Have Your panCAKE and Eat It Too – National Pancake Date At IHOP

Do you have a hankering for something sweet?  Then take advantage of some pancakes today at IHOP locations across the country.  It’s never too late for breakfast, or take a long lunch.  Better yet, treat the kids to a sweet surprise after school to have “Breakfast for Dinner” or as my kids call it…“Brinner”.

Today, February 5, is National Pancake Day at IHOP.  Visit your area IHOP restaurant to get your free short stack of delicious buttermilk pancakes, and please make a donation to the Children’s Miracle Network Hospitals.

If you are in the Alexandria VA area, there are three places where you can stop by and enjoy your free short stack today:

1. 3425A Jefferson Davis Highway, Alexandria VA 22305 (Potomac Yard)
2. 7694 Richmond Highway, Alexandria VA 22306 (Greater Mount Vernon Area)
3. 6206 Interparcel Road, Alexandria VA 22315 (Across from the Festival at Manchester Lakes)

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Top Alexandria VA REMAX Agent Earns Hall Of Fame Award

Me and Margaret Kelly

Top Alexandria VA real estate agent Tamara Inzunza has just earned the prestigious RE/MAX Hall of Fame Award.  This company award is presented to successful sales associates who have earned more than $1 Million in commissions during their careers with the company.

Inzunza has been selling real estate since 1997 and has extensive experience working with buyers and sellers, serving the areas of Alexandria City, Arlington, Fairfax County, and Prince William County.  She has also earned multiple designations including Certified Residential Specialist (CRS), Accredited Buyer Representative (ABR), and is Quality Service Certified (QSC).

Always passionate about new homes, Inzunza took the required courses early in her career to earn the Certified New Homes Sales Professional (CSP) designation.  “Learning about new home selling and the construction process was vital.  Every homeowner dreams about building and owning a new home.  Even with my experience with resales, it’s helpful to my clients that I have more than just a basic understanding of how a home is built from foundation to rooftop.”

In 2009, Inzunza was one of first 1,000 agents to earn the widely recognized Certified Distressed Property Expert (CDPE) designation.  As a CDPE Advanced agent, she has been successfully helping homeowners avoid foreclosure by listing, selling, and facilitating short sales in addition to assisting homeowners with loan modifications.  Last year, Tamara attended the annual CDPE Breakthrough conference and is pictured above with RE/MAX CEO Margaret Kelly.

Tamara works in the Del Ray office of RE/MAX Executives in Alexandria, VA.  For more information, please visit www.MovingToNova.com or call Tamara at 703-623-8759.

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First Time Homebuyer Class Held In Alexandria VA
Saturday December 8, 2012

Alexandria VA Real Estate – The real estate market is up, the real estate market is down.  What’s this talk about foreclosures and short sales?  What types of inspections should I get before buying a home? What’s an FHA loan?  What does AS-IS mean? Aren’t the sellers required to fix that? What are closing costs and why do I have to pay them? What is hazard insurance, is that the same thing as homeowners insurance?  What about title insurance…why do I need that? What’s an earnest money deposit?  What exactly does a buyer agent do? What types of down payment programs do I qualify for?  Are there any grants available for first-time homebuyers?

If you’re thinking about buying a home in Alexandria VA in the next couple of months, then I’m sure that you’ve asked yourself these questions and more.  Be sure to register and attend the free First-Time Homebuyer Class that will be held this Saturday, December 8, 2012 at the Charles Houston Recreation Center, located at 901 Wythe Street.  The class will begin promptly at 10:00 am and will end at 12 noon. Street parking is available in addition to parking in the rear of the building.  The Charles Houston Recreation center is conveniently located just four blocks from Braddock Road metro station.

What questions did I miss?  Use the comment section below to add your question about the homebuying process.

Info Flyer – $5000 Grant Program!

Seating Is Limited – Register Today For Saturday’s Class

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The Real Estate Bottom Is Here And May Have Just Passed

Remember that scene in the movie Forrest Gump where Forrest decided to run across the country?  He motivated a lot of people and some joined him in his race. Then one day, out of the blue, he decided to stop.  He stopped running and went home.  People around him were left in a daze asking themselves, “now what?”

That’s exactly how many people feel now that the election is over.  Man, there was so much energy and momentum for both candidates.  From the yard signs, to the Facebook and blog comments, there was so much energy nationwide that built up to election night.  Now that the election is over, many people are wondering, “now what?” especially when it comes to real estate.

As a real estate professional, my job is to be an experienced voice, and to give you the information you need to make a sound decision.  Like you, we are also on pins and needles, staying current on all things real estate so that we can help you prepare for what’s coming ahead.  Congress knows what’s up.  It’s clear that Americans want cooperation and results when it comes to creating a solution to the national debt.

When it comes to real estate, you can expect mortgages to be completely redefined.  If Congress changes the rules, then don’t plan on flexibility, plan on more rigid standards for qualifying.  In January, Congress will get back together and figure it out.  They will likely set guidelines for exactly what is a ‘quality’ mortgage.  And if you don’t qualify for a ‘quality’ mortgage, then you will pay more for a non-quality mortgage, in the tune of higher rates and increased closing costs. (Hint: there is a potential cost to waiting until next spring as most changes take effect April 1.)

If you are waiting for prices to go down, while interest rates are going up, then you might be waiting for the wrong thing.  Don’t just focus on the short term price, but adjust your antenna and look at the long term cost. Take a look at the chart below.

If you look at a $400,000 mortgage, the payment at an interest rate of 3.5% is $1796 per month.  If interest rates increase just one percentage point, that same mortgage payment increases to $2027 per year.  So, waiting for prices to get lower while interest rates creep up can mean an extra $231 per month in your housing costs or $2772 per year.

Foreclosure numbers dwindle in metro areas across the country.

Banks wised up and realized that it makes sense to do a short sale versus a foreclosure.  So those below market opportunities are becoming fewer.  If it’s not sold to an investor on the courthouse steps, then it’s likely in the hands of a qualified short sale specialist.

According to the experts, the bottom is here, nationally that is, and it may have passed.

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Northern Virginia Market Stats for July 2012

The following is the latest update for real estate market statistics in the Northern Virginia area for the month of July 2012.

Here are the highlights:

• The national economy continued slow recovery, however, almost all analysts agree that we are in the middle of a housing turnaround.
• There is positive news on th housing front.  For example, Fannie Mae and Freddie Mac reported strong earnings in the second quarter for 2012.  Also, Northern Virginia’s unemployment rate is 4.4% (one of the lowest regional unemployment rates in the nation).  The region has added 31,000 jobs.
• Total sales in July were 3,040 sales which is the highest July total in three years.
• New pending contracts on the rise.
• Inventory of homes for sale continues to decline, currently 24.7% below this time last year.
• New listings are Lowest July total in 15 years.
• Median sales price increased to $400,500 for Northern Virgnia.
• 97.3% average list to sold price, median days on market is 20 days, which results in upward pressure on prices and lower median days on market

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps!

We’ve weathered the wind storm Derecho, and are still enduring temperatures in the 90′s with the heat index in the 100′s.  The Alexandria VA real estate market is keeeping up with mother nature, especially in two particular zip codes.  According to the latest real estate market statistics, there are two communities in Alexandria VA where the homes are selling within one week of being listed.

Alexandria VA homes for sale in the zip code of 22308 during the month of May 2012 saw swift action.  Statistics show that homes that were sold in the first 10 days of being listing were sold at 99.33% of their original list price.  Homes in the Del Ray zip code of 22301 fared even better, they were sold at 101.05% of their original list price.  If you are thinking about selling your Del Ray home, then now may indeed be the time to sell.

Old Town Alexandria And Del Ray Pools Help You Cool Down Under Hot Temps

Yes, you could fry an egg on the asphalt today, but the Old Town Alexandria and Del Ray Pools have extended hours to help you stay cool.  The City of Alexandria issued an announcement earlier today:

Due to the extreme heat, the Memorial Pool, located at 901 Wythe St., will open from noon to 6 p.m., and the Warwick Pool, located at 3301 Landover St., will open from 4 p.m. to 7 p.m. on Thursday, June 21 and Friday, June 22. Admission will be free to all City residents. Memorial Pool, normally only open to residents 13 years of age and younger, will be open to all residents this Thursday and Friday. All children 12 years of age and younger must be accompanied and supervised at all times by an adult 18 years of age and over. Children under age 6 must be accompanied by an adult eighteen years and older. Children must be in proper bathing attire at all times, and within arm’s length of the adult when in the pool. Regular summer operating hours for the Old Town and Warwick Pools begin Saturday, June 23, and for the Memorial Pool on Monday, June 25.

So if the kids are bored and want to stay cool, take them out to the pool! Remember to carry plenty of water and apply the appropriate sunscreen for added protection.

NAR Video Explaining The FHA Increase That Will Take Effect April 1 2012

In a recent blog post, we brought you information on the changes to the FHA costs that will be taking effect starting April 1.  The National Association of Realtors has produced a video which explains the changes, and why they are being implented.

Alexandria VA Homebuyers Will Pay More After April 1 With FHA Loans

  Time is money.  And if you’re looking at homes for sale in Alexandria VA, and will be buying with an FHA loan, then expect to pay more after April 1.  Cindy Small of Union Mortgage Group provides the following update on the fee increases for FHA loans and what they mean for buyers in terms of closing costs and monthly payments.

FHA is raising mortgage insurance dramatically and considering several other changes. 

Homebuyers who act now can beat the increase, by indentifying a home and having a written accepted purchase contract.  There are two dates (April 1^st and June 1^st) and two changes (up front mortgage insurance which is collected at closing & annual mortgage insurance increases) that you need to be aware of .

 1^st Change Effective ON APRIL 1^{ST,  2012}

The Up Front Mortgage Insurance Premium (UFMIP) will be increased from 1 percent to 1.75 percent of the base loan amount…regardless of the amortization term or LTV (loan-to-value) ratio. FHA will continue to permit financing of UFMIP into the loan amount.  

What does that mean if I’m buying a home now?  How will that affect my out of pocket costs at closing?
Let’s use two examples…one is a $300,000 purchase and the other a $500,000 purchase.  Both are with 3.5% as the down payment… 

$300,000 Purchase Price                                         $500,000 Purchase Price
  – 10,500 @3.5% down                                               -17,500 @3.5% down
$289,500 UFMIP      1% = $2,895                            $482,500 UFMIP      1% = $4,825
  New UFMIP 1.75% = $5,066                           New UFMIP 1.75% = $8,750

2^nd Change Effective ON April 1^st…

 The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1^st.

 What does this mean? A ‘case number’ is assigned to your loan once you have received an accepted offer, and your lender begins processing your loan and preparing it for underwriting.  This usually happens within 2-3 days after the lender has received your signed purchase offer.

Currently the annual MIP or mortgage insurance premium (what we often refer to as the “Monthly MI”) on an FHA loan depends upon the down payment amount.  Below is the current vs. what it will become on April 1^st.

                     Again, these changes are effective for case numbers assigned on or after April 1^st

**ADDITIONAL CHANGE TO JUMBO FHA ON JUNE 1^{ST **}

FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.

What does this mean?
Let’s us two different examples…one is a $300,000 purchase and the other a $700,000 purchase with 3.5% down.

$300,000 Purchase Price                                         $700,000 Purchase Price
  – 10,500 @3.5% down                                               -24,500 @3.5% down
$289,500 Base Loan Amount                                    $675,500 Base Loan Amount   
        New UFMIP 1.75% = $5,066                                    New UFMIP 1.75% = $11,821
 $294,566 Loan Amount with UFMIP financed          $687,321 Loan Amount with UFMIP  financed
1.25% Mo. MIP = $3,682/12 = $307 per mo.             1.50% Mo. MIP = $10,310/12 = $859 per mo.

Things To Do In Alexandria VA -
November 2011 Events Calendar

 There’s no shortage of things to do in and around Old Town Alexandria for the month of November 2011.  In addition to celebrating Veteran’s Day, there are numerous plays, concerts, and even cooking demonstrations!  Click here for a print friendly version of my November 2011 events calendar, and I’ll look forward to seeing you in and around Alexandria VA this month!