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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!

Why You Should Use Local Lenders?

by Nouman Mirza

When most of you are ready to buy a home, you begin by searching online. There are hundreds of website that provide you with little to lots of information.  A lot of these sites are generic sites that also affiliate with various lenders and offer advertising slots.  It is a common understanding that most people need a loan when buying a house.  When choosing a lender, it is extremely important that you use a local lender.

Here is some of the reasons why you should use a local lender:

  1. You can meet local lender face to face. Meeting with someone face to face doesn’t just establish a relationship but also makes people more sympathetic towards each other. When things go wrong or need more clarification, the loan officer can “care” for you and your family and will know how it effects you.  When you use an “online lender” you’re nothing but a number to them and will receive less care when things need extra attention.
  2. They have knowledge of the local market. A local lender will know what special programs may be available in certain areas. The will also know local market conditions and will try to figure out a customized solution for you after they’ve reviewed all documentations. A “online lender” will only look at your numbers and give you an “approval” or “denial” letter based on the documents without understanding the reasons behind them.
  3. They have relationships. Most Realtors® know 2 or 3 local lenders that they are actively working with. This creates an advantage because the loan officer knows that providing poor service will hurt their future referrals from that agent and possibly even their company. So don’t be afraid to ask your Realtor for a recommendation.

Local lenders have a vested interest in keeping everyone happy.  They know that if they screw up a relationship with a buyer, seller, Realtor® or settlement agent, they will hurt their chances of future business from their local market.

So if you’re ready to embark on a journey and find local experts, give me at call at 703-577-4320.

Absorption Rates – August 2012

by Nouman Mirza

School has started and most people are almost done moving.  As I had predicted last month, August’s market showed a balance between supply and demand.  The average absorption rate for the Northern Virginia was 5.6 months, which is considered a “normal market.”  However, some areas were still a seller’s 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 – 3.8 mos (↓9.1%)
Arlington County – 3.3 mos (↑6.6%)
Clarke County – 12.0 mos (↓9.1%)
Fairfax County – 3.5 mos (↑17.2%)
City of Fairfax – 4.2 mos (↓14.8%)
City of Falls Church – 2.7 mos (↑15.1%)
Fauqier County – 7.6 mos (↑2.4%)
Frederick County – 6.9 mos (↑25.7%)		 City of Fredericksburg – 6.3 mos (↑70.6%)
Loudoun County – 4.9 mos (↓0.5%)
City of Manassas – 3.2 mos (↑39.3%)
City of Manassas Park – 4.0 mos (↑73.1%)
Prince William County – 4.1 mos (↑26.7%)
Spotsylvania County – 7.1 months (↑4.3%)
Stafford County – 6.4 mos (↓2.9%)
Warren County – 9.2 mos (↑15.8%)

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!

Happy Labor Day!

by Nouman Mirza

Labor day weekend is here. Whether it’s one last barbeque, dive into the pool or parade; it’s time to say good bye to summer! If you have nothing to do, click here for a list of labor day events in the DC region.  Have a great labor day weekend!