FFX City Rambler w/ Updated Kitchen & In-Law Suite
9919 Colony Rd., Fairfax, VA 22033, United States
| Price: | $499,900 |
| Type: | Single-family |
| Bed: | 4+ |
| Bath: | 3 |
| Age: | 1962 |
| Lot Size: | .32 |
Visit Our New Blog Site by Clicking on the Following Link or Continue to Read Below!
http://dpeternguyen.blogspot.com
November 5, 2009
Great news!!! The Homebuyer Tax Credit is about to be extended and will also now apply until April 30th, 2009 to current homeowners. This should help continue the upward momentum that has been established in the market and also continue to help ease the pain of many short sale and foreclosure properties that are still on the market. I have attached an updated article on the news so please feel free to read and remember to call us if you have any questions.
http://news.yahoo.com/s/ap/us_homebuyers_tax_credit
October 28, 2009
The housing market continues to improve with robust sales and an actual less then expected drop in home prices year over year. I know from personal experience that the first time buyer tax credit is having an impact on the market and title company's, home inspectors and others are swamped. There is a bill to currently being debated about extending the tax credit which will be prorated til the end of 2010. We can hope for the best and continue to put pressure on our representatives hopefully spurring further growth in the market which is what we really need at the moment. If you haven't done so feel free to take a moment and write your representative about the tax credit and if you support it. If you don't that is fine as well (we live in a democracy, so every opinion matters). I have attached the article below which discusses the continued growth over the past four months. Market Continues Rebound.
http://money.cnn.com/2009/10/27/real_estate/case_shiller_August_home_price_index/index.htm
September 30, 2009
Just released is the 2009 Coldwell Banker Home Price Comparison Index of more then 310 different housing markets across the US, Canada, and the Caribbean. This year saw the largest differential recorded with about a $2 million gap between the most expensive market and the most affordable. The research is based on a traditional 4 bedroom, 2.5 bath home which averages roughly 2,200 sq.ft. La Jolla CA led the list as the most expensive while Grayling MI was the lease expensive. This chart is a great reference if you are potentially thinking about moving out of your current area and need to have a rough idea of what your money can get you here as opposed to your potential new place. Please remember that the full article is not attached but can be found by clicking on the tab labeled press release after you click on the link below. We are always here to assist with all your moves, whether it be local or out of state. We have made connections with various realtors across the country so think about us when you make that move. Home Price Comparison Index Just Released.
http://hpci.coldwellbanker.com/
September 29, 2009
As mentioned sales continue to be up and new home sales are back in full swing. Inventory is continuing to be pushed lower by buyer demand. New home inventory as at the lowest levels since 1992. As we approach the deadline for the tax credit (Nov. 30th) inventory will continue to dwindle. Many realtors including myself feel the tax credit will be extended into the spring however we are uncertain as to how long or even how much it will be. Homes that are moving seem to also be priced in the lower price ranges of $450k and below. I have included the new home sales article below.
New Home Sales Rise for 5th Month!
http://money.cnn.com/2009/09/25/real_estate/new_home_sales_august/index.htm?postversion=2009092511
September 18, 2009
Friday means it's time to look at interest rates and where they stand. Today it looks as if rates are around 5.17% for a 30 year fixed. As I was looking at rates I came across a pretty good article which talks about the financial/housing meltdown and what got us into the mess we were in. It's a pretty good and quick article to read and again hindsight is always 20/20. Take a look and make sure you're where you need to be in understanding the current market. As things pick back up and in some places at a frantic pace, do a little research and have a gut check, it could go a long way! Housing Meltdown Then and Now.
http://www.bankrate.com/finance/mortgages/financial-meltdown-mortgages.aspx
September 15, 2009
The real estate market keeps plugging along and looking like it is definitely on an upward swing but there are still things out there that threaten to derail the momentum. One thing that I have come across as an agent, I actually found in an article that was posted a few weeks ago. This particular article has to do with your appraisal. How does this affect you? Well appraisals have come under such scrutiny during the last year as banks thought they were overinflating prices, that they have become very very strict in what they report. Many appraisals now are coming in low (some due in part to the number of short sales and foreclosures) but some due to appraisers not knowing the areas they are working in and the inventory that makes up these particular neighborhoods. Many appraisers are also afraid to price these homes as they don't want to overinflate the market again. This isn't a bad things but you need to know the market in the area. As a realtor in the DC area I wouldn't try to sell a home in TX or CA because I don't know that area. It's the same with appraisers. With times tight, appraisers are looking for business and are going out of their particular comfort areas to make money. This doesn't benefit anyone in particular especially if you are the buyer or the seller. So when you are looking at a loan or have you home on the market, make sure you take a few moments to talk not only with your realtor but the lender to see how they manage the appraisal process. Communication is the key! Appraisals are the key.
September 8, 2009
Happy belated Labor Day everyone. Hopefully many of you enjoyed your three or four day weekend. I do hope none of you had to work on Labor Day unless absolutely necessary. I did put a little time in showing some properties but I am not complaining as long as the market is good. As we end summertime and now move into fall and soon into winter I wanted to continue the posts from about a week ago with ways you can save money around your home. Again these little things are quick fixes you can most likely complete yourself so take a few minutes to look at your home. It could save you hundreds of dollars as we approach the wind and cold of winter. Quick fixes and save hundreds!
http://money.cnn.com/galleries/2009/moneymag/0909/gallery.home_improvements.moneymag/index.html
August 31, 2009
Today is the final day of August and I can't believe where the summer has gone. Seriously it seems like it was just April not too long ago. The holidays will be here and the holiday sales before we know it. One other thing that will be here before we know it is the end of the first time homebuyer tax credit. This tax credit although there has been talk about it being extended is set to expire on December 1, 2009 which means you will have to have closed or settled on your home by November 30th. Keep in mind the tax credit is an $8,000 credit that you can use on your 2009 taxes or retroactively on your 2008 taxes by completing the proper IRS paperwork. Personally I think the credit is going to be extended once congress gets back in session however it could be like the cash for clunkers deal where they simply don't have enough money to continue the program which is a real possibility. The credit seems to be working as business has picked up pretty rapidly during the past three or four months and inventory is flying off the shelves. Don't wait until the last minute though. A typical closing takes 45 days which means you have to be under contract by mid-October. This means you most likely need to get in gear and start looking now if you are going to use it. I have attached the article link below. Time is Running Out for Your $8,000 Tax Credit!
August 30, 2009
A few posts ago on my blog I talked about how to save money in your home by completing some simple fixes, all of which you could do yourself. However, I also wanted to share another way to save you additional money. As you may or may not know appliances are major energy guzzlers in your home. Outdated refrigerators, dishwashers, hot water heaters, washing machines, dryers etc. can add hundreds of dollars to your energy bills during any given year. Therefore if you have thought about replacing any of these items you may want to take a look at the attached link. The site contains information about "Energy Star" appliances which will definitely save you money but could also give you a little bit of credit on your taxes. Yes that's right the government is offering tax credit if you purchase a new energy star appliance up through 2010. It may not seem like a lot but in todays economy every little bit helps. Be sure to check that it is an energy star appliance before you purchase and keep your receipt for proof of purchase. You could be a winner in two ways by cutting your overall energy cost and your year end taxes! You can't get much better then that.
Energy Star Appliances & Tax Credits!
http://www.energystar.gov/index.cfm?c=tax_credits.tx_index
August 26, 2009
We have continued good news out of the housing sector today and you could say for the overall economy. New home sales soared last month with unexpected growth. I mentioned many months ago that when builders began to build again that, that was a sign that things would have turned the corner. I don't want to toot my own horn and say I am a wise man but as I can see all the data suggest just that. Builders are building, buyers are buying and taking advantage of great incentives that are out there and home prices are stabilizing and in some areas such as ours in DC/Northern VA are actually beginning to rise again. I have attached the article below for further reading. New Home Sales Soar!
http://money.cnn.com/2009/08/26/real_estate/July_new_home_sales/index.htm?postversion=2009082610
August 25, 2009
Everyone is trying to pinch a penny in today's economy. I bet you didn't know there are many things you can do around you home that can save you as much as $500 or more a month. I have done a few of these over the past few months including the fun toilet flapper change etc. and it really is worth your time if you are willing to put in a little bit of elbow grease and a little bit of time. Attached is a great series of quick fixes you can do. Be sure you click on the next button on the top of the page as there are many other quick fixes to take advantage of from lighting, plumbing and insulation issues.
Quick Fixes Can Save You Hundreds.
http://money.cnn.com/galleries/2009/moneymag/0908/gallery.monthly_savings_tips.moneymag/40.html
August 20, 2009
It has just been announced today that home sales are on a tear. Up again for the fourth month in a row and showing the biggest increase on record since 1999. I can tell things have picked up for months now but it is nice to see it reported finally in the media. Read all about it in the attached article. Home Sales on a Record Pace!
http://money.cnn.com/2009/08/21/real_estate/home_sales_rise_in_July/index.htm?postversion=2009082110
August 19, 2009
Would you like to have an additional $800 or $1,000 per month? I am assuming the answer is yes but that is just a guess. An article I ran across today while looking at some of the headlines comes from RealtyTimes and although it is based on something from the canadian home market it just as well could apply to the US market. The article talks about how many people are now turning to renovating basements or rooms to make those once infamous in-law suites or basement apartments. I thought it was a good read and also a really great idea in our current times where we are all trying to stretch the almighty dollar (even if it is a canadian dollar). Adding a Rental Unit to Your Home!
http://realtytimes.com/rtpages/20090818_rental.htm
August 7, 2009
Yes rates will be going higher. How do I know this you ask? My answer is that the economy is turning around. We had more good economic news today centered around the job market which saw unemployment claims come in lower then expected. This is great news right? It is if you are focused on the overall economy or are unemployed. However if you are in the market to purchase a home then you need to get locked in on a mortgage and sooner rather then later. As data will continue to come out over the next weeks and months and hopefully show continued signs of improvement, we will ultimately see rates continue to push higher. Yes it is the old catch 22 you will face as a homebuyer or someone who wishes to refinance. I have attached an article below for reference on this weeks current rates. Don't get left in the cold!
http://www.bankrate.com/finance/mortgages/mortgage-analysis.aspx
August 6, 2009
Five straight months of home sale increases! I said about three months ago that I saw the market starting to turn and although we aren't quite there yet we are starting to see, at least in the DC metro area the beginning of price stability and the dreaded multiple contracts and bidding which buyers so much have hated in the past. One reason for this is the dramatic plunge in inventory over the past few months. Homes have expired, been taken off and homes sales have picked up which has really depleted the supply of existing homes that are available. A typically market would see about 5 months of inventory available. During the past few years that number increased to 10 and 11 months respectively. Now the inventory in some areas is down to 3 to 4 months which means there isn't a lot out there to chose from. I have attached the most recent article concerning the pick up in the housing market. Again, if you are thinking about getting into the market don't be left out. Rates are still low, the 8,000 tax credit is available and prices are probably as low as they are going to go.
http://money.cnn.com/2009/08/04/real_estate/June_pending_home_sales/index.htm?postversion=2009080411
July 29, 2009
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July 16, 2009
What do you do if you lose your job? Obviously you try to find another job as quickly as possible so you can continue to live, eat, provide shelter for your family etc. Your largest expense is going to be the cost of our mortgage and is always going to cause you to have sleepless nights if you are suddenly unemployed. Well there is help available should you fear losing your job. Today I came across an insurance policy you can take out on your mortgage which provides protection should you lose your job. Now not everyone qualifies, it sometimes doesn't pay your entire mortgage and it isn't forever but it is helpful for some. It makes gives you food for thought in this uncertain job market and may be worth checking into for some. Job Lose Mortgage Insurance
http://realtytimes.com/rtpages/20090709_jobloss.htm
July 13, 2009
Some of you may or may not have realized but we have some top tier towns in our area. Recently Forbes ranked the city of Fairfax and Bethesda in their top 25 most liveable town in the US. This is a great honor for any town and a draw for future business and community growth. It is also a great honor that goes a long way in keeping or increasing property values. Read below for more information.
http://www.forbes.com/2009/05/04/towns-cities-real-estate-lifestyle-real-estate-top-towns.html
June 23, 2009
My apologies for the delay in blog posting but I was in need of a little vacation! I am back now and ready for the hot summer market. I came across an article about the increase in the number of housing units that are expected in the coming years. Time will tell but again as I have mentioned the market has drastically improved in the DC/NoVa with now homes beginning to go under contract in a matter of days and weeks (sometimes with multiple offers). A big part of this is that sellers are now realistic about pricing their home appropriately. Read the article below for more information about the "Echo Boomers".
http://money.cnn.com/2009/06/21/real_estate/Harvard_state_of_housing/index.htm
June 1, 2009
Today is June 1st and if I have said it once I will say it again....."Don't get left behind". If you are a buyer in the current market you need to get a move on. As we or at least I have started to see during the past few months the market has picked up and properties are beginning to go more quickly, some have multiple offers and prices have stabilized. This however is only one point of the real estate market, the other is mortgage rates. As mentioned in previous posts when the market begins to improve and stocks start to pick up some steam, then rates will begin to climb and that is exactly what we are seeing. Recent weeks have seen stocks hit their lows, consumer confidence that things are beginning to look up has risen, job losses haven't been as bad as "expected" and so we have started to see up optic in rates. Rates last week were up quite a bit and probably will continue their modest but steady upward climb as things continue to improve with the economy. So what I am essentially saying is that if you are in the market for a home don't get left behind by getting priced out of the market based on interest rates. I have attached a new article out today which discussed this very thing. If you can do it, ACT NOW.
http://moneyfeatures.blogs.money.cnn.com/2009/05/29/mortgage-rates-jump-lock-in-now-or-wait/
May 26, 2009
I hope everyone had a great Memorial Day weekend. As you know it is the kickoff to the start of the summer which we all love after those long winter days. Not so much here in Northern VA but more so for the northern and midwestern states. I know that many of you probably spent time with families and friends, having the traditional BBQ or heading on a mini vacation to the beach. I was not as lucky and spent most of my time working this weekend as people were out looking at properties. As I held an open house on Sunday I was amazed at the number of people I had through on a holiday weekend. Granted the weather was nice but I had 25 groups of people in to view a home that is in the higher price brackets. After this I was showing homes for the rest of the weekend and writing a contract. It feels to me like the market is back. Maybe not of old but definitely turning its engines. It makes sense that I was sent an article today by our Regional VP that shows things have picked up and discusses how resilient the DC/Northern VA economy is. I have attached it below but looks like things are moving and in the right direction.
May 7, 2009
The weeks keep ticking by so quickly this year it is amazing. I'm keeping my eye on the market every day and have noticed that at least in the Northern VA/DC area we seem to be stabilizing in terms of price depreciation and that is a great thing especially for homeowners. Now people who are looking to get into the market for investment purposes or as first time homeowners now is definitely your time as I think we are at a bottom in terms of price. Don't get me wrong there will be some flucuation but some of us are beginning to see multiple contracts which is always a positive sign. Below is an update on current mortgage rates from CNN. Have a great weekend and look for new articles and updates next week.
http://money.cnn.com/2009/05/07/real_estate/mortgage_rates/index.htm?postversion=2009050713
May 1, 2009
10 REASONS TO BE OPTIMISTIC ABOUT THE NORTHERN VA HOUSING MARKET
1) We are seeing multiple offers again on properties priced right and in great condition. Single family homes sales rose 47.5% in January 09 from January 08 while the number of townhouses nearly doubled! Homes also stayed on the market approximately 102 days down from 132 days in Jan. 08.
2) The government has decided to buy $700 Billion in Mortgage Backed Securities and an additional $300 Billion in Treasury Securities. The result - interest rates have dropped and are now hovering around the 5% range.
3) The new tax credit is now available for 1st Time Buyers(or if you haven't purchased for 3 years) until November 30, 2009. The tax credit is for 10% of the purchase price up to $8,000 - a figure easy to reach in Northern Virginia. The money is only available with the purchase of a principal residence.
4) The unemployment rate in NOVA is relatively low (3.4% in December 2008) and has been offset by job creation.President Obama's Stimulus Plan will help our area in more ways than one. The government will need to staff the offices running the Stimulus Plan creating additional employment opportunities.
5) The number of foreclosed properties for sale has decreased. With fewer foreclosures on the market, property values should stabilize soon.
6) The affordability index has risen. With the decline in prices & interest rates, house payments have come in line with the more traditional ratios of 28% of one's monthly income or less.
7) Building starts are down for single-family homes. With less homes on the market, current inventory that is well priced and in good condition is more likely to sell.
8) The Echo Boomers are aging - people born between 1978 & 1989 are now 19 to 30 years old. They represent one third of our population and in the year 2013 should out number the Baby Numbers. Why is this generation important? They are populous and are reaching the age where they will Buy!Buy!Buy!
9) There is pent up demand for housing. Consumers have felt tapped out for the past few years and scared about their jobs, the loss of their 401Ks and the large loss of real estate values. But with the current conditions, it is now a great time to move. Multiple offers are starting to appear and one has to wonder if we have reached bottom. Our guess, if we haven't, it is quite near and if we aren't already, we will soon be on the road to recovery.
10) The Media is more positive. CNBC's Jim Cramer host of "Fast Money" is telling everyone to BUY! houses not stock, that is.............
April 22, 2009
Do the credit card companies have us over a barrel? Guess it depends on who you ask but I would more then likely say they do. Personally I just received a notice from one of my companies "Chase", who stated that my current rate was going to double by the next two months. I had a certain amount of time to respond to the notice to keep the rate the same however if I did state to them that I wanted to same rate I could keep it. There was however one stipulation..... that they would have to cancel my account. Now does this make sense? This isn't the only instance of credit card procedures I have heard of that sound so asinine. Some companies are closing credit all together, reducing lines, hiking rate, imposing additional fees if late etc. etc. Some in congress are trying to battle these practices however I'm so confused on the whole matter due to the fact that these banks who are hiking our rates are the ones who just got bailout money from the government. It certainly seems like something should be done. Below is the article about credit card companies and the new rules.
http://www.cnbc.com/id/30345999
April 21, 2009
I just ran across an article that may be of importance to all you future homebuyers. As of May 1st, 2009 there will be new appraisal rules implemented by Fannie Mae and Freddie Mac. Due to oversight by the governing authorities mortgages brokers will no longer be able to select their own appraisers. Buyers will also have to pay for the appraisals upfront and by credit, debit or a transfer of funds. Many times during the home buying process you were able to pay for the appraisal at the time of closing as it would be added on to your closing statement. As things change due to all the government influence it is important to keep up with these things so you aren't caught off guard by things. There are a few ways to get around this new rule however and that is by going FHA rather then conventional. I have posted the article below so you can read up.
http://realtytimes.com/rtpages/20090420_washingtonreport.htm
April 16, 2009
Are you a current homeowner and want to increase the value of your home? Of course you do. What is one way you can do it? Well an article I came across today talks about a big buying bonus for purchasers and that buying bonus is a new roof. How do you know if you need a new roof other then if you have water coming through or can see daylight? The article talks about some of the benefits to replacing your roof even if it doesn't necessarily need replaced. Have you ever heard of keeping up with the Jones'?
http://realtytimes.com/rtpages/20090416_roofing.htm
April 13, 2009
Sorry I got tied up over the Easter holiday but I wanted to keep you updated on interest rates from Friday. Things are still below 5% which is great news for everyone. Not much has happened over the weekend in terms of news as the markets were also closed on Friday so keep an eye out for stuff over the next few days.
http://www.bankrate.com/mortgage.aspx
April 8, 2009
So it has finally happened, a home builder merger and not just any merger a big one. Today it was announced that Pulte was going to buy Centex (one of my favorites) in an all stock deal. I think this is the first merger since the housing crisis began but I do not believe it will be the last. As things begin to even out and prices begin to increase I think you are going to see more of these and not just with the medium grade builders but with some of the higher end builders such as Toll Brothers etc. Some builders are strong in various parts of the country while others are weak so it makes sense as things start to turn up a little bit that some of the weaker builders will get gobbled up. Now if you are buying a new home from one of these builders it probably isn't going to affect you but you will want to make sure that warranties etc convey from builder to builder as you don't want to leave yourself unprotected. Homebuilders Merge!
http://money.cnn.com/2009/04/08/markets/thebuzz/index.htm?postversion=2009040812
April 7, 2009
It looks as if some banks are starting to get it......at least part of it. In the article below Chase who is a major servicer of loans looks to be trying to reach out to their clients in terms of servicing their mortgage. We as realtors for at least the past year we have been hearing that people who have a mortgage have been unable to get in contact with their banks to work out the details of their loans, and when they did the bank was unwilling to change the loan terms. So essentially it was two problems you had to deal with when trying to redo your loan. Now Chase has decided they are going to try to come to you by opening loan centers in some of their banks located around the country. I think this is a good idea however you are probably still going to have trouble changing the loan. Access is only one part of the problem but I can say they are trying. I will be interested to see how things continue to progress over the coming months. Take a look below for further information. Chase to Open Loan Service Centers!
http://money.cnn.com/2009/04/02/news/economy/chase_centers/index.htm?postversion=2009040216
April 3, 2009
Well rates for 30 year fixed mortgages continue to fall at alarming rates and are now at all time record levels. I have posted a great article below and you can always check out the current rates at www.bankrate.com which is a great site. As you know it's Friday so I like to take a look at interest rates and as stated they just continue to amaze me. Please keep in mind though that now unlike in the past there is significant documentation and credit checks etc. that need to be completed to lock in one of these rates but they are out there and for people who have good credit, bank statements etc. it's a terrific time. If you read in the article the lenders are stating that it is the perfect storm for buyers with low rates and government incentives coming into play. It's also a good time for current owners who again want to refinance. Until next week...... Have a great weekend.
http://www.bankrate.com/finance/mortgages/mortgage-rates-drop-to-record-low.aspx
April 2, 2009
I came across an article today that made my mouth almost hit the floor. The link is pasted below, but it stated that some people may see interest rates as low at 2%. I couldn't believe it when I saw it but then I began to read further that it is for people who qualify for the "Making Home Affordable" (MHA) initiative under the new housing stimulus package. I then thought well hey I have a home do I qualify for that, so I looked up another link that shows if you qualify or not. I have not yet completed everything to see if I do qualify but apparently 3 to 4 million people will and it's possible that you or I could be one of them. No matter whether we qualify or not it looks like there is some serious help out there for people who really do need it. I also know that these types of programs cause others to hit the roof as they are on time with their mortgages and wonder why they can't get help too. At this point with the economic situation, giving help to some is going to eventually help everyone. I know that there are critics out there as I have heard and talked with many of them but we need to start somewhere. I'm sure there are other things to come but this looks like a promising initiative for some of the home owners who need help. Click on the following links to read the article and then see if you qualify.
http://realtytimes.com/rtpages/20090402_ustreasury.htm
http://www.makinghomeaffordable.gov/
April 1, 2009
It's April Fool's Day! Today is a day of trickery, practical jokes and fun from coworkers and friends and I have done my fair share over the years, so be cautious of weird request or suggestions from those closest to you today. One thing that doesn't seem like a joke is the uptick in the recent activity. I can tell you honestly that my business has picked up quite a bit in the last month or so and although it is spring time here in the Northern VA/DC area it is still a little bit busier than in years past. I believe the media and everyone else is beginning to recognize this fact as well as there are starting to be some positive reports. Now while we all aren't jumping out of our seats there has been a dramatic change from the doom and gloom news to some positive stories. One of these stories I have posted below which just came out this morning. It shows that new records have been set in housing affordability and that business in February concerning resales statistics had terrific gains. While some of this is regional, I do believe from talking with my clients and other realtors that some of the stimulus incentives, records low rates, and various other factors such as the affordability are starting to change the dynamics of the market. I'll continue to keep you updated but this is all moving in the right direction for home sellers and may mean that things are bottoming out which shows that buyers might be getting the best deals that they are going to get for a while.
http://www.realtor.org/press_room/news_releases/2009/04/phs_gain
March 30, 2009
I am happy to announce that I am now an ESRES! I have completed my classes and am ready to offer advice and assist you in any way that I can. You are probably asking what this stands for right? Well it stands for Energy Smart Real Estate Specialist. I have tried to take part in a new path for realtors about being energy smart or "Green". Whatever you want to call it I am trying to do my part to educate myself, buyers and current homeowners about what they can do to save money on their homes by cutting their heating/cooling costs, electric bills and overall help conserve their resources. I have been doing this myself for a number of years now, most notably by the type of car I drive. Oh I have taken the jokes for my Prius Hybrid but it helps save gas and trust me as much as I drive a year it has been worth it. I have also done many of the things listed on the attached link such as unplugging lamps, televisions, fans etc. that aren't used on a daily basis and it has helped cut my utility bills by at least 25%. There are many simple things you can do in your home to cut cost, all that may take only a few minutes. It could be worth hundreds or may even thousands of dollars to you. These classes help me understand more fully about an energy audit, what a HERS rating is, Energy Star Appliances, usefulness of solar tubes and much more. These classes will help me provide this useful information when I am assisting buyers and seller with their homes. The movement is towards green and I am happy I can be one of the first in the real estate market to join in the effort.
http://www1.eere.energy.gov/consumer/tips/
March 23, 2009
I have noticed that traffic has been down on my blog lately since I changed the format so I have decided I am going to post in both areas to save folks from clicking all over the internet to find things. The above link will still take you to my blog site but I will post here as well everyday for ease of use. So today we have great news out on the housing front which is pushing the stock market higher. Existing home sales are finally up and not but just a little, and not just in one area. I mentioned a few weeks ago that our office sales for the month of February were off the board well this must have spilled across the country as all four areas were up. I am seeing very positive things on the horizon. This months and the last few weeks specifically have seen interest rates falling to below five percent. It has also seen an easing in the lending markets allowing money to flow back to the consumers. Homebuilding is starting to pick up again and if you remember what I said back in December when you start to see this happen it is a sign that things will begin to move again. This means builders are getting money to start and to continue funding projects and that their inventories have reached a lower level where they have to build. It is great that they stopped for a little while to allow some of the current inventory to be digested by the market but it's time. The only issue I have seen with the new report which is linked below is that we still have a 9 month supply of homes. This is still high as a usual stable market has about 4.5 months supply.
Look for information this week in coming posts about Title Insurance and the new "Green" initiative in the real estate market. Todays post however is: Existing Home Sales Rise in February
http://www.realtor.org/press_room/news_releases/2009/03/february_existing_home_sales
March 4, 2009
Out this morning is the new Mortgage Help Guidelines. Do you qualify? It looks as if the plan will help millions of Americans and there will be more information coming out from HUD in the next few hours. What we know for now is that lenders will be able to look at your debt to income ratio and could revert your payments back to 31% of your income. However if you carry high debt on credit cards, car payments etc. you may be required to look at debt counseling. This plan will not help everyone and people should keep that in mind but we are headed in the right direction. I will have a further post tomorrow. But for now check out the article below: Mortgage Help: Do you Qualify?
http://money.cnn.com/2009/02/18/real_estate/Obama_foreclosure_plan/index.htm?postversion=2009021911
March 3, 2009
Who dictates where you live or how close you are to friends, family shopping or even schools? You do. So why have we decided over the course of the past 10 to 20 years to let builders determine this for us? Probably because they had the money and the influence and could do what they wanted where they wanted. Well this is changing with the recent economy and they are beginning to listen to what you the buyer wants. How do I know this you ask? Well I came across an article that talks about just that.
The focus today comes from a new poll that ask Gen X'ers and the millennials what they want in terms of their housing and where they want to be. A vast majority said they want to be close or in walking distance to their friends or things to do. This basically means that on the horizon the suburbs are going to remain the same but that people will be moving into new projects in the cities which will continue the revitalization of some of these depressed areas. I however think it is cyclical. I do think builders over the past few years have caught on to this and are now looking at the mixed use project with the major stores below and the condos etc. above. Will it continue? I think it will and as the population continues to grow and going to the places where jobs are created you will probably see an increase in the cities or the very close outlying areas as long as there is some transportation system available. What does it also mean? Investment! Attached is the article for further reading: Lifestyle Preferences
http://searchchicago.suntimes.com/homes/news/1451492,HOF-News-digest27.article
March 2, 2009
What is the saying they have about March? In like a lion and out like a lamb I think is what they say and well the snow along the east coast says it came in like a lion. We will have to see how it goes out at the end of the month. The current roller coaster in the housing market and the overall economy is kind of the same. It came in like a lion and we will just have to see how it goes out.
Well as promised last week I wanted to focus on homeowner's insurance this week prior to the details of the housing stimulus plan coming out on March 6th. Today I have attached an article on ten ways to cut your homeowner's insurance with just a few simple steps. You can possibly save as much as 15-25% just by doing some simple things and again one of these things is keeping your credit score up as we have talked about many times over the past few months. One other big question which you may or may not know is what does your policy cover? Does it cover wind damage, hail, water etc.? Ten Ways to Cut the Cost of Your Homeowner's Insurance.
http://financialplan.about.com/od/homeownersinsurance/a/Homeowners.htm
February 27, 2009
Happy Friday everyone. February is almost out the door and I can't believe it. The month is typically short anyway but it seemed to fly by this year probably due to all the news that was out there on the economy. Since it's Friday you know we will be looking at interest rates as usual. As I was previewing the rates this morning they are basically unchanged from where they were this time last week, hovering around 5.25%.
As we prepare for March next week we will be focusing on Homeowners insurance and if you now have more then you need since housing prices have fallen. Can you cut some cost here? We will look at this and also at the details which emerge on March 6th concerning the Housing Recovery Stimulus Act. Have a great weekend! BankRate
February 26, 2009
I found something kind of fun I wanted you to take a look at today. It's called homestrology. Yes you guessed it, it's a little bit of astrology for your home. I know some people don't believe in it but there are a lot who do. Do you match your home or has your astrological influence affected your design choices and you just don't know it? I read over my sign which is a Taurus and I will have to say that most of the information contained in the description reflects what I've done. Kind of weird but also true. Does your home or homestrology reflect your sign? Take a look below and see. Homestrology!
http://www.realtor.com/home-garden/decorate/homestrology/default.aspx
February 25, 2009
Yeah today is finally the day for sellers. What do sellers want you ask? Well most of them want to know what they have to do to make their homes sell better. Many have put off long overdue projects and yes I know we are all going through some tough economic times but everything you put in for the most part you get back especially when it comes to kitchens and baths. I located a great site that allows you to do a cost estimate on various remodeling projects and it's tailored to your specific area. Take some time and browse through it and see what you think. I have a feeling that it might be worth it in the long run and you get to enjoy it as long as you stay in your home! Remodeling Budget Estimator
http://www.costestimator.com/hgtv/index.jsp
February 24, 2009
I am going to have to revise a little of what I said yesterday in my blog. I mentioned that yesterday I wanted to focus on buyers and so I did buyer 101, and then I said tomorrow (today) would focus on sellers. Well that has changed a little because I thought what about current homeowners? Shouldn't that be the next step before we jump to sellers? What do current homeowners want? REFI! So today I came across a good article or column I should say that discusses refinancing your home and how one gentleman was turned down even though his home was worth more then he paid for it 5 years ago. How can this be? The answer seems to be all in a little thing called debt to income ratio. Read the column and see if you fall into this category. If you do take some steps to correct it, especially if you are thinking about refinancing at some point soon. How can my lender say no to refi when my payments will be lower?
February 23, 2009
Today I thought it would be nice to take a break from all the financial stuff out there and just focus on some of the small things. After doing a blog now for a few months I realized that blogs can get pretty heavy with information, especially in these trying financial times. Interest rates are up, down and all around and so are foreclosures and shortsales. I think today we will focus on buyers and tomorrow we will focus on sellers and get back to some of the basics. Buyer 101 is pretty simple! How much can you afford? Not how much are you qualified for but how much do you want your monthly payments to be. I am working with a few buyers at the moment and this is probably their biggest question. What is my monthly payment going to be? Well I always say how much do you want it to be? When I ask this is helps put things in perspective for folks. So I ask all of you who are buyers, how much do you want to spend a month? Keep in mind there are always other expenses on top of the mortgage. I have attached an article that discusses a few of these that people don't always realize. Owning a Home, the Monthly Tally!
http://www.frontdoor.com/Home-Finance/Owning-a-Home-the-Monthly-Tally/1013
February 20, 2009
I wanted to give everyone an update on the rates today. With all the news that has been out in the past week the rates have stayed pretty steady due to the uneasy news with the market. I have attached the link for bankrate.com which gives current rates on all mortgages. I expect rates to start moving in the next week or so as lenders start digesting the news. Have a great weekend.
Current Mortgage Rates
February 19, 2009
Most of the details are out now on the housing recovery plan so I am not going to write much other then to say that more details are not going to emerge until sometime in Mid March but I have posted a direct link with the summary below. Housing Recovery Summary!
http://www.treas.gov/press/releases/tg33.htm
February 18, 2009
There is tons of news today on the economic front with President Obamas housing stimulus package just announced but there are too many details that are still unknown to be able to fully explain. I will provide an update on this tomorrow. Today however I wanted to provide you with the February Market Watch and have attached four charts showing recent sales/inventory, under contract homes etc. in Fairfax, Arlington, Alexandria and the District. We seem to be moving in the right direction with things however it's still going to be a long journey. Home builders today reports steep drops in the start of new homes but if you remember this is an encouraging sign as we need to move inventory. Below is the February Market Watch and attached charts
http://www.cbmarketingmall.com/cbinside/enewsletter/openhouseflyers/fairfax.pdf
http://www.cbmarketingmall.com/cbinside/enewsletter/openhouseflyers/arlington.pdf
http://www.cbmarketingmall.com/cbinside/enewsletter/openhouseflyers/alexandria.pdf
http://www.cbmarketingmall.com/cbinside/enewsletter/openhouseflyers/dc.pdf
February 17, 2009
Its official. The stimulus is signed and we have some news to finally sink our teeth into. First time homebuyers not all homebuyers but first time homebuyers will receive an $8,000 tax credit. It isn't as much as originally proposed and doesn't cover all buyers as originally proposed but it is a start. Hopefully this act will continue past the deadline which by the way is Dec. 1st of this year. I am hopeful the when the bill draws near an end that it will be reinstated for an additional year and for a little more. However it is $8,000 and is a credit off the top. I have pasted below for further reading: Final Score: $8,000 for Homebuyers.
February 13, 2009
It's Friday the 13th but instead of bad news we have some good news today. Citi, JP Morgan Temporarily Halt Foreclosures.
http://money.cnn.com/2009/02/13/news/economy/foreclosure_moratoria/index.htm?postversion=2009021318
February 12, 2009
Todays news centers around the rate of foreclosures across the country. Apparently the new numbers show that during the past month (January) foreclosures were down 10% from the previous month which is a good sign however I always encourage people to read the article not just look at the headlines. Foreclosures were down but this is due to a moratorium, not because people have miraculously come up with more money. Rates are still up from this time last year by about 18% but we are all holding out hope that the proposed stimulus package is going to work miracles. Right? Although I am an optimist I would caution everyone that it is not going to be an instant miracle and is going to take time. Maybe in a year or more realistically two years we may be back on solid footing, but lets do what we can for the time being and work on patience. Foreclosure Rates Down 10% in January.
February 11, 2009
Can a president really do that much in terms of the economy? Well the answer is yes. Whether it's an economic stimulus plan or simply just becoming president and moving people into the area they can affect what happens. In the DC metro area we are blessed with the good fortune and sometimes bad of having people constantly in and out of the area due to the government. When a turnover happens every four or eight years places are bought and sold at a rapid pace. When President Obama came to town the turnover started and hasn't stopped. Attached is an article discussing the Obama administration impact upon the condo supply in DC. Condo Trends: D.C. Real Estate Already Feels Obama Effect.
http://realtytimes.com/rtpages/20090209_condotrends.htm
February 10, 2009
This past Saturday in the Washington post was an article that all current homeowners should take a glance at. If you own a home then you pay property taxes. If you pay property taxes then you pay them based on the assessed value of your home, and your neighbors home, and the foreclosed home, and the short sale home and and and and........ well you get the point. How do they come up with assessed values and what can you do if you don't feel your assessed value is indicative of what your home is worth? Is it too high? Is it too low? Well everyone can put in an appeal with the Department of Assessment and Taxation but you have a limited amount of time to do it. The article below is a good read and it's titled: My Home is Worth What?
http://www.washingtonpost.com/wp-dyn/content/article/2009/02/06/AR2009020601718.html
February 9, 2009
Mortgage rates are up folks. With the economic stimulus bill being debated it has created some volatility in the mortgage markets. I am still predicting that rates will settle around 5% or even lower however until something gets through congress it looks like things will continue to move up and down. Last week rates reached a 6 week high up to 5.70%. Builders are still offering money for closing etc. which can help you buy down the rate but don't wait! I have attached the article below for further reading. Mortgage Rates Hit Six Week High.
http://money.cnn.com/2009/02/05/real_estate/mortgage_rates/index.htm?postversion=2009020513
February 5, 2009
My apologies for not getting my blog updated yesterday as I had a pretty busy day however we are back on track for today and with terrific news for all homebuyers. The Senate just passed as part of the economic stimulus act a bylaw that will give a $15,000 tax credit to all homebuyers. Did you just hear what I said? Not just first time homebuyers but all homebuyers, and it doesn't need to be paid back. This is great news and should help bring new people into the market. We are approaching spring now which in this area is typically the best time to buy a home and with this news it should be an even hotter market. Lets Hope! Now the only downside to this is that it will increase the cost of the stimulus pack however if we can get some of the other nonessential things out of there it should be okay. I think this is able to be done. Attached below is the article: Senate Ok's $15,000 Tax Break for Homebuyers!
http://news.yahoo.com/s/ap/20090204/ap_on_go_co/congress_stimulus
February 3, 2009
Pending homes sales seem to be up in the month of December from the new report that was just released. This is a really good sign seeing that November was at an all time low, however after reading the report a common trend has seemed to surface over the past few months. Short sales and foreclosures are now accounting for almost 30% of all US home sales. Is this good, is it bad? We have inventory out there and we need to get rid of it. I will tell you from being out and about that what this does is increase the demand for rental units as everyone needs someplace to live, whether they own it or rent. Rentals have been going rather quickly and also have been increasing in price. I have attached the article below for reference: Pending Home Sales Rise in December:
February 2, 2009
Today is groundhogs day and yes he saw his shadow which means 6 more weeks of winter. UGH! Are we going to have 6 more weeks of economic uncertainty as well. Probably so, but I have been waiting most of the day for the following report to come out and wanted to wait and write the blog until after it did. Below is the year end housing report specific to our area (DC/NoVA) I haven't had time to review it completely but will in the next few hours. Great reading! TRENDS IN HOUSING YEAR END, 2008.
http://www.mris.com/reports/trendsreport/Q4%2C%202008%20Trends%20in%20Housing%20Report.pdf
January 30, 2009
As you begin your home search what are some of the things you are looking for? Have you made a list? What does it have on it? For some it may be a garage, a deck, fenced yard, granite counter tops or even wood floors. Some of you would like all of these things! But there are little things that you notice that you don't really notice that make a big difference to you even if you don't think it does. Sound complicated (lol)? It's really not complicated at all. Take your bathroom for instance. Would you buy a home if there was no linen closet in the bath? What if r in your kitchen didn't have a side by side sink? These little things all weigh into your decision. Attached is a top 5 list of what buyers actually consider when making their home decision or what they desire. Do you feel the same? Top 5 Preferences for Kitchen, Bathroom & More.
http://styledstagedsold.blogs.realtor.org/?p=268
January 29, 2009
New legislation was just passed to assist first time homebuyers with a $7,500 tax credit. Details are listed on the link below. Definitely something for all first time buyers to look at. First Time Homebuyer Tax Credit.
http://www.federalhousingtaxcredit.com/
January 28, 2009
I have been getting a lot of questions recently on what is going on with interest rates. One week they are up and the next week they are down. What is expected for the future? Well two weeks ago they were hovering right around if not under 5% and now they are at 5.25%. Will they go back down? My answer to this is that your guess is as good as mine. My crystal ball prediction is that they will. However, please keep in mind that any of these rates are good. I know you may be looking for the best rate and hope that you can obtain a 4.75% on a refinance or on a new purchase but don't let something at this level pass you by. I have attached the: Overnight Averages from Bankrate. This is a great link so think about putting it in your favorites.
http://www.bankrate.com/brm/rate/mtg_home.asp?link=5
January 27, 2009
We have more good news/bad news today on the housing front. The existing home sales report for December came out showing sales were up for the month even though prices were down. I take this as good news and I will tell you why. Why do prices keep falling? We have too much inventory! Way too much inventory! I shared a few weeks ago that as home builders stopped building things would improve and they have. The other part of the equation is that existing homes need to be sold. As long as there is a glut of homes on the market things will remain the way they are and prices will continue to fall. Take it as a good sign that even though prices are, down sales are up and this will eventually help stabilize the housing market. Read below for more information: Existing Home Sales in Surprise Jump.
http://money.cnn.com/2009/01/26/real_estate/existing_home/index.htm?postversion=2009012612
January 26, 2009
I recently came across a person who inquired about something called a reverse mortgage. You may or may not know what this term means but it can be something you or your family may want to look into at some point. It is simply as stated which is a reverse mortgage meaning you can tap the equity in your home or "the bank pays you" so that you can pay your bills etc. as you get older. This is a great source of funding for many older americans as they become limited with the amount of retirement or social security they have and so they look to their home to help pay monthly bills. Attached below is a link to AARP concerning a reverse mortgage and is well worth looking at if not for yourself then for parents or grandparents. Reverse Mortgages: Making Your House Work for You.
http://www.aarp.org/money/personal/reverse_mortgages/
January 23, 2009
Much of the talk of late has been on foreclosures. So it should come as no surprise that day after day new information comes out on the subject. I believe that as the year continues foreclosures will continue to rise due to layoff, bad loans etc. but it should start to subside towards the end of the year. If you review my blog from a few weeks ago I stated that when homebuilders stop building that will be a good sign of a recovery. Well if you look at the numbers yesterday housing permits and starts were down again and at a very large rate. This is all good news so don't get discouraged. There are bound to be growing pains until things get back on track. With this in mind don't be discouraged by the following article on foreclosures. Below is the article titled: Fixing Foreclosures: How Far Are We Going To Go?
http://www.cnbc.com/id/28777750
January 22, 2009
Today I thought I would focus on a common phrase that you may know if you are a homeowner, and that is HELOC. What is a HELOC and what is HEL? There is a difference between the two of these if you didn't know. You may actually have a HELOC that you established to do renovations in your home or that you used to pay off other bills such as education costs, cars, credit cards etc. Is it good to do this? Well it depends on the person, your home and the situation. Below is a really good article titled: Home Equity Options. This should provide a little more insight for some who don't think they have any options at the moment.
January 21, 2009
Inauguration has passed and we are off on a new course. Some say things are bound to change due to the new administration while others say it will be the same ole same ole. What do you think? Have you thought about where things will be 6 months from now or a year from now or even better yet if you are prepared to take advantage of these changes? What do you need to do to prepare yourself and your home? Are your finances in order and is your credit above 700? Below is a recent article titled: Real Estate Outlook: Change Anticipated. Write down what you need to do and prepare. Preparation is the best practice.
http://realtytimes.com/rtpages/20090120_realestateoutlook.htm
January 20, 2009
Today is Inauguration Day in the nations capitol and a historic day for many. There will be many challenges President Obama has to face during the coming weeks, months and even years but none presently are as great a challenge as the economy. For months now housing, consumer confidence, inflation, personal income etc. have been on the decline. It has only been recently that oil has seen a decrease which has allowed us to keep a little extra money in our pockets. During the summer of '08 President Bush and congress passed a stimulus package which seemed to really only assist banks and other lending institutions but didn't do much for the average person in alleviating the burden on the individual or their families. President Obama has unveiled his own plan which calls for an even bigger stimulus package than the one passed last summer and has also called for the release of the remaining funds still left over from the previous package. What is going to come from this infusion/stimulus this time? Will it only go to help the banks again? Will it help you and I? Attached below is an article titled: How Stimulus Affects You.
http://money.cnn.com/galleries/2009/news/0901/gallery.stimulus/index.html
January 16, 2009
A little under the weather today but I thought I would include an article on home appraisals. Rates today are at 5.10% on a 30 year fixed. Have a good weekend. The article below is titled: Taming Inflated Home Appraisals:
http://money.cnn.com/2009/01/14/real_estate/appraisal_reform/index.htm?postversion=2009011405
January 15, 2009
After yesterdays article about refinancing I thought I would discuss why someone would want to refinance and what the term LIBOR means. Most people will want to refinance simply due to a lower rate that is available to them now as opposed to when they first took out their mortgage. Rates as you now know are at historic lows, averaging near the 5% mark for a 30 year fixed. This could mean hundreds of dollars of savings if someone originally locked their loan in at 6 or 7% percent at the time of their purchase. People however don't refinance simply because of a drop in the interest rate. Some people are forced to refinance (if they can) due to something called an ARM (adjustable rate mortgage) which is usually tied to something called the LIBOR rate.
When someone has a loan with an ARM it means the interest rate will adjust after the time frame that was originally outlined in the loan documents (usually a 1, 3, 5 ,7 or 10 year arm). After this time frame has expired it specifies that your loan will readjust and usually add the LIBOR, plus 2 points plus your original interest rate. The LIBOR is a global rate set daily by the British Bankers Association and is usually published each day in the financial section of your newspaper. Whether the LIBOR is up or down will affect your mortgage when it readjusts. People usually try to refinance their loan before this readjustment period begins however if you owe more then your home is worth at present this may be difficult, which is why it's important to know what the LIBOR is so you can determine what your new payments will cost you on a monthly basis. I have attached the article below titled: The Lowdown on LIBOR:
January 14, 2009
Things are moving! Although retail sales come out this morning on a very weak note from the latest holiday sales reports, refinancing and mortgage applications seem to be on the rise which is always good for the housing market. This is seen as a key indicator to better times. As people are able to refinance they are able to save more money thus keeping their home off the market. This also allows the inventory of homes for sale to remain stable which combined with mortgage applications is a great sign. I have posted the article below titled: Mortgage Applications Rise as Refinancing Jumps:
http://www.cnbc.com/id/28652359
January 13, 2009
I received an email over the weekend from a potential client who was looking to sell their home and wanted some basic advice on what they needed to do to get their home ready to put on the market. What I will usually do is schedule a time with a seller to meet them, find out what they are like, view the home and then present to them my customized marketing plan to sell their home and then set a price when we go on the market. Other then the marketing plan and finding out if the potential sellers are willing to accept my advice on pricing, the biggest component of the meeting is viewing the home and pointing out things that need to be addressed, changed, corrected, improved or whatever you may call it. It could be simple things such as moving the furniture to make a room appear bigger, or changing a wall color to a few things such as replacing kitchen counter tops etc. Not all things are necessary and they are advice but they help sell a home 99% of the time. Attached is a quick look in pictures at 35 points that help sell a home and don't cost a ton of money. Designed to Sell Top 35 Selling Secrets:
http://www.hgtv.com/real-estate/designed-to-sell-top-35-selling-secrets-35-to-24/pictures/index.html
January 12, 2009
Have you ever purchased a new construction property and thought of what a great deal you are getting from the builder if you decide to use their lender? Many builders will have a handful of lenders they work with that help fund the project. Therefore the builders like to keep the lenders happy by offering up the lenders services to you as a buyer. Many of these lenders will offer you the buyer incentives for using them to obtain your mortgage however not all is what it seems. In many cases, I have had clients take advantage of these incentives and use the preferred lender and in many others I have had clients use their own banks, or lenders I have worked with in the past. You may ask yourself well an incentive sounds good if they are going to give me something at a discount or for free, right? Not always. Many times my clients have found that although they may get back $2,500 or $5,000 in closing cost credit they are still being offered a high rate then what they could have obtained somewhere else. Be careful and shop around when looking for your mortgage, it is always the best thing to do. Below I have attached an article which discuss the use of incentives being tied to lenders and why the government is now doing away with them (too much greed and too many kickbacks)! New for 2009, HUD Bans Incentives for Using Affiliated Lenders:
January 9, 2009
Every Friday I like to update you on what is happening with interest rates since this seems to be a key component of purchasing a home. Rates over the past few months have been ticking downward due to the economy. As I stated a few weeks ago I see rates eventually going under the 5 mark during the first few weeks of the year and well we are just about there. The article below talks about rates being at their lowest level in history. I have posted the article for you to read. Keep an eye out on Monday for an article about builder incentives and them being tied to the lenders they use. Something you don't want to miss if you are in the market any time soon. The article below is: Mortgage Rates Dip to New All Time Low:
http://money.cnn.com/2009/01/08/real_estate/mortgage_rates/index.htm
January 8, 2009
Are you considering purchasing a condo, townhome or single family home that belongs to an association (condo or homeowners)? If so there are probably a few things you want to know before making the final move. Everyone who purchases within an association has a number of days to review the association documents and decided whether they can live by the rules and regulations, whether they think they have enough in their reserves, and whether they are charging any special assessments before they purchase their home. The point of the association is to provide a framework for all the owners to live within. Some associations are very stringent with their rules while other may seems like they have no rules at all. As I've looked at different associations in the past I believe from my own personal opinion that they are a benefit for you as a homeowner. Many associations have a standard that the homes must be kept up to. The association helps keep the neighborhood looking attractive and home prices up. However, there are some things that you probably didn't know about associations and this goes for those who live within an HOA now. The article below gives some answers to questions you may not have thought of: Ask the HOA Expert:
http://realtytimes.com/rtpages/20090107_askhoa.htm
January 7, 2009
A few days ago I wrote about how important it is to have a home inspection when you are purchasing a property. This allows you to find out information to use in negotiating your offer or to have for future reference so you know what you are going to need to replace or correct during the coming months or years. Although the home inspection is important one thing that is as equally important if not more is a home warranty. I had a home warranty on my home the first two years I owned my property and then I let it expire. I don't know why I let it expire but I did. I actually used my warranty for a new water heater one winter when mine went out. I paid the deductible which was $50 and I had a new heater, simple as that. Now not everyone uses their warranty but some do, and some do quite a lot. It is peace of mind knowing that all your plumbing, heating, cooling, electrical and most of your appliances are covered should something happen. You can only purchase a warranty at the time you purchase your property as there is no retroactive warranties. I think it is worth it and now kick myself since I let mine lapse. They are inexpensive (roughly around $400 a year) and renewable each year. Its a good investment in this market with foreclosures and short sales being sold as is. Something to think about. Below is the article: Home Warranty:Why Get One Now?
http://www.cnn.com/2008/LIVING/homestyle/12/30/toh.home.warranty/
January 6, 2009
Attention homeowners!!! Are your current heating and cooling bills more then you would like? Well I received my gas bill the other day and it was more than I had hoped for especially as most of us try to pinch our pennies. I was a little concerned so I did some research and found there are many things we can do that will help cut our bills down by 10-20% each month if we just a few simple adjustments that really don't impact us all that much. One of the first things is changing out light bulbs to more energy efficient ones, but we can also do simple things like turning down our hot water heater so it doesn't run as much or changing it to a vacation setting while we are away for a few days(did anyone do this over their long holidays away?). Below is an article titled: 10 Ways to Cut Energy Bills This Winter:
http://www.realtor.org/rmohome_and_design/articles/2008/0810energytips
January 5, 2009
Over the weekend I was negotiating a home inspection and thought who really knows the importance of an inspection and what it entails. I found that during the many inspections I have attended with my buyers that there is always something each time that I learn. I have attached the website for the company which I use most of the time (US Inspects). I use them because they are diligent in what they do. I have certain inspectors I use but to have a home inspection done on a property you are going to purchase in an invaluable tool. There is also a list on the page that gives common replacement costs of various items which is always good to have.
Ten Most Common Defects Found During a Home Inspection:
http://www.usinspect.com/content/top10defects.asp
January 2, 2009
I came across something today that many of you may not be aware of at least those of you who are looking to purchase a home at some point in the near future. What is it you ask. Well FHA has decided to increase the minimum amount required to be put down by purchasers from 3% to 3.5%. This became effective on January 1. It will affect everyone even those who may have been in the process of acquiring a loan within the past few weeks unless they asked their lender to pull a case number prior to the end of the year. What does it mean for everyone? Well simply you have to have more money upfront to purchase. FHA seems to be the way most purchasers are going at the current moment as more conventional loans are not as popular due to the 10% or more most banks are requiring. One silver lining however is that most sellers are still giving seller subsidies to buyers which covers most of the closing costs. I have attached the article below for further clarification.
Below is the article: Yes, You May Qualify for an FHA Loan!
https://www.quickenloans.com/home-loans/fha-loan
January 1, 2009
Happy New Year! Hopefully you all had a safe and fun filled New Years Eve and will have an even more prosperous 2009. I am attaching an article requested from someone who was interested in the question if buying or renting is a better option at the current time. This is always a good question and depends on the area of the country in which you live. It's a good indication of where the housing market is when rents start to increase. Currently here in the DC/NoVA area as housing sales have slipped, rental units have been hard to find. It is also a good option in this market for those who are having trouble making the mortgage payment to try and rent their home if possible.
I always welcome insight into articles or thoughts on what you would like to know more about so please feel free to contact me and I will research and gather as much information as possible. Have a great day today!
Below is the article: The Buy vs. Rent Decision
http://biz.yahoo.com/pfg/e10buyrent/
December 31, 2008
It's the final day of 2008. This was a year that many people would wish to forget if they had the chance. People have lost money in the stock market, some have lost jobs, others have lost homes and equity etc. I'm however always a glass half full person and tend to look at the brighter side of things. People have found jobs, some have bought homes a basement bargain prices, and have bought stocks etc. at low low prices. I guess it's all in how we view things in life and where we picture ourselves going. I'm looking for a good 2009! We can only go up with things and although we will probably still have some minor setback here and there we will always move forward. Take the time today and look at where you were in 2008 and where you want to go in 2009. There is always opportunity it's just a matter of where and how we look at things.
Below is and article titled: Will Housing Bottom in 2009?
http://www.cnbc.com/id/28370742