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Anne & Sarah Harrington
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Professional Real Estate Services in Northern Virginia |
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Make
the Right Move ~ Call Us Today! |
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JAN 2012 Interest rates have been at historically low levels, allowing people to obtain 30 year fixed rate mortgages for less than 4% with no points. The stringent guidelines to obtain a loan for purchase or refinance continue to demand increasing documentation and paperwork. The best rates can be obtained for loans when the buyer can make a down payment of at least 20%, although it is now possible to put down as little as 5% for a conforming loan (at a higher interest rate). Many buyers are choosing FHA financing, requiring only a 3.5% down payment, but the cost of mortgage insurance for these loans has increased significantly. VA loans can still be obtained for military personnel with 0% down. The VA funding fee has also increased this year, making these loans not quite as attractive as they have been in the past. We are delighted to report that house prices in Mantua have gone up again. The average sales price in 2011 was $652,916, up 3% from 2010 when the average price was $632,181. Last year 43 homes sold and took an average of 81 days to get a ratified contract. It is good to see a rebound in our neighborhood real estate and since 2009 prices have gone up by nearly 12%. In Northern Virginia economists are cautiously optimistic and predict another modest 3-4% increase for 2012. The low unemployment figures and job growth continue to protect the local housing market from the problems being experienced across the rest of the country. Currently there is a small inventory of homes for sale in Mantua, with only 6 homes listed in active status with an average list price of $725,566. We expect to see new listings appear on the market in early February. Realistically pricing a property is still the key factor when listing a home. These homes sell faster and for more money than listings that are initially overpriced. Rents continue to increase and most homes can be leased for $2900 a month or more in Mantua, depending on their size, updates, acreage and location. | |||||||||||||||
Long & Foster Realtors, Vienna/Oakton
Sales
Call Anne and Sarah Harrington for
Northern Virginia real estate services in Check out our other websites, www.novahomefinders.com and www.homes-in-northern-virginia.com
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