Watch Out For Shark Infested Waters in the Real Estate Market

Wondering how the real estate market is faring? Take a look at this snapshot from Keeping Current Matters:

Home Sales November 2015 Real Estate

What’s most important in the infographic is the quote from Lawrence Yun. You see, sales in November 2015 were down from sales in November 2014. In our opinion, the real reason for this is TRID.

TRID (Truth-In-Lending RESPA Integrated Documentation – or as some Realtors call it, “The Reason I Drink”) is a new government regulation that affects people who are buying and selling homes. We won’t go into all the details (and there are a LOT of them), but the bottom line is that TRID is causing increased costs and delays in settlement. We expect that when numbers come out for December, that many of the expected November closings will show up.

That said – TRID is just another reason why it’s SO important for consumers to be represented by Realtors who do this every day and can help their clients navigate what often feel like shark infested waters. Part of what we do is manage all the details of the buying & selling process. We make sure deadlines are met, you are protected, and that you get where you want to go when you want to be there.

We have heard all kinds of horror stories about delayed closings – Buyers with their household belongings on trucks for days, staying in a hotel because their settlement was pushed back due to a TRID delay. Others where their mortgage loan lock-in expired, only  to have to pay hundred or thousands of dollars to extend the rate. Sellers who pack up and move out – but can’t get their money when they need it because the Buyer was held up by TRID.

Terry Belt Realtor The Belt TeamTerry Belt, CEO of The Belt Team says, “You don’t need to know all the ins & outs of TRID, but your Realtor does. Our advice to you – whether buying or selling a home – is to make sure to work with a seasoned real estate team – the best you can find. It’s in your best interests to use their years of experience and their immense resources to your advantage. When problems arise, and with new regulations like TRID it’s not unusual – you need someone with creativity & pull on YOUR side. The more homes a Realtor sells, the more likely they are to be a great problem solver. So ask for details when you’re interviewing your Realtor. (We even have a list of questions you should ask your Realtor!)”

Schedule an appointment with The Belt Team by calling (703) 242-3975.

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The Belt Team is one of the Top 20 Best Real Estate Agents in the State of Virginia (as named by Real Trends) and one of Washingtonian Magazines Best Realtors in 2015. Our mission statement is “Changing Lives For The Better”. If it’s time to change YOURS, call us at (703) 242-3975 TODAY. It’s our pleasure to help you make the RIGHT move.

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COMING SOON! Call Kevin Kleifges at (703) 242-3975 for more info!

Foreclosure Inventory Drops As Economy Improves

Good news for Northern Virginia and homeowners around the country!

We are heading into 2016 with the lowest foreclosure inventory in eight years thanks to escalating home values and progressive improvement in the U.S. economy.  A large proportion of the remaining foreclosure inventory is clustered in New York, New Jersey and Florida,” said Anand Nallathambi, president and CEO of CoreLogic.

Check out more info from Keeping Current Matters about what’s happening nationwide. (Note that Virginia’s housing inventory is less than 1% foreclosures!)

Search Foreclosures in Northern VA

Call The Belt Team at (703) 242-3975 for more info.

Corelogic-Foreclosure-KCM

Vienna Real Estate Market – November 2015 Sales & Stats

Vienna Real Estate Update

Wondering what’s happening in the greater Vienna real estate market?

  • Based on the past 90 days sales (166 homes) and the current inventory of homes for sale in Vienna (229), we are in a BALANCED (neither Buyer’s or Seller’s) MARKET. There is about 4 months oh housing inventory. (Note: This varies by price range. Higher priced homes may actually be in a Buyer’s Market, and selling more slowly depending on price & location. And lower priced homes may fall into a Seller’s Market.
  • November sales were up 10% from October. (Keep in mind that homes that went to closing in November likely went under contract in September or October.)
  • Average days on market for those homes sold rose remained about the same as last month at 67 days. (And 3 weeks faster than this time a year ago.) So we are now seeing about a two month average time on market. This is an average – so that means some homes are selling MUCH faster. And others are just languishing on the market. (Twenty homes have been on the market more than a year!) Pricing accurately is of paramount importance if you want to sell sooner rather than later.
  • November’s market slowed a bit. It was both slower than the month before (seasonality) AND slower than November of last year.
  • We also saw a decrease of 46% in new listings, following last month’s 27% decrease form the month before. New listings were exactly the same as this time last year. This is typical as we head into the holiday season. But also means it could be a great time to sell. Buyers who are looking to move now are VERY motivated or they wouldn’t be looking at this time of year. (For example – relocation families.)

(Note: Our Vienna update includes zip codes 22180, 22181 & 22182. If you’d like a personalized analysis – email Terry Belt & The Belt Team.)

Click here to see the Vienna homes that have been on the market for less than a week!

Here’s a quick update by the numbers for November 2015 Home Sales: 
Buyers Market Or Sellers Market Vienna VA

For more questions or for a specific update on YOUR neighborhood – call Terry Belt & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is Vienna’s Top Real Estate Team and has sold more homes in Vienna than another other Realtor or team since 1973.