With over 1 million residents with an estimated increase each year there is always a need for housing whether it is to buy, sell or rent. Shelter is the first necessity to live. The median income for Fairfax County is $94,610 which is the 2nd highest median household income in the United States. The top employers in Fairfax County are INOVA Health System, Booz Allen Hamilton, Freddie Mac, SAIC, Northup Grumman along with the federal government. Fairfax County Public Schools is currently the top school systems in the country. Even with of the down shift in the area market, the current economy is strong with expansion of employment, schools and recreational facilities.
Current Real Estate Data:
Fairfax County has many properties for sale some of which are resale, REO or pre-foreclosures.
Currently, there are 7,420 properties in for resale listed in the multiple listing service by area brokerage firms. Average Property Marketing Time is 125 days. Over 9,800 properties in the resale housing has closed in escrow since January 2007 to date. Though, properties are staying on the market longer. If the home is desired by buyers it will sell.
What is an REO Property? An REO (real estate owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. There are 203 REO Properties with the price range from $170,000 to $3,045,000. Since January 2007, 170 REO Properties has closed in escrow from $165,000 to $1,050,000.
The highest REO sale in Fairfax County was sold by Reshawna Leaven, Realtor of Saab Realtors Corporation. The property was located in a desired area of Fairfax in the zip code of 22030. It featured 5 bedrooms and 4.5 bathrooms, 3 car garage, hardwood floors, granite countertops, finished basement with large lot for seclusion. The property was listed for more than 100 days on the market. For more information on purchasing of reo properties, visit www.reshawnaleaven.com
What is a short sale? A short sale occurs when the net proceeds from the sale of a home are not enough to cover the sellers’ mortgage obligations and closing costs. There are 30 Pre-foreclosure (*short sales) with the price range from $265,000 to $525,000. Since January 2007, 6 REO Properties has closed in escrow from $169,900 to $339,900.
For example: An owner of a property purchased for $325,000 currently at risk of losing the property to foreclosure auction needs to sell the home. Though the current market is only selling for $269,500. The amount forgiven would be $55,500 from the owner if sold in a short sale. It is important that all documentation is gathered and sent to the lender before the trustee sale has taken place. For more information on selling or purchasing of short sales, visit www.reshawnaleaven.com
For more information about REO properties, short sales and resale properties, visit www.reshawnaleaven.com
