The comment made me think about how consumers get the impression that Realtors® are only driven by a quick commission.   In today’s Northern Virginia real estate market getting a deal from offer to closing gets harder and harder.  There are no deals that are a slam dunk unless it is a cash buyer with verified funds, a large earnest money deposit and no contract contingencies.  Quick commissions were left behind in 2005.

Will an agent prod a buyer to make a higher offer than they should?  Most agents will likely prod a buyer to make an offer that has a chance of being accepted or at least generate a counter-offer for consideration.  An agent who had done their homework and provided the neighborhood comps to a buyer will know close to what a home is likely to sell for.  The chances of a buyer paying to much for a house in Northern Virginia are also fairly slim.

If the offer is above market value the buyer’s appraisal won’t support the contract price.  Agents have no sway with appraisers.  Listing agents can offer an appraiser the comps used to determine the sales price but unlike the hot market in 2003-2007, it’s hands off.    If it doesn’t pass the sniff test the appraiser isn’t going over-value a property.

Then there are those pesky short sale and REO lenders.  They aren’t pushovers on low offers.  Yes you will  find listings in the MLS for undervalued properties.  But  guess what happens as soon as the bank  sends out their own appraiser?  Ask the hundreds thousands of buyers who have gotten a counter-offer from the bank well above list price resulting in either the property going back on the market again at a higher price or a buyer paying the lenders price.

The Northern Virginia real estate market is not the same as the areas that make the national news.  Seeing homes selling for 90% or more of their list price reflects our market has stabilized.  This is a good for for everyone and has nothing to do with agents prodding buyers to write offers just to earn a few dollars.

The island for sale has a few different names. According to the tax records it’s called Holiday or Dogue Island. Since the Occoquan River area where the island is located was originally inhabited by the Dogue Indians it would make sense that the island would have the same name. Unfortunately the island is not inhabitable to build a full time residence. It is used as a duck blind for the owner and can only be reached by boat.

It can be seen from the homes in the Featherstone area of Woodbridge and we snapped a picture while looking at another home for sale in the area.

If you are interested in owning an island in Woodbridge Va you can check out Dogue Island.

If you are looking for something a bit more traditional you can check out
Waterfront Property for Sale in Woodbridge VA

Take a look at how your competition changes as the weather starts to warm up.

As you can see in most of the zip codes that make up Woodbridge VA the inventory climbs steadily during the spring months.  This means your home needs to stand out to be noticed.  This could mean a slightly lower price point, higher incentives to snag a buyer and certainly means your home needs to outshine your competition in terms of condition. 

Winter buyers are serious buyers.  If you are thinking of delaying to put your Woodbridge VA home on the market give Cindy Jones and CJ Realty Group a call at 703-346-2213 to discuss your options.  Let’s beat the competition to the punch in 2012. 

Now the Veteran’s Administration (VA) has added a $1500 Relocation Bonus for VA Compromise Sales at closing.  The funds must be shown on the HUD-1 provided at closing.

This announcement comes on the heels of the Treasury Department saying some military families may be eligible for HAFA approved short sales without showing a drop in income.

Fannie Mae and Freddie Mac have also changed their guidelines to include PCS orders as a qualifying hardship making a short sales easier for military families.

With the DoD HAP Benefits running low more service members may be looking at a short sale or VA Compromise sale as an option. It’s never an easy decision to undertake a sale of a home when you are upside down on the mortgage but not everyone wants to become a landlord or face a separation from your family. However you do have options.

If you are a Ft Belvoir, Pentagon or Quantico service member with a VA loan and need assistance selling your home give an agent experienced with VA Compromise sales a call.

The home offers 2000 SF of conventional living space and then with the touch of a keypad you can open the doors and enter the former launch control center.  Now instead of launch controls you will find a pair of private suites that provide an additional 2000 SF of living space.

According to the listing brokers, Select Sotheby’s International Realty (for photos and listing information) the underground living space includes a contemporary kitchen, dining room, entertainment room and marble-lined bathrooms.  The underground space features 10 foot ceilings and simulated daylight to keep anyone living there from realizing they are underground.

Oh and there is another 9 story underground structure, the missile silo itself that could still be developed.  An entire underground condo complex perhaps?  This property takes the idea of adaptive reuse to a whole new level.

There are a few things that are obvious on January 1, 2012

House prices are lower now than they were on January 1, 2002.
Interest rates are lower than they were on January 1, 2002.
And we are all 10 years older than we were on January 1, 2002.

Selling a home in 2012 requires an agent who understands the current market conditions for your neighborhood, can guide you to the right price for your home and will make sure your home gets the most exposure on the market as possible.

For buyers it’s a matter of where do you see yourself in the future? Is it as a renter in someone else’s property or is it in your own home where you an paint the walls whatever color you like?

No matter what 2012 brings, CJ Realty Group will be here to help Northern Virginia buyers and sellers navigate whatever the market throws at us.

Happy New Year.

No this isn’t the piece of history you can buy.  This happens to be Gunston Hall the home of George Mason.

Most of us know about George Mason from his famous words;  “That all men are born equally free and independent, and have certain inherent natural Rights… among which are the Enjoyment of Life and Liberty, with the Means of acquiring and possessing Property, and pursuing and obtaining Happiness and Safety.”

Gunston Hall is located just a few miles from another historic home which you can buy.

One of the historic homes you can buy is  Bel Air Plantation in Woodbridge VA.  Currently offered by TTR Sothebys International Realty for $1,100,000.   At the entrance to the drive to the property is a Prince William County historical marker providing a small glimpse of the background of the property.  Built in 1740 by Major Charles Ewel the current property encompasses 25 acres.

Besides being built in a similar Georgian style, both Gunston Hall and Bel Air Plantation were frequented by George Washington on his travels up throughout Virginia.   You can legitimately say “George Washington Slept Here” if you buy this home.

Speaking of George Washington, no Mount Vernon isn’t for sale, but you could move into a condo at the recently converted George Washington Club.  Listed by Long & Foster, Inc the 3 BR/2.5 BA condo is one of four condos in the converted 1700′s property.  The George Washington Club is located just outside of Old Town Alexandria.

These are just a couple of the historical homes currently listed for sale in Fairfax and Prince William County, VA.  If you are interested in scheduling an appointment to see these homes or any of the historical properties for sale in Northern Virginia give CJ Realty Group a call at 703-346-2213.   Remember having a buyer agent to represent your interests when buying a home is critical!

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In addition Fannie Mae also announced a six month military forbearance program where the death or injury of a service member on active duty causes a hardship for military families with a mortgage obligation. Don’t know whether you have a Fannie Mae backed loan? Check to see if you have a Fannie Mae Loan.

In the last year I worked with Chase and USAA on a short sale and VA Compromise Sale for military families who qualified under the Fannie Mae guidelines. Just as with any short sale a military service member does have to provide documentation of a financial hardship due to a move. If you are service member faced with a short sale decision check with your lender to see what options they have to offer. If I can be of any assistance give me a call.

In case you were wondering how the HAP program originally got funding here is the history:  The American Recovery and Reinvestment Act of 2009 allocated $555 million and the National Defense Authorization Act of 2010 authorized an additional $300 million for the Expanded Homeowners Assistance Program (HAP).

Per the report released by the IG office, as of February 23, 2011 the program had paid 4,825 applicants a total of $725.5 million, but had a backlog of 4,897 eligible applicants.  It doesn’t take much to do the math and see that the program will run out of money before all eligible service members will be able to settle on their homes unless additional funding is provided.

The  IG report on DoD HAP provides details on the issues that were found with the program and is open for comments until January 23, 2012.  If you are military service member eligible for DoD HAP benefits or has been denied benefits you should read the report and make comments on your experience with the program.

If you are eligible for DoD HAP benefits and own a home in the Northern Virginia area give me a call at 703-346-2213.   With the time it takes to process files you shouldn’t wait until Spring to get your home on the market.

Somehow when the headlines announce new falling interest rates I’m reminded of the kmart blue light commercials where everyone is dodging falling prices.  The problem?  Falling interest rates don’t always mean that the deal you are getting on your mortgage is going to be any better than the previous advertised mortgage rate.  The simple reason is that most mortgage rates also have “discount points” attached to them.

According to Fannie and Freddie Mortgage rates on a 30 year  fixed rate loan dropped last week to 3.94% down slightly from the week before at 3.99%.  Okay anything below 4% seems like a bargain but let’s see what that little drop really means.  At the same time the rate dropped the discount points charged rose slightly.   So do the falling rates mean you are really saving money?

To use a real life example from Dan Green at the Mortgage Report the numbers for a $300,000 loan are:

• Discount Points : Today, the homeowner pays $300 more to close on the loan
• Mortgage Payment : At the lower rate, the homeowner saves $8.63 per month for 30 years

It will take close to 3 years for the small discount in the mortgage rate to make up for the extra $300 upfront a buyer will need to bring to the table.  Of course after 34 months it is a savings and that has to play into your thinking as well.

This is just a quick example of why you need to work with a local and trusted mortgage professional when you are buying a home.  Make sure you understand how the discount points or buy down you are offered on your loan will affect you both immediately at the closing table and over the life of your loan.  It could be that last weeks rates are just as good of a deal as next weeks “falling” rates are.

Before you head out hunting for your new home in Northern Virginia make sure you’ve talked to a mortgage professional about the current interest rates.  If you need help finding a Northern Virginia mortgage professional give me a call.  I’d be glad to pass along a couple of names for you to talk to.