Fairfax – Home sales spiked more than 11 percent this past August with 2,104 closings compared to the 1,891 transactions that closed in August 2015 in the Northern Virginia Association of Realtors® territory, which consists of Fairfax and Arlington counties, Falls Church and Alexandria. 
“The 11 percent spike in home sales shows that during an unprecedented election season, the Northern Virginia real estate market sustains itself on firm footing,” says NVAR CEO Ryan Conrad. 
“Based on the 10 percent boost in total pending contracts, our fall market could lead into a strong close for the year.” Northern Virginia’s local sound economy is one reason that prospective buyers see now as an opportune time to buy a home, he explained. 

Realtors® observed…

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Labor Day: What it Means

Labor Day, the first Monday in September, is a creation of the labor movement and is dedicated to the social and economic achievements of American workers. It constitutes a yearly national tribute to the contributions workers have made to the strength, prosperity, and well-being of our country.

The First Labor Day

The first Labor Day holiday was celebrated on Tuesday, September 5, 1882, in New York City, in accordance with the plans of the Central Labor Union. The Central Labor Union held its second Labor Day holiday just a year later, on September 5, 1883.
In 1884 the first Monday in September was selected as the holiday, as originally proposed, and the Central Labor Union urged similar organizations in other cities to…

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Fairfax – Home sale closings took a nearly 5 percent dip last month in July with 2,209 closings compared to 2,322 closings one year ago in the Northern Virginia Association of Realtors® footprint. This consists of Fairfax and Arlington counties, Falls Church and Alexandria. The silver lining for last month is found in the 2,889 pending transactions, a more than 14 percent increase when compared to the 2,529 pendings one year ago. “This could be an indicator of some strong months of sales activity ahead, yet with political campaigns heating up, this is not guaranteed,” said NVAR Chairman Virgil Frizzell. “In spite of fewer listings and sales, the transaction traffic did pick up, especially in the middle-priced homes, ranging from $400,000 to $800,000.

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Americans bought more homes in June, the fourth straight monthly gain, as the sales rate reached its highest level in more than nine years.

The National Association of Realtors said Thursday that sales of existing homes rose 1.1 percent last month to a seasonally adjusted annual rate of 5.57 million, the best performance since February 2007. Buyers are quickly making offers amid tight supplies of homes on the market, boosting prices as the traditional buying season reaches its crescendo. The solid job market and mortgage rates near historic lows have kept demand steady, even though the number of listings on the market has dropped.

But continued sales gains appear to be limited this year because of the acute shortage of listings. The meager supplies…

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Fairfax – Home sale closings landed at 2,527 sales in June, barely declining by one-half percent from the 2,544 transactions posted in June, 2015. The strong Northern Virginia spring market ebbed into summer mode. “While low interest rates remain encouraging, our biggest challenge continues to be our local market’s lean inventory,” said Virgil Frizzell, NVAR Chairman of the Board. “This makes for a competitive marketplace when bidding on entry level homes for millennials who are ready to commit.”

“Buyers watch HGTV, and they want a move-in ready home,” said Craig Lilly, NVAR Board member and Long & Foster Real Estate of Vienna Realtor®. “That means there should be signs that the home has been well maintained, he said. “I can’t tie buyer sentiment…

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Happy 4th of July! It is Independence Day in the United States of America, the day we celebrate freedom and honor everyone who has fought for our beautiful country.   As a family, we all get together, spend time with our loved ones & eat lots of goodies. Why not? It is one of the few federal holidays in the states and it is summer!


Throughout the history that shaped the USA we've had many Presidents, political figures and personalities who have shown their patriotism with inspiring messages. Take a look at some of these quotes and sayings to celebrate this year's holiday:

1. Patrick Henry: "Give me liberty or give me death."

2. Barack Obama: "Americans... still believe in an America where anything's possible."

3. Bill Clinton: "You…

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Housing Market Edges Up As the Fed Considers an Interest Rate Hike
8 percent increase in Sales Offset by Dip in Active Listings, compared to last May

Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength.  This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.

“With pending home sales up 4 percent, it…

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Paying your bills on time is the most important contributor to a good credit score. Even if the debt you owe is a small amount, it is crucial that you make payments on time. In addition, you should:

  • Minimize outstanding debt
  • Avoid overextending yourself
  • Refrain from applying for credit needlessly
Applications for credit show up as inquiries on your credit report, indicating to lenders that you may be taking on new debt. It may be to your advantage to use the credit you already have to prove your ongoing ability to manage credit responsibly.   How Changes Affect Scores One common question involves understanding how very specific actions will affect a credit score. For example, will closing two of your revolving accounts improve…

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Fairfax – Home sale closings climbed 8 percent in May, at 2,312 settlements, compared with last year, as the Northern Virginia spring market showed strength.  This past month had the most sales in the NVAR footprint in the past three years compared to previous Mays. Affordable housing stock remains lean, with inventory at all price points continuing to be squeezed. Total active listings of 5,122 are down 10 percent compared to last year’s 55,672 check this number homes available. New contract activity rose nearly 6 percent with 746 new deals made in May 2015.

“With pending home sales up 4 percent, it appears that our region’s home sales activity will be sustainable,” said Virgil Frizzell, NVAR Chairman of the Board. “But there is still a consistent…

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Federal Reserve Chairman Janet Yellen said Friday that the central bank would "probably" raise interest rates in the coming months, a move that would indicate that America's economy had successfully weathered the global financial turmoil earlier in the year.   Yellen said the recovery appears to be picking up steam after losing momentum in the first quarter of the year. Fears of a slowdown in China and emerging markets, falling oil prices and a rising dollar had sent financial markets into a tailspin. But the U.S. economy continued to expand and add a healthy number of jobs. On Friday, the government increased its estimate of growth in the first quarter to 0.8 percent. That number is forecast to jump to 2.9 percent in the second quarter, according…

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