It’s that time of year again, when the Bradford Pear Tree blooms for the first time and begins taunting me.  Sure, the white flowers look beautiful, like snow blanketing the tree tops with the bonus of warm weather and nosnow to clean-up.  However, there is still clean-up.  These delicate white petals will start to fall and litter Fredericksburg streets with petal waste.  Then the offensive smell will set in and envelop Fredericksburg City around the middle of April.  Have you never smelled a Bradford Pear Tree in Spring?  It is a putrid combination of cat litter box and cheap perfume.  Just hold your breathe and wait for the stinky season to pass.  The stink usually lasts 2-3 weeks.  Now the leaves come in for summer and the Bradford Pear Tree looks full and Fredericksburg streets are once more pleasant to walk down.  But all too soon the season changes to Fall and the red fruit will sprout from the Bradford Pear Tree’s branches.  The “red fruit of death” is worse than cleaning bird poo from your car.  It’s sticky and it stains.  And then we progress to winter and you think the worst the Bradford Pear Tree has to offer is over.  You are wrong.  For the fourth time in a year, the tree dumps it’s parts on the city.  This time in the form of thousands of leaves.  We repeat this dance with the Bradford Pear Tree year after year.  Oh, how I despise this tree! 

(No offense intended to the Bradford Pear Tree lovers of the world).

As the economic crisis continues and more and more homeowners face the threat of foreclosure, there is an underlying epidemic that is emerging.  Depression goes hand in hand with the stress of losing, or potentially losing, one’s home.  Coupled with the fear of job loss and the increasing divorce rate that prevails during times of economic turmoil, many people see suicide as a way out of the stress of daily life.  If you are experiencing high levels of stress and/ or suicidal thoughts, or know someone who is, please reach out to the numerous resources that offer assistance during this hard time.   

Suicide Hotline:  1-800-SUICIDE  

Suicide Prevention Lifeline:  1-800-273-TALK

Foreclosure Help:  1-888-995-HOPE

Central Virginia Housing Coalition:  1-540-604-9943

ClearPoint Financial Solutions:  1-877-422-9040

Are you looking for some ideas of ways to celebrate St. Patrick’s Day in Fredericksburg?  Here are a few places to try:

J. Brian’s – Located at 200 Hanover Street.  Features a special Irish menu on St. Patrick’s Day. Get your fill of corned beef and cabbage while sipping your favorite brew!  Get there early, this place fills up!

Colonial Tavern – Located at 405 Lafayette Blvd.  Always Irish, all the time.  The standard menu features Irish treats and there is always a song to be heard.  A more limited menu will be featured on March 17th, but be sure, it will be delicious! 

The Blarney Stone – Located at 715 Caroline Street.  Becoming an Irish staple in Fredericksburg.  The Blarney Stone features a smoke free restaurant in the front and a smoking section in the back.  Irish fare is what you will be served here, so bring a hearty appetite! 

Capital Ale House – located at 917 Caroline Street.  Offers a 21 and over celebration starting at 5pm.  10 different Irish and Scottish Ales will be on tap.  An Irish menu will be featured and there will be live music. 

Enjoy the St. Patrick’s Day festivities, but remember to celebrate responsibly!

For the second time in 2 weeks, Fredericksburg residents experience a late winter snow.  Although today’s snow is just a dusting, the March 1st snow fall measured up to 9 inches!  It’s hard to believe that spring starts in just 7 days!

Fredericksburg City:

• 156 days on market – this is 19 days less than in February 2008
• Sellers received, on average, 84.24% of their list price when the home sold
• There is 13.08 months of inventory on the market
• 12 homes sold in February 2009 – this is 1 less than in February 2008
• The most popular price range was $250,000-299,999 and $200,000. 
• The average sold price was $188,775, compared to $307,362 in February 2008

Orange County

• 195 days on market – this is 13 days more than in February 2008
• Sellers received, on average, 85.26% of their list price when the home sold
• There is 16.65 months of inventory on the market
• 23 homes sold in February 2009 – this is 5 less than in February 2008
• The most popular price range was $200,000-$249,999
• The average sold price was $197,291, compared to $280,107 in February 2008 

Spotsylvania County

• 118 days on market – this is 46 less than February 2008 
• Sellers received, on average, 87.27% of their list price when the home sold
• There is 10.23 months inventory on the market
• 105 homes sold in February 2009 – this is 25 more than in February 2008 
• The most popular price range was $250,000-$299,999
• The average sold price was $222,282, compared to $281,423 in February 2008 

Stafford County

• 120 days on market – this is 30 less than February 2008 
• Sellers received, on average, 88.63% of their list price when the home sold
• There is 7.38 months inventory on the market
• 126 homes sold in February 2009 - this is 41 more than in February 2008 
• The most popular price range was $200,000-$249,999
• The average sold price was $223,321, compared to $342,113 in February 2008 

Prince William County

• 91 days on market – this is 34 less than February 2008 
• Sellers received, on average, 90.97% of their list price when the home sold
• There is 5.22 months inventory on the market
• 614 homes sold in February 2009 - this is 227 more than in February 2008
• The most popular price range was $200,000-$249,999
• The average sold price was $204,378, compared to $307,392 in February 2008

Yep, it’s true, prices are continuing to fall.  Prices have fallen an average of $94,470 for the areas I mentioned above.  There are several reasons for the decrease in home sale prices.  First, there’s the whole mortgage/ housing collapse crisis this nation is experiencing.  As long as consumer confidence is down and the stock market is volatile, prices will continue to fall.  It’s the nature of the beast.  Second, there was a moratorium on foreclosures over the winter holiday.  This means less foreclosed homes came on the market and there was less inventory to choose from.  Many buyers opted to wait to purchase a home until inventory increases.  Or, they are waiting for the elusive 4.5% interest rates they were “promised.”  Less inventory and less buyers equals less competition and the buyers in the market made low offers because they could.  (However, if the house is in good condition, still expect competing offers, over list price).  The third reason prices keep dropping is it is the winter selling season.  We typically see a decrease in sales price this time of year because sellers get desperate and lower their prices.  These sellers fear the competition that will come on the market by the middle of April.  The added advantage for these sellers is that the buyers who are writing contracts during the winter months are serious about buying a home.  However, these buyers are also more likely to negotiate a contract in their favor. 

I’ve said it once, and I will continue to say it, the key to this market, if you are a seller is PRICE!  Price competitively the first time and you will have a much better chance of selling your home.  The key to this market if you are a buyer is good credit and patience!  If a buyer is in a popular price range, they should expect to be in a competing offer situation several times before they actually get a contract ratified. 

If you would like market statistics specific to your zip code or neighborhood, please feel free to email me.