Homes sales in Fairfax County have showed significant upward (+21.2 percent) movement in February when compared to Feb. 2008 numbers. I am convinced that this is the result of pent-up demand on the part of first-time home-buyers. Much of the February activity came prior to the finalizing of the government’s $8,000 first-time home-buyer tax credit. This should only further increase demand As it took a perfect storm of events to trigger the precipitous drop in demand, we now have the perfect rainbow. Home prices have fallen to an affordability level not seen in over 25 years, interest rates are a historic lows and to top it off, the USG is basically handing out checks to buy a home. Toll Brothers is evening telling me that they have a mortgage guarantee program if a buyer loses their job. The median price for a home in Fairfax County now stands at $307,000, a 24.2 percent drop from last year’s prices.

If the open house I held at my newest listing on Great Owl Circle in Reston is any indication, buyer interest has started to go through the roof.  I had 26 groups of people come through the home last Sunday.  This equates to more than 50 people a level of interest reminicent of four or five years ago.  The home three doors down sold in three days for $7,000 over list price.  A second one in the neighborhood sold for list price in one day.

If still available, my newest listing located at 11742 Great Owl Circle in Reston will be open this Sunday.  You’ll love the convenience offered by North Reston’s highly desirable Ridgewood Cluster.  With over 2,400 square feet of living space, this four level, three bedroom, 3.5 bath home provides ready access to Metro Bus and the inumerable amenities offered by Reston.  Recent upgrades in this move-in ready townhome include: granite countertops and tile backsplash; hardwood floors on the main level; new carpet in the three upper level bedrooms and the fourth level loft; a fully renovated master bathroom; and much more.   The completely finished lower level includes an oversized recreation room/family room with fireplace and walkout to Reston’s extensive hiking trails.  Take the short walk to North Point Shopping Center and visit Starbucks, Baskin Robbins, or Mama Lucia’s Italian restaurant.  Reston Town Center is also just a short bike ride away.  With a sale two weeks ago of a unit three doors away at $506,000, this townhouse is a steal at $489,900.

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Invest in Your Future

with free money, at historically low interest rates to buy unbelievable bargains.

We all know that the mainstream media feeds on bad news.  Now is the time for good news.  The current economic slump began in the housing sector and it will end now that we are about to get the housing market back on track.  The federal government has pulled out all the stops to make this happen to include giving first time home-buyers a free $8,000.  It is now up to the American people to take advantage of those incentives to invest in their future.

I have been buying and selling real estate for over thirty years and have never seen a better opportunity for first time home-buyers and savvy investors.  Anyone who has an understanding of history knows that the real estate goes through cycles.  It is the wise ones who step in and take advantage of the downside and end up coming out on top.

In conjunction with Wells Fargo, Dominion Title Corp. and Toll Brothers Homes, I will be conducting a home-buyer seminar to bring you up to date on the current housing market and where we are headed.  We will also be providing a review of the current loan programs and government incentives which should make home-buying irresistible.

The four sponsors for this seminar have added the following incentives to make it even easier to purchase a home:

A.  Bob Nelson, Keller Williams Realty will provide a $500 credit at settlement.

B.  Bill Schwartz of Wells Fargo Home Mortgage will offer a $475 Lender Application Credit.

C.  Dominion Title will provide a title insurance discount up to $500

D.  Michele Cornejo of Toll Brothers Homes will offer a free finished basement including a full bath.

Of course, you must utilize the particular above sponsor to receive their respective credit.

Attendance is Free and a light breakfast will be served.  Please register so we have an idea of how many people will be in attendance.  Finally, bring a friend and receive a $25 gift certificate redeemable at several local restaurants.