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Spring 2020 Market Update
If you can qualify for a mortgage, now is a great time to buy a home in Burke. Interest rates are still low which makes a home purchase a great opportunity especially when considering the tax advantage a home owner might have. Interest rates are supposed to rise in 2016. Financing is still tight, best rates are available with a credit score of 740+. Why rent when you can buy for similar monthly payments? Call the local real estate expert Martina Burns now for more information at 703-650-8533 or toll free at 866-361-6655
Average Sold Home Price: $625,000

Average Time on Market: 10-30 days

Best Selling Price Range: $650,000 - $699,000

Existing Home Prices for the past 90 days: Increasing

Market Trend: Decreasing

Buyer's or Seller's Market: More buyers than sellers

Buyer Activity for the past 90 days: Increasing

Seller Activity for the past 90 days: No Change

Multiple Offers? Yes

Multiple Offers Commentary: Homes are still selling fast in prime locations but only for up-dated, mint, move-in condition homes, close to public transportation. Those homes are selling in < 10 days on market.

What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? 0-5%

Is Financing Available For Qualified Buyers? Yes

Housing Inventory: Very tight market

Housing Inventory Comments: 06/2016 Market Statistic Data from MRIS = Metropolitan Regional Information System. Burke average detached = single family home sold price: $ 610,226 = =6.39 % increase YOY = year over year. Burke average town home = attached home sold price: $ 390,472 = +6.43 % increase YOY. Burke average condo sold price: $ 282,300 = +6.65 % increase YOY. Average Days on Market: 18 vs. 24 a year ago = -25 % decrease YOY. Average Sold Price to Original List Price: 99.1 % vs. 98.9 % a year ago = +0.26 % increase YOY. Most homes sold in <10 days on market. 4 cash buyers, 43 conventional loans, 10 FHA loans, 23 VA loans. Inventory: 84 active listings vs. 106 a year ago = -20.75 % decrease. Pendings = Properties Under Contract: 103 vs. 92 = 11.96 % Please note the statistic below is for single family homes, 4 bed rooms or more, only!

Greatest Activity: Repeat Buyers

Best reason to buy or sell: Good economic news

Nearest Metro Area: Washington DC

Housing Hot Spots: Everything inside the Beltway or within 5 miles and close to Metro or VRE.

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Martina Burns RE/MAX
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Mortgage Rates for Mar 28th, 2020
30 year fixed rate: 4.51%
15 year fixed rate: 3.90%
30 year jumbo rate: 4.41%
15 year jumbo rate: 4.12%
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Real Estate Professional, Martina Burns  RE/MAX Martina Burns RE/MAX
RE/MAX Allegiance
Specializing in Burke Real Estate
6084-A Franconia Road
Alexandria, Virginia 22310
Email Me | Receive New Listings by Email
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(Because current market conditions can change rapidly in any given marketplace,
please check with Martina Burns RE/MAX for current Burke, VA market conditions before acting on this information.)
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