Month: February 2012

Most Affordable Home Buying in 20 Years

Record mortgage rates and incredible pricing opportunities have created the most affordable climate for home buyers in over 20 years. This is backed by data compiled into an “affordability” index by the National Association of Home Builders and Wells Fargo. This index measures the percentage of homes sold during the previous 3 months that could have been afforded by households that earn $64,200, which is the national median income. Currently the index is at 75.9%, which is the highest affordability level it’s been in 2 decades, and is also higher than the previous calculation from 3 months prior (72.9%). Of course some areas of the country have even greater affordability than others. For instance, parts of Ohio have an affordability index of 95.1%, but generally areas that sit this high on the index were the ones hit hardest by the economic downturn. The National Association of Home Builders/Wells Fargo index measures both new and existing homes affordability, and is an excellent indicator on the stability of the real estate market.

Also Piggybacking on the news of this affordability index has been this week’s new home sales reports. The Census Bureau reported that January’s new home sales have exceeded initial forecasts, reaching an annual rate of 321,000 according to CNNMoney.com. This increase in new home sales, as well as recent pickups in new home starts by home builders, is further indication of a climbing market. With all of these factors in place, the pace of January’s new home sales actually hit its highest point since home buyer tax credit program of 2010.

One Loudoun is successfully kicking off 2012 with a variety of beautiful new homes for sale, and the with favorable buying conditions nationwide the time to purchase a new home has never been better! Our modern and sophisticated community located in the heart of the nation’s most affluent county is the hottest thing to hit the DC area since cupcakes. We invite you to stop in or contact us for more information on One Loudoun, Loudoun County’s NEW downtown.

Why You Should Consider Living in Loudoun County VA

Loudoun County, Virginia is one of the fastest growing counties in the entire country, and with good reason. Loudoun County offers close proximity to Washington, D.C. as well as a low unemployment rate, excellent schools and a wide array of great cities and towns to live in. Boasting some of the nation’s finest amenities and a robust economy, Loudoun County is a fantastic place to live for those considering relocating to the Washington, D.C. metropolitan region.

Loudoun County boasts exceptionally strong real estate values as well as affordable home prices and a modest cost of living. The county’s housing inventory is very diverse, and new homes communities such as One Loudoun have answered the call to provide gorgeous homes to the growing population. While the county has grown the real estate prices have remained strong, even in the midst of tough economic times. Those seeking an affordable place to live in a healthy, stable real estate market should look no further than Loudoun County.

The county has an extremely strong economy and a vibrant labor market. Its unemployment rate is just 3.9%, the second lowest in the entire state of Virginia, and among the lowest regions in the nation. Employment opportunities in and around Loudoun County are plentiful, and include sectors like government, healthcare, education, media, retail, business, finance and many more. In addition, Loudoun County offers short commutes to Washington, D.C., making it a prime location for workers in the District of Columbia and nearby cities. The county is also renowned for its affluence and economic opportunities, boasting the highest median household income in the entire United State, approaching $120,000.

Loudoun County offers outstanding public and private schools, with the Loudoun County Public Schools district being praised for its academic excellence and efficiency. The county also boasts great roads and public transportation options. Loudoun County is within short driving range of Washington Dulles International Airport, Reagan National Airport, Baltimore-Washington International Thurgood Marshall Airport and Leesburg Executive Airport, and also offers the Loudoun County Commuter Bus service. The county is known for its safe neighborhoods and abundance of outdoor recreational opportunities. Hiking, biking, fishing, boating, water sports and other activities can all be done with ease in Loudoun County.

With its world-class amenities, thriving labor market and close proximity to Washington, D.C., Loudoun County is one of the top places to live in the United States. Those in search of a safe, affordable place to launch a career, retire or raise a family should strongly consider this county. Whether you’re looking to commute to your new job in the nation’s capital or just want a great community to live and work in, Loudoun County is the place for you.

Mortgage Rates Hit Another New Low – 3.87%

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.