Arlington VA Real Estate | Alexandria VA Real Estate | Falls Church VA Real Estate

Arlington VA Real Estate Blog

Mortgage Rates Continue to Decline in Early 2008

January 24th, 2008 1:24 PM

Rates Decline in Early 2008

The start of 2008 has seen mortgage rates steadily decline. As the stock market continues it's volatile swings it's very hard to predict what will happen to mortgage rates. You as buyers don't have the time to do daily research on market factors and shouldn't have to. To that end, I am adding a new link to my website solely dedicated to the daily mortgage rate trends. This MORTGAGE RATE ADVISORY page will be updated daily and will hopefully help people decide when they should lock in or continue to float on their current mortgage rates. I think you will find this information very useful.

Posted by Rob Allen on January 24th, 2008 1:24 PMPost a Comment (0)

Cromley Lofts - Old Town Alexandria

January 18th, 2008 10:08 PM

Cromley Lofts - Old Town Alexandria

1210 Queen St, Alexandria VA

Cromley Lofts is an 8 unit residential condominium located in Olt Town Alexandria. The 1910 converted warehouse is just off historic King Street and steps to the King Street Metro and shops. True loft condos with history, style and beauty, including original oversized windows, solid brick construction - with impressive architectural upgrades. Simple, clean and beautiful, Cromley Lofts reinvents history in Old Town, with enhancements such as reclaimed yellow pine floors, gas fireplaces, soapstone counters, double ovens, and retracting air vents, all in the heart of Old Town. Cromley Lofts has a LEED certified Gold ranking, Virginia's first condominium to be awarded the eco-friendly designation. Starting at $535,000 for two bedrooms, with penthouse units featuring end to end windows surrounded by private patios.

Posted by Rob Allen on January 18th, 2008 10:08 PMPost a Comment (0)

Buyers Back Out In January

January 10th, 2008 10:34 AM

Despite the continued negative outlook of most media outlets and analysts, the Northern Virginia Real Estate Market is still moving (Arlington VA Real Estate and Alexandria VA Real Estate in particular). Evidence of this was seen in my first open house of the year. We had an amazing turnout with 17 groups coming in to visit. I was holding open a Sherwood model in Fairlington Villages listed for $374,900. The vast majority of those buyers were new to the market and looking to get an early start on 2008 while there were still some deals out there. I was pleasantly surprised and think this is a good indication that buyers are back out there looking. Couple that with the great conventional rates (currently a 30 year fixed rate loan is at 5.75% with 0 points) right now, and I am hopeful we can start to turn the corner on this market in 2008.

Posted by Rob Allen on January 10th, 2008 10:34 AMPost a Comment (0)

Be More Proactive In This Market

January 1st, 2008 4:05 PM

Don't Let That Buyer Get Away - Make Them A Reverse Offer

Why not offer a reverse contract: This market calls for inovation. Last week we had a buyer lurking around and expressing some interest in one of my listings so we needed a way to push him a little bit. Instead of waiting for them to make an offer my seller actually sent them his own offer!

Why not. When the buyer is having difficulty deciding about purchasing a specific property, the listing agent can launch the negotiation by asking the seller to issue a "reverse contract." This involves the seller drafting an offer to the buyer, generally at a price slightly under asking price and possible including a seller subsidy. While this may not always work, it is an excellent way to see whether the buyer is actually serious about purchasing.

Posted by Rob Allen on January 1st, 2008 4:05 PMPost a Comment (0)