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Spring 2020 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Fairfax. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $575,000

Average Time on Market: 30-60 days

Best Selling Price Range: $550,000 - $599,000

Existing Home Prices for the past 90 days: Decreasing

Market Trend: Decreasing

Buyer's or Seller's Market: More sellers than buyers

Buyer Activity for the past 90 days: Decreasing

Seller Activity for the past 90 days: Decreasing

Multiple Offers? Yes

Multiple Offers Commentary: Homes are selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 5-10%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Limited Supply

Housing Inventory Comments: Fairfax City: average detached = single family home sold price: $ 531,508 = -0.45 % decrease YOY = year over year. Fairfax City: average attached = town home sold price: $ 392,300 = +0.60 % increase YOY. Fairfax City: average condo sold price: $ 175,680 = -15.94 % decrease YOY. Average Days on Market: 32 vs. 36 a year ago = -11.11 % decrease YOY. Average Sold Price to Original List Price: 97.7 % vs. 98.1 % YOY. Most homes sold in < 10 days on market. 5 cash buyers, 23 conventional loans, 6 FHA loans, 1 VA loans. Inventory: 74 active listings vs. 88 a year ago = -15.91 % decrease. Pendings = Properties Under Contract: 52 vs. 61 = -14.75 % decrease. Please copy and paste link below in your browser to see detailed report for Fairfax. http://184.106.219.108/report/mls/1/drp?action=pdf&uid=14064744124996&sid=9c6000a7-c4c8-53f9-762b-53d518e73562&agg_type=MONTHLY&f_id=1000&loc_type=4&loc_id=51600&time_period=201606 $$ numbers below are for Single Family Homes in Fairfax only, min. 4 bed rooms, the graphs you see on the website include town homes and condos as well.

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Homes are selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

Contact Information
Martina Burns RE/MAX
703-650-8533
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Mortgage Rates for Mar 30th, 2020
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Fairfax Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
703-650-8533
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Fairfax, VA market conditions before acting on this information.)
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