Penderbrook

Penderbrook Homes Weekly Report 1/23/09-1/29/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

We had some interesting movement this past week in Penderbrook. Read my obversations at the bottom of this post for all the info.

As of today (January 29, 2009 11 AM) there are 29 active homes in Penderbrook and 9 homes that are currently under contract and 0 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 7 active

5 regular sales , 2 bank owned

Condos - 22 active

Heights at Penderbrook (Condo/Townhome) - 10 condos ( 4 regular, 4 bank owned, 2 short sales)
Penderbrook Square (Condos)- 12 condos (5 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 1 new listing this week.


UNDER CONTRACT

According to MLS, there are 2 Condos and 7 townhomes under contract.

Condos
12110 Green Leaf Ct #301 (141 DOMP)
3800 Green Ridge Ct #302 (0 DOMP)

Townhomes
12100 Wedgeway Pl (139 DOMP)
12000 Lisa Marie Ct (12 DOMP)
3942 Kathryn Jean Ct (54 DOMP)
3910 Valley Ridge Dr (142 DOMP)
12113 Wedgeway Ct (62 DOMP)
3784 Inverness Rd (39 DOMP)
12159 Wedgeway Plv (39 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 0 homes have sold in the last 30 days .

More Than 30 Days ago

-12104 Green Ledge Ct #302 (18 DOMP) 2bd/2ba Condo - Regular Sale

Asking Price -$239,000 / Sales Price -$239,000 / Seller Subsidy -$7,000

-12110 Green Ledge Ct #301 (26 Days on the market) 3bd/2ba Condo - Regular Sale

Asking Price - $250,000 / Sales Price - $250,000 / Seller Subsidy - $5,000

-12108 Green Ledge Ct #301 (Condo - 3bed/2ba - 229 DOMP) - Regular Sale

Asking Price - $259,999 / Sales Price - $240,000 / Seller Subsidy - 0

-12118 Wedgeway Pl (Townhome - 3bed/4ba - 83 DOMP) - Bank Owned

Asking Price - $317,900 / Sales Price - $307,900 / Seller Subsidy - $ 0

-12128 Wedgeway Ct (Townhome - 2bed/4ba - 34 DOMP)

Asking Price - $309,900 / Sales Price - $310,100 / Seller Subidy - $ 0


22033


These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%


Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 5 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 1 townhomes for rent and 6 condos

3 townhomes and 3 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

Ok so we had 5 homes go under contract this week. One short sale that was under contract came back on the market.

Lets look at what went under contract. 3 bank owned properties that were priced to go. 2 regular sales that were way overpriced. These overpriced listings will not sell for how much they are going for. We will have the final numbers once they close.

There are a couple good deals out there in Penderbrook and I am working with at least 3 buyers now and possibly a 4th to buy in Penderbrook.

There are still a lot of short sales that are not approved by the bank. These can waste your time and you can miss out on your home if you wait for one. I suggest asking us first to see if it is worth your time. We can find out a lot of info on the property to see if it can close in less than 2 months or not. And even then, short sales can sometimes get dragged along without anything we can do. We are just at the mercy of the banks and if they are willing to sell at that price.

We would be honored to work with you to sell your home or help you buy. Our job is to serve you and meet your needs. We would not get so many referrals as we do if we screwed over our clients. We have your interest at mind and are here to guide you and give you advice.

Contact us today !

Keep checking back each Thursday for more insight to what is going on at Penderbrook.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.





Penderbrook Weekly Report 1/16/09-1/22/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

I just noticed that of the 29 homes on the market in Penderbrook 8 of these have been on the market less than 90 days ! The only thing that is moving is bank owned properties and properties where the owner has finally decided to come down in price. So its obvious that you are going to have to come down in price, so why would you want to sit on the market for 120+ days until you bring the price down ? It just doesnt make sense. Yes I know you want to get the most money for your property but letting it sit on the market for 90+ days is not doing so. You miss out on all the prospective buyers in the first couple weeks you are on the market. Those are the most precious days of all the time you are on the market. After your property has been on the market for 60+ days buyers start asking what is wrong with the property, why has it been on the market this long. Believe me I work with buyers every day. All this to say... price your home right from the start and you wont be on the market as long.

My top pick of the week is a TH on Green Look Ct. Click on the link below to look at the property

As of today (January 22, 2009 10 AM) there are 29 active homes in Penderbrook and 5 homes that are currently under contract and 0 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 8 active

5 regular sales , 3 bank owned

Condos - 21 active

Heights at Penderbrook (Condo/Townhome) - 9 condos ( 4 regular, 3 bank owned, 2 short sales)
Penderbrook Square (Condos)- 12 condos (5 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 0 new listing this week.


UNDER CONTRACT

According to MLS, there are 0 Condos and 6 townhomes under contract.

Condos
None

Townhomes
3942 Kathryn Jean Ct (54 DOMP)
3910 Valley Ridge Dr (142 DOMP)
12113 Wedgeway Ct (62 DOMP)
3784 Inverness Rd (39 DOMP)
12159 Wedgeway Plv (39 DOMP)



I will have the final numbers for these once they close


SOLD

According to MLS, 2 homes have sold in the last 30 days .

12104 Green Ledge Ct #302 (18 DOMP) 2bd/2ba Condo - Regular Sale

Asking Price -$239,000
Sales Price -$239,000
Seller Subsidy -$7,000

12110 Green Ledge Ct #301 (26 Days on the market) 3bd/2ba Condo - Regular Sale

Asking Price - $250,000
Sales Price - $250,000
Seller Subsidy - $5,000

More Than 30 Days ago

-12108 Green Ledge Ct #301 (Condo - 3bed/2ba - 229 DOMP) - Regular Sale

Asking Price - $259,999 / Sales Price - $240,000 / Seller Subsidy - 0

-12118 Wedgeway Pl (Townhome - 3bed/4ba - 83 DOMP) - Bank Owned

Asking Price - $317,900 / Sales Price - $307,900 / Seller Subsidy - $ 0

-12128 Wedgeway Ct (Townhome - 2bed/4ba - 34 DOMP)

Asking Price - $309,900 / Sales Price - $310,100 / Seller Subidy - $ 0


22033

These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%


Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 5 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 2 townhomes for rent and 6 condos

2 townhomes and 6 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

It looks like the only movement this week was a condo that was a short sale had a contract and it fell through and it is back on the market.

If you have 4% to put down on a place and are thinking about buyin in the next 3 months. Contact us We would be honored to work with you to get you you dream house at the best price possible.

Keep checking back each Thursday for more insight to what is going on at Penderbrook.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.






Penderbrook Weekly Report 1/9/09-1/15/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

I think its funny that a for sale by owner property came on the market here in Penderbrook this past week. And its definitly priced over 75k over what the market is asking for it. I guarantee that will be on the market for a couple years at that price. There was one more TH that came on the market this week. That is probably also just slightly to high for this market. In all there are 8 TH on the market about half are at fair prices.

As of today (January 8, 2009 10 AM) there are 29 active homes in Penderbrook and 6 homes that are currently under contract and 2 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 8 active

5 regular sales , 3 bank owned

Condos - 21 active

Heights at Penderbrook (Condo/Townhome) - 9 condos ( 4 regular, 3 bank owned, 2 short sales)
Penderbrook Square (Condos)- 12 condos (5 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 2 new listing this week.


UNDER CONTRACT

According to MLS, there are 0 Condos and 6 townhomes under contract.

Condos
None

Townhomes
3942 Kathryn Jean Ct (54 DOMP)
3910 Valley Ridge Dr (142 DOMP)
12113 Wedgeway Ct (62 DOMP)
11806 Green Look Pl (28 DOMP)
3784 Inverness Rd (39 DOMP)
12159 Wedgeway Plv (39 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 2 homes have sold in the last 30 days .

12104 Green Ledge Ct #302 (18 DOMP) 2bd/2ba Condo - Regular Sale

Asking Price -$239,000
Sales Price -$239,000
Seller Subsidy -$7,000

12110 Green Ledge Ct #301 (26 Days on the market) 3bd/2ba Condo - Regular Sale

Asking Price - $250,000
Sales Price - $250,000
Seller Subsidy - $5,000

More Than 30 Days ago

-12108 Green Ledge Ct #301 (Condo - 3bed/2ba - 229 DOMP) - Regular Sale

Asking Price - $259,999 / Sales Price - $240,000 / Seller Subsidy - 0

-12118 Wedgeway Pl (Townhome - 3bed/4ba - 83 DOMP) - Bank Owned

Asking Price - $317,900 / Sales Price - $307,900 / Seller Subsidy - $ 0

-12128 Wedgeway Ct (Townhome - 2bed/4ba - 34 DOMP)

Asking Price - $309,900 / Sales Price - $310,100 / Seller Subidy - $ 0


22033


These stats are for all real estate in the 22033 zip code for the Month of December
2008 2007 % Change
Total Sold $ Volume $11,625,825 $14,391,987-19.2%
Avg. Sold Price$400,891 $423,294 -5.2%
Median Sold Price $319,900 $4410,000-21.9%
Total Units Sold 2934 -14.7%
Avg. Days on Market11289 25.8%
Avg. List Price for Solds: $461,292 $454,655 1.4%
Avg. Sale Price as a percentage of Avg. List Price: 86.91% 93.10%


Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 5 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 1 townhomes for rent and 7 condos

2 townhomes and 5 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

Condos are getting trickier to sell here. Make sure you have a good agent ! 15 of the current 20 condos for sale have been on the market for 100 days. Some more than 200 !

Keep checking back each Thursday for more insight to what is going on at Penderbrook.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.




Penderbrook Weekly Report 12/31/08-1/08/09

MyPenderbrookHome.com

Relevant Real Estate Information for the Penderbrook Community of Townhomes and Condos in Fairfax, VA

INTRODUCTION

Buyers ! - Penderbrook and Fairfax Ridge have some of the best priced newer condos around. Not to mention these communties are located on either side of 66. Email us asap if you are thinking about buying a condo in the next 3 months. Or you will miss out on a great opportunity.

As of today (January 8, 2009 10 AM) there are 27 active homes in Penderbrook and 6 homes that are currently under contract and 3 homes that have sold in the last 30 days.

Here’s the breakdown of all active listings in MLS:

Townhomes- 6 active

3 regular sales , 3 bank owned

Condos - 21 active

Heights at Penderbrook (Condo/Townhome) - 9 condos ( 4 regular, 3 bank owned, 2 short sales)
Penderbrook Square (Condos)- 12 condos (5 regular, 4 short sale, 3 bank owned)


NEW LISTINGS

According to MLS, there was 3 new listing this week.


UNDER CONTRACT

According to MLS, there are 0 Condos and 6 townhomes under contract.

Condos
None

Townhomes
3942 Kathryn Jean Ct (54 DOMP)
3910 Valley Ridge Dr (142 DOMP)
12113 Wedgeway Ct (62 DOMP)
11806 Green Look Pl (28 DOMP)
3784 Inverness Rd (39 DOMP)
12159 Wedgeway Plv (39 DOMP)


I will have the final numbers for these once they close


SOLD

According to MLS, 3 homes have sold in the last 30 days .

12104 Green Ledge Ct #302 (18 DOMP) 2bd/2ba Condo - Regular Sale

Asking Price -$239,000
Sales Price -$239,000
Seller Subsidy -$7,000

12110 Green Ledge Ct #301 (26 Days on the market) 3bd/2ba Condo - Regular Sale

Asking Price - $250,000
Sales Price - $250,000
Seller Subsidy - $5,000

12108 Green Ledge Ct #301 (Condo - 3bed/2ba - 229 DOMP) - Regular Sale

Asking Price - $259,999
Sales Price - $240,000
Seller Subsidy - 0

12118 Wedgeway Pl (Townhome - 3bed/4ba - 83 DOMP) - Bank Owned

Asking Price - $317,900
Sales Price - $307,900
Seller Subsidy - $ 0

More Than 30 Days ago

12128 Wedgeway Ct (Townhome - 2bed/4ba - 34 DOMP)
Asking Price - $309,900 / Sales Price - $310,100 / Seller Subidy - $ 0


22033


These stats are for all real estate in the 22033 zip code for the Month of November
2008 2007 % Change
Total Sold $ Volume $11,624,023 $19,439,225-40.2%
Avg. Sold Price$387,467 $431,983 -10.3%
Median Sold Price $362,500 $420,000-13.7%
Total Units Sold 3045 -33.3%
Avg. Days on Market7069 -1.4%
Avg. List Price for Solds: $407,368 $466,933 -12.8%
Avg. Sale Price as a percentage of Avg. List Price: 95.11% 92.51%



Fairfax Condos Sold for 2007 vs. 2008




Fairfax Townhomes Sold for 2007 vs 2008




EXPIRED or WITHDRAWN

There has been 5 listings that have been taken off the market in the last 30 days.


RENTALS

There is currently 0 townhomes for rent and 7 condos

2 townhomes and 5 condos have been rented out in the past month.

If you need any help finding a rental or listing your condo for rent, please contact us.

We will take care of all the work for you and do background checks on the applicants to make sure they are qualified. We are also a full licensed Property Management Group.


OBSERVATIONS

Right now there a lot of condos on the market in Penderbrook. You need to know who you are competing with. Good thing is right now, 10 of the condos are substanially overpriced. So if you decide to list with us you will be ahead of those in a heart beat. We get lots of interested buyers from these blogs and even more so when we market one of the condos on these blogs and other internet sites. If you are thinking about selling, contact us to see how we can get your condo or TH sold.

We will have a better idea of how the TH are doing once the 6 that are under contract settle.
But alot of the TH at penderbrook have adjusted their price and that is why they are selling better than condos right now. There are some TH available under 325k ! But if you stay around that 400k range you should be ok if your home is in great condition.

Keep checking back each Thursday for more insight to what is going on at Penderbrook.




Disclaimer: Information was gathered from the MLS and is deemed reliable but not guaranteed.


Getting Mortgage Approval

Alot of what is in this article is what our real estate team is here to do for you. We double check and make sure everything is going smoothly and ensure there are very few bumps along the way if any at all. But we just wanted to inform our clients of what is going on in the mortgage industry. This will help prepare you obtaining your loan.

Getting Mortgage Approval

It wasn't too long ago that home buyers made offers without financing contingencies and closed the deal in as short as 14 days following acceptance. Quick closes are virtually impossible today if you're buying a home with the aid of a mortgage. And, it's highly recommended to include loan and appraisal contingencies in your offer.

Following the credit crisis of August 2007, many mortgage lenders closed down. Those that are left have cut their staff due to low demand for mortgages. Also, it's now necessary to actually qualify financially for a home mortgage. This adds time to the loan approval and funding process.

For most mortgages, home buyers are now required to have good credit. They need to provide verification of employment (W-2s or tax returns), verification of the funds needed to close (down payment and closing costs) and verification of reserve funds.

If the funds haven't been sitting in your bank account for a few months, some lenders require proof of where the money came from. Be prepared to provide brokerage statements, and any other supporting documentation that will validate you as a bona fide borrower. Buyers who own other real estate will need to provide even more documentation.

HOUSE HUNTING TIP: It's a good idea to start pulling together all of your financial documents as soon as you're serious about buying a home. Ideally, the paperwork required by the lender should be forwarded to your loan agent or mortgage broker within a couple of days of contract acceptance. You can't wait until the last minute to provide the lenders what they need and expect to close on time.

Before you write an offer, check with your mortgage person to find out how long it will take to process and fund the mortgage. Some lenders are taking 35 to 40 days from acceptance. So, you wouldn't want to commit to a 30-day closing, if this is the case.

Make sure that you allow sufficient time in your contract for the appraisal and formal lender underwriting approval. This could take two to three weeks, depending on the lender and on how diligent you are about supplying the documentation.

Your lender or mortgage broker will order the appraisal of the home you're buying. It should be ordered as soon as possible. If you end up not buying the house, you might owe an appraisal fee. However, waiting to order the appraisal could cost you time.

Many lenders require a review appraisal, which is a second appraisal to confirm that the first one is accurate in terms of market value. Ideally, this should be done before you remove your appraisal contingency. If it can't be done within that time frame, ask the seller for an extension.

Before August 2007, it was common practice for lenders to prepare the mortgage documents for the buyers to sign even though all underwriting conditions had not been met. For instance, the lender might have needed proof that you paid a charge-card account down to a zero balance.

Today, many lenders won't issue the mortgage documents until all of the pre-funding conditions have been met. So, you need to be prepared to provide additional documentation that the lender might request, even if it's at the last minute.

Work with a good loan agent or mortgage broker who will help keep you on track throughout the process. And, as outrageous as the lender's requests might seem, don't let it get to you.

Lenders have a lot of due diligence work to do to restore their credibility with investors. The housing market is dependent on investors buying mortgages so that buyers can buy homes.

THE CLOSING: Properly qualifying buyers for mortgages is long overdue.