Fairfax Houses for Sale

The city of Fairfax in the U.S state of Virginia is a great place to call home. With its vast geographic area, well-known regions and its close proximity to Washington DC and other major metros, it is an ideal location for buying houses for sale; keeping in mind it’s the easy access that it provides to employment, education, shopping and transport options.

The real estate market in the Fairfax County has been at the forefront of major activities. Recent figures show that there has been a steady rise in the number of active listings in the market with a minimum list price of $40,000 and a maximum of $9,997,000. Similarly the number of real estate listings under contract has also shown a stable growth with a minimum price of 39,000 and a maximum of $4,475,000.

According to the October 2010 report by the Northern Virginia Association of Realtors a total of 1,229 houses were sold. The report also suggests that there has been an increase of about 5% in active listings as compared to the previous year and that the average sales price has risen about 11%, where it was about $424,500 last year, this year it has been almost $470,800.

There is some good news to those planning to buy a house for sale in Fairfax County. The Federal Housing Administration (FHA) has increased the loan limit of $729,750. These loans allow a low credit score of 620. The borrower must bring in 3.5% of the sales price in the transaction which can come in the form of a gift is required. There are no cash reserves and the qualification ratios of the debt to income can be as high as 50%. Although the borrower has to bring in 3% in the transaction, the seller may pay up to 6% of the selling price towards the closing cost. FHA provides financing on all single family homes and townhouses. It is a great opportunity for first time buyers and those who do not have the average credit and have less cash; the FHA does not have an issue with the failing markets.

It is important for Fairfax buyers and sellers to be well informed about the basic local information that influences the pricing and sales, time on the market, general pace of the sales and the normal disparity between the asking price and the sale price. This information will certainly put the educated Fairfax house for sale buyer or seller in the best position.