Here is a quick list of some of the most important news items and industry observations from the past month. Each of these could have a profound affect on real estate and decisions you might make regarding your real estate situation.
Jeff Barnett wins the Democratic Nomination for US Congress for the 10th District of Virginia - That would be our district. His number one issue is real estate and he has a plan that is pro-consumers vs. pro-banks. That is a welcome change from the current office holder who held a short sale meeting in Loudoun County last summer and proceeded to parade a bunch of bankers across the stage that gave lip service to the concerned real estate professionals regarding the short sale market. Our concerns were realized and the banks continue to make billions while only helping a select few. And it didn't help that Congressman Wolf paid little to no attention during the town hall style meeting.
Inventories are starting to grow - As of today there were almost 1200 active listings in Loudoun County. This compares to only 815 at the beginning of March. This will dampen any price increases for the foreseeable future. Also, there still remains a shadow inventory that banks refuse to release.
The tax credit will end for most people on April 30th. It was extended for an additional year for certain members of the military, foreign services and intelligence communities.
Rebates are available for all real estate transactions in the United States (not just Loudoun County) through the VIP Cashback Program.
Short sales continue to present the best buying opportunities. I have recently worked with 3 purchasers and all bought short sales. Two were approved in under 45 days and at prices $15,000 - $20,000 below appraised values.
On a side note, my real estate company website, Complete Home, is currently being redone with a new theme. It is a work in progress but should be a great resource for buyers and sellers once it is completed.
