Increased Activity for Buyers and Sellers 
The local Washington, DC area housing market will shape up, the economic stimulus package will have a positive effect, and the Spring market will be much better than the Fall/Winter market just ending. All those buyers who have been waiting patiently on the sidelines are poised to take action, and they will act.
Traffic on the Long & Foster websites in 2009 has increased substantially (e.g. on www.longandfoster.com alone, we went from 659,000 unique visitors in December to over 865,000 and 816,000 in January and February -- a 30% increase!). So, buyers are looking, and sellers are competing to make their properties the best value.
We have now seen loan limits move back upward. FHA loans are back to last year's limit of $729,500 for most of our immediate area. This means that a person with good credit scores could buy a home for up to $755,000 with as little as 3.5% down. Fannie Mae and Freddie Mac will also be raising their conforming limits to $729,750 shortly.
There is also a first-time homebuyer's credit of $8,000 until November 30 (a true credit this time). There are very favorable, historically low interest rates (~5%) for conforming loans available. (See chart below.) Jumbo loans are just beginning to fall to 6.25 %. Arms are more attractive to buyers now, too.
My Advice to Clients: Be realistic and act reasonably. Homes are taking longer to sell, and transactions are taking longer to complete. Both parties are looking for value. From 2000-2008, DC area homes have appreciated about 90% - better than most of the nation. (See graph below.)
Sellers should price for a value better than a competing home for sale, and Buyers should offer a price lenders are willing to finance. Appreciation will take longer to regain traction. Compare the 1989-1997 slow appreciation period in the DC market. While we may see price exceptions, it is unproductive to follow an exception rather than a substantiated trend.
WC & AN Miller Realtors, A Long & Foster Company
4701 Sangamore Road, Bethesda, Maryland 20816
Cell: 301-452-1409 Direct: 301-320-8430 Ofc: 301-229-4000
_________________________________________
F. Hill Slowinski, JD, REALTOR® in DC, MD, and VA
W.C. & A.N. Miller Realtors, A Long & Foster Company
Exclusive Affiliate of Christie's Great Estates, Top 1% Long & Foster Agents, President's Club 2008
Consultant, Luxury Real Estate, Sloans & Kenyon Auctioneers and Appraisers
4701 Sangamore Road, Bethesda, Maryland 20816
Tel: 301-229-4000 Fax: 301-229-4015
Direct: 301-320-8430 · Cell: 301-452-1409
Email: HSlowinski@LNF.com · Web Site: www.HillSlowinski.com
Weblog: http://HillSlowinskiRealEstate.com
Good morning, Hill, and welcome to Active Rain! This is a great place to network and where you can learn a lot. Enjoy!
Welcome to the Active Rain community. This is a great site with lots of information. Have fun with it and hope to see more of your blogs soon! We have a team of three outstanding full time agents to assist your buyers and sellers in Spartanburg/Greenville, SC. Let us know if we can ever help. Again, welcome to AR!!
The Gardner Team, Keller Williams Realty
ygardner@HomesIntheUpstate.net
www.HomesInTheUpstate.net
Hello and welcome to Active Rain. Active Rain has been a great place to network with other realtors and to share ideas, experiences, and knowledge. I have learned a lot from others and I am looking forward to reading some of your bogs and sharing some of our experiences. Take care
Jeff Thompson
(864) 631-3099
421 SE Main St
Simpsonville, SC 29681
SellingTheUpstate@gmail.com
If you know anyone moving to the Greenville, SC area, I pay a 30% referral fee.**
**Must be a licensed Real Estate Agent to accept referal fee.
Hi and welcome to Active Rain, a great site to network, share, learn, and have fun. Good luc. And if you ever need an agent in the upstate of South Carolina, please call me.
Welcome to Active Rain. It just gets easier after your first blog. Just write about what interests you.
Hello and welcome to Active Rain! I encourage you to learn from others, share your knowledge and experiences with all of us, enjoy yourself, and try to log in and join us in the Active Rain community as frequently as possible. I look forward to your future blogs and comments! Take care, --Kirk.
Hello, welcome to Active Rain! This seems like a wonderful environment to network as well as learn from others. I hope you enjoy yourself and participate often in the Active Rain environment!
F. Hill.....Welcome to ActiveRain. This is a great community to network with others as well a great place to learn from other's experiences and knowledge. I've enjoyed it; I hope you enjoy it as well.
Sergio Rebollo Jr.
Exit Prime Realty
Coral Gables, FL 33146
305-582-4062
Miami Short Sale Specialist - Profile