Northern Virginia and Washington DC Real Estate

Houses Are On Sale Too!

2007-12-18T09:16:00.000-08:00

By now I'm sure you've received newspapers from your favorite stores annoucing special holiday deals. How about those emails from your favorite online stores with 'special' deals like free shipping, or an additional percentage off for a limited time.

If you've been receiving email alerts from the MLS, you would have also seen significant price reductions for homes across the area. Not only is December the end of the calendar year, but it's' also the end of the final quarter. Banks and mortgage companies with foreclosure homes currently on the market DO NOT want to carry these homes into 2008.

Why? For two main reasons:

(1) in Northern Virginia, it will cost sellers more to sell after January 1, 2008. The grantors tax will increase from $1 per thousand to $5 per thousand of the sales price OR the tax assessed value, whichever is higher.

And (2) many of the mortgage programs that are currently available to buyers will be unavailable after January 15, 2008. Certain 'zero down' loans will be no more, forcing buyers to have the traditional 5%-10% down payment that was required in yesteryear. And fewer buyers mean longer days on the market for some price brackets.

If you're still on the fence about a home purchase, waiting to buy can still cost your more in 2008 even though it's a buyers market.

These two perfect stocking stuffers are currently available:

http://www.301ReynoldsSt615.com/
http://www.17381HotSpringsWay.com/

My trusted lending professionals and I will be around this week for your real estate needs. We find 100% of our buyers the right loan and the right home. With over 10 years of service, we have never had a buyer or seller face foreclosure. Let us be your trusted professionals in today's market.

Good Deals In Foreclosures???

2007-08-08T15:42:00.000-07:00

So, where are the good deals? I mean, it's a buyers market right? So you'd think there would be ample opportunity to get a great deal on a foreclosure.

When buying a home, usually every buyer starts out wanting to look at foreclosures. As an agent of ten years, I've learned that is code for, "I really want a house that's worth a lot...but I don't want to pay market value...and I want it to be worth a lot more than what I paid."

In Northern Virginia and Washington DC, these deals are still out there, but how you find them is a careful strategy. The problem with today's foreclosures is that many of them are a result of the supercharged seller's market of 2001-2005. Homes were being bid up, over their asking prices, and the next home that came on the market was listed at $10,000 or more higher than the last home that sold in the neighborhood...with no upgrades!

If the homes in the sellers market were overvalued, how do you determine if a foreclosure in today's market is a 'good deal'?

The answer...do your research, and use your due diligence!

First of all, if you're going the foreclosure route, decide on an area. It's exactly the same as if you were looking for a resale home on the market. Foreclosures come in all shapes, sizes, price ranges, and locations. Instead of trying to blanket the metro area, choose a zip code, school zone, or radius from metro. Anything that would give you an immediate edge if you had to sell the home quickly should be your first priority.

Second, take advantage of your Realtor's tools to keep you informed of recent sales (a CMA or comparative market analysis), neighborhood sales alerts, or MLS market snapshot alerts. A market analysis is a snapshot of the homes that have sold recently, whereas the neighborhood sales ale rts tell you what homes are being listed for (and reduced to) in an effort to obtain top market value. The market snapshot alerts give you information (charts, graphs, and maps) of the market activity within a five-mile radius of a given address.

Be serious about your search. Get approved, so that once your foreclosure opportunity presents itself, you can submit a non-contingent offer. The foreclosure market itself is always a sellers market. You will be competing against deep pocketed investors, possibly government agencies, and other buyers who specifically want to buy a foreclosure. A clean offer will move to the top of the pile.

Don't be afraid to low-ball a foreclosure. With the help of your agent, your research should give you a firm idea of the price range of the market value of the foreclosure at its highest and best use. Everything is negotiable, even the sales price of a foreclosure. Remember, foreclosures are in every market. They are also listed in the MLS and can present a great opportunity to build equity instantly.

Banks don't want to be property managers, that's why homeowners are given options and alternatives to avoid foreclosure. Banks really do want to 'cut their losses', and with the right information on your side, their loss can be your gain.

If you would like a list of foreclosures in your area (Northern Virginia & DC), please reply back to me and I'll send you the information right away!

Protect Yourself From Predatory Lending (Part 2)

2007-05-14T15:33:00.000-07:00

One of the things that made DC Metropolitan area such a breeding ground for predatory lending was the fact that there was such a shortage of housing, that buyers were willing to do anything to 'Get That House' that came on the market. Strategies such as waiving home inspections, and waiving appraisals were the norm.

Also, buyers accepted exotic loans as an alternative because it seemed like if you didn't go that route, you simply would not own a home. Buyers were enticed by 'teaser' rates. Teaser rates are low introductory interest rates that are fixed for a short period of time, usually 1-6 months. After the initial period, the interest rate could adjust monthly, and many loans offered buyers the option of paying a certain portion of the required payment, and tacking on the difference to the principal.

A recipe for disaster for those households were already walking a fine line when it comes to financial discipline. Add increased fuel costs, and you have the makings of a real estate market breakdown.

But wait a minute, was it always the lender's fault? It is ultimately the buyer's responsibility to read all of the documents pertaining to the loan...including the fine print. All buyers should understand exactly what their mortgage payment will be prior to closing. Buyers should also prepare themselves financially so that they have the means to pay their mortgage during the adjustment periods. These are some of the things that buyers learn during the initial consultation with the buyer agent, and the chosen lender. And all buyers have the right to receive their Good Faith Estimate of closing costs within three days of loan application. If the chosen lender does not provide this, then that should be a red flag.
In the Washington DC real estate market, a lot of buyers either sink or swim. Nobody likes sitting in traffic, so people are willing to pay more to live closer to the city. On the flip side, if you're spending $400,000 in Arlington, you're looking at condos and older townhomes that need work, whereas in Prince William and Stafford Counties, $400,000 equates to a single-family detached home with a 2-car garage, and yard space. What's a family of four to do?

One of the requirements for demand is scarcity. And we were facing a housing shortage. Homes were being bid up, and for many buyers, that meant stepping out of the traditional 30-year fixed mortgage, into an interest-only loan so to increase the purchasing power. Mortgage companies had to offer creative loan products just to stay competitive.

In many areas, we are starting to see sellers who are upside down on their mortgages, meaning that when they sell, they will be bringing money to the table. Also, many sellers can't afford to offer incentives such as buyer paid closing costs, which can increase time on the market. This, however, will open the door to pre-foreclosures, short sales, and bank-owned properties making their way into the open market. Where are the investors?

Protect Yourself From Predatory Lending

2007-04-19T17:19:00.000-07:00

The hot sellers market in the recent past had a lot of buyers asking me, "How can so many people afford these high priced homes?"

It was hard for a lot of buyers, particularly first-time buyers and military buyers to compete with multiple offers, and offers without a home inspection. During these times, it was normal to write anywhere from 4-7 contracts per client.

If you're keeping up with real estate news, you are aware that not only is there a rise in foreclosures, but the government is cracking down on companies and people who prey on individuals with predatory lending practices.

In case you're new to the term, Freddic Mac explains predatory lending to include:

Excessive cost – charging interest rates and/or fees that far exceed reasonable compensation for a lender's costs or risks.
Equity stripping – lending at a high interest rate, then repeatedly refinancing at a lower interest rate to strip the borrower’s equity in order to pay new points and fees.
Failure to report borrower credit information – limiting the ability of borrowers to obtain the lowest interest rate available based on the borrower’s complete credit history.
Steering to higher-cost mortgages – referring borrowers to high-cost loans when they are eligible for lower cost financing.
Credit insurance products that are financed upfront – including single premium credit insurance that is paid in a single premium or financed in the loan amount.

In this age of information, there are real estate and mortgage websites that include pop-up advertising for low and no cost mortgages. As a consumer looking for a 'good deal', here are some ways to protect yourself, your wallet, and your credit:

Know your rights as a borrower! Here is a link to HUD's website which includes the RESPA (Real Estate Settlement Procedures Act) Bill of Rights for borrowers.
Understand what closing costs are involved with your loan.
Get it in writing. If a lender will not give you a Good Faith Estimate of your closing costs, this is a red flag, no matter how enticing the interest rate.
Get at least three estimates from reputable, local lenders.
Make sure that you understand the mortgage that you have chosen before finding a new home. If your mortgage rate adjusts, you have to make sure that you can still afford to pay the mortgage, insurance, and property taxes, in addition to your other living expenses.

As a Realtor, I've witnessed first hand buyers who have come to me with an internet pre-approval, only to learn that they need thousands more than anticipated to close the loan, or that their loan has a pre-payment penalty, or that their interest rate will increase next month. It's very disappointing and discouraging, but it can be prevented.

Aligning yourself with a reputable real estate agent AND mortgage lender will go a long way in ensuring that you are not a victim of predatory lending.

Market Statistics

2007-03-16T09:19:00.000-07:00

Don't let the rainy weather get you down. Remember, there's always a rainbow after the storm, and I can help you find your pot of gold by using real estate as your treasure.

From our MLS provider the Metropolitan Regional Information System (MRIS),
"In his Chief Economist’s Commentary, NAR’s David Lereah explains why 2007 brings cautious confidence and hopefulness, as his forecast calls for modest quarterly gains throughout this year.
NAR Economist Ken Fears traces mortgage rates and the psychological effect of “payment shock” experienced by potential buyers in his Trends report. Are the most homes being sold in the middle price ranges or in the lower price ranges? The Trends chart lets you see for yourself. And, the Economic Monitor provides a good overview of home inventory levels, housing starts, and impact from the job market."

Click the following link to view the Watch Report and to see specific statistics by area:http://www.mris.com/reports/marketreport/index.cfm.

After a storm of increasing prices and bidding wars, we are still experiencing a slight calm. Is it the calm before another storm? The real estate market works in cycles, so only time will tell. As an experienced professional writing contracts and viewing homes every day, I can tell you that there are a lot of deals to be made right now. So, don't just sit on the fence...own one!

In Like A Lion?

2007-03-07T09:25:00.000-08:00

Historically speaking, the spring time has been the best time to sell your house, but what if you are looking at buying? Will you be able to find any good deals? Will prices start to creep up beyond your reach?

Here are five ways that buyers and sellers can get the most bang for their buck this spring selling season:

Sellers: This window of opportunity is like a pendulum. In order to attract ready, willing, and able buyers, it's all about price. Remember, pricing too high could cause your listing to die a slow death of price reductions, and low ball offers. A competitive price will entice multiple offers, and competitive offers with fewer concessions and contingencies.
Buyers: Don't be afraid to make an offer, even if you feel the home is overpriced. On January 1 of this year, 323 listings in Northern Virginia expired. This means that these homes went off the market because they did not sell during a specific period of time. The majority of these homes were indeed overpriced, but many of these sellers would have been willing to negotiate with you.
Sellers: Do what you can to prepare your home for the spring market. Take advantage of my offer for either a 10% off coupon for your purchase at Lowes, OR a FREE DVD from 'Designed To Sell'. Save money on purchasing the materials you need to spruce up your home, or see first hand 'before' and 'after' effects from the pros on how you can get your home ready for the buyer's eye.
Buyers: Get your pre-approval now. It's always free and there's no obligation. My preferred lenders are always ready to help you. With your pre-approval you are informed of your credit score and alerted to any discrepancies that may exist. The higher your credit score, the more attractive your loan program and interest rate.
Buyers and Sellers: Don't make a decision without a Realtor! You don't know what you don't know, and my job is to provide you with the tools and information so that you have everything you need to make an informed decision. Knowing what your neighbor's home sold for, knowing the comparables so that you know how to structure your purchase offer, knowing what inspections to obtain, knowing how to save money on closing costs are just some of the ways that I can help!

My professional prediction is that we will see a large number of homes enter the market this spring. Sellers who were unsuccessful in getting their home sold during the winter months are on the sidelines in hope of getting a better price. But with more competition...comes better pricing, which should bring more buyers out into the marketplace.

I'll be around this week for your real estate needs!

Double Dutch - Part 3 of 3

2007-02-21T09:57:00.001-08:00

The last couple of weeks I have been comparing tracking and chasing the real estate market to learning how to jump rope double-dutch style. Finally, I'm going to show you where to look on the internet to help you do your due diligence when contemplating investing in real estate in any part of the country.

Here are some good sources for market statistics, demographics, and other information that will help you determine which areas would be a financial fit for your investing goals:
In Northern Virginia: http://www.nvar.com/ and click 'Market Stats'.
In Northern Virginia: http://www.MRIS.com/reports/stats and select your report from the drop-down menus

Nationally: http://www.realtor.org/ and click 'Research'
Nationally: http://money.cnn.com/ and under 'Real Estate', 'Best Places to Live', 'Best Places to Retire', and 'Home Prices'
Nationally: http://realtytimes.com/rtcpages/buyersadvice.htm
Nationally: http://www.freedemographics.com/
Nationally: http://www.census.gov/
Nationally: http://www.nahb.org/generic.aspx?sectionID=728
College Towns: http://www.collegerealestate.com/A+collegerealestate.htm
College Towns: http://www.forbes.com/lifestyle/realestate/2004/09/
03/cx_bs_0903home.html?partner=rss, and click the link at the bottom for top areas
I would highly recommend that you create a folder for bookmarks called "Real Estate Investing" and bookmark all of these links.

Also, try to 'salami slice' your investment goals. Set realistic, attainable goals, and work your way up. It's not as hard as you think!

If you have any other links that you'd like to share, please send them. Surrounding yourself with people with the same goals as you, makes it easier to bounce ideas, and network with those who can lend you a helping hand. Look for a local investing group in your area, or perhaps your church.

Now, you have the information you need to know when to jump in and out of the different real estate markets! Are you ready to JUMP IN?

Note: the following link contains sound:
http://pbskids.org/dragonflytv/show/doubledutch.html

Double-Dutch Part 2

2007-02-06T08:07:00.000-08:00

Last week I compared tracking and chasing the real estate market to learning how to jump rope double-dutch style. This week, I'm going to show you how to watch the market (the ropes) in different areas, so that you have the information you need to know when to 'jump in' (buy) and when to 'jump out' (sell) and make a clean break.

If you can learn how to use the internet to your advantage, you can align yourself with updates and information to monitor real estate activity in Northern Virginia, or any other part of the country.

Any search engine, but particularly Google or Yahoo, is a good place to start. Think in general terms, write them down, then force yourself to carve out the fat and trim your search down to more specific terms.

For example, typing in 'real estate investing' returns hundreds of sites with get rich quick methods of investing in real estate. Remember, you're looking for information that you can use to help you make a decision. Delete your search, and type 'hot growth areas' OR 'hot job markets'. This will return specifics on areas that are currently experiencing an upswing in the market and have a stable local economy.

Another example, search for Fortune 500 companies, and try to find out where they are opening new offices, plants, stores, etc. Our own local Washington Business Journal (http://washington.bizjournals.com/washington/) is a premier place for businesses to make their announcements to Northern Virginia and the DC Metro area. Remember, Virginia was cited as the #1 place for business in 2006!

Are you retiring within the next five years and leaving the area? Research where you plan to move, and do your due diligence to see if it makes sense to purchase your next home now as a rental property, and rent it out until you're ready to move-in. That way when you move in, your mortgage will be based on today's value as opposed to the future appreciated value.

Well, what are you waiting for? Start your search! Next week, I'll tell you the BEST sites to bookmark for staying on top of trends anywhere and everywhere.

Email me and let me know what you've found out, and if you're one step closer to investing in real estate! If you thought of a very unique search phrase that provided you with astounding results, please share!

Double Dutch

2007-01-30T16:18:00.000-08:00

After 10 years of selling real estate, this is my second buyers market.

The major difference is that technology has come a long way in helping to educate consumers, and keep them informed. One month after becoming licensed, the MLS system upgraded from three-ring binder notebooks in individual real estate offices, to a computerized system where every broker could input listings, and the information could be accessed by any member of the MLS. Wow, what a concept!

However, the thought of using a computer every day was unimaginable to many agents, and several left the business. I had a background in technology, so I welcomed the change. Having everything systematized meant accessing the data quicker, and also being able to provide the information to consumers quicker.

Even when I purchased my first condo, I tried to convince many of my friends to buy homes. Many were fearful, but a few did decide to buy. As the years went by, and property values increased, a lot of us reaped the benefits of buying in a buyers market.

Timing the real estate market is like playing double-dutch jump rope. Two ropes constantly go around, and you have to time it just right so that you know how and when to jump in. I remember how frustrating it was when I was learning, but once I got the rhythm, it was easy to learn when to get in, and when to get out.

Are you going to be one of those people who buys in a sellers market, and sells in a buyers market? You don't have to be. As your real estate guide, let me help you learn how to time the market so that you know what to expect, and how to use different sources of information to make wise decisions about your future.

Next week, I'll show you where to look to help you time this real estate market, and markets throughout the country...so stay tuned!

Spend Well This Holiday Season

2006-11-21T09:40:00.000-08:00

Happy Tuesday, I hope your week is off to a fantastic start and that you're looking forward to a bountiful holiday season.

We're about to enter the time of year where the pressures of the holiday season can entice people to make some poor financial decisions that will affect them in the coming year.

Don't wait until January 1 to start working on your wealth plan for 2007, start right now. Did you know that for many people, it can take until March to pay off the debt that they incurred from the previous holiday season? If you have a long list of gifts that you think you're obligated to buy, here are some helpful tips to encourage you to stay in control of your finances:

* - Write out your list ahead of time. This will tell you exactly who's on your list, and no matter who has been naughty or nice, you can plan ahead.
* - Next to each name, write the amount that you'll spend for each gift. This helps you to establish your spending limit.
* - Set aside the days that you'll go shopping. If you wait until the last minute, you might be forced to make impulsive decisions about purchases.
* - Purchase gift cards...no sales tax!!!
* - Don't charge it!!! If you can't pay cash, then don't buy it. It's too easy to whip out that charge card, and forget how much you've actually spent.

If you're renting now, consider a home purchase for the holiday season. Sellers who have their homes on the market now are very serious about selling, and willing to entertain all offers and negotiate. Closing costs contributions and other selling incentives can enable buyers to find an affordable home even though there may be months remaining on an existing lease.

We'll be around this week for your real estate needs!
Have a Happy Thanksgiving!

FREE Mortgage With New Program

2006-11-09T06:30:00.000-08:00

I wanted you to be the first to know about a new mortgage program being offered by Prosperity Mortgage!

With this program, any Northern Virginia area homebuyer can buy a home and have three, six, or even nine months with NO MORTGAGE PAYMENT. This program can be used for any conventional loan, and it can be used to purchase any home, no particular subdivisions or neighborhoods to target, but any home.

How it works, the program allows for a maximum seller contribution of up to 6% of the sales price. Any money left over for closing costs, will be held by the mortgage company in a separate account, and will be paid directly from the account and applied to your principal and interest payment for your new mortgage.

For example, on a $350,000 home, the average closing costs are roughly $7000. However, when negotiating your sales contr act, if the seller agrees to pay 6% of the sales price toward your closing costs, or $21,000, then the remaining $14,000 will be set aside for your mortgage payment.

Assuming you have a zero down payment, and a 6.5% interest rate, your principal and interest payment are approximately $2213 per month. With $14000 left over, that money will be paid directly to your mortgage company, and you will have SIX MONTHS WITH NO MORTGAGE PAYMENTS!!!

What does it take to qualify?

Stable employment history
About 6-9 months at your current job
A minimum credit score of 620, and
You must settle on your new home after November 15, 2006.

More information about this new program will be available upon request. If you would like more information, just email me, and we will answer all of your questions about this phenomenal new mortgage program.

I've also just set up a special Toll-Free number specifically to provide more information on this program. If you'd like to tell a friend, the Toll Free number is 1-800-728-1885 x2824 and it is available 24 hours a day!

The Boomerang

2006-10-12T13:39:00.000-07:00

With Monday being a Federal holiday, the week is definitely going by quickly, and I hope you're enjoying yours.

This week, I'd like to provide additional links to keep you posted on the housing market, both locally and nationally. For a national perspective, it seems like things are balancing out. Those buyers on the sidelines for a 'time-out' might be still on the bench once things pick up again.

I remember the drama of the sellers market, and how tough it was to get those buyer contracts accepted. And more often that not, I heard, "Man, I wish I would have bought when the market was slower." If you're one of those people who tries to buy in a seller's market, and sell in a buyer's market, give us a call so that we can provide you with the right tools to help interpret the market.

Here is an article from Lew Sichelman - Real Estate Market Turndown Nearing End... http://realtytimes.com/rtcpages/20061011_downturnend.htm

For housing reports for other metro areas: Click Here

For local statistics, visit the Northern Virginia Association of Realtors website at http://www.NVAR.com and click the 'Market Stats' link.

For free updates on whenever a home sells in your Northern Virginia neighborhood, or where your Northern Virginia rental property is located: http://www.FreeNeighborhoodUpdates.com

We already know that the land is scarce. So once the new construction builders have finally sold their loads of 'Immediate Delivery' homes at rock bottom prices, who's going to hold the cards...the homeowners, because they'll have the goods, and housing will be in demand again!

It's a great time to add real estate to your long-term portfolio! The time to buy real estate with little or NO money down, closing costs paid, and interest rates bought down...is NOW.

We'll be around this week for your real estate needs.

Buy The Best!

2006-09-27T07:56:00.000-07:00

As a ten-year veteran in real estate, I can say that the real estate market is balancing out...or normalizing.

For those who thought the crazy sellers market of yesteryear was the norm, now may seem like doom and gloom.There are some buyers who are still on the fence right now. Two weeks ago, I mentioned who the primary buyers of today are. For the masses who are still thinking about putting their home search on hold, I can say that now is the time to buy the 'Cheapest of the Best'!

When fuel costs escalate and interest rates climb, we do see a pause in the real estate market here in Northern Virginia. Consumers who considered purchasing in further out locations in order to get 'more house for the money' start to reconsider, and debate if it's more cost effective to pay more to live closer in. For this reason, homes in good locations, close to metros and bus lines, and in good school districts always fare better in a slowing real estate market.

If you are one of those buyers who thought the only way you could buy was to go far out, then reverse your compass! One of the best ways to make sure that your property maintains its value is to buy the CHEAPEST home in the BEST neighborhoods, the CHEAPEST home zoned in the BEST school pyramids, or the CHEAPEST home that's WALKING DISTANCE to the metros.

After all, you're supposed to make money when you buy...not when you sell.

Need helping finding the cheapest of the BEST? Give us a call!

We'll be around this week for your real estate needs.

So...Who's Buying Anyway?

2006-09-14T13:18:00.000-07:00

Good Wednesday afternoon! We're at the middle of the work week and as the weekend draws near, we continue to hear mixed messages about the current housing market.

When you're out this weekend running your errands, and driving by those 'For Sale' signs, you just might ask yourself, "So, who is buying now?" I'll tell you! The financially savvy, the long-term real estate investors, the 'under contract' sellers, and the month-to-month renters that's who!

* - The financially savvy. These are not the people who want to 'get rich quick' and buy real estate with high hopes of a double-digit appreciation on a monthly basis. These are your buyers who dance in tune with their real estate agent, account, mortgage broker, and financial planner, and discipline themselves by saving regularly and investing in multiple avenues (diversifying). These buyers understand capital gai ns tax and are moving up to take advantage of the $250,000 exemption for singles, or $500,000 for couples. These buyers also understand that real estate markets have their cycles just like all other markets, and take to heart Warren Buffett's mantra 'buy when no one else is buying, and sell when no one else is selling'.

* - The long-term real estate investors are the ones who are now bailing out the inexperienced overnight investors who were looking to make a quick buck. Been down to the county courthouse recently? The crowd of investors has definitely gotten smaller, but guess what, that means better deals are being made and foreclosures are not being bumped up amongst investors and sold at market value. Long-term investors are setting themselves up to be 'equity-rich' when the next sellers market cycles through. And that, in turn, will enable them to use the properties they buy today as leverage for future purchases.

* - The 'under contract' sellers are those sellers who studied the market, and listened to their real estate agent and waited until their home was under contract before purchasing another home. In a sellers market, a loan approval and clean contract were the rules, now a non-contingent seller who is moving up is in the perfect position to be selective, and take advantage of countless builder incentives with a new construction, never-lived-in home.

* - The month-to-month renters who 'laid dormant' during the sellers market are now 'blossoming' into homeowners. They are taking advantage of seller paid closing costs, low contract deposits, and interest rate buydowns. Renters with credit issues don't have to succumb to above market interest rate mortgages. With seller buydowns, the household budget can remain in tact.

So, despite the grim reports, there are still lots of buyers taking advantage of this buyers market. Do you know anyone looking to buy a home today?

Work hard...play harder...live well!
Make That Move!

We'll be around this week (and weekend) for your real estate needs!

Reduction, Reduction, Reduction!

2006-08-30T06:55:00.000-07:00

From the Laurel Hill Connection:

Local sellers stuck in the mindset of 2005 are learning a new mantra in the world of real estate: reduction, reduction, reduction. Since last year, the area’s available housing inventory swelled to more than 12,000 listings, according to the Metropolitan Regional Information Systems, Inc. (MRIS). With an increase in competition like that, sellers with expectations based on last year’s market have had to make sliding adjustments to sale price.Yet even with buyers in the front seat this year, sales have yet to match last year’s marks. Patient and cautious buyers have helped slow home sales this year. In June, sales slowed 37 percent compared to last year. Under the circumstances, buyers looking for deals don’t have far to go. Link to full article: http://www.connectionnewspapers.com/article.asp?article=69639&paper=80&cat=116

Hot Loans for A Buyers Market

2006-08-29T13:01:00.000-07:00

As we all coast along into this buyers market, we're finding that many of our buyers who are now actively looking, have a large menu of mortgages to choose from. In a time where seller and builder concessions are becoming more common, it is important to understand all of your loan options so th at you can get more house for your money.

* - Need a lower rate to buy but scared of rising interest rates? Consider a 10 year interest-only loan that then automatically transfers into a 20-year fixed loan at the same rate. This give you the chance to build equity and maintain the comfort of having a fixed rate.
* - Buying from a builder? Consider a loan with a longer interest-rate guarantee. If your new construction home will take longer than six months to build, this option can guarantee that y ou lock in at today's interest rate.
* - Need a year or two of breathing room before making full payments? Consider a fixed rate loan with an initial rate buydown. Take advantage of lower payments the first one-three years and the remainder of the loan is fixed. (Note: You can see this example with our listing at http://www.6611NettiesLaneUnitH.com and in the right margin click 'Property Documents' and select the ' Financing Scenario' document).
* - In a high appreciation market and expect to move in 10 years or less? Consider the interest-only ARM loan with a longer amortization period, for example a 10/1 ARM. With interest only payments, you take advantage of lower monthly payments while your equity builds in a high appreciation market.
* - Are you a firefighter, teacher, or police officer, or do you have an income at or below the area's medium? Consider the Community Partnership loan commonly offered by providers like Wells Fargo, Wachovia, and Bank of America. These programs have low down payment options, and offer below market interest rates.
* - Want a traditional fixed rate, but need a lower payments? Consider the newer fixed mortgages that run for 40 years. Equity builds more slowly, but the rate is secure.

These are some of the ways that you can take advantage of owning a home. For more information, please contact us or any one of our lending partners lis ted on our website at http://www.movingtonova.com/buyers_journey.htm.

We'll be around this week for your real estate needs!

Best Places to find Real Estate and Job Facts

2006-08-23T18:41:00.000-07:00

Good 'hump day' to you. I hope you're having a fantastic week so far.

Here are two good ways to stay on top of the real estate trends and the job market here in the Northern Virginia area:

Free reports that are open to the public WITHOUT registration can be found at http://www.MRIS.com. MRIS is the company that provides the Multiple Listing Service (MLS) for all of the listings in the area.To view the historical data and understand the trends in the real estate market, go to the left margin, and \'mouse over\' the \'News\' link, then select \'Market Statistics\'. You can view monthly and yearly reports for all of the metropolitan area.

My second favorite resource is HireStrategy. This website keeps you in the know on jobs and employment in the area. You can browse this site for free, but I do recommend t hat you SUBSCRIBE to the free email newsletter. I was pleasantly surprised to receive the newsletter yesterday to find that \'Forbes Rates Virginia As The BEST State For Business\'! Visit the site at http://www.HireStrategy.com and in the middle, click the article and follow the links to subscribe to the newsletter.

We continue to outperform the rest of the country when it comes to a low unemployment rate. The the job market is the top dog is fueling the local real estate market.

Thank you to those of you who sent your business referrals so far from last week! Please continue to do so and we'll post your referrals for others to see.

We'll be around this week for your real estate needs.

Back To School - Still For Sale

2006-08-15T20:28:00.000-07:00

As we wind down the summer months, it's still a popular time for those end of the summer vacations and getaways. It's also the time where homebuyers who have to make decisions before the school year hustle to find that home so that their children can register for the upcoming school year.

What's the best thing for you to do now if you have your home up for sale? The number one thing to do is to declutter. Show your visitors that not only is there space for your needs, but there is plenty of space for their needs too. Stock on the storage bins, and take advantage of shelving. Do your best to move items from the floor to the walls or closets. For the kids rooms, wall shelving is perfect for those books, CDs, and toys.

Get the clothes organized with do-it-yourself organizers, or have the professionals come in. I've personally used http://www.closetstretchers.com and they have a very fast turnaround, and are extremely affordable. Also, dark bedding makes bedrooms look smaller. Replace dark bedding with simple white or yellow bedding to brighten up a bedroom. And compliment the lighter bedding colors with simple sheer curtains. These quick and easy techniques will improve the showing condition of your home and will hopefully bring you a quicker sale!

We're gearing up for our fall influx of relocating homebuyers. And everybody wants to know: where's the best place to get a good haircut, where in this town can you get a good glass of sweeneted iced tea, and who can you call when you need help planning fun activities for the kids?!

If you can help please let us know!!! We'll post your reputable business and referrals in next Tuesday's check -in and we'll gladly include them in our relocation packets for our new buyers.

Stop in and visit us at MovingToNova.com!