February 2007 Homes Sales Increase

I found an article in the Washington Post which sights unexpected jumps in the sales of existing homes in February 2007, the largest jump since March 2004. Read the article here.

Personally, I have seen an increase in buyer showings, and contracts on my listings. There are more buyers in the market. Statistics from NVAR (find the statistics here) says that there was a 6.87% increase in February 2007 sales of single family homes, townhomes, and condos compared to February 2006. In February 2007 there was actually 3% more inventory on the market for sale than in February 2006. The reason, I believe, that sales have increased 6.87% is because buyer demand has increased while interest rates are decreasing, despite 3% more homes on the market.

Hi-Tech Home Upgrades

Looking for the latest and greatest home products? From a fingerprint scanning deadbolt, to an oven which can cook a 12-pound turkey in 42 minutes, to residential elevators, MarketWatch.com listed ten new products which caught their attention at the 2007 International Builders’ Show. Click here to take a look at the list that would make any homeowner jealous.

Substaintial Risk with Subprime Mortgages

Subprime Mortgages, mortgages given to home buyers with risky credit histories, allowed buyers to purchase homes in the craze of the market boom of the last few years. The effect? Foreclosure rates are increasing, more than two dozen subprime mortgage companies are closing their doors for good, and home buyers with subprime mortgages are facing significant risk. According to an article by the Washington Post:

“4.95 percent of all home mortgages were delinquent, meaning they were at least 30 days late. The most dramatic rise among subprime borrowers. The survey also showed that lenders initiated foreclosures against 0.54 percent of borrowers – or about one in every 200.” read the complete article here

In my opinion, subprime mortgages are significantly risky for buyers who stretch themselves to the max to do a 3-year interest only ARM. While short term interest only ARMs are wonderful short term deals, buyers face serious danger if they do not refinance before the interest rate jumps. If you are in this situation, I strongly urge you to try refinancing to a 30-year fixed mortgage while rates are still low (around 6.25% today).

Also keep in mind that foreclosure rates are increasing, meaning that there is a higher supply of “bank owned” properties. Bank owned properties compete with sellers when they are selling their home, making it a much more difficult market for sellers.

Welcome!

Meet Jennifer Young!


Mission Statement:
Our goal as real estate consultants is to use our knowledge of the real estate industry to ensure a smooth transaction for our clients. We will strive to educate our clients about the real estate process and ensure that customer service is our top priority. With a strong work ethic and attention to detail, we look forward to being a lifelong resource for our clients.

“Quality is never an accident; it is always the result of high intention, sincere effort, intelligent direction, and skillful execution.” (William A. Foster)

A lifelong Northern Virginia Resident who has always been driven to be her best, Jennifer’s determined spirit and dedicated personality have always kept her focused on positive results. During her final years at James Madison University, Jennifer honed in on finance with a Real Estate concentration. Understanding the numbers behind the deals is what really intrigued her to pursue a career in Real Estate. After getting her real estate license and graduating with a degree in finance, she decided to join Keller Williams Realty. Jennifer joined Keller Williams because of the strong moral and ethical belief system they have put into place and because of the opportunity for growth.

Inspired Dedication
With such financial skills and strong dedication to customer service, it's no wonder that Jennifer has become one of the area’s leading real estate professionals. Her desire to make a difference is the cornerstone of her continued success in the Northern Virginia market. Highly personalized and dedicated to the unique needs of each client she works with, Jennifer has earned the reputation as a professional who genuinely cares about the community, and who works hard to ensure that individuals and families fulfill their home ownership dreams and investment goals.
Jennifer’s determined approach to business helped her make an immediate impact in the local real estate industry, from selling over $11 million and buying 3 investment properties in her first year in the business to becoming a top agent in the Northern Virginia market. She is always looking for ways to expand the quality of her service, which is why she has put together a team of hard-working professionals to back her and continues to utilize the latest technological resources to her client’s advantage.

Experience the Difference
Never losing sight of what’s most important to her client’s success, the fact that the majority of her business is built on referrals is a telling sign that Jennifer’s style of service is anything but standard. She often builds a lasting relationship with her clients and knows exactly how to make people feel comfortable with their decisions throughout the home ownership process. Whether buying or selling, she has the market knowledge, business savvy, dedication and care it takes to help you make the most of your real estate opportunities. She keeps you updated throughout the process and is committed to providing world-class service every step of the way.
When it comes to your most important real estate investments, trust the professional who is exceeding expectations every day. That’s Jennifer Young. Experience the difference of “Positive Energy, Positive Results” and give her a call today. You’ll be glad you did.