Archive for February, 2008
What The VA Supreme Court Did Today That Gives Sellers A Reason To Dance!
February 29th, 2008 categories: For Homeowners, Local Issues, Real Estate News
1. Northern Virginia has transportation issues. Northern Virginia has a large population. Northern Virginia is growing.. Quickly. Northern Virginia roads need help.
2. Northern Virginia homeowners trying to sell don’t have extra money to pay for the road problems.
At the beginning of 2008, the Northern VA Transportation Authority increased the VA Grantor’s Tax (Congestion Relief Fee) paid when a seller sells their home by 500%! Therefore, instead of sellers paying .10 cents per $100 of what their home sold for, they would pay .50 cents per $100. In other words, on a $600,000 home, sellers no longer pay $600, they pay $3,000!
The fee was increased to help fund our transportation costs. It was the largest transportation investment in the last generation.
This morning the sweet wind of change blew across the Virginia Supreme Court in a unanimous ruling that ” Read the rest of this entry »
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This Weekends Northern VA Event Picks: March 1st!
February 29th, 2008 categories: Local Events
If you are looking for something to do this weekend I have a couple great ideas for those inside the beltway and those outside!
If you are in the Loudoun area, check out the local farmers market in Leesburg on Saturday morning. This market will be open until April 26th, 2008 from 9am-12pm from the Virginia Village Shopping Center. The market hosts 17 different vendors offering seasonal vegetables, dairy, eggs, meats, wines, and SHEEP PRODUCTS!
My other pick for a great time this weekend is the St. Patrick’s Day Parade in Alexandria!
The event will kick off Saturday morning at 10am with a Classic Car Show Competition on North Pitt St. just off of King Street.
At 10:30 the Fun Dog Show will begin and go until Noon in Market Square.
The PARADE itself will begin at 12:30 on King and West Streets. The events are planned to end at 2:30. The event is free to the public! Metro riders should use take the King Street Metro to where the Dash bus shuttle service is set to serve the parade events.
If you are interested in purchasing a home in the Arlington, Fairfax, or Ashburn area contact me as I would be more than happy to assist you!
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4 Terms You Must Know As A Buyer
February 28th, 2008 categories: Local Issues, Short Sales & Foreclosures
I attended an investor meeting around a year ago in the area. People were going around the room and talking about transactions that they were working on at the time. A guy spoke up to mention that he was working on a “short sale” transaction. The leader of the meeting interrupted him to take a count of people who understood what a “short sale” was.
At that time there were only around 3 people out of 200 in the room who had ever heard of a “short sale!”
Who would have thought that a year later, we would not only know more about them, but hundreds of the listings on the market would be “short sales?”
I wonder now how many people still don’t know what some of the terms we use mean? Here is a short list to help you understand 4 major types of sales transactions you may see when looking at homes online: (these definitions were taken from a friend over at the San Diego Housing Blog).
- Traditional Sale: Owner needs to or wants to sell and has equity. At closing, seller will receive proceeds from the sale.
- Distress sale: Owner needs to sell due to personal circumstances. Time is of the essence, they are highly motivated (not selling is not an option).
- Short sale: At closing, proceeds from the sale will be Read the rest of this entry »
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Fairfax and Arlington January 08 Statistics
February 27th, 2008 categories: Fairfax County, Inside The Beltway, Market Statistics
If you are going to participate in the latest watercooler gossip, it is important that you have your facts together.
I have put together the latest stats in a pretty easy format to use thanks to NVAR’s help. Using this information correctly could help you to gain major status, more friends, and you may soon be signing autographs!
These stats cover Fairfax and Arlington’s County statistics. If you are interested in what is going on in Loudoun County you can check out their numbers by clicking HERE.
If you are interesting in re-locating to the area of Fairfax, Loudoun, or Arlington Counties I would be happy to assist you. You can contact me HERE.
Other Interesting Articles:
The Numbers: Loudoun County Statistics
4 Statistics Waiting Buyers Should Know
(Note: Statistics were pulled from information recieved from NVAR. Figures are based on data extracted from the Metropolitan Regional Information System, Inc (MRIS). The information is deemed reliable but not guaranteed. Data maintained by MRIS may not reflect all real estate activity in the market.)
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Community Of The Week: Waterford Ridge
February 26th, 2008 categories: Community Of The Week, New Construction
It has to be one of my favorite parts of selling real estate. So, I have decided that Tuesdays are now committed to highlighting great communities.
This week, I want to point out one of the most beautiful single family communities I have seen in a while. It is called “Waterford Ridge.” Toll Brothers, who built Belmont Country Club, is the exclusive builder. Waterford Ridge is right off of the beaten path of 15 North close to Lucketts. To put that in to perspective, it is around 12 minutes from the Leesburg Outlets. This community offers some of the most beautiful landscape in the area.
Each home resides on lots ranging from 3-6 acres of rolling hills and trees. This location is perfect for those who desire privacy along with community, and still want to be in close range of the amenities that Northern VA provides. Toll Brothers says, “In Waterford Ridge, you will enjoy the relaxed atmosphere of country living with superior schools, excellent shopping, and a wide choice of cultural events close to home.”
A few details about the homes:
- Toll Brothers is building their Estate and Signature Estate Series there.
- 3 to 5 car garages
- Prices are ranging from the high 700’s to the 900’s.
- Most homes with Walk-Out Basements
- Some homes have lot premiums
- There are 10 models to choose from
- Toll Brothers is currently offering unbelievable incentives such as: Conservatory bump-outs on 3 levels, finished basement with media room, rec room, and bathroom.
- The Signature Series offers the option of 10′ ceilings on the main level.
(These incentives may change at any time at the builders discretion along with the prices. Check with them for the latest information. You can contact Andrew Cope at 540-882-9600. Tell him I sent you)
Closest Locations: Leesburg- 10 Minutes. Dulles- 20 Minutes. Tysons Corner- 45 Minutes
If you are interested in viewing or purchasing a home in Waterford Ridge I would be happy to assist you. I do not work for Toll Brothers and represent only my buyers best interests at NO CHARGE TO THEM. I would be happy to assist you in the purchase of any home in the area. Contact Me HERE.
*Other Great Communities*
New Windermere Community In Ashburn
Community Of The Week: Winsbury Of Arcola
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Vote For The Dulles Rail
February 26th, 2008 categories: Local Events, Local Issues
Like many of you, I am a strong advocate of the Metro coming to the Dulles area. As the growth in the area continues as predicted we must be able to address the traffic issues.Here is your chance to speak up!
You can sign a petition here for your voice to be heard along with many others to let our leaders know how important it is that this project continue.
You may also enjoy this article:
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A 2003 Northern VA Housing Flashback
February 25th, 2008 categories: Real Estate News
Do you remember when Marty Mcfly went to the future being the year 2015 in the great trilogy, “Back To The Future?” Now that we are only 7 years away from 2015 it is cool to see what they assumed the future would look like in 1985. We are still not riding around on hover-boards and having automatic lace up shoes.Yesterday, I was reading through an article written at the beginning of 2003 by David Harrison at the Connections Newspaper. The article quotes predictions of what would happen in the Northern VA real estate market of 2003. This is interesting:
“A TOTAL of 29,514 homes were sold last year in Northern Virginia, a 4 percent increase from 2001. The average sales price was $316,901, an increase of 10.6 percent over 2001. The average price for a detached home was $449,364 and $275,956 for an attached home. Total home listings also grew by 1.7 percent in 2001, reflecting a steady increase in the inventory of homes for sale.
But the average number of days on the market jumped from 18 to 25. And it has become more difficult to sell some of the more expensive homes, signaling, Jablonski said, “that the housing market now is more rational.” A couple years ago, he said, sellers were making outrageous demands on potential buyers and getting away with it. That is not the case anymore.”Stephen Fuller “What we’re going from is a seller’s market to a neutral market pretty much. Everybody will be happy in 2003.”
I have great respect for each of the men quoted. It is just interesting to note that things didn’t actually begin to shift until 2 years later.I wonder what we will know 4 years from now in 2012? Do things ever end up as we predict? Does time play out according to charts and graphs? Will the economy be stronger in 4 years or worse? What will the prices of homes be?
I rarely meet a buyer who doesn’t want to think like an investor when they buy. However, since few of us end up looking like experts at the end of the day, I thought I would share some wisdom from one guy who obviously knows how to invest.
“I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years.” Warrren Buffet.
Moral of the story: There is no way to fully know what the real estate market will do. Don’t let any one one fool you in to thinking they do. If it goes up… great. If it goes down… not great. So buy with the assumption that you could enjoy living there for a while.
You will sleep a lot better at night buying with a long term mindset.
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Lowest HOA Fees In Ashburn
February 23rd, 2008 categories: Ashburn
For those of you who somehow do not know what an HOA fees are, they stands for Homeowners Owners Association fees. Many communities now (or should I say, almost EVERY) community in Northern VA has them.
The fees go to pay costs associated with living in the community.
Depending on the community and what is offered, the fees will vary. For example, if a community provides a pool, gym, Internet, cable, trash, snow removal, common grounds, a tot lot, etc… the fees will most likely be high. Communities that have higher fees with many ammenities would be Belmont Land Bay/ Country Club (inside the gate), Broadlands South, and Lansdowne on the Potomac (Leesburg).
Depending on ones personal usage of such amenities, one could argue that they do not want to pay extra for them because they do not use them. Those who do use the facilities consider the cost justified.
So obviously it depends. It’s a broad stroke to call them bad since they ALSO provide a level of INSURANCE against odd neighbors. I have a listing in Falls Church who does not have an HOA. Since my client is obviously wanting to sell their home it is never beneficial to have neighbors with COUCHES on their porch along with a dingy old CHAIR (a bad idea for selling your home- a free tip). The problem is that my client can do nothing about it because he has no one to report it to. So much for no HOA fee.Here is a list of neighborhoods with single family detached homes with HOA fee’s under $100.
From Least to Greatest:
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Which Renovations Increase Value?
February 22nd, 2008 categories: For Homeowners
I have settled within myself that I will not be selling my home for quite some time.That being the case, I have spent the last year doing a few things to my house that help me to enjoy it a lot better. I started out by putting tile floors in the kitchen, changing all of the old light fixtures, upgrading the knobs on my cabinets, putting hardwood on the main level, and replacing the upstairs carpet. I still have a lot to do to make it exactly what I want it to be. But for now I am feeling pretty good about its appearance.
Its important to keep in mind when deciding which home renovations that you will do to weigh the cost vs. the added value it will bring to the home. Just because you spend thousands on putting in a pool does not mean that you have added thousands to your homes value.
In a declining market I have found that some renovations won’t add much value to your home, but it will set your home apart from those that don’t have any additions. In other words, its not guaranteed that someone will pay 5k more for your home because you have granite counters compared to your neighbor who does not. However, it could mean that a buyer chooses your home over your neighbor because of those upgrades.
Here are a few things to considering when considering what upgrades you should do….
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4 Tax Deductions You Don’t Want To Forget
February 21st, 2008 categories: Buyers, For Homeowners
Its getting close to tax time for me. Around this time of year I start looking for every tax deduciton I can get to decrease how much I owe my hungry uncle.
One of the largest deductions that I love being able to take come from simply owning a home. If you are a homeowner, especially a new one, it will pay to read this post. I want to let you in on 4 huge tax benifits that you don’t want to forget this year.
1. If you purchased a home on any day other than the first day of the month, you most likely paid “daily interest” until the end of the month. This interest is usually deductible. Check out line 901 of your HUD Settlement Statement.
Also, loan origination fees and discount points are many times tax deductible. The seller may have paid them for you! Check out lines 801 and 802 of your HUD Statement.
2. If you purchased a loan that Read the rest of this entry »
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