Within minutes of the markets opening this morning we had already taken another 700 point hit!  Inside we all wrestle with what to do and our hearts are filled with fear.   To help with your perspective I wanted to share with you an article by a very smart guy who understands what is going on a little better than the rest.   This article is from Dr. Richard Marston from the Wharton School of Business.

CLICK HERE TO READ 

Share This

I spoke to many lenders, Realtors, and spectators during this time and ultimately came to the conclusion that other than the government not too many people knew the implications of this bill.  You begin to get the feeling that you are on a plane and hear a loud noise.  Everyone knows that something bad is happening but all you are allowed to know is that you can’t leave your seat and the stewardess is going to bring you a complimentary Pepsi while acting like all will be fine. 

To assist with all of this co-motion the elections are taking place with both sides magnifying the issues and acting as if these issue would have never happened under their guidance.   The truth is, these issues are bigger than that last 8 years of George Bush.  Don’t get me wrong, this current administration has way overspent.  Nevertheless, it was the Clinton administration that re-emphasized the sub-prime lending market to get low income families in to homes they could not afford. 

I remind us of this because the finger pointing is out of control.  Both parties have created this issue and we as the American people have created this issue.  WE HAVE OVERSPENT.  Government doesn’t force us to run up credit card bills or buy homes.  Our greed has gotten the best of us and now we need to fix it no matter who takes office.  Remember, government if supposed to be FOR THE PEOPLE. 

There have been steps in that direction this year.  It is much tougher to get a loan now than it has been in the past.  This makes my job more difficult but overall creates a stronger economy.  This is a time for American maturity.  This is a time to take responsibility for our debt.  Maybe you don’t need a bigger home.  If you can afford your mortgage payments- PAY THEM.  Stop walking away and making everyone else clean up your mess.  For those who walk away from mortgage payments they can afford, there should be steep penalties and restrictions on them purchasing again. 

We can get out of this.  The foundation of our economy is strong (no matter what they say), and the sky is not falling. 

Stop living in fear of the market.  And turn off the news!  If more people do this, the market will change.  I guarantee it. 

Share This

• What you can get a buyer to pay for your home doesn’t matter.
• How much money you need to go to settlement with doesn’t matter.
• Many of your homes details don’t matter.

When selling your home, the price you can get should be based upon what YOU think it is worth.  However, buyers will only pay what they feel THEY think it is worth.  The delima is that the bank will only give a loan for what THE APPRAISER thinks it is worth. 

The bank figures out how much it really is worth by having an appraisal done on the property.  They view your homes size and features in comparison to comparable properties in the local area that have recently sold to try to figure out your homes value.  This is becoming more of an issue in the current market conditions since prices have declined. 

How will prices ever increase in value if appraisals come in a little higher than previous sales?  What comparable properties are appraisers to use if the only homes that compare to your home are foreclosures and short sales?  

These are some of the issues we are currently dealing with in our market.   It is very important in this market to be aware of these issues when pricing your home.  Features do matter, square footage and acreage matters, but most importantly not overpricing your home matters since you will not be getting rid of your home for more than the bank is willing to lend which depends on the appraisal value.

SEARCH FOR HOMES

Share This

Ashburn Village, Farm, and Belmont Country Club Home Sale Stats

SEARCH FOR HOMES

Share This

We will continue to see how this plays out with the current situation with the economy, loans, etc….  Nevertheless, while things are good, it is still a great time to purchase. 

Brambleton and Broadlands Home Sales Stats

SEARCH FOR HOMES

Share This

There is no doubt that Presidential candidates view our area as a crucial area for winning the debate.  Last week Democratic candidate Joe Biden spoke at Claude Moore Park in Sterling.  In the beginning of September Republican candidate John McCain and Sarah Palin campaigned in Fairfax County. 

Since this is a real estate blog with daily readers I will resist sharing my personal views concerning the candidates.  Nevertheless, since there is a lot of confusion as to who to vote for with the press only pushing their bias I found a site that will help. 

Take this short test  that will tell you which candidate you agree with the most…..

Share This

For the most part “as-is” condition means that the property is being sold exactly as it is when you see it.  It is a safe assumption to believe that the bank has never actually seen the property they are selling and that they are selling it making no representations to it’s conditions. 

As a buyer, it is important that you do your homework.  You can still do a home inspection on these properties and always should make your purchase contingent on having it done.  Understand that your inspection is for informational purposes only but if you find something that you are not willing to pay to have fixed that you have a way out. 

If you are doing a home inspection, make sure that the water to the property is turned on in advance.  You cannot do a thorough inspection of the homes systems without running water.  Especially if the home has been sitting vacant for any time period.  If you are using FHA financing, the appraiser will not appraise the property if the water is turned off.   

SEARCH FOR HOMES

Share This

Ashburn Village Lake Photo

SEARCH FOR HOMES IN ASHBURN

Photo protected under creative common license.  Do not copy or use without permission. 

Share This

The Jason Taylor Foundation  made a huge impact on 50 Loudoun County middle school students this past week with a $300 back-to-school shopping spree at Old Navy In Leesburg. 

The event included a DJ, dinner, and ”celebrity shoppers” helping the kids to make their selections.  The celebrities included players from the Washington Redskins, Washington Wizzards,

Share This

The board of supervisors is working with the department of transportation that would allow zoning inspectors to remove signs on roads and prosecute repeat offenders.  Seriously???

You are telling me that people have nothing better to do than to drive around removing temporary signs calling it “visual litter?”  I can understand that there are times, especially during an election, when there are hundreds of the same signs on filling the road ways.  However, an OPEN HOUSE sign that is there for 3 hours 1 day a week or a church sign that is placed outside of a building that is rented on a weekly basis and charging these people fines.  This is ridiculous. 

Here is an article concerning it in the Leesburg Today….

Share This