Archive for December, 2009
| Discussion: No Comments »
| Discussion: No Comments »
If you live in Northern Virginia it could be because we have lots of traffic. In fact a recent study shows a significant portion of the Northern Virginia area ranks in the top 25 locales for traffic.
With the completion of the Springfield Interchange and the Wilson Bridge Project drivers were expecting to see significant improvement in their commute times. However now the Tyson’s Corner improvements, expansion of the Fairfax County Parkway and HOT lanes have slowed commuters down again.
Even though 4 locations in our are made the top 25 don’t despair.
# 7-Washington, D.C
#9-Alexandria, Va.
#13-Fairfax County, Va.
#22-Arlington, Va.
You don’t have to be stuck in traffic in our area. With the metro rail system, VRE, commuter bus routes and slug lines chances are you have another option. If you are relocating to the area make sure you check the commuting options from your top choice neighborhoods. You might be surprised to find out that you can leave your car at home all week long and have a smirk on your face as you speed past all of the drivers who are at a dead standstill.
Northern Virginia Commuting Options
| Discussion: No Comments »
Headed out the door at 9am to wander around Belmont Bay (Woodbridge VA) this morning. Since this will be called the Blizzard of 2009 or as it has already been nicknamed “Snowpocalypse” the least I could do was get out and take a video of what my neighborhood looked like. Now I have a greater appreciation for crazy weather forecasters out on location.
| Discussion: No Comments »
2010 BAH Rates Published for Active Duty Military
December 17th, 2009 Categories: Military Relocation
The 2010 Basic Allowance for Housing Rates (BAH) have been published for active duty military members.
For those who are not familiar with BAH, the rates are based on the median rental rates in the area and may not cover what a service member pays in a monthly mortgage if they decide to buy a home while stationed in the area. The median rental rate includes not only the rent but average utilities and the cost of rental insurance.
It is not uncommon in our area to have military members stationed at the Fort Belvoir choose to live in Prince William or even Stafford County where home prices or rental rates may be lower. However they still will receive the BAH rate for the Fort Belvoir (zip code 22060). Northern Virginia is one the 350 Military Housing Areas (MHA) that looks at the rental market data within one hour’s commuting distance in rush hour traffic.
If you have orders to Fort Belvoir, Pentagon, Quantico any of the local military installations in Northern Virginia, DC or MD give me a call. I can help you find a home that will give you the maximum use of your 2010 BAH rate, whether it is buying or renting! I’ve walked in your shoes all around the world and know how difficult the transition to a new area can be.
<
| Discussion: No Comments »
Yesterday was the 15th annual laying of the wreaths at Arlington Cemetery.
I was there early in the morning along with thousands of other volunteers to lay Christmas wreaths on the headstones of our fallen heros. There are very few experiences that are as moving as watching people from around the country take a moment to honor people they know and love or even a perfect stranger.
| Discussion: No Comments »
If you are a buyer in Northern Virginia looking for a bargain for your new home at the end of 2009 you may find the inventory has all been picked over.
Inventory for homes in the lower price brackets is at an amazing low, especially if you are looking for a “regular” sale. In the past the holidays have been one of the best times to scoop up a new home. Often times agents and their buyers think that no one is looking and or writing offers during the Christmas holidays so they snuggle in their beds and wait until January. Over the last few years that has turned into a big score for my buyers.
But this year I’ve been searching for the perfect home for buyers to hang their Christmas stockings but unless they are willing to wait until Spring for a short sale to close or deal with “de-winterizing” a house for an inspection we aren’t finding much to help spread the holiday cheer.
If you are looking for a Townhouse anywhere in Fairfax County for under $300,000 you will only find 41 active listings that are not a short sale or foreclosure. In Arlington that same search criteria will find you 1 property and in the City of Alexandria you will find 3 properties. Since this price point is the most attractive for most first time buyers in our market it goes to show that the choices are slim.
If you are a buyer looking in this price range you may find just the right place but it does mean that you will probably have to look a little harder and have patience. With the extension of the First Time Homebuyers tax credit you have until April 30, 2010 to have a home under contract and June 30, 2010 to settle.
Don’t despair and don’t crawl under a blanket for the winter. Keep looking at remember that the inventory is constantly influx and a new home might pop up in the MLS tomorrow that is just what you wanted for the holidays.
Photo credit:
| Discussion: 4 Comments »
This IRS has published the guidelines for the new extended and expanded tax credit.
I am not an accountant (nor do I play one on TV) but if you believe you are eligible for the tax credit please read the guidelines; If you have questions either contact the IRS or your own tax preparer to make sure you handle the credit correctly on your 2009 taxes.
The IRS is already investigating fraud cases where people have claimed the credit who were not eligible.
| Discussion: No Comments »
New Short Sale Guidelines Pushed by the US Treasury
December 1st, 2009 Categories: Real Estate Ramblings
In a move that could win the It’s About Time Award the government has once again stepped in to provide guidelines and incentives to lenders to get short sales closed in a more timely fashion. The new guidelines of the Home Affordable Foreclosure Alternative (HAMP) for completing short sales or deed-in-lieu of foreclosure deals include:
Borrowers would receive $1,500 from the government in relocation expenses.
Servicers receive $1,000 from the government per transaction.
Second liens holders can receive up to $3,000 of the sales proceeds for releasing their liens.
First lien investors can receive $1,000 from the government for signing off on payments to subordinate lien holders.
Borrowers must be fully released from any further liability.
One of the biggest holdups with completing a short sale is the second lien holder. The new guidance caps the proceeds to subordinate lien holders at $3,000.
I’ve been involved in deals where the second lien holder refused $5000 and insisted they get 10% of the total amount of the loan or a large promissory note which ended up sending a home into foreclosure.
When a home ends up in foreclosure the second lien holder ends up with nothing. For second lien holders the phrase “Greed is Good” doesn’t work. Take that Gordon Gecko!
One of the new guidelines prohibits servicing companies from reducing real estate commissions on a short sale. I’ve just put two new short sale listings on the market in Woodbridge (Belmont Bay) so it will be interesting to see if there is any noticeable difference in dealing with the lenders and whether at the 11th hour the lender says cut your commission or the deal is dead still happens.
Hopefully the new guidelines will allow borrowers to submit an offer on a short sale and expect a response in less than 4 months.
| Discussion: No Comments »