On May 18, 2008 at 13:30 PM, you are invited to an Open House at 12841 Rannoch Forest Cir. 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.
The House of Representatives is debating a housing package to help troubled homeowners refinance into less expensive mortgages and provide tax breaks to first time home buyers.
If passed, the bill would include $15 billion for state and local governments to rehabilitate forclosed properties, and would authorize $300 billion in loan guarantees to help distressed borrowers refinanced into FHA (Federal Housing Administration) mortgages, which are government backed. This bill has the potential to assist 500,000 homeowners.
President Bush is threatening to veto this bill, since this legislation would force the government to take an undue financial risk.
Construction has begun on a $60 Million performing arts center at the George Mason University Prince William campus. It will open in spring 2010, and will be called the Hylton Performing Arts Center.
The center will have two theatres, a reception hall and an art gallery. One of the theatres, to be named Merchant Hall, will have 1166 seats in a 19th-century European opra house type setting.
I believe this center will have a great impact on our area, both culturally and economically. This center will also make our area more attractive to home buyers.
Were you surprised to see that the U.S. Labor Departments job report showed a decline in jobs for the month of April? Not really, you and I know this is not good news, but the number was much better than what was expected.
This morning, it was reported that this could be a possible sign that the US economy is recovering. I don’t know if I would go that far, but I do believe that this is another VERY SMALL sign of what is to come in the future.
If you read my blog from yesterday, I spoke about the real estate turn around, and that we are beginning to see a flicker of light at the end of this rocky tunnel. We are seeing more and more signs of recovery, but there will be definite set backs coming as well.
What does surprise me, is how one day the media can predict how dismal the future looks for the economy and the real estate market, and then the very next day report that we could already be in recovery.
By far, the biggest question I get from my clients on both sides is, “When is the market going to turn around.” Now that we are beginning to see a second wave of foreclosures hit the market, you might think this is never going to end. But, believe it or not, there is a light at the end of this tunnel.
The President of Fannie Mae, expects some recovery and growth, but not until 2010. You might be thinking that is far away, but things are already starting to change. Of course, these changes are very small but they are the start to what lays ahead. For example, in Northern Virginia, we are seeing home prices start to stabilize. This does not mean we are seeing the same prices on homes that we did even a year ago. In the Washington area home prices have dropped 13% in one year.
The President of the United States and Congress are working on legislation to help the real estate disaster we are experiencing. If this legislation ever gets approved and implemented, I feel that it will help. But of course, it takes time.
There is a light at the end of the tunnel, even though it is very small, we will get there. If there is one positive about living in this area of the country, it is that we live in a very transient community. People are always moving in and out. So if you are selling, and your home is priced for today’s market, it will sell. For the buyer’s, this is a great time to buy, but don’t hold out too long.
Did you know that more than 155,000 homeowners have lost thier homes due to foreclosure just this year. Remember, we are only in April right now. Even more devastating is that 1 in every 194 families have received a foreclosure filing this year.
PLEASE…if you know that you are going to be late on a payment or you have already missed a couple of payments, call your bank. In most cases, they WILL work with you. In most cases your bank does not want your home. If you have any question about what your options might be, please give me a call.
The Janel Hanson Team, led the region in re-sales! We also led the region in NEW HOME sales. This is a great honor for our team!!!
We want to thank our clients! We appreciate your business and the friends you refer to us. It is an incredible honor when you give us your friends and family to work with. Again, many thanks!
Late last week Fannie Mae and Freddie Mac agreed to purchase more jumbo loans from major lenders. They feel like this would make these kinds of mortgages more attainable for buyers. When you think about this you can see how this might put more money into the “high-cost market” which should lead to lower rates.
According to an article in the Washington Post, the Manassas City Council is proposing raising property taxes 29% in order to fund a new fire and rescue department and additional police positions. Residents will have a chance to comment on 4/21 at 7:30PM at the city council meeting.
The proposal is to raise the real estate tax rate from 85.5 cents per $100 of assessed value to $1.015. The new tax rate would fund the city’s proposed $309.4 million budget, which is 6.4% higher than this year’s budget. Next year’s budget also cuts $115,000 that would have gone to bike trails, crosswalks and playground equipment.
If you are buying, do not make the mistake of ignoring traditional sellers. All we hear in real estate from our buyers now days is…show the foreclosure or short-sale deal. By doing this, you are selling yourself short. The majority of the traditional homes that are for sale are beautiful, clean and attainable without the high risk of a foreclosure and short-sale. Our sellers are more than willing to negotiate for the most part, and you don’t have to wait weeks to get a response. There are some great deals on the market right now, that are for sale by traditional sellers. Don’t hold out for that deal…It might never come, and sooner or later things will turn around and you will find yourself left behind.
I know I have said this before, but if your home is for sale and you are getting little to no traffic….. your home is NOT priced to Sell.
We are now seeing multiple offers on not only single family detached homes but now w/ townhomes. Not LOWBALL multiple offers, but LIST PRICE OR BETTER. (Don’t believe me….give me a call, I will show you the proof, or let’s schedule an appointment and I will take you out and actually show you what is going on in today’s market.
I went out with 3 different buyers this week. The majority of homes that my buyer’s wanted to look at had offers or multiple offers on them. So instead of showing them 10 to 15 homes…They only ended up seeing 3 to 5 on average! Almost all of the homes with offers were for full price or more!
It is a tough market especially for traditional sellers. If you price it correctly you will get a buyer. (When I say this my clients always say or think…Candice that means price it low.)
Now let’s think about this. If your price is too high and you are getting little or NO traffic and you are LUCKY enough to get an offer, it will probably be LOW and on top of that they are going to ask for 3% closing and then expect YOU to pay for every little thing at home inspection time. Now if you have it priced WELL…..you will get lots of traffic and probably get multiple offers at the price you have it listed at….Not a low-ball offer. You the seller are now in the driver’s seat and your buyer feels that he has gotten a deal….That means your buyer is less likely to ask for closing costs or repairs. Why, because they are getting a “deal”
In the end, you, the seller, are saving the money.
On April 19, 2008 at 13:00 PM, you are invited to an Open House at 12841 Rannoch Forest Cir. 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.
*A short sale occurs when the net proceeds from the sale of a home are insufficient to pay off the 1st lien.
Short-Sales is a term that is being used more and more in real estate these days. For the seller it is away to avoid foreclosure, if they qualify. But, for the buyer these can be risky! Why? (This is my biggest question!) In my opinion these are the three biggest risks the buyer takes when becoming involved in a short sale:
*You have to wait for an answer on your offer for 2 months sometimes. No short-sale is the same, and while you are waiting other buyers can usually put in other offers, that might be more attractive than yours!
*In a typical transaction there is the Agents, the Seller, the Buyer and the Buyer’s Lender. IN A SHORT SALE, THERE ARE 11 DIFFERENT PLAYERS INVOLVED. All eleven have a say in YOUR offer that you presented to the seller’s agent.
*The buyer is buying the home AS IS. That means the buyer could be buying the home’s problems too!
There are some good short sale homes out there. Just make sure you know the risks. Always feel free to call me if you have any questions.
Last Thursday evening, I had the opportunity to meet with the Manager of Loss Mitigation for Freddie Mac. We discussed foreclosures, short sales, and how to help our clients find REALISTIC options to avoid foreclosure. Why is this important? Look at the statistics below provided by Freddie Mac:
-Nationwide, 300,000 loans are 30 days delinquent or greater.
-75,000 loans are are delinquent 90 days or greater, nationwide.
-Freddie Mac conducts over 2,000 foreclosure sales a month.
TIME IS OF THE ESSENCE….If you know you will not be able to make your payment on your loan call your bank or give me a call. We can go over all of your options. There ARE options. I have to tell you, I could not believe all of the options individuals have access to, when trying avoid foreclosure. But the KEY is to act quickly.
According to a recent article in the Prince William Pulse newspaper, after six months of declining home sales, sales increased in February. The National Association of Realtors said that sales of existing homes rose by 2.9% in February. This was the first sales increase since last July. The median price for single family homes was down 8.7% from a year ago. The chief economist for the National Association of Realtors, Lawrence Yun, stated that he is not expecting a notable gain in existing-home sales until the second half of this year.