Loudoun Real Estate Blog

Metropolitan Regional Information Systems (MRIS), which is the MLS system that all of Northern Virginia, including Loudoun and Fairfax Counties, most of Maryland and parts of Pennsylvania is changing the Days On Market Property reset time.  The Days On Market Property was the counter that would continue to increase every day the home is listed regardless if the home owner changed Real Estate Agents.

The Days On Market Property use to reset after the property was no longer active for a period of 180 days (6 months).  This value to established in 1993 and was thought to be a good indictor of a complete market cycle.  Since then people have started to move more frequently and value started to lose its meaning.  As of February 15^th 2008 the reset time is being changed to 90 days (3 months) which is a huge improvement and a welcomed change.

The other important factor in this change is that MRIS is going back through all the data and updating the Days On Market Property values.  Here is a quote from MRIS:

MRIS will recalculate the Days On Market for all existing listings.  In terms of appraisers accustomed to the old formula for assessing property value, the statistics that they have always relied on will still maintain value as the “market snapshots” they were intended to be.  Those market snapshots are still valid.

Any thoughts or questions please let us know and I will be happy to answer them.

I was reading some good news for the real estate market in the Washington Post newspaper the other day that the global technology and consulting firm, Computer Sciences Corp., is relocating its headquarters to Falls Church from El Segundo, California. CSC will be one of the largest companies based in the Washington area. About 200 people would be relocating from the Los Angeles area to Northern Virginia. In this market, I look for every piece of good news for local real estate that I can find.

A Wall Street Journal columnist talks about real estate returns compared to other investments like stocks, bonds, etc

Cox Media announces a new service for their customers. Oh and I am sure another vehicle for real estate agents to pay for home advertising. Cox is going to allow customers to view homes with their on demand service. I wonder how many people prefer to look for homes online or on cable.

I especially like the comment…

“For busy real estate agents, GoScout HOMES is going to make a huge difference in the way they do business. The tools for uploading images and information are available 24 hours a day…”

It is not like we don’t have to upload images to enough places already. They are adding one more and it will make our lives more convenient.

Do you think there are any REAL benefits to this? What are your thoughts?