“World's Most Complete Neighborpedia”
Explore:   What's happening in your neck of the woods?

Vicky Chrisner

January 2011, Mortgage Rates, Update

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.
30 year fixed 4.77%
15 year fixed 4.13%
5/1-year ARM 3.75%
30 year average for a 30 year fixed rate mortgage 8.9%
Source: Freddie Mac, Rates as of Jan 7.
PREDICTIONS: The Mortage Bankers Association is predicting that rates will inch up throughout the year; predicting that rates will be 1% higher in a year.
WHY THIS MATTERS: A 1% increase in interest rates decreases buying power by 10%. In other words, if you are looking at purchasing a $500K home today, to keep the payment the same you must reduce the purchase price to $450K if rates are 1% higher. Ten percent makes a HUGE difference in the value of the property.
BOTTOM LINE: These predictions, and those mentioned in my last post (where analysts expect home prices to increase steadily throughout 2011), mean Buyers planning to buy this year should target an earlier time frame, ideally buying in the first quarter of 2011, before these projected changes start taking place.
* * *
For timely real estate news, THE REAL ESTATE WHISPERER is a great resource. Stay tuned. And, when you're ready, call or email for more personal real estate advice!
Vicky Chrisner
Keller Williams Realty
703.669.3142

January 2011 Market Update

The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.
Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.
As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.
Home Sales
Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.
Home Price
Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .
Inventory
The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.
Affordability
Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.
Source: National Association of Realtors - October housing data released December 22.
* * *
To find out what this means in your area, contact me,
Vicky Chrisner

Moving on ... The Next Chapter .... The DREAM Chapter

This morning, I got a little email "love" that made me feel all warm and fuzzy.
I sold a home for some neighbors here in Leesburg last spring. Now they are building their dream home in SC.
I hate getting close to people just as they move out of the area....I miss them so.
But it is thrilling to be able to help launch people into the next chapter of their lives. Even better when the title of that chapter includes the word DREAM!

Congrats John & Claudia - have a fabulous 2011!

As for the rest of you reading this... are you ready to move to the next chapter of your life? Maybe I can help. Give me a call!

Vicky, Ofc: 703.669.3142 Keller Williams Realty, Leesburg

Because It Is The Thought That Counts

I just received an email from a client. I sold an investment home they owned a couple of months ago. She sent me a lovely card with the kindest words and a gift certificate for dinner out with my family. I sent an email wishing her and her family happy holidays, thanking her for the gift and card, and asked if she'd like to get together after the first of the year.
In her response, she mentioned that she was still getting e-cards from her prior property manager..(they parted on less than ideal terms).... "it's nice to know we're still in this thoughts"... she commented sarcastically. She's not fooled. She knows that she's in an email list he has that he sends those things to... well, that his assistant sends them to. He probably doesn't even know he is still sending those things to her. He may not know he is sending them to anyone.
I look at these automatic email campaigns, and I know that some agents will get your business because they track your email and spam you to death, and I might miss out on your business because I don't. But, you want to know why I don't? Because, to me, it is the thought that counts. Really. When I send something to you, it is to YOU. If you're a Facebook Friend my comments are general in nature. If you have "Liked" my business on Facebook, I send out tips and tidbits there that are for the "likers"... and are general in nature. But when I am calling you, emailing you, writing you... I am contacting YOU.
My daughter once described my job to someone. She said, "My mommy sells houses, helps people and makes new friends." I love it. I think all the time about putting that on a business card, but I don't want to cheapen the sentiment. I do, however, try to approach my business like that EVERY DAY.
So, if you are a "substance over style" kind of person... If you're looking for a REALTOR that truly cares, maybe you should call me..... we might just get along really well. But if you like mindless emails sent automatically by some server that doesn't have a clue if you are even a real person... well, shoot me an email. I can provide a list of agents to you that can stick you in their ever precious database.
Vicky Chrisner
703.669.3142

Painting the Town Red

Painting the Town Red

Hey, there Lo Co Home Sellers!

New in 2011, Keller Williams Realty will be painting Loudoun County RED once a month.

It is our plan to hold as many of our listings open on the same day each month as possible, literally painting the town(s) with our red signs. Imagine the number of showings on your home when that many homes are held open on the same day!

Your home deserves to get the most attention as possible. This is just one of MANY ways we work to do that. Call me and find out more.

And friends, January is typically a strong month for real estate sales. Our first "Paint the Town Red" day is January 9th. Let's make sure your home is on the tour route that day. Call me now.

Vicky Chrisner; Keller Williams Realty, Leesburg, VA
703.669.3142
http://www.vickychrisner.com/