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Everything about Fauquier Real Estate
Everybody is asking "What's up with Real Estate?" People are hearing the news that NOW is the time to BUY and that investors are grabbing up the best deals in many, many years. Everyone always likes to see hard facts and numbers so I will happily comply. I will try NOT to overload you though.
According to our MRIS MLS, Currently there are 665 Available residential properties on the market in all of Fauquier County. 75 that are under contract. The least expensive is $75,000 and the most expensive is $3,500,000. The AVERAGE listing price is $478,102 - which was reduced an average of 8.22% BEFORE contract. (Not including properties that were relisted and reduced - like when a seller switches agents and reduces at the same time.)
Since Nov 1 - about 3 months - 126 residential properties have SOLD! $144,900 to $2,900,000.
1 year ago - during the same 3 month period - 159 SOLD. The prices ranged from $120,000 to $2,100,000 and there was one really high property that sold for $10,500,000.
In order to examine these more thoroughly I will use Warrenton postal address as my subject. CURRENTLY 53 have SOLD since 11/01/2007. The Average sale price is $438,538. The final list price VS. the final asking price was 93.25%. Average is 176 days on the market. The seller paid on average $4,590 of the buyers closing costs.
Again the same period 1 year ago: INCLUDING the unusually BIG closing * The AVERAGE SOLD price was $533,713. The final list price VS. the original list price was 95.78%. Average of 124 Days on the market and the seller paid an average of $4,310 of the buyers closing costs.
Again the same period 1 year ago - WITHOUT the unusually BIG closing *** The average SOLD price was $412,173. The final list price VS. the original list price was 94.24%. Average of 123 days on the market and the seller paid an average of $4,362 of the buyers closing costs.
The breakdown is comparing the same time periods today VS last year THERE IS AN INCREASE in the AVG sales price of $26,365 - WITHOUT that unusually big dollar closing. NOW it is taking 53 days longer to sell a residential property.**********This data does NOT mean that the individual home price has increased - it means that higher dollar homes are selling more than a year ago which is bringing UP the AVG.
It is my opinion, which is supported by the facts in Warrenton postal address area, that this is GREAT NEWS for those property owners!!! Much better than the other Northern Virginia areas. Coupled with lower rates, safer loans, and stable inventories it IS a great time to buy or to sell! Good VA loans, USDA and FHA - makes it excellent for first time buyers! Plus they raised the loan limits on many of these programs.
This information was compiled using the private MRIS MLS system. I am a Realtor. These are my first blogs for the Times Community papers so please comment or e-mail me with future blog questions involving real estate. myREALTORrichie@mris.com and 703-401-7980. JBR Inc.
Averages are not a good basis, especially when you delete the ones you do not wish to average.
I too am a REALTOR, one working in the area for 3 decades, and real estate "sold prices" in our area are not rising. The 15-year “jet plane” rise has crested and “decreasing in altitude.” Brace for impact!
Posted by B_Donald_Khoury
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Thanks for your comment. I have only been here for 1 decade. A Realtor for close to that. Family/Friends here for generations. The numbers speak for themselves. I am a positive person, the glass is always half full! Which is EXACTLY why my blogs contain facts and not individual accounts. Again, the numbers were only calculated using the last few months data AND compaired to 1 year ago. My office along with many others that I have spoken with has seen a huge pick-up in telephone calls, web hits, offers, contracts, closing etc since January 1. I actually had multiple offers on a cute "normal" house in Leesburg (talk about a off market!) that sold at the exact appraised price where as last summer it would have been much less than that times current appraisal. It was on the market for 4 months! Anyway, maybe it is a good thing that I have not been in the biz for 30 years. Regardless, it is a great time to buy! My new slogan is "Sell 4 Less AND Buy 4 Less(R)!"
Posted by B_Richie_Blick
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Re-reading my comment - it did not turn out like I wished. Your 30 years exp. is appreciated. Good for you! My decade(s) reply was intended to show that I had been around here for many years now. Longer than many, not long as others. I think my experience level has more benefits than restrictions. I work from home and from my truck. I sometimes spend about 10 hours a day on the computer in some which way, shape or form. I also have the Verizon Palm Treo phone which is connected to the internet so I check listings and reply to e-mails when I am away from the desk. How long that you have been here or how long that you have been a Realtor doesn't matter when you are looking at factual data.
For the record I first began my real estate career planning 20 years ago. I guess it has been about 17 years since I took my first RE exam. Even when I first started by official career in real estate, we had the "books" but now everything is computerized so it is easy to stay abreast of the market. I am a more modern type Realtor. I did not want to start a blog filled with jibber jabber or only opinions. I wanted facts. People want facts. I believe technology is fascinating.
I know data and numbers can only go so far. But closings are closings, contracts are contracts. The average Joe doesn't follow the market day to day like us Realtor's do.
NOT a single spec of data was ever deleted, ignored, left out, changed, and your comment hinting that I skewed any numbers or that I am inexperienced is unfair and totally false.
If anyone wants the facts about a specific town/area or even subdivision they can e-mail me at myREALTORrichie.com or call 703-401-7980 and I will happily provide any requested data. Including yourself. This is an blog and all comments are welcome. Everyone is intitled to his or her own opinion. I am proud to be an American!
Warmest Regards,
Realtor Richie Blick
Posted by B_Richie_Blick
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