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Here at Loudoun Homes we
will strive to offer the best in Real Estate News, Trends, and Strategies.
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Agents In the
Spotlight.
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Dean & Morris
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Click on Image Below to
see Graphical Trend of
Average Days on Market.
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Click on Image Below to
see Graphical Trend of
Average Monthly Home Sales.
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Loudoun Homes is about Real Estate in Loudoun
County, Virginia. Look here for links on Loan information and rates.
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| Loudoun Home Sales Continue to INCREASE BLOG |
The doomsday critics all not looking for any relief in the Home Sales picture for another year. However, this may not hold true for Loudoun County. Let us Look at a few facts:
1. Historically, those Counties surrounding the Federal Government have suffered less and rebounded quicker than other areas in the nation.
2. Loudoun is still in a period of growth. According to the figures published by the Loudoun County department of Economic Development, the estimated population of Loudoun for 2007 is 271,000. By the year 2010 it is projected to grow by another 30,000. Businesses are still moving to Loudoun County, and the unemployment rate is right around 2%. Currently the vacancy rate of office space is somewhere around 14%. Yet, the median income of those living in Loudoun County is Close to Double the National Average. With the 58% of the population falling between the ages of 24 and 64. This means the money is here,
the demand for services exists, and the growth will continue.
3. The Inventory of new houses is falling. In December the median price of a home sold was 410,000.00. Up from the previous month, while the average sales price was down approximately 20,000 from the previous month to 473,000.00 . Not reported in these figures are the impact of the repossesed homes. With the government supported loans and the new relief measures coming into place, the number of forclosures should be shrinking as well.
4. The price of the Houses in Loudoun are probably at the lowest they have been for many years. Those thinking of buying could not be approaching the market at a better time. Those who are hesitating to buy because they think the market could go lower could lose out. One factor that should give the houses a nudge upward is the new VA Tax increase that is imposed on Real Estate Sales; on a sale of 450,000.00 the tax will be roughly 1%, right around $4500.00, in many cases this may be bypassed to the buyer, as it is going to impact the sellers bottom line.
5. There are a lot of opinions , and blogs, and no matter what is
being written, or knocked around in the press, there facts indicate that the overall picture for Loudoun is positive. The only obscure point being the timeline to get there.
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The 2008 edition of the Loudoun County "Guide to Services" is now available. Produced by the Office of Public Information, the guide is a comprehensive handbook of information about services provided by the county government, as well as services provided by other governmental and non-governmental agencies. Copies of the guide are available at Loudoun County community centers, public libraries and at the front counters of county government departments and agencies. Copies of the guide are also available by contacting the Office of Public Information at pivs@loudoun.gov or 703-777-0113.
| New Regulations for Traffic Impact Analysis Now in Effect |
NOTE, NEW regulations imposed by the Virginia Department of Transportation (VDOT) took effect on January 1, 2008. These regulations are a result of General Assembly action in 2006 which sought to better standardize the procedures for analyzing transportation impacts of land-use applications. The regulations require a Traffic Impact Analysis (TIA) of certain subdivision, site plan, rezoning, and comprehensive plan amendment applications. The implementation of the regulations took place through a phased-in approach, beginning in July 2007, with full implementation occurring on January 1.
The regulations require that an applicant submitting a request for a Preliminary Subdivision Plat (SBPL), Site Plan (STPL), or certain legislative applications submit a Traffic Impact Analysis if the proposed development generates a “significant impact” upon the VDOT road network. A significant impact is defined as:
• For residential projects – more than 100 vehicle trips per peak hour, or more than 200 daily vehicle trips which at least doubles the daily traffic volume on a state highway.
• For non-residential projects – more than 250 vehicle trips per peak hour, or more than 2,500 daily vehicle trips.
• For mixed-use projects – if the residential portion generates more than 100 vehicle trips per hour, or if the entire project generates more than 250 vehicle trips per hour or more than 2,500 daily vehicle trips.
Should a proposal meet the criteria above, a TIA must be submitted as part of the initial application. If the traffic generated by the proposal does not meet the thresholds, the applicant must furnish a letter stating as such, using standard ITE trip generation figures as a guide.
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Research Virginia Colleges: www.collegesofva.com
Find Antiques in Loudoun County: www.LoudounAntiques.Com
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