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.
Showing posts with label first time buyer. Show all posts
Showing posts with label first time buyer. Show all posts
Monday, September 14, 2009
Wednesday, June 24, 2009
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/
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/
Wednesday, June 17, 2009
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
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
Monday, June 15, 2009
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
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
Friday, June 12, 2009
Thursday, June 4, 2009
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/
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/
Tuesday, June 2, 2009
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
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
Thursday, May 28, 2009
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
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.
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
http://www.lulu.com/items/volume_64/6547000/6547753/1/source/First-Time_Home_Buyer_Credit_09_LARGE.jpg
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