Along with all of the exciting things that have taken place over the past year at One Loudoun, we are pleased to announce that we have reached 100 home sales! Congratulations to all of the builders- Camberley Homes, Miller & Smith, and NVHomes, for your success!
One Loudoun offers a variety of innovative home styles that are exclusively designed for the community, including gorgeous single family homes by Camberley Homes, a brand new single family home series from Miller & Smith – The Downtown Collection, and exquisite townhomes by NVHomes.
Miller & Smith unveiled their beautiful new model homes at the Big Reveal earlier this month, and Camberley Homes just released new homesites last weekend. NVHomes is set to have their new model home Grand Opening on February 16th, 2013.
The entire One Loudoun community is being designed with you in mind, and with no detail overlooked. Each builder in the community offers future residents home designs that fit harmoniously within the context of this mixed-use community. Ample open spaces are integrated with where you work, shop, dine and socialize to create a balanced lifestyle that will be unlike any other place in Loudoun County.
The Ashburn area is buzzing with anticipation for the Grand Opening of Miller & Smith’s new Downtown Collection at One Loudoun, to be held on Saturday, January 12th, from 11AM to 5PM. These Chicago-inspired new home designs feature modern floorplans and compliment the contemporary cosmopolitan type of vibe that the new mixed-use community of One Loudoun offers. Potential home buyers will be blown away by the magnificent kitchens and spacious great rooms. The new Downtown Collection homes for sale include four bedrooms, two and a half baths, an available sleeping porch, loft, and even a studio over the 2-car garage. New homes are priced from the mid-$500s. If you’re looking for a new home for sale in the Ashburn area, this is a must-attend event! Don’t miss The Big Reveal! (Sales office located at 44592 Stepney Dr, Ashburn, VA 20148).
Check out new photos of the NV Model Homes on Facebook! There have already been 38 buyers who selected an NV new home for sale prior to any model openings. Now is the time to take advantage of Pre-Model Pricing before the models open in December. Contact NVHomes to see these beautiful models in person!
Home construction has been a key component in the U.S. economy, and as home sales and home prices continue to rise, so has new home construction.
According to the U.S. Census Bureau’s report issued last Thursday, July had a 6.8% increase in building permits to an annual rate of 812,00, the highest rate in four years, and 29.5% higher than July of 2011. This number was unexpected, as forecasts made by a consensus of housing industry experts showed the permit rate to be more around 750,000 for July. This is a good sign for those prospective home buyers who are looking at new homes for sale in the Ashburn or Leesburg areas, as Loudoun County is one of the top fastest growing counties in the nation.
A rise in building permits is a sign that builder confidence is growing, and could very likely lead to an increase in jobs. Chief economist for the National Association of Home Builders, David Crowe, estimates that about three jobs are created for every new home that is built and that a rise in applications for building permits is a good indicator of where the housing market is going. “If you’re looking into the future, ” he said, “permits are a truer picture of the market.” An increase in construction is also quite possibly a response to the high demand for new homes in Loudoun County, seeing as inventory has been shrinking over the past few months.
With both home sales and prices up at the close of the second quarter in 2012, Loudoun County is still showing clear signs of continuous health and growth in its local housing market. Home sale volume went up by 28% compared with the first two quarters of 2011, according to The Loudoun Newsletter, as well as Loudoun County home prices and home values being on the upswing. Record-low mortgage rates could, in part, be an explanation for why prospective buyers have returned to the market and are purchasing Ashburn and Leesburg new homes for sale.
The recovery seen in the Loudoun County housing market reflects positive trends that are happening across the country. According to the National Association of Realtors (NAR), the second quarter showed that home prices rose in metropolitan areas, with the median existing single-family home prices rising in 110 out of 147 metropolitan statistical areas (MSAs) based on closings in the second quarter in comparison with the same quarter in 2011.
“It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners, says NAR chief economist, Lawrence Yun. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.” Yun goes on to say that he expects home prices to continue to increase in even more markets during upcoming quarters.
Last week the 30-year fixed mortgage rate fell to a new low average of 3.87%, while the 15-year fixed hit 3.14%. According to CNNMoney, this marks the lowest rates have been in 40 years of the Freddie Mac Primary Mortgage Market Survey.
This news came on the heels of the President’s plans to help make refinancing available to more homeowners. The time has never been better to purchase new homes in Loudoun County, or elsewhere. Just one year ago the 30-year rate was averaging slightly under 5%. At this rate on a $250,000 refinance or purchase loan, the average borrower would save over $1600 a year compared to today’s rates. On the same loan amount, the 7% rates of just a few years back would have cost borrowers over $6000 per year more than what the same loan amount would cost today.
Unfortunately mortgage rate averages are neither linear nor fully predictable. What this means is that with the dropping unemployment rate and shrinking foreclosure market, the 7% rates could return sooner than we realize . As mentioned, the time to purchase has never been better and buyers are being encouraged to take advantage of this opportunity before these record rates start their inevitable climb back upward.