The Following is Your September 2011 Real Estate Statistics for Prince William County, Virginia from Brad Chandler of Express Homebuyers.

The 410 homes sold in Prince William County this September were 20 percent fewer than last year, but two other market measures were promising. The average sales price of a home sold in September was $281,244, a 1.5 percent increase from a year earlier. Those homes took on average 49 days to sell, the best in the area. While it’s nearly a 20 percent increase since last year, it’s only taking 8 more days – a very short sales time.

Housing Supply Dwindling

If buyers continued to buy at the same pace as they did in August each month going forward and there were no new homes placed on the market for sale, the 498 houses for sale in Prince William County would run out in 3 months. Happy sellers are getting on average almost 97 percent of what they list their home for, so the would only have to drop 3 percent ($3,000) on a $100,000 house. The number of homes for sale decreased 7 percent from a year ago to 1,536, as the number of homes that came on the market decreased 13 percent to 624 homes.

Good Times in Princes William County Real Estate

Buyers placed 13 percent more contracts on homes for sale as compared to last year – an indication that buyer activity has surged. This could be due to a combination of lower interest rates – which are currently at an all time low – coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. All of the above factors indicate a very healthy real estate market in Prince William County. If you have any questions about this information or selling your Prince William County house fast, please contact us at the number above.

Homeowners following the monthly Real Estate Statistics for Montgomery County, Maryland can see Brad Chandler’s summary of the Sept. 2011 figures.

In Montgomery County, in September, the average sales price of a home sold in September ($436,709) was up 2.5 percent from a year earlier, but the 673 homes sold represent a 16% decline from last September. Selling after 72 days on the market lat year, those homes took on average 77 days to sell this year. Sellers can expect to average 94% of what they list their home for. On a $100,000 home they would end up selling it for about $94,000.

Falling Housing Inventory

Based on 847 homes being sold in August, there is just over a 4-month supply of homes in Montgomery County. This means that if buyers continued to buy at the same pace as they did in August each month going forward and there were no new homes placed on the market for sale the supply of houses for sale would run out in 4 months. The number of homes for sale decreased 12 percent from a year ago to 3,471 homes, while the number of homes that came on the market decreased almost 9% to 1,301 homes.

New Contracts Up

The number of new contracts that buyers placed on homes for sale increased over 5% from a year ago. This slight uptick in buyer activity could be attributed to low interest rates. Most of the above factors indicate a very healthy real estate market in Montgomery County. If you have any questions about this information or selling your Montgomery County house fast please contact us at the number above.

In case you are track the Real Estate Statistics for Prince Georges County, Maryland each month, here is Brad Chandler’s snapshot summary of Sept. 2011.

Here is some cause for pause. The prices of homes in Prince Georges County have, once again, declined from the previous year – almost 11 percent since last September, falling to $177,909. Prince Georges County has experienced one of the steepest declines in home values, in the area, over the past four years, with some areas seeing values nearly cut in half. These homes remained on the market for 108 days – an increase of nearly 19 percent and sellers are only getting 87.3 percent of what they list their house for. This means that if the seller lists his or her home for $100,000 they will end up selling it for $87,000.

Six Months Worth of Homes Available

634 homes were sold in September – this is essentially unchanged from the previous September. In terms of supply, in August, 2011 there were 719 homes sold. When you divide this into the number of active listings, this signifies a 6-month supply of houses. If no new homes are placed on the market for sale and buyers continued to buy at the same pace as they did in August each month going forward, then the supply of houses for sale would run out in 6 months.

More Buyers in the Prince Georges Market

The number of homes for sale has decreased 16 percent from a year ago to 4,167 while the number of homes that came on the market decreased over 24 percent to 1,047 homes. The most dramatic percentage change in the numbers I track was the number of new contracts that buyers placed on homes for sale – they increased from 48 percent from a year ago from 717 to 1,059. This is an indication that buyer activity has increased significantly from a year ago. This could be a combination of lower interest rates coupled with buyer’s perception that we are at the bottom of the pricing cycle and prices will likely increase. Even with this surge in activity, if you are a buyer in Prince Georges County you will find the market is in your favor. Sellers will need to wait longer and expect less from the sale of their home. If you have any questions about this information or selling your Prince Georges house fast please contact us at the number above.

Brad Chandler here from Express Homebuyers. I’ve highlighted September 2011 Real Estate Statistics for Fairfax County, Virginia.

Up 9% from a year earlier, the average sales price of a home sold in September was $498,526. While prices rose, the number sold dropped by nearly the same percentage; the 963 homes sold in Fairfax County in September represent 8.5 percent less than last September. Those homes were also on the market 18% longer, though the average 60 days they went unsold is considered fairly quick. Sellers on the average are getting 95 percent of what they listed the house for – about a $5,000 drop on a $100,000 house.

Will We Run Out of Houses?

In August, after 1,245 homes were sold, about a 3-month supply of homes remain available in Fairfax County. If buyers keep buying at this rate and no new ones were put up for sale, the supply of houses for sale would run out in 3 months. Additionally, sellers are getting over 95 percent of what they list their home for. So if the seller listed their home for $100,000 they would, on average, end up selling it for $95,000. The number of homes for sale decreased 8 percent to 3,515, while only 1,549 home came on the market – 10 percent fewer homes than a year ago.

Fewer Buyers This Year

For the first time in recent years, we have seen a decrease in buyer activity on a monthly basis year over year. Given that interest rates remain near an all time low, this is surprising. Though buyer activity has slowed, overall most of the above factors indicate a very healthy real estate market in Fairfax County. If you have any questions about this information or selling your Fairfax County house fast please contact us at the number above.

Hi! I’m Brad Chandler of Express Homebuyers and the Following is your September 2011 Real Estate Statistics for the District of Columbia.

In September, the average sales price of a home sold in the District of Columbia was $475,832, a decrease of 1 percent from a year earlier. Sellers are getting on average 95 percent of what they list their home for. So, if the seller listed their home for $100,000 they would, on average, end up selling it for $95,000. This shows some stability for seller.

Buying Trends

510 homes were sold in the District in September, a 2 percent increase from last September. Those homes took on average 77 days to sell – this is an increase of 13 percent. Based on 566 homes being sold in August there is a 4-month supply of homes. This means that if buyers continued to buy at the same pace as they did in August each month going forward and there were no new homes placed on the market for sale, the supply of houses for sale would run out in 4 months. The District currently has 2,282 homes for sale. This number has decreased about 18 percent from a year ago, while the number of homes that came on the market in September – 957 – decreased by 17 percent.

An Unexpected Development

The number of new contracts that buyers placed on homes for sale decreased from 555 to 522 – that’s down 6 percent from a year ago. This is the first time in a long time where we have seen a decrease in buyer activity on a monthly basis year over year. This is concerning and puzzling for two reasons. One, as interest rates remain near an all time low, one would think there would be more buyer activity to take advantage of these low rates and two, prices in some areas of DC have dropped dramatically over the past 4 years – again – you’d think people would be snapping up the deals. Overall, the market is still fairly healthy, but things have slowed. Could be the time of year coupled with buyers’ perception of the economy. If you have any questions about this information or selling your DC house fast please contact us at the number above.

Moving into Your Inherited House

If you’ve inherited a house in the town or city where you already reside and you don’t already own the home you currently live in, chances are you will choose to occupy the inherited house. However, sometimes inherited houses are not in tip top shape and necessitate a remodel.

In these cases, if you don’t have the money to renovate the inherited home and the house you currently live in is in better shape than the inherited house, you may choose to sell the inherited house as is, make some money off the sale, and continue to rent. You may even be able to use the money you make off the sale of your inherited house to make a down payment on a different house you wish to purchase.

If you live outside the area in which your inherited house is located, you will need to decide to either rent out or sell the house if you’re not willing to relocate in order to occupy the inherited house yourself. If the inherited house is in good condition, it may be a good investment to keep as a rental.

Out of area homeowners may be faced with extra challenges as a landlord, especially if the house is older and will needs a lot of maintenance and repairs. You will most likely need to hire a property management company to oversee the rental and deal with any maintenance, repairs, and tenant-related issues.

Selling Your Inherited House

If you are unable to occupy your inherited house yourself and don’t want to deal with the hassles of renting a home or paying someone else to oversee the property, selling the house is an excellent option. The majority of inherited houses are sold and never occupied by the people who inherited them.

However, if the inherited house is not in sellable condition and you are not able or willing to prepare the house to be placed on the real estate market, an excellent option is to sell the inherited house to a company that buys houses. A house buying company can pay you cash for your inherited house immediately before preparing the house for a resale themselves.

Now that you understand your options, will you live in, rent out, or sell your inherited house?