Open House on February 10, 2008 at 14500 Swordale Lane

On February 10, 2008 at 12:00 PM, you are invited to an Open House at 14500 Swordale Lane in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

FICO Gets a New Look!

 

Fair Isaac Corp. is in the process of coming out with a different way to forsee consumers  FICO credit scores as well as  future default risks.  Fair Isaac Corp. is the  company that contructed the  FICO credit score.
 

*The new design will predict how lenders can offer even more debt to consumers without taking on unnessary risks.

*The update revamps the old credit-scoring formula so that it penalizes consumers with a high debt load more than the earlier version. FICO 08 should increase predictive strength by 5 to 15 percent.
 

*This new design is  expected to be better at determining if a person who has a past history of  defaults and if they are going down a better path.   It also addresses if these people should have higher scores.
 

*According to the company, this updated index can take a look at 3 people with a FICO of 700 and predict which of these individuals could take on an increase amount of debt without defaulting.

BUYERS PLEASE READ!

Engle Homes has filed for bankruptcy protection…They are selling new homes all over our area, including  the Linton Crest subdivision off of Linton Hall Road.   The builders who operate under the name Engle Homes are also known as Tousa Builders.

This is just another reason why it is SO important to have a realtor represent you when buying a new home.  

Rates just keep going down…

This is the 2nd cut in just over a weeks time!   The Fed. decreased the federal funds rate which impacts consumer loans.   Today’s cut was 1/2 of a percentage point, and with last week’s 3 quarter point cut, the key overnight lending rate is now at 3%.   This is the lowest point since the middle of 2005!

The Fed is also  showing signs  of cutting rates even more in the future.   This is the type of aggressive action that we need to stimulate our countries economy!  

Heard enough financial bad news? Here is some good news!

Does all of the negative news from Wall Street have you down?   Here is something that might brighten your day.

Interest rates on home mortgages are at their lowest points in a long time, and homeowners are taking advantage of it.  

According to the Mortgage Bankers Association, home mortgage refinance applications are up 92% since November, and the average rate on a 30 year fixed rate mortgage is down to 5.49%.

Now is a great time to refinance, or upgrade to the home of your dreams.

I have a great resource in my office I can refer you to if you have questions about whether or not you should refinance, or if you have questions about financing that home of your dreams.

Rate Cuts by the Fed

This morning, the Federal Reserve unexpectedly announced it was cutting the federal funds rate that effects consumer loans as well as the discount rate effecting bank loans by three-quarters of a percentage point each. This is a bold move which shows that Fed Chairman Ben Bernanke is following through on his promise to take “substantive action in a timely and decisive manner” to keep this country out of a recession.

Rate cuts typically stimulate economic growth over time by making it cheaper to borrow money for consumption or investment after banks follow the Fed™s lead and lower their prime lending rate for their best customers.

If you have been thinking about selling your home, and upgrading to a more expensive home, now is the time to do it. Homes in our area are selling for a bargain, and mortgage rates are already low and look like they will be going lower real soon.

Open House on January 27, 2008 at 14500 Swordale Lane

On January 27, 2008 at 13:00 PM, you are invited to an Open House at 14500 Swordale Lane in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

New Listing: 14500 Swordale Lane

Check out this new Single-family property that I just posted on my Web site. It is at 14500 Swordale Lane in Bristow. This Single-family property has 4 bedrooms and 3 baths. Beautiful colonial on large corner lot. Two story foyer.Living/Dining w/ lots of crown molding.Gourmet kitchen w/ upgraded appliances, w/ kitchen island and large pantry.Huge finished basement with rec. room and two additional rooms. Bath on every level. Master suite with his/her closets. Large custome deck overlooking landscaped yard. Freshly painted. Bank Owned. Call contact for combo.

Open House on January 27, 2008

On January 27, 2008 at 13:00 PM, you are invited to an Open House in Bristow. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at http://www.candiceskoby.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Lenders Starting to Tighten Up

Appraisals are receiving much more scrutiny, and lenders are asking some buyers to provide more down-payment cash.

Today, everyone from highflying bond investors to loan officers want more assurances that new loans won’t add to the losses that the country has experienced in the current credit crisis.

When I asked a client about if the declining market makes him hesitate investing in real estate, I was given this answer…”No, you need a place to live….I will be here at least five years. I am not under the false assumption that I am going to get rich. When you are renting, your losses come out to be $20,000 a year in rent plus tax breaks…”

I think things are slowly beginning to look up for the market, and I believe this is a direct result of lenders checking themselves and their clients.

Don’t Forget to Check the Radon

Radon is a colorless, orderless, radioactive gas.  

Radon is a major factor homeowners have to face Northern Virginia.   Radon is the 2nd leading couse of lung cancer in the US.   There are things you can do to protect you and your family.

*One out of 15 homes in the US is estimated to have elevated radon levels.

*Do-it-yourself tests for radon can be purchased for $10 to $30.   Radon can also be professionally tested.

*The average indoor radon level is about 1.3 picocuries per liter in the United States.   The Environmental Protection Agency recommends homeowners take corrective action if the radon detected in a house is at or above 4pCi/L.

*Reducing radon levels involves installing a vent pipe through the basement slab and venting gass out of the roof.   The cost for this is estimated at $800 to $2,500.

Motivating Finacial News

Jan 8 “ Sales contracts on previously owned homes fell by 2.6% in November, a sign that sales will continue to decline after increasing the previous two months.  

Jan 10 “ Freddie Mac reported that the average 30-year fixed rate mortgage was at its lowest point since September 2005.

Jan 11 “ Bank of America agreed to purchase Countrywide Mortgage, the largest lender in the U.S.

Jan 11 “ A record increase in imported oil prices in November sent the trade deficit to its highest level in more than a year.

Jan 11 “ Oil closed the week at $92.90 a barrel, down from $97.91 last Friday.

 

Chairman Bernanke said the Fed is ready to take “substantive additional” rate cuts to support growth and insure against the risks of a sharp downturn in the economy. The market is expecting short-term interest rates to be cut by .50% at the Fed meeting to be held on 1/29 “ 1/30/08.   The Fed could drop them quicker in reaction to the decline in the stock market.

 

Friday™s 10-year Treasury note closed at 3.79%, down from 3.87% last Friday.

 

This information was compiled by my office’s   Senior Mortgage Adviser,   Dick Opel.

 

Home Prices in Virginia on the Increase

According  to a Virginia Home Sales Survey published by the Virginia Association of Realtors, median home prices are consistent with figures seen  last month and higher than in September.    

The median home price in November was $232,500,  which is still less than last November’s median price of $237,250.

 Virginia homes are on the market an average of 136 days, which is just a few more than the 10 year average of 122.

 According to Virginia Association of Realtors President Pat Jensen,  “Now is the time to buy.   Housing inventory levels are the  highest in years, and interest rates are low.   If you’re a buyer, this market is for you.”  

Source Prince William Pulse newspaper, 1/10/08.

If you are in the market to buy or sell, please visit my website at www.candiceskoby.com.