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Home Buying Course 409 (Spring Semester)

April 3, 2009 By Doug Francis

collegePrereq: loan pre-approval 305, buyer consultation 206, cost estimate review 108, time frame 201

Okay, this isn’t a real college level class but it is at the level a home buyer needs to be if they want to take advantage of today’s real estate market. There is an “on-sale” mentality that has taken hold in our area, and home buyers who have been on the sideline are eager to buy low and finance even lower. And for those who qualify as first-time buyers, the $8,000 tax credit is stoking their burning desire to be homeowners.

The market statistics aren’t out for March ’09 yet and not every market or agent’s results are the same, but here are some observations on my March business:

  • A listing had an offer close to list price in 48 hours.
  • A buyer client competed with 2 other offers on a foreclosure (we won).
  • Another listing had an offer within 96% of asking within a week.
  • When showing homes to relocating clients, we had agents following us with clients at almost every home we saw in Oakton and Vienna.

And an associate in my office had six transactions come together in March which is exceptional.

I recognize that trends in our marketplace run with the season and spring has sprung. There is still a healthy inventory of available homes to choose from that did not exist in the 2005 era, but more than ever you need to be prepared because there are unique factors that exist here. The primary unique factor is jobs.

The monthly job-loss numbers popped up this morning with grim national news, 663,000 jobs lost and an unemployment rate at 8.5%. The Virginia Employment Commission reported in March that Fairfax County unemployment was at 4.7%, not to mention that the average income ranks high in national statistics. So we have 95.3% of the population working with well paying jobs.

Welcome to the big leagues home buyers! When you get e-mails on those “hot, new listings”, we are going into a potential fire-fight so let’s be prepared to take action.

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Filed Under: Blog Tagged With: $8000 tax credit, buyer agent, buyer's market, mortgage, relocation

About Doug Francis

A Realtor specializing in unique and new homes around Vienna, Virginia, Doug started writing a first-hand blog about his everyday real estate experiences a decade ago. In depth, helpful and fun has always been the objective. Outside real estate, he was profiled in a commercial for Verisign's "Where the World Clicks" campaign, and was quoted in Money Magazine's Best Places to Live article on Vienna. He's a Boston University graduate who feels morning coffee is non-negotiable.

Helping my clients add value to their home has always been important to me. My step-by-step recommendations are intended to increase market appeal, return more then invested, and help net more when selling.

Beyond just sellers, I have helped many new homeowners make smart design decisions when remodeling. We gutted our house and totally remodeled it, and I pass that experience along because living in a nice house is simply better.

My background… I’ve been an active licensed agent in Virginia for 25 years, work at TTR Sotheby’s International Realty in McLean, and sell homes in all price ranges. I donate to the Town of Vienna tree replacement fund, participate in a neighborhood citizens association, and try my best to stay in shape.

Questions? Email doug@dougfrancis.com or call me at (703) 304-6827 to discuss your plans. Cheers!

Filmed in Vienna and McLean

https://youtu.be/ClqEIV1zoQg
Viva Vienna Vienna Idol event on the Town Green sponsored by Caffe Amouri

The Vienna Town Green

The Town Green in Vienna, Virginia is located where Maple Avenue intersects the W&OD Bike Trail and Mill Street. The Town

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“Doug nailed it! Within days, we had three offers, one of which not only met, but far exceeded all of our goals.”
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About Doug Francis

I am a Realtor with TTR Sotheby's International Realty® just outside Washington D.C. in Northern Virginia. I have been a full-time Realtor licensed in Virginia since 1991, and cover a big territory specializing in the Vienna real estate market and custom homes for sale.

I have unique knowledge of digital real estate marketing, and my marketing starts here. My clients have been attracted to my results-oriented strategy for years, and I am accepting new clients for Fall 2022 right now.

Thanks for reading, and feel free to contact me at 703-304-6827 or email me at doug@dougfrancis.com anytime!

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TTR Sotheby's International Realty
6723 Whittier Avenue McLean, VA 22101

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