Washington, DC (PRWEB) February 19, 2010
The Washington, D.C. Greater Metro area residential real estate market posted positive numbers in the first month of 2010, experiencing a 28.12 percent increase in the dollar volume of sales over January 2009. The average home price also increased by four percent over the previous year, and inventory checked in at a four month's supply, down from a 5.2 month's supply in December.*
"We're pleased that the local housing market continued improving in January," said Donna Evers, president and broker of Evers & Co. Real Estate. "Also exciting is the increased availability and number of jumbo loans we're seeing up to $2 million. Prospective homebuyers have been waiting on the sidelines to purchase in the upper price brackets and now many banks have jumbo loan processes in place they're comfortable with to ensure qualified candidates can purchase more expensive homes."
Due to the financial crisis, banks generally did not give loans of more than $729,000 in 2009, which limited access to the many homes for sale priced at $1 million or more, Evers said. Now, for 30-year fixed loans of $1 million, about 20 percent is required as a down payment, 25 percent for $1.5 million loans, and 30 percent for $2 million loans.
"We will brace for the February numbers as they will undoubtedly take a hit due to the history-making snow storms that halted Metro area residential real estate sales for nearly a week," Evers said. "However, as the ice thaws, we're positioned to have a very productive spring, with low interest rates and banks better able to make loans up to $2 million."
*Statistics are taken from the Metropolitan Information System for three areas: Washington, D.C., Montgomery Country, Maryland; and Fairfax County, Arlington, Alexandria and Falls Church in Virginia.
About Evers & Co.
Founded in 1985 by Donna Evers, Evers & Co. Real Estate maintains its success through a strong referral base and agents who enjoy an excellent reputation for their expertise and in-depth knowledge of Washington Metro Area homes and neighborhoods. Evers & Co. is home to more than 70 licensed real estate professionals with decades of combined experience, who enjoy access to a first-of-its-kind Agent Resource Center. The agency is the largest woman-owned and-operated residential real estate firm in the area and a member of Unique Homes Affiliate Network, Who's Who in Luxury Real Estate and FIABCI, the largest international real estate organization in the world. In addition, the agency has an alliance with My Home In Paris, a residential real estate firm in Paris, France.
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