Let’s take a look at the real estate market in Prince William County. Currently there are 1169 sales pending in the market overall, leaving 1519 listings still for sale. The resulting pending ratio is 43.5% (1,169 divided by 2,688). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 232 listings. The average list price (or asking price) for all properties in this market is $326,585.
A total of 2580 contracts have closed in the last 6 months with an average sold price of $284,853. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 277 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 40 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $284,853 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $257,014 with an average DOM of 60 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
www.ChrisColgan.com
703-485-1435
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.
Monday, February 14, 2011
Saturday, February 12, 2011
Wednesday, February 9, 2011
What You Need to Know About Your House, Your Mortgage and Taxes
D I V O R C E:
What You Need to Know About Your House, Your Mortgage and Taxes
How to Avoid Costly Housing Mistakes in the Midst of a Divorce
Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decision are easier. Neutral third-party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security or unpleasant memories? Do you want to minimize change by staying where you are or sell your home and move to a new place that offers a new start?
Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or, is it better to sell and buy? How much house can you buy on your new budget?
The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.
“Once you know how a divorce affects your home, mortgage and taxes, critical decisions are easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.”
4 OPTIONS
You have 4 basic housing options when in the midst of a divorce:
1. Sell the house now and divide up the proceeds.
2. Buy out your spouse.
3. Have your spouse buy you out.
4. Retain your ownership.
It’s important for you to understand the financial implications of each of these scenarios.
1. Sell the House Now and Divide Up the Proceeds – Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be – i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment and the legislative property laws in your area.
2. Buy Out Your Spouse – If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.
3. Have Your Spouse Buy You Out - If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket. However, be aware that if the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.
4. Retain Joint Ownership – Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.
When You Decide to Sell
If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.
When You Buy Your Next Home
Use the proceeds from your previous home or buyout to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.
What You Need to Know About Your House, Your Mortgage and Taxes
How to Avoid Costly Housing Mistakes in the Midst of a Divorce
Divorce is a tough situation which opens up many emotional and financial issues to be solved. One of the most important decisions is what to do about the house.
In the midst of the heavy emotional and financial turmoil, what you need most is some non-emotional, straightforward, specific answers. Once you know how a divorce affects your home, your mortgage and taxes, critical decision are easier. Neutral third-party information can help you make logical, rather than emotional, decisions.
Probably the first decision is whether you want to continue living in the house. Will the familiar surroundings bring you comfort and emotional security or unpleasant memories? Do you want to minimize change by staying where you are or sell your home and move to a new place that offers a new start?
Only you can answer these questions, but there will almost certainly be some financial repercussions to your decision process. What can you afford? Can you manage the old house on your new budget? Is refinancing possible? Or, is it better to sell and buy? How much house can you buy on your new budget?
The purpose of this report is to help you ask the right questions so you can make informed decisions that will be right for your situation.
“Once you know how a divorce affects your home, mortgage and taxes, critical decisions are easier. Neutral, third-party information can help you make logical, rather than emotional, decisions.”
4 OPTIONS
You have 4 basic housing options when in the midst of a divorce:
1. Sell the house now and divide up the proceeds.
2. Buy out your spouse.
3. Have your spouse buy you out.
4. Retain your ownership.
It’s important for you to understand the financial implications of each of these scenarios.
1. Sell the House Now and Divide Up the Proceeds – Your primary consideration under these circumstances is to maximize your home’s selling price. We can help you avoid the common mistakes most homeowners make which compromise this outcome. As you work to get your financial affairs in order, make sure you understand what your net proceeds will be – i.e. after selling expenses, and after determining what your split of the proceeds will be. Note that the split may not be 50/50, but rather may depend on the divorce settlement, the source of the original down payment and the legislative property laws in your area.
2. Buy Out Your Spouse – If you intend to keep the house yourself, you’ll have to determine how you’ll continue to meet your monthly financial obligations if you now only have one salary. If you used two incomes to qualify for the old loan, refinancing on your own might be a challenge.
3. Have Your Spouse Buy You Out - If you are the one who is leaving, you have the opportunity to start again in new surroundings with cash in your pocket. However, be aware that if the old home loan is not refinanced, most lenders will consider both you and your spouse as original co-signers to be liable for the mortgage. This liability may make qualifying for a new mortgage difficult for you if you decide to purchase a home, even though you won’t have legal ownership.
4. Retain Joint Ownership – Some divorcing couples postpone a financial decision with respect to the home and retain joint ownership for a period of time even though only one spouse lives there. While this temporary situation means you have no immediate worries in this regard, keep your eye on tax considerations which may change from the time of your divorce to the time of the ultimate sale.
When You Decide to Sell
If you and your spouse decide to sell your home, it will be important to work together through a professional to maximize your return. Differences aside, you both should be present when a listing contract is put together. Both of you should understand and sign this contract, and both should be active in the ultimate negotiations.
When You Buy Your Next Home
Use the proceeds from your previous home or buyout to determine an affordable price range for your next home. Maintain a clear focus on getting the right home to suit your new situation. You may wish to review with an agent who offers a house-hunting service to help find a home that matches your new home-buying criteria.
Monday, February 7, 2011
Prince William County Real Estate Market Update for February 7th 2011
Let’s take a look at the real estate market in Prince William County. Currently there are 1117 sales pending in the market overall, leaving 1532 listings still for sale. The resulting pending ratio is 42.2% (1,117 divided by 2,649). So you might be asking yourself, that's great... but what exactly does it mean? I'm glad you asked!
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 242 listings. The average list price (or asking price) for all properties in this market is $321,182.
A total of 2609 contracts have closed in the last 6 months with an average sold price of $285,368. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 293 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 41 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $285,368 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $261,409 with an average DOM of 59 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Typically, a pending ratio indicates the supply and demand of the market. Specifically, a high ratio means that listings are in demand and quickly going to contract. Alternatively, a low ratio means there are not enough qualified buyers for the existing supply.
Taking a closer look, we notice that the $150K - $200K price range has a relatively large number of contracts pending sale. We also notice that the $0K - $50K price range has a relatively large inventory of properties for sale at 242 listings. The average list price (or asking price) for all properties in this market is $321,182.
A total of 2609 contracts have closed in the last 6 months with an average sold price of $285,368. Breaking it down, we notice that the $200K -$250K price range contains the highest number of sold listings. Alternatively, a total of 293 listings have expired in that same period of time. Listings may expire for many reasons such as being priced too high, having been inadequately marketed, the property was in poor condition, or perhaps the owner had second thoughts about selling at this particular time. The $150K - $200K price range has the highest number of expired listings at 41 properties.
You might be wondering why average days on market (DOM) is important.
This is a useful measurement because it can help us to determine whether we are in a buyer's market (indicated by high DOM), or a seller's market (indicated by low DOM). Active listings, or properties for sale, have been on the market for an average of 120 days.
Analysis of sold properties for the last six months reveals an average sold price of $285,368 and 47 days on market. Notice that properties in the $50K - $100K price range have sold quickest over the last six months. The average sold price for the last 30 days was $261,409 with an average DOM of 59 days.
Since the recent DOM is greater than the average DOM for the last 6 months, it is a negative indicator for demand. It is always important to realize that real estate markets can fluctuate due to many factors, including shifting interest rates, the economy, or seasonal changes.
''The average list-to-sales ratio for Prince William County is 98.8%.''
Ratios are simple ways to express the difference between two values such as list price and sold price. In our case, we typically use the list-to-sale ratio to determine the percentage of the final list price that the buyer ultimately paid. It is a very common method to help buyers decide how much to offer on a property.
Analysis of the absorption rate indicates an inventory of 3.5 months based on the last 6 months of sales. This estimate is often used to determine how long it would take to sell off the current inventory of listings if all conditions remained the same. It is significant to mention that this estimate does not take into consideration any additional properties that will come on the market in the future.
Prince William county is located in Northern Virginia. The estimated population for 2009 was around 400,000 people. According to the Census Bureau Prince William County has 348 Square miles. Main area/cites of Prince William County are Manassas, Manassas Park, Woodbridge, Gainesville, Haymarket, Bristow, and Dale City.
To search homes for sale in Prince William County visit www.PrinceWilliamCountyHomeFinder.com
Chris Colgan
Re/max Regency
703-485-1435
Chris Colgan has lived in Northern Virginia all his life. His Grandfather, Senator Charles Colgan, got him interested in real estate in 2003. By age 21 Chris was ready to try real estate and in August 2003 he became a full time agent. Chris developed a passion for every aspect of real estate and yearned to know as much as he could about the industry. He used the knowledge that he acquired to empower those within the real estate network as well as the clients during the home buying and selling process. Motivated also by the urge to provide value-added life experiences and promote home ownership across the NOVA community, Chris set his goals high from the start and never let down.Have a great week!
Chris
Thursday, February 3, 2011
Victims of Foreclosure Related Fraud Might Get Compensation
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Real Estate Pro Articles | Victims of Foreclosure Related Fraud Might Get Compensation
By: Clark Raitz
Author Resource:-> Original Post: http://ping.fm/zW6Sz on ForeclosureDataBank.com, your source of real estate foreclosures.
Article From Real Estate Pro Articles
Victims of Foreclosure Related Fraud Might Get Compensation
By: Clark Raitz
The Attorney General of Indiana, Greg Zoeller, is trying to set up a program that will help people who have fallen victims to fraudulent activities involving foreclosure procedures to get their legal expenses back. Zoeller is planning to set up a program that will be financed by individuals or companies that have been adjudged to have violated the state’s law.
The program is set to be approved in this year by the state legislature and is expected to improve the condition of the Indianapolis Real Estate industry and the whole housing market of Indiana. According to sources, the AG Office is planning to offer as much as $3,000 to homeowners and consumers who have fallen prey to fraudulent financial practitioners in the state.
The primary target of the program are homeowners who have lost their properties to foreclosure due to deceptive practices by mortgage servicers, credit agencies and lenders. According to officials, such deceptive actions have become quite common during the housing market crisis and the subsequent recession.
According to the AG, residents of the state who have suffered in the hands of these perpetrators are mostly willing to help the AG go after the guilty parties, but in majority of cases, they are unable to get compensation since most of the firms and individuals involved in the questionable activities have already filed for bankruptcy.
Under the proposed program, homeowners will be able to get compensation, but tax payers will not be asked to shoulder the responsibility of paying for these compensations. The program will get its financing from fees and penalties that will be collected from companies and individuals who are found guilty of violating Indianapolis Real Estate laws and statewide regulations pertaining to telemarketing, financial credit and residential property lending.
Zoeller has revealed that the program is patterned after the restitution effort that he supported in the 2010 legislative session, wherein over $125,000 worth of compensation were paid to the people who were victimized by American Escrow, a firm found to be in violation of state laws for failing to pay property taxes that were collected from property owners. The program is expected to, somewhat, ease the burdens felt by homeowners who have been directly or indirectly affected by the foreclosure crisis.
Author Resource:-> Original Post: http://ping.fm/zW6Sz on ForeclosureDataBank.com, your source of real estate foreclosures.
Article From Real Estate Pro Articles
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