When considering real estate in Alexandria VA, there are 5 important things to consider. Foremost is location. The other four things are directly connected to the nature of the economy and real estate market. As a real estate professional, I’ve summarized those points for you in this short article.
When thinking Alexandria real estate there are certain things that you need to watch and be informed about.
1. Location, location, location The famous phrase is well familiar to almost anyone in the world. The majority of Alexandria Virginia home owners and potential purchasers prefer properties that are near reputable schools, provide easy commute and offer features that are necessity to the nowadays human being – garage space(s), more closet space, contemporary look and layout.
2. Practical is in demand The slow Alexandria economy is influencing home design. Surveys show that more home owners are favoring smaller spaces that are often less expensive to maintain. There is also an increased demand for flexible informal layouts, more practicality throughout the home. There has been a drop in upscale property enhancements. At the same time businesses finally improving at residential architecture firms, with quarterly billings increase for the first time since 2007.
3. Fannie Mae takes aim at strategic defaults Alexandria VA borrowers with a Fannie Mae-backed mortgage who engage in a strategic default will not be eligible for another Fannie Mae-backed loan for seven years. Fannie will also seek deficiency judgments against borrowers if allowed by state law. Strategic defaults are defaults by borrowers who have the capacity to pay but don’t, or who don’t complete a workout alternative in good faith.
4. How much “shadow inventory” is out there? About 2.4 million properties are considered part of the shadow inventory nationwide, according to NAR. Not counted are delinquent properties whose owners are trying to modify their mortgage or delinquent properties that are already on the market as short sales or foreclosure sales. On the positive side, banks are releasing inventory methodically rather than dumping them at once, which can result in depressed Alexandria home prices.
5. Alexandria Jumbo loans more available A year ago, even the most creditworthy borrowers in Alexandria VA struggled to secure home loans of more than $729,500(Jumbo Loans). Those loans are backed by Fannie Mae and Freddie Mac. But since this spring, the interest-rate spread between conforming and jumbo loans has narrowed and the numbers of lenders offering the loans has jumped. As of late July, 2010, lenders were offering jumbo loans at about 5.5% compared to 7% a year earlier. NAR chief economist Lawrence Yun said that sales of homes priced at $750,000 or higher jumped 30 percent from mid-2009 nationwide.
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