Alexandria City (VA) Real Estate Market Statistics Update For February 2010 |
We Sold More Than Last Month

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More sellers who had their homes on the market last month are breathing a sigh of relief.  We (collectively) sold more houses in January than we did in December, and from where I’m sitting, that’s a positive sign for the winter market.  Here’s the breakdown by house type:

• The number of Alexandria City detached homes sold (not settled, but homes that went under contract) increased from 7 to 21.
• The number of Alexandria City townhouses/rowhouses sold increased from 32 to 41.
• The number of Alexandria City condos sold jumped from 53 to 78.

In the Alexandria City (VA) detached homes that were for sale, the bulk of the activity was in the price range of $799,999 and below.  The market practically comes to a complete halt once you hit the $800,000 mark.  Of the 20 detached homes listed for  $1M+, only 2 went under contract and both of these were listed between $1,250,000 – $1,499,999.

In the Alexandria City (VA) townhomes that were for sale, the bulk of the homes that were snapped up were priced between $400,000 and $600,000.  Luxury townhomes in Alexandria that were priced over $1M+ are still waiting or the perfect buyer.

The $300,000 and under price range is still where the action is for Alexandria City (VA) condos for sale with 30 units selling in the price range of $200,000 – $299,999 and 28 units selling in the price range of $100,000 – $199,999.  Still looking for a good deal, well here inside the beltway, there were 8 condos that went under contract with a list price of under $100,000!  And who says you can’t find anything close in?!

So, what does this mean if I want to list my luxury home for sale in Alexandria VA?  Be prepared for a marathon, not a sprint.  Just because a buyer is looking to spend ‘a cool mil’ or more doesn’t mean value is thrown out the window.  Luxury homebuyers are looking for quality and VALUE just like other buyers.  There’s lot of competition, and buyers are generally slower to act when there is more to choose from.  Even in the upper bracket, buyers don’t want to see a neglected home in need of repair, but a practically lived in (i.e. staged) home that allows them to envision a life there.

What about if I want to list my townhome for sale?  You’ll likely sell, and your days on the market will depend more on your price.  If you experience longer days on the market…then you’re probably selling the competition first.  Higher priced homes that need work ‘force’ the better priced homes in move-in condition to sell faster.

And if I’m listing my Alexandria VA condo for sale?  You’ll be in the most active part of the market if your asking price is below $300,000.  Be prepared for a quick sale, but the tables may turn on you if you’re moving up, because you may be in competition with other buyers for the townhouses.

Bottom line, I think the spring market is here.  If you’re on the fence about selling, I wouldn’t try to make a grand entrance in April or May.  If the $8000 tax credit and $6500 move-up credit is not extended, you just may be ‘Tardy for the Party’.

See Also: Listing Soon? – List Your Home With McEnearney Associates Because Results Matter

Mason Neck Homes In Hallowing Point River Estates |
Wildlife And Waterfront Tranquility

Just ten minutes from Fort Belvoir is the tucked away waterfront community of Hallowing Point River Estates in Mason Neck. Homes in Hallowing Point River Estates are custom built on perched or level lots with Potomac River views or snuggly surrounded by mature trees. On any given day, neighbors can see deer, owls, eagles, and lots of other wildlife roaming around comfortably.

Homeowners of Hallowing Point River Estates enjoy the private amenities of a serene waterfront beach park with pavilion, picnic tables and grilling areas, available for private parties and community gatherings, a gated area with boat launch and dock directly off the channel for deepwater boating, all off the beaten path of I-95.

See also: Hallowing Point Home For Sale at 6025 Chapman Road

Alexandria VA Short Sale Listing Agent Earns The Gold |
Experience Counts When Helping Homeowners Avoid Foreclosure

A couple of years ago, many people had never hear of a short sale. Now, short sales are right in the mix of all homes for sale regardless of price point and zip code.

There are still many brokers who don’t even show short sales when working with buyers, but homeowners in Alexandria VA who are facing a financial hardship have a resource they can count on when it comes to understanding the alternatives to foreclosure.

After helping homeowners in 2009 with successfully closed short sales, I was awarded the Certificate of Designation as a Gold Member of the Certified Default Resolution Specialist network of agents who have been trained by the America’s Home Rescue team of instructors and Realtors.  I had the pleasure of meeting Michael and Stacy Spickes (co-founders of America’s Home Rescue) back in May of 2008 when I was Chair of the Education Advisory Committee at NVAR and officially invited them to teach agents how to help homeowners and how to work short sales.

This past year, I represented these sellers and helped them understand their options in avoiding foreclosure:

• 4852 Eisenhower Avenue Unit 341 in Alexandria VA at The Exchange at Van Dorn
• 4854 Eisenhower Avenue Unit 248 in Alexandria VA at The Exchange at Van Dorn
• 2451 Midtown Avenue Unit 1515 in Alexandria VA at Midtown Alexandria
• 7362 Ardglass Drive in Lorton VA in Worthington Woods
• 1030 Gardenview Loop Unit 401 in Summerhouse Condos
• 17760 Avenel Lane in Dumfries VA in Southbridge (homeowner had NO MISSED PAYMENTS)
• 5419 Moultrie Road in Springfield VA in Ravensworth (listed by Susan Bruce Anthony, short sale negotiated by me)

I was also able to consult with three other homeowners and help them with either a successful loan modification, or evaluate their current situation and offer recommendations on keeping their home(s). 

When it comes to foreclosure prevention, experience counts and RESULTS MATTER.   If you need the help of  a knowledgeable and experienced short sale agent and are facing a financial hardship, please give me a call at 703-623-8759, or visit my website for a confidential consultation.

Virginia First-Time Buyers Face Increased Costs With FHA In April |
In Other Words…Time Is Money

You’ve heard the saying ‘Time is Money’, well when it comes to buying a home today, the saying still holds true.
Effective April 5, 2010, buyers who are using an FHA loan to purchase a home will face an increase in the upfront mortgage insurance premium, from the current 1.75% of the loan amount to 2.25%.  What does this mean in terms of dollars for the average homebuyer?

• For the average first-time homebuyer looking at a purchase price of $250,000, after April 4, 2010 instead of being charged $4221.88, the cost of the FHA mortgage insurance premium will increase to $5428.13.
• For the average move-up homebuyer looking at a purchase price of $500,000, after April 4, 2010 instead of being charged $8443.75, the cost of the FHA mortgage insurance premium will increase to $10,856.25.

Buyers obtaining FHA financing will see this increased cost either up front by having to pay the total cost at closing, or finance this into the loan which means an increased total monthly payment.

Please click here for the information that was release by HUD. *No Down Payment loans are still available for qualified VHDA buyers. Please email me for more info.*  In other words, if you’re actively in the market to buy a home now, you can avoid this increased cost by identifying a home and being ‘Under Contract’ before April 1. 

Please note that short sales may not be the best type of properties if you are trying to beat this deadline, as your lender may not start processing your loan until after the seller’s lender has approved the short sale of the property.  So, if you’re under contract with a short sale on March 1, but you don’t receive short sale approval from the seller’s lender until April 5, you would still be subject to the higher rates for the FHA mortgage insurance premium.

See Also: Video – Biggest Buyer Blunder, The Importance of Mortgage Approval

Woodbridge VA Area Short Sale | 4220 Ashmere Circle Dumfries VA |
Wells Fargo Short Sale

4220 Ashmere Circle Dumfries, VA 22026

Just Listed at 4220 Ashmere Circle, this home is a Wells Fargo short sale.  Features include:

* – Three bedrooms

* – Two full baths

* – One half bath

* – Three finished levels

* – Fenced back yard

This home is also move-in ready with hardwood floors in the living room, a rear-facing eat-in kitchen.  The lower level is finished with the third bedroom, and a rec room with a gas fireplace.

This home is a Woodbridge VA area short sale and requires third party approval. 

Virginia First-Time Buyer Programs | Does Your Buyer Agent Know About Them?
Turning A ‘No’ Into A ‘YES’

It happened once again!  I was able to help a first-time homebuyer become more knowledgeable about the opportunities that are avaialable with the Virginia First-Time Buyer Programs that are offered.

I received an inquiry from a buyer who was interested in my Arlington VA condo for sale at 4600 Four Mile Run Drive – Unit 505 in The Carlton.  Just a day too late, as my listing had already gone under contract, proceeded to qualify the buyer by asking the most important question when buying a home, “Have you been pre-approved by a local mortgage company?”

There was a short pause, then she responded that she had spoken to one of the big banks, and was told that she couldn’t qualify for a home.  Being a first-time home buyer, she was interested in taking advantage of the $8000 tax credit.  I informed her about the Virginia First-Time Buyer Programs that are offered through the VHDA, and introduced her to my lender partner, Patrick Cunningham of Home Savings and Trust Mortgage (GO DUKES!), who specializes in VHDA loans.  Patrick was able to offer her a mortgage pre-approval with one of the VHDA mortgage loans and now she’s actively looking for a new place to call home!

If you’re a Virginia First-Time Homebuyer and would like to know about the different programs that are available, consider working with an Alexandria VA buyer agent who is familiar with the loans that may be avaialable to you.

See Also: Video – Biggest Buyer Blunder, The Importance of Mortgage Approval

* – VHDA Homebuyer Tax Credit Plus Program (Extended) – use your $8000 tax credit at closing!

* – Other VHDA loans for Virginia First-Time Homebuyers (including zero down loans)

Video: Biggest Buyer Blunder | Overlooking Total Costs Of Homeownership

Nice sprinkler system…I wonder what the water bill is during the spring and summer.

The master bedroom has a sitting room…I wonder what the average electric bill is for this home.

Oh, the basement is fully finished…Can the heating/AC system support all of this square footage efficiently?

We’re looking for a fixer-upper…Can we really afford to do more than carpet and paint?

These appliances are nearing the end of their expected usefulness…How much will it cost to replace all of the appliances?

Whether is a foreclosure, short sale, or traditional home, buyers should factor in the total cost of homeownership.  The lender will give you a pre-approval amount, but there are other fees that will never appear on your Good Faith Estimate of Closing Costs, that you will have to factor into your monthly and yearly costs of homeownership such as:

• Utilities: Does the home require gas and electric?  Is the water included or is it separately metered?
• Maintenance: Your home inspection should provide you with an opportunity to gauge maintenance costs.  The home inspector should be able to identify what appliances are running properly, and provide estimates on replacement costs.
• Association fees: What are the condo or association fees and how often are they paid?  Is the home located within a community that requires two fees?  Do the fees include any utilities or yard maintenance?
• Yard upkeep and maintenance: How much does it cost to maintain the pool? If you’re too busy to mow the lawn, how much does it cost to keep up the curb appeal?

And most importantly, can I maintain my current lifestyle if I buy this home?

Don’t househunt without a pre-approval letter!  It’s so much fun to shop for homes.  To walk into a move-in ready home with everything neatly in place and organized, the kitchen has lots of countertop space and the table is set for a gathering, the family room is warm and ready to accommodate your guests, the bedroom is fit for a king or queen and the closet goes on for miles!  It’s easy to start to daydream, and envision yourself living in a particular home. 

But before you venture off into La-La Land, remember that looking at homes isn’t really the first step in the home buying process, securing your mortgage pre-approval is.  There’s nothing scary about obtaining your mortgage approval, it’s painless, and best of all it’s free and it doesn’t commit you to buying a home today (or any day for that matter).

You’d actually be at a disadvantage if you didn’t obtain your mortgage approval before you start looking at homes.  Here are the three reasons why:

• The lending guidelines are no longer relaxed and programs that were available years ago, have been scrapped today.  You can’t assume that just because you have a pulse, that you’ll be approved for a loan.  The lender will want to know how long you’ve been employed and what your credit score is.  Mortgage programs and interest rates are credit score driven; the higher your score, the better your interest rate, and the lower your monthly payment.  If your credit score is not where you’d like it to be, your lender can make recommendations on how to improve your credit score.  You’ll also need to know how much money you’ll need for a down payment and closing costs.
• Special programs are available, and you need to know what they are.  Getting pre-approved helps you determine the best program for your needs.  Do you qualify for special first-time buyer programs?  Are you active military and do you qualify for a VA loan with no down payment?  Are you buying a home in a specific county or city that has special programs? Consulting with a knowledgeable, local lender gives you the benefit of working with someone who is aware of what your options are when it comes to financing.
• Are you limiting yourself?  Are you strapping yourself?  Some buyers think they can’t afford a certain price range, and on the flip side, some buyers assume that they can afford a more expensive home when they can’t.  Getting your pre-approval means that you know exactly what price range you can afford. 

If you’re ready to buy a home, then make sure that you have all of right tools for the journey.  And your first stop along the way, is your mortgage lender’s office.

Buying A Home In 2010?
Put The (Credit) Card Down And Nobody Gets Hurt |
Top Three Ways To Resist Over Charging This Christmas

We all know that when it comes to Christmas shopping, the best deals are yet to come.  As Christmas Day gets closer, you will see TV ads about ‘Early Bird’ deals, ‘Midnight Specials’, you’ll start to receive more emails about special savings with a coupon code or discount code, and if you’re following your favorite product on Twitter or if you’re a Facebook Fan, you’ve probably started getting the tweets and updates on specials that are given to followers and fans only.

If you’re thinking about buying an Alexandria VA home for sale in 2010, simply put the credit card down, and your credit score won’t get hurt.  Here are three way to resist over-spending this holiday season and still give to your friends and loved ones:

• Resist the tempatation to ’save an extra 10%-20%’ by opening a new account at a department store.  Whether it’s a new pair of shoes, electronics, or a shiny toy, allowing the department store to pull your credit may bring your credit score down.  Be sure to read the fine print on all of the credit card applications. Interest rates and late fees add up quickly.  One late payment, and you may end up paying twice as much for your initial purchase.
• Send photos and electronic greetings to friends and loved ones.  It’s no secret that lots of people are counting pennies right now.  Free photo sharing sites like KodakGallery, Shutterfly, Picasa allow you to upload your photos and keep in touch with family and friends.  Greeting card sites like 123Greetings and BlueMountain can also help you send virtual greeting without spending money on cards and stamps.
• Don’t keep your homebuying plans a secret, people will surely understand!  The $8000 homebuyer tax credit is a household topic now, and a great conversation piece at parties and gatherings.  If you tell people that you’re saving up to buy a house next year, the last thing they will expect from you is an expensive gift.  A good friend or loved one will be supportive, and the mention might even get you a financial contribution!

Just Sold | Alexandria VA Short Sale | Condo At Exchange At Van Dorn Metro
4854 Eisenhower Avenue – Unit 248, Alexandria, VA 22304

Another WIN-WIN outcome for a distressed home owner and a first-time homebuyer.  This Alexandria VA two bedroom condo at the Exchange at Van Dorn was listed as a short sale, approved by the seller’s lender, and successfully sold.

Are you curious about selling your Alexandria VA home as a short sale and have questions about qualifying, please contact Alexandria VA CDPE listing agent, Tamara Inzunza, for a private consultation.

Buyers See Also:

• Information On How To Buy A Short Sale In Alexandria VA
• Buyers Obtain Instant Equity On A Short Sale Purchase

Homeowners See Also:

• Alexandria VA Short Sales – Listing at 2451 Midtown Avenue #1515
• Alexandria VA Short Sales – Listing at 4582 Eisenhower Avenue #341