Loudoun Real Estate Blog

The real estate market continues to remain stable in Loudoun County. According to Real Estate Business Intelligence (www.rbintel.com), there were 367 homes sold during the month of September 2010 which is down slightly by 6.62% from August 2010. The average sold price in September 2010 was $407,811 which is also down by 3.11% from August 2010 but is up by 5.15% from last year at this time. The average days on market has remained relatively stable and was 56 days during September 2010 according to the statistics. One interesting note is that there were 651 new listings during the month of September as opposed to 568 in August. If that trend continues, then inventory will definitely be increasing.

Sean Glennon, a loan officer with Home Savings & Trust Mortgage, reports that mortgage rates on 30-year fixed mortgages fell to the lowest level in decades for the ninth time in 12 weeks. The average rate for a 30-year fixed mortgage is currently a decades low rate of 4.27%. The average rate on a 15-year fixed mortgage dropped to 3.72% which is the lowest on record dating back to 1991. Rates were pushed down by traders anticipating a move by the Federal Reserve to pump more money into the economy.

If you are thinking about buying a home in the near future, I would recommend buying a home sooner than later. Call Sean Glennon at Home Savings & Trust Mortgage for more details or to get pre-qualified. He can be reached at (703)766-4630.