6%)
Spotsylvania County – 5.7 months (↑15.2%)
Stafford County – 7.3 mos (↓9.7%)
Warren County – 11.2 mos (↓9.4%)

So if you’re a seller and want expert advise to list your home or a buyer and want to roam around to find your next home, call me today at 703-577-4320!

Change Your Clocks!

by Nouman Mirza

Remember that it’s time to “fall back!” If you forgot to reset your clocks yesterday before going to bed, be sure to set it back 1 hour now.  Also use this extra hour you gained and follow some of these tips to make sure you and your family are safe!

“Fall Back!”

by Nouman Mirza

It’s that time of the year again! Daylight Saving Time will officially end on Sunday.  This means that most people in the U.S. will turn their clocks back one hour from 2 a.m. to 1 a.m on Sunday, November 4, 2012.

Since we set our clocks back every fall, it’s a good time to do a few things around the house at the same time to ensure the safety of your family.

Make sure to take care of the following household tasks on Sunday:

What You Need to Know About Filing Insurance Claims

by Nouman Mirza
Hurricane Sandy at peak intensity on October 25, 2012

Hurricane Sandy at peak intensity on October 25, 2012

Last week has been a busy week for everyone! Hurricane Sandy took a devastating tool on the east coast. Many were affected by the storms and lots of homes were damaged. Remember, claims are processed on a first-come, first-served basis, the high volume of claims is sure to delay payments significantly. So, if your home was in the devastating path of Sandy, here are some tips to help you in filing your insurance claim!

Maintain an inventory of household items.
Receiving a fair payout for damage to one’s home and belongings begins by making a list of what you own, particularly the more expensive items, including what they cost, even if it’s only an estimate. Taking photos or shooting video while you describe the items and how much you paid for them works too. And, if possible, take digital photos and video, which you can store online on websites like Flickr and Picasa. That way, you can access them in the event your computer is damaged.

If you have receipts saved for your more valuable items, take photos of those, as well.  Continue reading →

Absorption Rates – October 2012

by Nouman Mirza

The weather has started to get cooler and there are a lot things happening with the market!  Fall is here and pretty soon we’ll be all busy with holiday festivities.  There has been significant change from last month, October’s market continues to show a balance between supply and demand.  The average absorption rate for the Northern Virginia was 6.0 months, which is considered a “normal market.”  However, some areas were still a sellers market while others continue to remain a buyers market.

As always, I calculate the absorption rate for the DC Metro Area. These numbers are the calculation of the supply and demand of real estate inventory. So, what do these numbers mean? Typically, if absorption rate is 5-7 months, it is considered “normal market.” If it’s below 5, it’s a “sellers market” and if it’s above 7, then it’s a “buyers market.”  The percentage indicates how the market has improved (↑) or declined (↓) compared to last month.

Absorption rate is calculated by dividing the total number of active and pending listings by the number of homes sold in a month. The resulting answer let’s us know how many months it will take to sell the entire inventory of homes. I love numbers and have started to calculate the absorption rate for the , more specifically, I will be focusing on Northern Virginia since that’s my area of expertise and state of licensure.

The numbers used for my calculations are from MRIS MLS and are deemed reliable but not guaranteed. Remember, real estate is local so here are the absorption rates for last month in Northern Virginia:

City of Alexandria – 4.9 mos (↑6.5%)
Arlington County – 3.5 mos (↑21.9%)
Clarke County – 5.7 mos (↑106.0%)
Fairfax County – 4.6 mos (↑9.5%)
City of Fairfax – 4.3 mos (↑13.7%)
City of Falls Church – 3.5 mos (↓26.2%)
Fauqier County – 7.7 mos (↑22.3%)
Frederick County – 7.0 mos (↑40.5%)		 City of Fredericksburg – 8.2 mos (↑20.8%)
Loudoun County – 5.7 mos (↑6.4%)
City of Manassas – 3.8 mos (↑85.6%)
City of Manassas Park – 9.6 mos (↓64.7%)
Prince William County – 4.9 mos (↑13.7%)
Spotsylvania County – 6.6 months (↑18.0%)
Stafford County – 6.6 mos (↑0.3%)
Warren County – 10.2 mos (↑10.3%)

So if you’re a seller and want expert advise to list your home or a buyer and want to roam around to find your next home, call me today at 703-577-4320!

Absorption Rates – September 2012

by Nouman Mirza

The leaves are changing colors and the weather is getting crisp.  This is a sure sign that fall is here and the market will start getting cooler along with the weather.  Nothing major has changed from last month, September’s market continues to show a balance between supply and demand.  The average absorption rate for the Northern Virginia was 6.9 months, which is considered a “normal market.”  However, some areas were still a sellers market while others continue to remain a buyers market.

As always, I calculate the absorption rate for the DC Metro Area. These numbers are the calculation of the supply and demand of real estate inventory. So, what do these numbers mean? Typically, if absorption rate is 5-7 months, it is considered “normal market.” If it’s below 5, it’s a “sellers market” and if it’s above 7, then it’s a “buyers market.”  The percentage indicates how the market has improved (↑) or declined (↓) compared to last month.

Absorption rate is calculated by dividing the total number of active and pending listings by the number of homes sold in a month. The resulting answer let’s us know how many months it will take to sell the entire inventory of homes. I love numbers and have started to calculate the absorption rate for the , more specifically, I will be focusing on Northern Virginia since that’s my area of expertise and state of licensure.

The numbers used for my calculations are from MRIS MLS and are deemed reliable but not guaranteed. Remember, real estate is local so here are the absorption rates for last month in Northern Virginia:

City of Alexandria – 5.2 mos (↓27.8%)
Arlington County – 4.3 mos (↓23.6%)
Clarke County – 11.8 mos (↑1.8%)
Fairfax County – 5.1 mos (↓31.4%)
City of Fairfax – 4.9 mos (↓13.4%)
City of Falls Church – 2.5 mos (↑4.2%)
Fauqier County – 9.5 mos (↓19.2%)
Frederick County – 9.9 mos (↓30.3%)		 City of Fredericksburg – 9.9 mos (↓36.7%)
Loudoun County – 6.1 mos (↓19.0%)
City of Manassas – 7.0 mos (↓53.4%)
City of Manassas Park – 3.4 mos (↑17.6%)
Prince William County – 5.5 mos (↓25.9%)
Spotsylvania County – 7.8 months (↓8.3%)
Stafford County – 6.6 mos (↓3.1%)
Warren County – 11.2 mos (↓18.2%)

So if you’re a seller and want expert advise to list your home or a buyer and want to roam around to find your next home, call me today at 703-577-4320!