9.4% - Wow that is good news!

Good news for the housing market - we've definitely seen a huge uptick in the Metro DC market - especially close-in and sought-after neighborhoods. Arlington, Falls Church and many areas in Alexandria and Washington DC are strong!

http://www.washingtonpost.com/wp-dyn/content/article/2009/10/23/AR2009102302152.html?referrer=facebook

Walkability = Marketability According to Article

This is good news for Washington, DC's real estate -- and many close in neighborhoods including Arlington! Washington, DC ranks as the 7th most walkable city according to this poll. In 2005, Arlington was ranked #1 by America's Podiatrists -- and how can thousands of foot doctors be wrong?

http://realestate.msn.com/article.aspx?cp-documentid=21243431

Enjoy this gorgeous day and get out and walk your neighborhood!

Back After a Summer Hiatus... Arlington Tops on Jobs

Summer 2009 turned out to be a busy real estate market - great for local markets and buyers AND sellers! The first time buyers continue to fuel the market, largely due to the $8,000 federal tax credit.

US News and World Report recently ranked Arlington, VA as the #2 city in the US for job seekers...

No wonder our real estate market continues to be strong and buck national trends.

While no U.S. city has been untouched by the economic downturn, some job markets have been better able to weather the storm. U.S. News & World Report examined a variety of data to identify cities where it’s easier to find a job than in many other places. The underlying strengths of the top cities vary considerably. Some of the stronger cities are state capitals and have lots of government jobs. Others have abundant natural resources, stable housing markets, growing health care sectors, or are in close proximity to military bases.

But overall, what separates these communities from those that have been hit harder is a steady economy that protected them from steep unemployment.

Here, in alphabetical order, are the 10 cities that offer the most opportunities for job seekers:
1. Anchorage
2. Arlington, Va.
3. Columbus, Ohio
4. Honolulu
5. Houston
6. Oklahoma City
7. Salt Lake City
8. Shreveport, La.
9. Tallahassee, Fla.
10. Wichita, Kan.

"State of the County" - Arlington, VA

So glad we attended Arlington's State of the County presentation this morning! Lots of great information on how well Arlington - and surrounding jurisdictions are weathering the recession. We certainly are glad we live and work in this area!

Some tidbits from today's presentation:

• Arlington's unemployment continues to be incredibly low (hovering around 4%)
• Residential real estate is strong and has plateaued but not seen large value decreases as some areas of the outer suburbs have
• Received a AAA bond rating -- and is 1 of only 20 counties in the nation to do so

Arlington will continue to invest in affordable housing, green initiatives and human services -- while maintaining a committment to transit issues (a must in this congested area!).

Arlington, and neighboring jurisdictions, seem to be weathering the recession much better than most of the country. Everyone is hoping for brighter days ahead -- but it is nice to know that when the skies are grey that we weather the bumps well.

The Eternal Question - "Have We Hit Bottom?"

The close-in DC market has seen many of these 'up ticks'. Have we turned the corner? I don't have a crystal ball but there are a lot of buyers and the inventory is down - especially inventory that is not distressed. See attached link and story from RisMedia.

The only way to judge the 'bottom' is when the markets are headed up again - real estate is a long-term investment and guaging the market for the 'bottom' or the top is impossible. Economists, real estate professionals, appraisers - anyone 'watching' the real estate market can share trends and good information but long-term trends are the most accurate when looked at historically.

Now is a great time to buy - especially for first-time homebuyers with the $8k tax credit - now that is some incentive!

http://rismedia.com/2009-06-23/have-we-reached-bottom-10-factors-to-consider/

Looking for Something to Do in Our Nation's Capital? Check this out!

New in town or just looking for something new and different to do? Be in the know and find out what is going on in and around 'our town' this weekend -- or any time! This website is an exhaustive research of DC happenings - check it out!

http://www.culturecapital.com/

Article on Regions Economic Forecast - The Washington Post

Another article on our local economy and market. There are opportunities for home buyers -- especially first-time buyers! -- in this economy. This article illustrates that there is always a silver lining or the glass is half full (we hare half-full kind of folks) in any market. We believe much of the housing drag in this market is from outlying areas (this article specifically mentions Prince William and Prince Georges Counties - and the statistics back this info up). All real estate is local and even neighborhood by neighborhood.

Bottom line, our local economy has a strong base and the jobs will carry us through this recession.
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/16/AR2009061603311.html

Cities with Tech Bases to Recover from Recession More Quickly

Interesting article (source Forbes) - makes sense in our techie world. The Metro DC area has a pretty solid tech base -- largely in Northern Virginia -- so we were heartened that our area made the 'top 10'.

http://bengelblog.com/2009/06/16/cities-quickest-to-recover/

We Represent You & Your Interests - Always.

This is a great article from this weekend's Washington Post 'Real Estate' section. It is a great article. Our market in DC receives a lot of press, and while we primarily work close-in neighborhoods, which have always been desirable, we recognize that there are a lot of distress sales in our 'metro' area. Boy, is that a large expanse -- millions and millions of people and homes.

By and large the close-desirable neighborhoods are stable -- but as the old adage goes "location, location, location". Real estate is a neighborhood business -- one neighborhood could be incredibly desirable and you head over a few blocks and this factor changes. These forces are at play for pricing homes and the amout of traffic you see when a home goes on the market

Now is a good time to be a first-time homebuyer. Rates are great and the $8,000 tax credit sure is a nice perk. Looking to sell, well, that it really depends the situation whether we would tell you to wait or to when to jump in.

We represent you and your best interests. If we don't think it is in your best interest to sell or buy, we'll tell you why and give you advice and options.

Timing and location are everything.

http://www.washingtonpost.com/wp-dyn/content/article/2009/06/12/AR2009061201729.html

Arlington's Own Lyon Park Featured in the Post's 'Where We Live' Column

Great press for one of Arlington's prettiest neighborhoods. Arlington has so much to offer residents and Lyon Park is a great example of Arlington's walkability and Metro-accessible neighborhoods.
http://www.washingtonpost.com/wp-dyn/content/article/2009/06/12/AR2009061201739.html

Fun Friday - What a spoof on Arlington!

This is so much fun - we just had to post it. TGIF!

http://www.youtube.com/watch?v=4T1RMuoQnKo

Pending Home Sales - Up, Way Up!

The local market has picked up considerably. The attached link offers supporting stats. We're seeing many homes selling quickly (in a week) with multiple offers -- this is definitely driven by neighborhoods and price points. Desirable neighborhoods - Arlington, VA; Del Ray in Alexandria and Dupont/Logan Circles - are attractive when the market is up or down - people often make lifestyle choices to live 'close in' to the city and be in walkable neighborhoods.

As we've said before - it is a very good time to be a first-time home buyer!

http://bengelblog.com/2009/06/02/pending-home-sales-increase/

Washington DC Market Makes Forbes 5 Best List

Lists are lists, but you have to love it when your market comes out on the 'best' list. We sure do.

We have definitely noticed an uptick in the market in 2009 to date -- in fact we have seen many multiple contracts, bidding 'wars', etc that harken back to the 'height of the market'. We wouldn't say we're going to see the huge increases in home values, but the inventory is drying up a bit - and that will make a more stable market for the remainder of 2009 and into 2010.

Read on...http://realestate.msn.com/article.aspx?cp-documentid=18080758

$8k Credit = Downpayment Assistance - Maybe Sooner than Later!

W-O-W! Check out this press release from HUD. This would be a boon for first-time homebuyers. Keep pumpin' money into the economy - the market in this area is picking up (some areas much stronger than others).

Good economic news for housing - let's get it implemented quickly!

http://www.hud.gov/news/release.cfm?content=pr09-072.cfm

Can You Use Your $8k Tax Credit as a Downpayment? Maybe...

This may in fact happen soon! Very exciting stuff for first-time homebuyers. This was announced by Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development during a recent meeting. Check out the link below for the full story and press release.

http://www.realtor.org/press_room/news_releases/2009/05/re_summit?lid=ronav0019

Changes to the Appriasal System - What does it mean?

Well, a lot. It means that appraisers are not fully informed of the properties status and the neighborhood -- and these folks are often being paid less and consumers are paying more. How hard would you work if your pay was cut significantly? It is true that you do get what you pay for.

Appraisals have always been a hot button issue, and we think that changes must be maid to make sure that the appraiser is giving a fair market value analysis. However, the 'new' system is often not providing good information and realiable, knowledgeable folks to appraise properties. Like any profession - there are great appraisers out there, and some not so great ones.

You be the judge - how would you change the appraisal system to guarantee a fair valuation but also providing necessary information on the status of a home? A tough question indeed.

*******************************************************
Washington Report: Appraisal System
by Kenneth R. Harney

Last week saw the official kickoff of Fannie Mae's and Freddie Mac's mandatory new system of appraisals nationwide, and some mortgage and appraisal groups are up in arms over sharply higher costs for consumers.

The so-called "home valuation code of conduct" imposed by Fannie and Freddie puts most appraisal assignments in the hands of management companies, some of whom are owned by major lenders such as Bank of America and Wells Fargo.

The Appraisal Institute, which represents 20,000 appraisers across the country, and the National Association of Realtors, which has thousands of appraiser members, both have been critical of the new code.

The Institute is particularly incensed at the expanded management company role in appraisals because those companies pay appraisers much less than their standard fees, and tack on thirty to fifty percent extra charged to the consumer.

For example, an appraiser who'd normally charge $325 for a valuation ordered though a lender or mortgage broker, now might be required by a management company to do the same work for $175 to $200.

Meanwhile the consumer, who has no idea where the money is going, is charged $400 or more for the appraisal, and must pay for it up front by credit card, rather than at closing.
The $200 to $225 extra goes to the management company. If the deal falls through and the mortgage doesn't close, that's the consumer's problem. The appraisal fee has already been pocketed by the management company.

Now evidence is circulating in Washington that not only are appraisal fees significantly higher under the new Fannie-Freddie code, but are being extended to FHA mortgages, despite the fact that FHA is not covered by the code.

The National Association of Mortgage Brokers has begun documenting the higher fees and other problems with the new code. In one case the association shared with Realty Times last week, a large lender, EverBank, circulated its list of new appraisal fees to be charged consumers through its "automated appraisal system."

Not only does the bank require credit payment for appraisals up front, but it now charges a flat $465 for FHA appraisals and $390 for standard single family conventional appraisals. Flat fees go up to $700 in Hawaii.

Roy de Loach, CEO of the brokers group, cited one member's experience -- where total appraisal fees for a routine FHA cash-out refi ballooned to $1,068 to the consumer.
Home buyers and realty professionals need to be aware of these sharply escalating fees -- and their controversial use on FHA loans that are supposed to be exempt from the Fannie-Freddie code.

More Info and a Great Link - What You Need to Know About the $8,000 Tax Credit!

It's a great time to be a first time homebuyer! Here's what you need to know to get your $8,000 tax credit!
http://www.lulu.com/items/volume_64/6547000/6547753/1/source/First-Time_Home_Buyer_Credit_09_LARGE.jpg

What a way to travel!

"Houseswaps" are gaining in popularity - what a great way to see the world! We';re always looking for a vacation - anyone looking for a 4 BR, 3 1/2 ba home less than 5 miles from DC?

Summertime is just around the corner!

http://realestate.msn.com/article.aspx?cp-documentid=19562262

The First Time Home Buyer Tax Credit - What You Need to Know!

First-Time Homebuyer Tax Credit Comparison
Here is a quick breakdown between the original tax credit in July 2008 and the new credit that came out in February’s American Recovery and Reinvestment Act. The February 2009 Tax Credit is a much better deal for home buyers - read on!

• The original credit created by July 2008 and the revised credit was released in Feb. 2009
  Definition of first time home buyer:
  Buyer (and buyer’s spouse) may not have owned a principal residence for 3 years prior to purchase
  
• Amount of tax credit:
  The February 2009 credit allows for a maximum credit $8,000
  
• True credit or repayment?
  True credit – unless the home is sold within three years, at which point the first-time homebuyer who is now the seller) must repay the entire amount to the IRS at closing
  
• Effective dates:
  Applies to homes purchased between January 1, 2009 and November 30, 2009
  
• Tax implications:
  Reduces (or can eliminate) income tax liability for the year of purchase; e.g., buyers will pay less tax or receive a bigger refund
  
• Eligible properties:
  Any single family residence (including condos, co-ops, townhouses, etc) that will be used as a principal residence
  
• Income limits
  Full credit for individuals with a modified adjusted gross income of $75,000 or less ($150,on a joint return); partial credit for income from $75,000 to $95,000 ($150,000 to $170,000 on a joint return)
  

For all of your real estate needs - contact Chrissy and Lisa, we'll save you $$.

Chrissy and Lisa do not give tax advice. For additional questions regarding tax advice, please consult your tax professional

Getting to Know Your Neighbors - It Really Makes a Neighborhood

When we read this article in the Washington Post, the first thought was "how many neighbors do we know?" Well, after thinking about it we know quite a few of our neighbors, although we make efforts to do so since it is our business. One thing we are asked a lot is 'How is the nieghborhood?' Well, sometimes it is what you make it and getting to know your neighbors is step 1. Washington, DC and surrounding areas are full of amazing and interesting people -- maybe more so than any place in the world. What does your neighbor do? What are their interests? You might be surprised.

http://www.washingtonpost.com/wp-dyn/content/article/2009/05/01/AR2009050101657.html

With Obama's stimulus package, and the $8,000 (maximum) tax credit, now is the perfect time for first time buyers to jump into the market! This article from MSN.com has some great tips for first time buyers, and we can walk you through the process to provide the market knowledge and smooth transition that first-time homebuyers desire.
http://realestate.msn.com/article.aspx?cp-documentid=19163877

Area Principals Honored by The Washington Post

An interesting article and honor -- underscoring the quality education you can receive in the Metro DC area. Educational offerings and rankings are often considered when buying or selling a home. http://www.washingtonpost.com/wp-dyn/content/article/2009/04/29/AR2009042904392.html

Welcome - These Are the Best of Times & These Are the Worst of Times

We don't think truer words have ever been spoken. 2008 and 2009 have provided much angst and opportunity for home buyers and owners. Anyone who watches the real estate markets will tell you that 'all real estate is local' and that is so incredibly true in Washington, DC, Arlington, Alexandria, Falls Church and surrounding areas.

Recent days have shown some glimmer of hope for our economy and surely there are brighter days ahead. These two stories underscore this sentiment both for the economy and national real estate markets:
Fed Sees Economy Leveling Off - http://www.msnbc.msn.com/id/30230211

Housing Index Posts Biggest Jump in 5 Years (Buyers are Getting Deals!) - http://www.msnbc.msn.com/id/30230273/