Real Estate Blog 
Beware The Shadow
Thursday, February 18th, 2010 at 3:28pm. 18 Views, 0 Comments.
For months, we’ve been expecting the next wave of foreclosures to hit the market. With a record number of homeowners defaulting on their mortgage payments, it’s bound to happen sooner or later. According to yesterday’s headlines from Housing Watch, we’ve got a “shadow inventory” of almost 1.8 million homes that are on the brink of foreclosure. Of the 1.6 trillion in existing mortgages packaged into mortgage backed securities by Wall Street, approximately $425 billion worth are “extremely late” on their payments.
Despite the best intentions at assisting distressed homeowners, bad mortgage debt continues to rise with little hope of reigning it in. The tough job market and high unemployment rates serve to add fuel to the economic firestorm. After…
Built for Military Home Sellers
Thursday, February 11th, 2010 at 2:00pm. 53 Views, 0 Comments.
Since the height of the market in the summer of 2006, homes prices across the United States have fallen a great deal. Many homeowners who purchased prior to that summer, and now have orders to move, are faced with the prospect of selling a home that may now be half the value it was when purchased. Fortunately, there is hope.
As part of the American Recovery and Reinvestment Act of 2009 (ARRA), the Department of Defense (DoD) expanded the Housing Assistance Program (HAP) to provide benefits to service members who are moving (in military jargon, PCSing – Permanent Change of Station), among others.
To be eligible for HAP, military members must have, 1) Purchased their home prior to 1 Jul, 2006, and 2) Have PCS orders dated 1 Feb 2006 thru 30…
How Did You Determine That Listing Price?
Tuesday, February 2nd, 2010 at 3:04pm. 42 Views, 0 Comments.
Successfully selling homes isn’t rocket science. Or, is it?
Does a home sell itself, or is smart marketing the key? Or, is it a little of both?
While most of us realize that targeted marketing is a sound sales strategy, it is tough to sell a lemon in any market. But most would agree, rarely is a buyer willing to pay more than an item is worth, unless of course, there’s more to the item than meets the eye. But, that is seldom, if ever the case. Wouldn’t you agree?
Attempting to accurately price homes requires consideration of various factors including:
1. Home Inventory
2. Current Market Conditions
3. Recent Comparable Property Sales
4. Condition of the Property
As many who provide valuations of property will tell you, any good…
Burn Your Mortgage?
Wednesday, January 27th, 2010 at 6:12am. 31 Views, 0 Comments.
Recently, I came across an article on AOL’s Real Estate page highlighting an article in the blog DailyKos. For those not familiar with the ‘Kos, it is devoted mainly to political and social commentary, along liberal lines. In the article AOL cited, the ‘Kos urged those homeowners struggling with their mortgage to, walk away from their unpaid mortgages. In their words:
“The real risk to the banks and investors is that the people in those homes might just decide to walk away. And that’s what we must do. Doesn’t have to be everybody, of course; but anyone who finds themselves seriously underwater with no hope of ever recouping their investment….just walk away Renee. Morality has nothing to do with it. You are a cog in the wheel of a machine that is…
What is Your Must Have Home Feature?
Thursday, January 21st, 2010 at 3:52pm. 64 Views, 0 Comments.
The Avid Ratings Co., which conducts an annual survey of home buyer preferences, has published its most recent findings. According to their survey, there are 10 “must have” features in new homes. These features include.
1. Large kitchens with an Island.
For many, the kitchen serves as much more than just a place to cook. It’s also, more often than not, used for relaxing and socializing as well.
2. Energy efficient appliances, high efficiency insulation and high window efficiency.
Energy concerns are growing in importance.
3. Home office or study.
The internet has made working from home much easier.
4. Main floor master suite.
Not just for “empty nesters” any longer.
5. Outdoor living room.
Many find spending more time outside a…
Appraisal Changes Come Due
Tuesday, January 12th, 2010 at 10:19am. 65 Views, 0 Comments.
In September of last year, the U.S. Department of Housing & Urban Development (HUD) announced a change to FHA appraisal validity periods. The announcement was met with unanimous approval from all sectors; lenders, home owners & buyers, and yes, even appraisers.
The change to appraisal periods involved decreasing the validity time for FHA appraisals from six to four months for both existing homes and those under construction. Since the first of this calendar year, 2010, the new standard has been in effect. Why does the change matter?
For those of us that have faced selling properties, only to encounter difficulties with the appraisal, this reduced turn around time, or reduction of validity time, couldn’t have come sooner. Because, no matter…
Healthy Home Tips & Green Alternatives for Homeowners
Tuesday, January 5th, 2010 at 3:35pm. 43 Views, 0 Comments.
I’ve recently been contacted by Mesothelioma Cancer Center and asked if I’d assist in spreading the word about this form of cancer, which is caused, almost always, by exposure to asbestos. Rarely, in life, do things happen by coincidence. We buried a friend of mine less than three weeks ago. He had been diagnosed with Mesothelioma less than four months ago. Please pay attention to the Center’s article that follows. Asbestos is a hazard. Be aware.
The home buying process is an exciting time, but one that may bring additional responsibilities into your life. Many homes may need renovations or inspections, especially in areas that are susceptible to natural disasters. Having the assistance of an experienced and honest real estate agent will…
Is a 31 Percent Failure Rate Acceptable?
Monday, December 28th, 2009 at 1:25pm. 135 Views, 0 Comments.
“Incompetents invariably make trouble for people other than themselves.”
Larry McMurtry
Did you see the news? Yesterday’s New York Times carried an article detailing the results of recent federal mandated licensing exams for loan officers around the country. The results thus far are anything but encouraging. According the Times article, ”31 percent of the roughly 10,000 people who took the national test from July 30 to Nov 30 failed it, and about 27 percent did not pass the state-specific component.”
While there are those (you can trust that the dissenters aren’t those depending on the expertise of their lender) who question the industry’s testing, many others appreciate the attempt at accountability. Is it odd to expect those who provide you a…
What’s In Your Stocking?
Thursday, December 24th, 2009 at 1:08pm. 46 Views, 0 Comments.
Well, Christmas is finally here. On this Eve of what many consider our most celebrated, and certainly costliest holiday, what are you hoping to find in your stocking, or under your Christmas tree? According an associate of mine, for men at least, they’re looking for something electronic. She informed that men always seem to want the latest electronic gadget. Women, according to her, are much more practical. Hmmmm, interesting.
So, what is your latest Christmas wish? Somehow, I doubt that it’s A Christmas Story’s Red Ryder BB gun. But, who doesn’t look forward to opening what’s under the tree? For many, Christmas is a time of celebration and renewal. Both, spiritual and personal. A wonderful opportunity for family to get back in touch with one…
Let It Snow
Sunday, December 20th, 2009 at 7:43am. 43 Views, 0 Comments.
Yes, if you haven’t heard yet, we’re snowed under! As you can see, the front yard is blanketed in almost two feet of snow, and the Northern Virginia area is struggling with a bit more of the stuff than they were ready for. Outside my front door this morning, it looked like this.
And, as I’ve said previously in this blog, when there’s any show on the ground in Northern Virginia, driving on our roads is akin to bumper cars lite! While that might be a bit of an exaggeration, it’s not far off. From what the local weather channel says, yesterday’s snowfall surpassed the record level that occurred in 1932.
Of course, for many of us, being house bound isn’t something we’re used to. Most Realtors, after all, are out with clients on the weekends. So, the…
Beware The Shadow
For months, we’ve been expecting the next wave of foreclosures to hit the market. With a record number of homeown... Add Comment Read MoreBuilt for Military Home Sellers
Since the height of the market in the summer of 2006, homes prices across the United States have fallen a great deal. ... Add Comment Read MoreHow Did You Determine That Listing Price?
Successfully selling homes isn’t rocket science. Or, is it? Does a home sell itself, or is smart market... Add Comment Read MoreWe're always on the lookout for talented real estate agents to join our growing team.
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