First-Time Military Buyers Can Also Get $5000 For Alexandria VA Homes

Military homebuyers have the privilege of purchasing a home with a VA loan in Alexandria VA.  This provides the opportunity to purchase a home with no down payment.  VA home buyers can request that sellers pay their closing costs.  However, in cases where the seller is unable or unwilling to pay for the buyer’s closing costs, this can prevent closing from taking place putting the brakes on your Alexandria VA home purchase.

There is a $5,000 grant that is making it easier for first-time military homebuyers to purchase a home. As reported from Realtor.org, active duty personnel, veterans, retured members of the military, and employees of the U.S. Department of Homeland Security and the Department of Defence are eligible to apply for up to $5000 in down payment and closing costs in the purchase of a first home.  The national nonprofit Pentagon Federal Credit Union Foundation is offering the assistance through its Dream Makers program and says the grants can be applied to a mortgage from any financial institution and applicants do not have to be members of Pentagon Federal Credit Union to apply.

According to the Dream Makers program, you are a first-time home buyer if you have not owned a home in the last three years, or if you have lost your home through divorce or disaster.

See Also: Frequently Asked Questions About A VA Home Loan

See Also: $7500 Grant Program For First-Time Buyers

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

Alexandria VA $7500 First-Time Buyer Grant Program
Available After Tax Credit Expires

There’s a new grant program that allows Alexandria VA homebuyers to earn up to $7500 toward down payment and closing costs for the purchase of a new home.  Cindy Small of Union Mortgage Group shares some information about the $7500 First-Time Buyer Grant Program.

We’ve prepared a financing scenario to show you how the $7500 grant money can be used on the purchase of a home with a list price of $272,500.  My listing at 6933 Westhampton Drive in Alexandria can be purchased for a monthly payment of less than $2000.  Click here for the mortgage payment breakdown and financing details.

This program can be used for all Alexandria VA home types including condos, townhomes, and single-family detached homes for sale as long as you qualify.

For more information call me at 703-623-8759 and let’s see if you can benefit from this program.

Kingstowne VA 22315 Market Statistics and
Real Estate Update For June 2010

For the Kingstowne condos for sale, the inventory of units in the $200,000′s are crowding themselves. In order to shine, and be one of the units lucky enough to get an offer in the next 30 days, today’s buyer is looking for upgrades, cleanliness, and move-in readiness. Four Kingstowne condos went under contract in the last 30 days.   The units in th $300,000′s are holding strong, with not as many competing in that bracket, including one unit that went under contract recently.

What’s really coming on the market for sale in Kingstowne VA are the townhomes priced in the $400,000′s. Out of the 52 townhomes for sale, 29 are in the $400’000′s; and the $500,000′s are coming in second place with 16 units for sale.  What’s really going are the Kingstowne townhomes in the $300,000′s.  Perhaps with the expiration of the Federal Homebuyer Tax Credit, buyers in this price range may be one-income households who are passing on the $200k condos, for a little more space, and more ownership bang for the buck by avoiding a condo fee.

If you’re thinking about putting your detached Kingstowne home up for sale, then you won’t have a lot of competition. One home for every bracket from $400,000 to $799,999.  Now may be the time.  If eleven townhome sellers now need a new place to call home, they just might want to stay in the neighborhood!

See Also: Kingstowne Real Estate Video Tour

Still Looking At Alexandria VA Real Estate AFTER The Tax Credit Deadline?
What Will You Do Now?

The federal government, the National Association of Realtors, the local association of Realtors, real estate companies, and Realtors across the country did a great job of making the First-Time Homebuyer Tax Credit public.  Consumers were informed with television commercials, YouTube videos, and numerous blog posts from the media about how to take advantage of the credit.

So, how did you fare?  Did you get the house you wanted in time?  If you’re still looking for a home, how do you feel about missing the deadline?  I had a relocating buyer come to the area for one day to identify a home.  After submitting a low offer on a condo in a pretty sought after area, and being rejected, I received the following email,

“I can’t believe that they’ll [the seller] get what they’re asking for, it’s a buyers market.  I’ll just wait until I come back to the area, but I expect to be compensated for missing the tax credit and not getting my $8000.”

I was stunned.  Thankfully, this was sent to me in an email, because if we were face-to-face, then the buyer would have witnessed my ‘Deer in the headlights’ look.

But seriously, if you’ve been working with an Alexandria VA buyer agent, who is keeping you informed of the Alexandria VA real estate market conditions, it’s pretty clear to see that in certain price points it’s not only a balanced market, but it’s more of a sellers market.

If you’re a first-time home buyer and you missed the deadline but you’re still actively looking for a home, do you have any expectations from the seller in terms of compensation?  Do you feel entitled to an $8000 subsidy because the deadline has passed? 

Kingstowne VA Real Estate For Sale And Market Statistics For January 2010
Townhomes For Sale Saw The Most Activity | More Condos Hit The Market

How did the real estate market in Kingstowne (Alexandria 22315) do last month?  The numbers are enlightening, especially for the townhomes.   The number of townhomes for sale that went under contract was up from 6 units last month to 13, and as you can see, the bulk of that inventory that was absorbed by ready buyers that were in the $400,000 – $499,999 price range.

While the real estate market for condos for sale in Kingstowne VA also witnessed a slight increase in units sold, up one unit from 5 last month to 6, there were also more Kingstowne condos for sale that entered the market.  Condo home sellers in Eton Square, Chancery, Stratford Place had stiff competition as the units that sold were split evenly between the $200k price range and the $300k price range.

Detached homes for sale in Kingstowne VA remained calm with 5 homes actively for sale, and only one that went under contract.

The Kingstowne VA real estate market seems pretty balanced,and as I’ve been saying in my previous posts, I think the traditional spring market is here and now.  If the tax credit is not extended again, I believe that many buyers may lose their motivation to buy and exit the market.

See Also: Kingstowne Market Stats for December 2009

See Also: Kingstowne Real Estate Video Tour

See Also: Sold in Kingstowne – 6974A Ellingham Circle in Eton Square

See Also: Sold in Kingstowne – 6431 Castlefin Way in the North Village

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

Click for Full View of Image

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

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)

Del Ray Alexandria VA (22301 and 22305) Market Stats And Real Estate Update For December 2009 |
Lots Of Detached Home Inventory

What’s the real estate market like in Del Ray right now?  According to the numbers, the townhome sales are pretty stable, but if I’m a condo howmowner or a detached homeowner, I’m probably biting my nails.  With the extended homebuyer tax credit, you’d probably expect more activity with the Del Ray condos for sale, but based on MRIS data, no condos have gone under contract in the past 30 days (contract date of 12/09/2009 or later).

And with 10 townhomes going under contract, it makes you wonder where the Del Ray townhome sellers are going?  Are they relocating out of the area (Northern Virginia), or just out of the zip code?  Ten townhomes went under contract, all priced below $600,000, but if you look at the detached activity, it’s reasonable to guess that these homeowners didn’t buy up and stay in Del Ray.  Sixteen detached homes for sale in Del Ray and they’re all either under $900,000 or over $1Million in asking price.

If the townhome sellers are moving up and staying in the area, perhaps they are moving out to the Greater Mount Vernon area, in the Fairfax County Alexandria zipcodes of 22306, 22307, 22308, and 22309 for a detached home with more of a suburban lifestyle.

Short Sale Hardship Letter Sample |
One Major Piece Of The Short Sale Package

Here is a simple guide that will help you write your short sale hardship letter that your lender will require when you are trying to sell your home as a short sale:

• Start from the beginning – Now, your hardship letter doesn’t have to begin with “I was born in…” but it is helpful to mention how long you’ve owned your home and how you were able to pay your mortgage before your hardship.
• State the facts of your hardship clearly – Your hardship is the written statment of why you are no longer able to afford your monthly mortgage payment.  A hardship can include scenarios such as unemployment, divorce, separation, death of a family member, reduction in income, military reassignment, job relocation, incarceration, increase in mortgage payment, or any event that has affected your finances where you are not able to afford your mortgage.
• Describe how you have attempted to solve your problem – Have you applied for a loan modification, have you consulted with your area short sale specialist, have you consulted with your accountant, have you consulted with your tax advisor?  Show the bank that you have made a proactive effort to overcome the cause of your hardship.  Have you continued to seek employment?

Here is a sample:

To whom it may concern:

When I purchased my home in October of 2005, I had been employed at my job for 15 years.  My salary more than covered my mortgage payment and after I was able to make an extra mortgage payment every year.

I was laid off on November 25, 2008 and have not been able to find another job of equal pay.  After searching for several months, I was finally able to find a job, but now I am only making one-third of what I was making at my previous position.  I have always had excellent credit but this reduction in income now makes it impossible for me to meet my monthly obligations.

This lower salary has proven to be a hardship for me.  Now, my monthly salary does not cover my mortgage payment and my expenses.  While I was unemployed, I used all of my savings to keep my mortgage current, and have exhausted all of my savings.

I am no longer able to keep my home and have spoken with my accountant and Realtor, and I feel that a short sale is the best solution.  Please consider the offer that I have received on my home as full payment for my outstanding mortgage.  I would like to maintain my good credit avoid foreclosure.

Your short sale hardship letter should also be signed.  It doesn’t have to be a novel, and you don’t have to tell your whole life’s story.  But, what the bank is looking for is an accurate account of what led you to your current situation.

Old Town Alexandria VA Real Estate Getting Low|
Don’t Miss The Other Countdown For The $6500 Tax Credit For Move-Up Sellers

The sands of time are steadily pouring down as the new deadline for the extended $8000 Federal Housing Tax Credit starts to creep up on the Alexandria VA real estate market for home buyers.  The tax credit has also been expanded to provide a $6500 credit for move-up sellers.  And while there have been countless articles and pages of information geared toward home buyers, few have taken the time to explain to Alexandria VA home sellers why this may be an opportune time to list your home and get top dollar.

Here are the Top 4 Reasons Why Now May Be The Best Time To Sell Your Alexandria VA Home:

1.  1.  Increased pool of Alexandria VA home buyers, for now.  The tax credit has stimulated the real estate market and gotten many buyers off the fence.  With the incentive, many renters are electing not to renew those leases, and are choosing to enter the real estate market.
2. The current inventory of homes is very low.  In Alexandria (City) VA, the number of homes actively for sale as of December 1, 2008 was 606; as of December 7, 2009 the number of available homes was down to 430.  With fewer homes to chose from, Alexandria VA home sellers will likely open themselves up to bidding wars and shorter days on the market.
3. The historically popular spring market will come sooner and will likely end sooner with the April 30 deadline.  Alexandria VA home sellers may think that waiting for winter to end will be the best time to put the home on the market.  But many buyers may not want to until the end of March or the beginning of April to start their home search.  Value-seeking buyers will not want to compete and get into bidding wars (which is a good thing for sellers!), especially at the last minute.  I foresee that competition will be in the early months.
4. Special loans for home buyers may be eliminated with the tax credit deadline.  Local entities, like the City of Alexandria Department of Housing and the Virginia Housing Development Authority (VHDA), have created special Virginia First-Time Home Buyer Programs and loans that may expire with the tax credit.  When the money dries up, the sellers will be the first to know it with increased days on the market, and price reductions. 

The tax credit is now in it’s third revision.  At first, it was an interest-free loan, then it was revised into a full credit for home buyers, and most recently is has been extended for buyers and expanded to include sellers.  The third time’s a charm.