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Home values in Prince William County starting to stabilize

Submitted on Mon, 03/15/2010 - 12:16pm

Photos8.comHomeowners in Prince William County will be pleased to hear that housing prices in that area are no longer declining -- and some assessments are increasing.

The average residential property assessment is up about 0.4 percent over the past year. Last year it was down almost 30%, according to officials.

"Some neighborhoods are stabilizing in value faster than others, but prices basically . . . are not dropping any further," Prince William financial analyst Dave Sinclair said. "This is a giant step in seeing them slowly climb back up again."

Read more in The Washington Post...

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Loudoun residents: Contact the Supervisors and say "NO" to the Limestone Overlay District

Last updated on Fri, 02/19/2010 - 5:11pm. Originally submitted on 02/15/2010 - 4:22pm.

To address a perceived problem concerning limestone sensitive features, the Loudoun County Board of Supervisors (LCBOS) is expected to vote on a proposed ordinance imposing unnecessary restrictions on property owners living within the so-called Limestone Overlay District on Wednesday, February 17th, 2010.  If the LCBOS votes to adopt the LOD, property and home owners within the 14,000-acre district are likely to see their property values take a hit.  And if they want to sell, the description of their property on all land and tax records will include a unique warning-style notice which may further depress values.

 

How serious is the limestone problem? Not very.  The town of Leesburg is built on top of limestone.  So is the new high school on Route 15.  And County Planning Commissioners have provided no examples of structural problems as a result of underlying geology anywhere in the LOD.  Not one.

 

The over-reaching, burdensome and potentially unconstitutional LOD proposal is really an anti-development initiative disguised as a public health and safety issue.  And homeowners in the LOD are the big losers.  Don't get played.  Contact the LCBOS and say "No" to the Limestone Overlay District.

 

Affected property owners in the LOD concerned with the restrictions and potential stigma on their property are encouraged to voice their concerns by emailing the LCBOS at bos@loudoun.gov or calling 703/777-0204. 
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Column: Good real estate news: Home equity is rising again

Submitted on Sun, 02/14/2010 - 1:56pm

KENNETH HARNEY © 2009, WASHINGTON POST WRITERS GROUP
Published: February 13, 2010

 

With all the bad news about underwater homeowners and strategic walkaways, you might think that American homeowners' equity holdings are in the tank. But the least publicized recent statistic on real estate is that -- despite these scary reports -- home equity is again on the rise.

Is that some piece of rosy propaganda put out by housing lobbyists to stimulate more homebuying? Not unless you consider Federal Reserve economists to be shills for the real estate industry.

The Fed conducts massive ongoing research into mortgage balances and home-value changes in hundreds of local markets around the country, and it reports its findings quarterly.

 

Read the full Washington Post column...


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Leesburg's Top 5 Improvements for Spring Home Sellers

Submitted on Thu, 02/11/2010 - 11:46am

With spring fast approaching, many homeowners are considering selling their home. Over time, many have labored in their homes with fix-ups and renovations with a keen focus on re-sale someday,  Leesburg Today has listed the top 5 improvements: kitchens and baths, front yard landscaping, windows, security systems and small-scale updates.

 

Read the full story...

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Hampton Roads Home Sales Soared While Prices Slid Last Month

Submitted on Thu, 12/10/2009 - 10:26pm

The Virginian-Pilot reported some good news about the housing market in Hampton Roads.

Home sales in the area soared while buyers rushed to beat the deadline for the first-time buyers federal tax credit.

The tax credit has been extended, and expanded to include current homeowners who wish to move into a different home.

Get details about the current federal tax credits for home buyers that expire on April 30, 2010.

"Home sales in South Hampton Roads soared as prices slid during November as first-time buyers rushed to beat the now-extended deadline for a federal tax credit, according to a report released Wednesday.

Last month's sales volume was up 5.1 percent from October and 87 percent over November 2008, according to Real Estate Information Network Inc.

The Virginia Beach-based multiple listing service reported 1,164 homes in the region sold in November, compared with 623 a year earlier.

Despite increased sales, home prices continued to fall, partly reflecting activity by first-time buyers at the low end of the market. The multiple listing service reported that the median price for existing homes in November was $199,950, down 7 percent from a year ago and at the lowest point in 10 months.

November marked the six month in a row of growth in local home sales and the biggest year-over-year gain in 2009. The rebound contrasts with the market a year ago, when sales were plummeting amid deteriorating economic conditions."

Read the full story.

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