New Home Sales Hit Two Year High In April

Sales of newly built U.S. single-family homes rose faster than expected in April to their highest level in nearly two years, government data showed on Wednesday, as buyers signed contracts to benefit from a popular government tax credit.

he Commerce Department said sales jumped 14.8 percent to a 504,000 unit annual rate, the highest since May 2008, from an upwardly revised 439,000 units in March. It was the second straight month that new home sales rose.

Analysts polled by Reuters had expected new home sales to increase to a 430,000 unit annual pace from March’s previously reported 411,000 units.

Carmen Gill Of ReMax

“Carmen Gill is a licensed Realtor in the Commonwealth of Virginia and an incredible agent with excellent communicative skills and a proven track record in production in sales.  She is highly professional and has been awarded the Executive Club by Re/Max International for outstanding sales performance and achievements in the real estate profession.  She is very outgoing and hands on.  She develops great relationships with her clients and puts their priorities and needs above anything else.  She “Lives and Breathes Real Estate”.  She resides in Warrenton, Virginia and has lived there since birth.  She has a down to earth approach in communicating with her clientele and keenly focuses on her client’s needs and expectations in order to get the best all around results.  Prior to becoming a successful Realtor, she worked as a paralegal for some of the most prestigious and influential law firms in the country, based in Washington, D.C.  She is thorough given her extensive legal background.

Email Carmen

Call Carmen Today

540 878 6158

New Home Sales Up 26.9% in March

Sales of New Homes rose to their highest level in eight months.  This is due to Home Buyers rushing to take advantage of the Tax Credit.  The Commerce Department reported that sales were up 26.9%   This is the largest advance or increase since 1963.  411,000 units in March compared to 324,000 in February.

Dave King Of Long & Foster

This is our 15th Edition of our “Agent Spotlight” segment.  We would like to introduce Dave King of Long & Foster  Reston Virginia to our 20,000 daily readers as our 14th Northern Virginia Real Estate Agent this year.

Q How Long Have you been a Northern Virginia  Real Estate Agent?

A I have been a Real Estate Agent for Six Years now

Q What Designations do you have?

A GRI, ABR, GREEN, Long & Foster Chairman Club, Long & Foster Gold Team, NVAR Top Producer, NVAR Million Dollar Sales Club.

Q What made you decide to become a Real Estate agent in Northern Virginia

A I worked in the corporate field for nearly 20 years.  Had to travel extensively, and was just looking for a change.  I wanted to do something that I could help me create my own outcome and experience for my clients.  I had worked as a new homes host for a builder in the 80’s and had fun helping folks pick out their lots, colors, options, etc

Q What are your thoughts with regards to the Northern Virginia & Washington DC Real Estate Market now and into 2010?

A I think we’ll see continued “paced” recovery.  As long as interest rates stay low, we’ll begin to see things improve.  I’ve already noticed a shortage of properties available, when just a year ago we had more homes for sale than we knew what to do with.

Q What Associations are you with?

A NAR, VAR, NVAR, Home Buyers Council

Q Do you work with Buyers, Sellers, or Both?

Both.  I’ve had some really great 1^st time buyers lately that are thrilled to have jumped in and bought their first home.   I particularly love when I see a home before a buyer client and “have that feeling” that that’s the home for them.  It doesn’t happen all the time, but when you can call a buyer and tell them, “I found it!,” and then they see it, fall in love with it and ending up living in the home – it’s the best feeling for me as an agent!

Q In which states to you hold a Real Estate license?

Just Virginia.  I have cultivated some great contacts for my client referrals to DC and Md agents.  I’m a native Virginian, and have lived a couple of years in both DC and Md at various times in my life, but at heart, I’m a Virginian.

Q What areas of Northern Virginia do you serve?

I work nearly our entire region.  Although my office is in Reston, I’ve had a client in Bluemont and even one that I helped in Front Royal.  I would normally have referred that client, but wanted to see the transaction all the way through

Buying or Selling A Home in Northern Virginia?

Contact Dave King Of Long & Foster Real Estate Reston Virginia Today!

Email Dave King

703 509 5137

www.virginiadreamhomes.com

Northern Virginia Real Estate Times

Northern Virginia Real Estate Agent Spotlight: Sybella Debesa Of Weichert Realtors McLean Virginia

This is our 14th Edition of our “Agent Spotlight” segment.  We would like to introduce Sybella Debesa of Weichert Realtors McLean Virginia to our 20,000 daily readers as our 14th Northern Virginia Real Estate Agent this year.

Q  How long have you been a Realtor? Since October 2006

Q What designations do you have? ABR, Green Designee

Q What made you decide to become a Real Estate agent in Northern Virginia? Given that real estate is a people oriented business and I love to interact and involve myself with other human beings, I decided to become an agent. I feel I am contributing towards their well being by helping them make one of their most important decisions in their lives and which is buying a home.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010? Real Estate is becoming a sellers market in certain areas which are close to Washington DC. As you move further out, buyers have a greater opportunity to buy their home in a lower priced range.

Q What Associations are you with? NAR, NVAR, VAR, REBAC,
GREEN COUNCIL, GREEN BUILDING INSTITUTE

Q Do you work with Buyers, Sellers, or Both? Both plus renters, they eventually turn into buyers.

Q In which states to you hold a Real Estate license? In Virginia

Q What areas of Northern Virginia do you serve? All of NOVA plus Loudon County, Prince William County, and Clarke County (Winchester area)

Rest In Peace Mortgage Back Securities Program Lock In Your Rate NOW!

Today is the last day the Fed is going to participate in the program of buying Mortgage Backed Securities, or MBS.  Because the FED was in the market to purchase these securities they chose not to raise rates as it would COST THE FED MORE to buy them if they raised Interest Rates.  Now that the program is ending today rates are all but certain to go up. How far they will go up is anyone’s guess.  We think it will be between a 0.25 point – 0.75 point.  In other words It will cost you more to borrow money and get a loan.

As to when the the Fed will raise rates, this can happen at anytime.  Some people may be on the cusp of whether or not they can afford that new Northern Virginia Home or not.  Keep this in mind.  Even if they do raise rates, they are still  very low.  People have taken this for granted.  In 1997 you could get a 30 year fixed no points for 7%.  Everyone thought that was a great deal.  Dont delay, LOCK IN on a rate today!

Northern Virginia Real Estate Times

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Case - Shiller Reports Housing Prices Firming Up Nationwide

Home prices showed the smallest annual decline in almost three years in January, indicating there are surprising areas of strength in the housing market.

The Standard & Poor’s/Case-Shiller 20-city home price index fell just 0.7 percent from last year on a seasonally adjusted basis. The index reading of 146.32 Prices rose 0.3 percent from December to January, the eighth consecutive monthly gain. Among the 20 cities in the index, 12 rose. It’s a mixed report—one or two cities going better than last month—but overall ‘flat’ is probably a better

The index, released Tuesday, is up nearly 4 percent from its bottom in May 2009, but still almost 30 percent below its May 2006 peak.

Still, there are signs that last year’s housing rebound won’t last. Home sales sank during the winter, and government incentives that have propped up the market are ending. Another reason for the positive news is simply that the Case-Shiller index measures a three-month average of home prices. So January’s report includes November’s strong home sales.

Northern Virginia Real Estate Times

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Northern Virignia Real Estate Agent Spotlight: Laura Evans Prudential Carruthers Woodbridge Virginia

This is our 13th Edition of our “Agent Spotlight” segment.  We would like to introduce Laura Evans of Prudential Carruthers Woodbridge Virginia to our 20,000 daily readers as our 13th Northern Virginia Real Estate Agent this year.

Q How long have you been a Licensed Real Estate Agent?

A I have been a licensed agent for eight years now.

Q What Designations do you have?

A CDPE – Certified Distressed Property Expert

Q What made you decide to become a Real Estate Agent in Northern Virginia?

A I must admit that I see my role as part consultant, part negotiator and part friend. I enjoy the first time home buyer’s excitement and the seasoned seller’s thoughtfulness. I enjoy helping people’s dreams come true.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A Area prices will remain attractive. Interest rates will continue to motivate buyers. A shortage of inventory will begin to put pressure on prices later this year. Little competition for sellers, and a great opportunity for buyers. It doesn’t get much better than that!

Q What Associations are you with?

A National Association of Realtors, Virginia Association of Realtors, Prince William Association of Realtors

Q Do you work with Buyers, Sellers, or Both?

A The Evans Team assists both buyers and sellers throughout Northern Virginia

Q In which states do you hold a Real Estate License?

A I am licensed in Virginia, but can refer someone to an agent worldwide through our Prudential network.

Q What areas of Northern Virginia do you serve?

A We cover Fairfax, Prince William, Loundon, Stafford and Spotsylvania Counties

Laura Evans

Prudential Carruthers Woodbridge Virginia

703 497 7780

Northern Virginia Real Estate Times

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A vice president for one of the nation’s biggest banks claims customers looking for help in lowering their mortgage payments are often told to call an 800 number — where he says representatives then give homeowners the runaround.

The bank executive spoke to ABC News on the condition that ABC News not show his face or name him, because he feared coming forward would cost him his job.

Of the 1.1 million homeowners who’ve signed up for the federal program aimed at avoiding foreclosures, only 168,000, or 15 percent, of homeowners have had their mortgages permanently modified.

“In our managers meeting, which can last eight or nine hours, we probably addressed mortgage modifications five minutes or less,” the banker said.

We saw this on ABC’s World News Tonight with Diane Sawyer.  We felt it was important enough to publish the video in case you have not seen it yet.  Whether you are on the side of the Banks or the Home Owners, is not the point here.  The point is that this is affecting everyday people.  We want to know what your thoughts are.

Fed To Stop Buying Mortgage Backed Securities Will Interest Rates Rise?

Just like the old saying goes, “All Good Things Must Come To An End” so to will the Fed stop buying Mortgage Backed Securities (MBS).  Throughout this time the Fed has kept rates low while they were buying these securities.  Now that the program is coming to an end, it is only a matter of time before The Federal Reserve raises Interest Rates.

Next Wednesday is March 31st the last day of the program.  The question will then be how high will the Fed raise rates.  Many are speculating anywhere from 0.25 – o.75 basis points.  This could push some home buyers that were on the cusp of qualifying based on the interest rate they could get out of the market.

The truth is that even with this program ending, Interest Rates have been at all time lows for quite some time.  In 1997 you could get a 30 year Fixed with no points at 7%.  Everyone that that was great.  Have we been spoiled by these low rates?  Even if the Fed does raise rates, our suggestion to you is to lock in as soon as you can to take advantage of these rates.

Northern Virginia Real Estate Times

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Private Loan Mods Vs HAMP

The Hope Now Alliance, “the private sector alliance of mortgage servicers, investors, mortgage insurers and non-profit counselors,” reported today:

January 2010 data estimates 99,499 homeowners received proprietary loan modifications for the month. Combined with the United States Treasury’s recently released Home Affordable Modification Program (HAMP) data that showed 50,364 HAMP modifications for January, the total number of loan modifications is almost 150,000 for the month.

Most significant in the data is the fact that 74% of proprietary loan modifications done in January involved reductions of principal and interest payments – more than 73,000 loans. Also, it should be noted that proprietary non-HAMP solutions outnumbered HAMP modifications almost two to one; further proof that the industry is looking at a breadth of solutions designed to keep families in their homes.

Just to be clear, proprietary loan modifications are those done outside of the government’s $75 billion Home Affordable Modification Program. So those mods are being done at a rate of twice the HAMP mods.

Why is it that the private sector is able to more loan mods then the government?  And at a rate of nearly 2 to 1 It seems as though the private sector is trying what they can to keep people in their homes.

Christina Macro Associate Broker McEnearney Associates Arlington Virginia

This is our 12th Edition of our “Agent Spotlight” segment.  We would like to introduce Christina Macro of McEnearney Associates Arlington Virginia to our 20,000 daily readers as our 12th Northern Virginia Real Estate Agent this year.

Q How long have you been a licensed Real Estate Agent?

A I have been a licensed real estate agent since 2001

Q What Designations do you have?

A ABR, GRI, CIPS and Associate Broker

Q What made you decide to become a real estate agent in Northern Virginia & Washington DC?

A After a highly successful career in both the Hospitality Industry and IT Industry, I grew tired of working so hard and creating so many successes for the benefit of those who owned those organizations; I did not mind working hard but was tired of doing it for the benefit of everyone else.  I felt that with my experience as a marketing and sales executive along with my expertise in the hospitality industry I would make a great agent.  My philosophy is always about creating win-win solutions and I am always looking out for the best interest of my clients.  It was a perfect fit for someone like me.

Q What are your thoughts with regards to the Real Estate Market in Northern Virginia & Washington DC now and into 2010?

A Markets are constantly shifting and we’ve recently experienced a shift from a demanding sellers market to a demanding sometimes seller and sometimes buyers market – this means that strategy is different in how a property is marketed and how a buyer might structure an offer.  However, no market can be described without understanding that DC is a very insulated market with varying degrees of demand between zip codes and, in some cases, specific neighborhoods.  Going into 2010, we should continue to see a steady growth in sales while we maintain property values at the current levels.  Inventory will continue to be tight – well priced properties in good condition and in prime locations will continue to sell quickly with multiple offers.

Q What Associations are you with?

I am associated with the National Association Of Realtors, The Northern Virginia Association Of Realtors, and the Greater Capital Association Of Realtors

Q Do oyu work with Buyers, Sellers, or Both?

A I work with both Buyers & Sellers

Q In which states do you hold a real estate license?

A I am licensed in Virginia & Washington DC

Q What areas of Northern Virginia & Washington DC do you serve?

A I work in all areas of Northern VA and Washington, DC.  I am well versed in buyer and seller needs in any location.

If you are considering Buying or Selling a Home in Northern Virginia, contact Christina Macro of McEnearney Associates in Arlington Virginia today!

Christina Macro

McEnearney Associates

Arlington Virginia

703-717-6343 – Direct

703-597-3497 – Cell

Visit My Website

Email Me

Northern Virginia Real Estate Times

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Fannie & Freddie Set To Stop Buying Mortgage Backed Securities At The End Of March

Fannie Mae & Freddie Mac are expected to stop buying MBS or Mortgage Backed Securities at the end of March.  This could be a sign that the Fed will raise interest rates by the end of March.  Rates could rise anywhere from 25 to 75 basis points.  What this means is that some buyers could no longer qualify or be shut out of the Housing Market, or perhaps force them to use FHA which is overwhelmed already, in order to qualify.

However, the FHA is set to raise FICO Credit Scores by April 15th of this year in order to safeguard itself.  This may also shut out even more new borrowers. The question then is Will the increased rise in interest rates coupled with the increased FICO Scores affect the recovering Housing Market?  Will it hit the Heart of the Spring Housing Market with a thud? The next few months will let us know just what impact if any, these changes will cause on the recovering Housing Market.  As if that wasnt bad enough, The Extended & Expanded First Time Home Buyer Tax Credit is set to expire and the end of April.

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Northern Virignia Real Estate Agent Spotlight: Steve Childress Long & Foster Burke Virginia

This is our Eleventh Edition of our “Agent Spotlight” segment.  We would like to introduce Steve Childress of Long & Foster Burke Virginia to our 20,000 daily readers as out Eleventh Northern Virginia Real Estate Agent this year.

Q How long have you been a Realtor?

A I was first licensed in 1967, and worked part-time while attending Va Tech. I began my Full-time career in 1970 after serving as an officer in the US Army.

Q What designations do you have?

A REALTOR EMERITUS (Continuous service as a REALTOR for over 40 consecutive years)

Associate Broker (Since 1973)

LTP (Lifetime Top Producer of NVAR Multi-Million Dollar Sales Club)

Long and Foster Hall of Fame (Gold Team Chairman’s Club)

CRS (Certified Residential Specialist)

GRI (Graduate of Realtors Institute)

ABR (Accredited Buyer Representative)

SRES (Senior Real Estate Specialist)

e-Pro (Certification for Internet Professionalism)

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A I believe NOW is one of the best opportunities for BUYERS to take advantage of LOW prices, VERY LOW interest rates, and right now the FEDERAL GOV’T TAX CREDITS. The N VA area offers one of the strongest job markets in the nation, and this should cause prices to rise steadily in the future.

Q What Associations are you with?

NAR (National Association of Realtors)

VAR (Virginia Association of Realtors- Former Director)

NVAR (Northern Virginia Association of Realtors-Former Director)

Q Do you work with Buyers, Sellers, or Both?

A I am comfortable working with both Buyers and Sellers…..as long as full disclosure is made to all parties before the transaction begins, and all follow the spirit of the Golden Rule!

Q In which states do you hold a Real Estate License?

A Virginia only – I believe that spreading myself too thin across the river is counter-productive to representing my clients for their best interests.

Q What areas of Northern Virginia do you serve?

A Fairfax, Prince William, and Loudoun Counties….but the majority of my business is conducted in Central and Southern Fairfax County.

If you are considering Buying or Selling A Home in Northern Virginia give Steve Childress of Long & Foster Burke Virginia a call today!

Steve Childress

Long & Foster Burke Virginia

6045 Burke Centre Parkway Burke Virginia

Email Steve Childress

Visit My Website

703 981 3277

US Department Of The Treasury Releases February Loan Modification Report

March 12, 2010
TG-586

Administration Releases February Loan Modification Report
Number of permanent modifications increases by 45 percent

WASHINGTON – The U.S. Department of the Treasury and the Department of Housing and Urban Development (HUD) today released February data for the Administration’s Home Affordable Modification Program (HAMP). As of the end of the month, more than one million borrowers were receiving a median savings of $500 each month – a 36 percent median monthly payment decrease. Permanent modifications have been granted to 170,000 homeowners and an additional 91,800 permanent modifications have been approved by servicers and are pending only borrower acceptance.

Click On Link To View Report:  Making Home Affordable Program Servicer Performance Report through February

Northern Virginia Real Estate Times

Gina Tufano Remax Select Properties Sterling Virginia

This is our Tenth edition of our “Agent Spotlight” segment.  We would like to introduce Gina Tufano Of Remax Select Properties Sterling Virginia to our 20,000 daily readers as our 10th Northern Virginia Real Estate Agent this year.

Q  How long have you been a Realtor?

As long as I can remember….I was licensed in 1996 and have been working the Northern Virginia market ever since.

Q What designations do you have?

CDPE (Certified Distressed Property Expert)

SRES (Senior Real Estate Specialist)

e-Pro (Certification for Internet Professionalism)

ASP (Accredited Staging Professional)

SFR (Short Sale Foreclosure Resource)

GREEN (Environmental Real Estate Designation)

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A The market presents us with many investment opportunities – not quick flips and easy money like during the boom times; but long term appreciation and positive cash flow for investments.  The low interest rates, tax incentives and stable prices lead to a real estate trifecta! We are slowly recovering, although our foundation still needs to be reinforced.

Q What Associations are you with?

NAR (National Association of Realtors)

VAR (Virginia Association of Realtors)

NVAR (Northern Virginia Association of Realtors)

WCR (Women’s Council of Realtors)

REAC (Real Estate Action Council)

Q Do you work with Buyers, Sellers, or Both?

A Just this year I began working with Jennifer Johnson, an exclusive buyer’s agent, so that I can focus more on sellers.  However, I still do both

Q In which states to you hold a Real Estate license?

A Virginia – the Old Dominion state

Q What areas of Northern Virginia do you serve?

A Primarily Loudoun and Fairfax Counties – although I have done quite a bit in Frederick and Prince William as well.

Gina M Tufano

Ask Gina & Company

RE/MAX Select Properties, Inc.

20 Pidgeon Hill Dr #201, Sterling, VA 20165

Visit Our Website

Email Me

703-574-3478

Northern Virginia Real Estate Times

I would like to take a moment to introduce myself.  My name is Stephen Leiby, Editor In Chief Of The Northern Virginia Real Estate Times.  I have been a licensed real estate agent now for just over five years now. I have lived in Northern Virginia now for over 15 years.  Originally from New York City, NY, before I got into Real Estate, I was an Operations Manager for an IT Firm maintaining Airport and Airport Networks throughout the North Eastern portion of the United States.  I have a degree in Business Management, as well as a degree in Computer Science, and Information Technology with an emphasis in Networking & Microcomputer Architecture & Design.

As a Real Estate Agent I incorporated my computer background with my real estate business in order to grow my business.  I have learned what works and doesn’t work as far as using SEO or Search Engine Optimization, SEM or Search Engine Marketing, and Social Media to grow my real estate business.  I have also used traditional marketing such as mailers, home buyer magazines, and traditional newspapers to market both myself and my clients listings.  As a real estate agent you know that it can become quite expensive to market a single home.

For over a year now I have been developing what is now the Northern Virginia Real Estate Times.  In the Four short months that we have been a licensed newspaper with the Virginia State Corporate Commission and in the Town Of Leesburg Virginia I have watched the Northern Virginia Real Estate Times grow in readership to nearly 20,000 readers a day. I have also seen our Fans that follow us on Facebook grow to nearly 900. I am truly excited about this and would like to thank all of our followers and readers alike.

As I transform from real estate agent and focus on just being the Editor In Chief of the Northern Virginia Real Estate Times , My Business will be focused on Building your Business.  I will not stop at just making advertising in the Northern Virginia Real Estate Times the most affordable advertising.  I will continue to work with our advertisers to make it the most effective advertising.

There are many Real Estate Agents, Loan Officers, Staging Companies, Appraisers, Home Builders, Developers, Home Inspectors, and other Home Service Professionals that are great at what they do.  However, they may not be at technically savvy as they need to be in order to generate more business.  With over 85% of Home Buyers searching the internet first to look at homes, and consumers looking for loans and home service and home improvement professionals, not being able to be found on the internet, or use social media tools to build your business can be the difference of whether or not you stay in business.

My goal isn’t just to get you to advertise with us, but rather teach you what I have learned as a real estate agent or Home Service Professional and help you build your business and compete with your competition. That’s why I will be happy to speak at any Realtor Association in Northern Virginia or Brokerage and in layman’s terms explain how to use search engine optimization, social media, and search engine marketing to help you and your business succeed!

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Joan Stansfield Long & Foster McLean Virginia

This is our Ninth Edition our our ” Agent Spotlight ” segment. We would like to introduce Joan Stansfield of Long & Foster McLean Virginia to our 20,000 daily readers as our 9th Northern Virginia Real Estate Agent this year.

Q How long have you served in this area?

A I’ve served in the DC/MD/VA area for over 25 years — from Capitol Hill, to the White House, I’ve served everyone from presidents to first time homebuyers, renters, investors, move-up buyers & sellers.

Q What designations do you have?

A I have my e-PRO & GREEN designation and am a Relocation Specialist.

Q What made you decide to become a Real Estate agent in Northern Virginia?

A I LOVE this area, and know it so well (and now call it home), having lived in DC, MD & VA; Arlington for 15 years, Falls Church for 3, and Vienna for 4 years.  Also, my passion is people so it’s a lot of fun & very rewarding serving people in this area.  My ultimate goal with  my clients is to become their Realtor & Community Concierge for life!

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A I am excited as we head into 2010, as January statistics show that we are off to a great start.  I see the inventory decreasing, so properties are really moving, we see prices stabilizing, and with the historically low rates, this is an INCREDIBLE time to purchase and/or sell a home in our area!

Q What Associations are you with?

A I am a member of NAR, NVAR, the Green Resource Council, ActiveRain & Trulia.

I serve on 2 non-profit boards — Love of Mercy, a 501C3 in McLean, VA, investing in the lives of those in need, and Thompson Markward Hall young Womens Christian Home on Capitol Hill (a safe haven/dormitory for women getting started on the Hill in DC), where I got my start in DC many years ago!

Q Do you work with Buyers, Sellers, or Both?

A Absolutely.  Working with buyers is an adventure; watching them go through the process of elimination & strategizing to finding them what they really want, when they sometimes don’t really know what they want.  Especially first-time homebuyers — since they are so new to the process, they get really excited about it; and also require a lot of hand-holding, guidance and education — which I really enjoy.  When I work with Sellers, I find that more challenging, and I am always up for a Challenge!  My marketing & networking expertise, along with my positive outlook and tenacious spirit, keeps it exciting for me!

Q In which states to you hold a Real Estate license?

A Currently, I hold a license in VA; currently working on getting my DC license.

Q What areas of Northern Virginia do you serve?

A I’ve sold homes from as far south as Woodbridge & Stafford, & as far west as Purcellville/Leesburg, yet the bulk of my business is in and around Fairfax & Arlington counties & the Cities of Alexandria & Falls Church.

If you are considering Buying or Selling a Home in Northern Virginia or are Relocating to the Northern Virginia & Washington DC area, contact Joan Stansfield of Long & Foster McLean Virginia today.

Joan Stansfield

Long & Foster, McLean Virginia

1311 Dolley Madison Blvd,

McLean, VA  22101

703.790-1990

CELL:  703.919.7761

Email:  JoanS@LNF.com

Website:  www.Elevate-RealEstate.com

Twitter:  twitter.com/JoanElevatesRE

Facebook:  facebook.com/joanstansfield

ActiveRain.com/jstansfield

Trulia.com/profile/jestansfieldviennarealestate

Linkedin: Linkedin.com/in/joanstansfield

Blog:   JoanElevatesRealEstate.wordpress.com

Posterous:  jStansfield.posterous.com

Northern Virginia Real Estate Times

S & P Case Schiller Home Price Index Down in 4th Quarter of 2009 But Increase Year Over Year

The S & P Case Shiller Home Price Index is a 20 City Index that measures home prices throughout 20 metropolitan cities of which Washington is one of them. Washington is up 1.9%. The latest index shows that the Home Price index was down in the Fourth Quarter of 2009.  However there is improvement in year over year pricing.

The video above is from this morning on CNBC.  Robert Schiller for whom the index is named after, is an Economics Professor at Yale.  David Blitzer is on the S& P 500 Economic Committee.  Watch the 4 minute video as they discuss the latest data.

Northern Virginia Real Estate Times

Kelly Gaitten Prudential Carruthers Hamilton Virginia

This is our Eighth Edition of our “Agent Spotlight” segment.  We would like to introduce Kelly Gaitten of Prudential Carruthers Hamilton Virginia to our 20.000 daily readers as our 8th, Northern Virginia Real Estate Agent this year.

Q How long have you been a Realtor?

A Licensed originally in 1991. I have been a full time agent for the past 8 years

Q What designations do you have?

A ABR (Accredited Buyer Representative), E-pro, and I achieved my Virginia Broker’s license in 2008.  I am a full time sales agent. I do not manage an office so my title is Associate Broker.  I am a member of the Dulles Area Association of Realtors Honor Society.  I was also named Top Producer and Top Sales Agent for the Hamilton Prudential office in 2009

Q What made you decide to become a Real Estate Agent in Northern Virginia?

A My father encouraged me as part of the family business. He bought and restored old properties in my hometown, Occoquan, VA.   I came to Loudoun  County  to work with AOL in 1996.  I met my husband there and officially moved to Loudoun in 1998.  We bought and restored our first historic home in Leesburg. I love the history and charm of this area and thought I could help others who might want to buy and renovate old homes.  I decided to make real estate my full time career in 2002.  I find that I truly enjoy helping people with the process of buying and selling, whether it’s a condo or a horse farm.

Q What are your thoughts with regard to the Northern Virginia Real Estate Market now and into 2010?

A 2009 was definitely a recovery year.  I was extremely busy with buyers and sellers and sold almost as much real estate last year as I did in 2006.  I believe the Government Stimulus is doing the job to point us toward a “normal” real estate market. However, it will take time.  I just keep my head down and concentrate on helping people, one at a time.

Q What Associations are you with?

Dulles Area Association of Realtors.  I love the personal attention they give their members.  They are very professional and exceptional on every level. I am also a member of the Virginia Association of Realtors and the National Association of REALTORS®

Q Do you work with Buyers, Sellers, or Both?

A Both.  I get referrals from friends, family and business associates. I work with anyone that needs my help, buyer or seller.

Q In what state do you hold a Real Estate license?

A Virginia. I feel strongly about being knowledgeable about my market area, which is ever-changing.  I work within an hour radius of my office which takes me to 6 Counties in VA – Loudoun, Clarke, Frederick (Winchester), Fauquier and Western portions of Fairfax and Prince William.

Q What areas of Northern Virginia do you serve?

A – Loudoun, Clarke, Frederick (Winchester), Fauquier, Fairfax and Prince William.

If you are considering Buying or Selling a Home in Northern Virginia, contact Kelly Gaitten of Prudential Carruthers Hamilton Virginia today

Visit My Website

Email Me

703 966 7036

Prudential Carruthers Hamilton Virginia

Northern Virginia Real Estate Times

Today marks the One Year Anniversary of the Government enacting the Making Home Affordable Program.  So we ask you our readers and Real Estate Agents alike, is it working? Above is a video of Diana O’lick of CNBC talking about how Home Loan Modifications Nearly Doubled in January from 66,000 to 116,000.  This is the number of troubled borrowers getting a permanent government loan modification.

The Making Home Affordable Program just crossed the 1 million mark for trial modifications.  Treasury officials say the program is making tremendous progress.  There are currently 5.6 million borrowers delinquent on their loans.  Only 1.7 million however would even qualify for the Making Home Affordable Trail Modification Program.

Treasury officials state that those currently in a trial modification, only about 2/3 are current.  The Treasury Department believes it can help between 3 to 4 million borrowers by 2012.  What say you?

Northern Virginia Real Estate Times

Justin Nielsen of the Nielsen Group

This is our 7th Edition of our Agent Spotlight segment.  We would like to introduce Justin Nielsen of Keller Williams Realty in Silver Springs Maryland to our 20,000 daily readers as our 7th, Northern Virginia Real Estate Agent this year.

Q How long have you been a Relator?

A I have been a Realtor for about 5 years now

Q What made you decide to become a Real Estate Agent?

A Some of my best friends wanted to buy a home in Arlington. I did not want to leave their fate to just anyone, and I knew how hard I would work for them.  They deserved the best service I could give.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A I used to not like Northern Virginia that much.  After doing alot of research, and seeing different areas, I have certainly changed my mind.  There is really everything you need here.  Great Schools, Urban Centers, Diversity.  It is also in close proximity to DC.  We are slowly thinking about moving there ourselves.  At this time, there are truly some amazing deals.  2010 will be very interesting.  As the country recovers, things will get better here as well.

We also need to recognize that prices in some zip codes have held steady, while prices in others have actually gone up.  It proves the point that it is always a good time to buy real estate.  Now more than ever it is important for any agent to do  thorough research.  Everyone’s situation is different and that should be taken into consideration.  We specialize in Maximizing value for our sellers with systems that allow them to receive 5 to 15% more for their homes and in identifying the best possible home for the best price for our buyers.

Q What Associations are you with?

A I am with the National Association of Realtor’s and the Greater Capital Area Association of Realtor’s

Q Do you work with Buyers, Sellers, or Both?

A I work with both Buyers and Sellers but not in the same transaction.  I know there are ways to do this, and, in some jurisdictions, it is permitted.  I however, dont believe I can give two sides with opposing interests unbiased advice and maintain my fiduciary responsibility.

Q In What states do you hold a Real Estate License?

A I have a Real Estate License in Virginia, Maryland, and the District of Colombia

Q What areas of Northern Virginia do you serve?

A We serve Alexandria, Arlington, McLean, Falls Church, Delray, Crystal City, Springfield, Burke, Annandale, Rosslyn, Tyson’s Corner, Vienna, Merrifield, and Great Falls.

If you are considering Buying or Selling a home in Northern Virginia, contact Justin Nielsen

Visit Our Website

KELLER WILLIAMS REALTY CONSULTANTS
CORPORATE OFFICE
12200 PLUM ORCHARD DRIVE
SILVER SPRING , MD 20904
T 301.384.9494
F 301.384.9010

Northern Virginia Real Estate Times

Karen Wenner Cooper Century 21 Redwood Realty Ashburn Virginia

This is our sixth edition of our Agent Spotlight segment.  We would like to introduce Karen Wenner Cooper of Century 21 Redwood Realty in Ashburn Virginia to our 20,000 daily readers as our 6th Northern Virginia Real Estate Agent this year.

Q How long have you been a Realtor?

A I have been a Realtor since 2002

Q What Designations do you Have?

A I have an ABR or Accredited Buyer Representative Designation.

Q What made you decide to become a Real Estate Agent in Northern Virginia?

A I was born and raised in Loudoun County, and can’t imagine living anywhere else! I enjoy sharing my passion of the area with my clients, especially those relocating from other areas.  I’ve been active in my community for many years, and my real estate business is an extension of that.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now, and into 2010?

A At last we are beginning to see some stabilization!  Now that inventory has reached such incredible lows, sellers are once again enjoying a seller’s market ( provided their home is priced correctly).  I expect that we will continue to see the stabilization, and possibly a bit of market growth, as we continue on into 2010.

Q What Associations are you Affiliated with?

A The Dulles Area Association Of Realtors

Q Do you work with Buyers, Sellers, or Both?

A Both.  I also work with renters and landlords, and provide property management services.

Q In which states do you hold a Real Estate License?

A I hold a Real Estate License in the state of Virginia

Q What areas of Northern Virginia do you serve?

A I serve Loudoun County, Fairfax County, Prince William County, Clarke County, & Frederick County Virginia

If you are considering Buying or Selling a Home in Northern Virginia, or perhaps in need of a Property Manager to oversee your investment properties, contact Karen Wenner Cooper of Century 21 Redwood Realty today.

Visit My Website

Email Me

540 454 0467

Century 21 Redwood Realty Ashburn Virginia

44075 Pipeline Plaza, Ashburn Virginia 20147

Google Map

Northern Virginia Real Estate Times

Jill S. Zachariasse

Jill S. Zachariasse

19924 Augusta Village Place

Ashburn, Virginia 20147

Cell 571-334-0536

jillzachariasse@comcast.net

Objectives

Utilize the skills developed throughout my career to the utmost potential, while simultaneously becoming a significant asset to the profit and success of a prominent real estate business.

Experience

April 1994 – December 2004 | Assistant Sales Manager

Waterford Development, LLC | Reston, Virginia

• New home sales and contract administration
• Integral team member resulting in the successful sales and settlement of the Breckinridge community in Leesburg, VA

September 1995 – December 1996 | Assistant Mortgage Finance

Waterford Development, LLC | Reston, Virginia

• Supported  the Director of Mortgage Finance to process and track all contract purchasers of Waterford Development  homes under construction through to the final settlement date
• Assisted home buyers in all the necessary processes and steps in order to purchase their first home

December 1996 – July 1999 | Contract Administrator

Waterford Development, LLC | Reston, Virginia

• Monitored/tracked all processes of the new home purchasers including pricing, commissions due, appraisals and  settlement dates

July 1999 – December 2004 | Director of Sales and Marketing

Waterford Development, LLC | Reston, Virginia

• Coordinated/managed entire process of scheduled settlements directly with the Title Companies, Realtors, Buyers, Lenders, Sales Managers and Construction Team
• Tracked permitting process for all new homes
• Handled all project approvals, i.e. Fannie Mae, Freddie Mac, VA and FHA
• Managed Settlement Instructions for all of our Designated Title Companies
• Supervised entire appraisal process and Appraisers
• Interviewed, hired, and directed Designated Lenders, Designated Title Companies, HOA Management Firms, Interior Design Firms, Sales and Marketing Firms and Advertising Agencies used by Waterford Development, LLC
• Directed the entire process from start to finish of all of the Condominium Documents / HOA Documents
• Oversaw and directed the set-up of all of the New Homes  Sales Offices/Models
• Instrumental in the success of development and sales of the several well known residential communities, including The Broadway of Falls Church and The Palladium

Education

University of North Dakota, 1980-81

Manuela Williams Weichert Realtors Woodbridge Virginia

Our 5th segment of “Agent Spotlight” we are introducing to our readers our 5th Northern Virginia Real Estate Agent, Manuela Williams of Weichert Realtors in Woodbridge Virginia.

Q  How long have you been a Realtor?

A I have been a Real Estate Agent for over Five and a Half years.

Q What made you decide to become a Real Estate agent in Northern Virginia?

A good friend and neighbor of mine is a Realtor.  She thought that I would be a great Realtor due to my outgoing personality. She introduced me to my Broker and I’m still there. I love what I do!  My Team Partner, Mike Martin, is also a full time Realtor. There is always one of us available for our clients!  Our goal is to help people find the right home for their family. Our motto is “EXEPTIONAL SERVICE- EVERY TIME”.  We understand how stressful moving can be with children and pets. We personalize our services to our individual clients needs! There is no greater reward for me when clients tell me how happy they are in their home!  I love to help people!

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A I think the 2010 spring market will be especially fantastic.  Already, we are seeing an increasing number of buyers.  The numbers are much more encouraging than this time last year. This will be a great year for many people to become homeowners! Interest rates are still low, homes are very affordable, and with the tax benefits and all other great benefits homeowner receive it is understandable that there are many people who are ready to buy this year. Home values are slowly increasing due to the low housing inventory that is great news for existing homeowners!

I see 2010 to be a very uplifting year for our housing market!

Q What Associations are you with?

A We are members of the Following Associations

National Association Of Realtors ( NAR )

Virginia Association Of Realtors ( VAR)

Prince William Association Of Realtors ( PWAR )

Q Do you work with Buyers, Sellers, or Both?

A We work with both Buyers & Sellers

Q In which states to you hold a Real Estate license?  VA

A I hold a license in the state of Virginia

Q What areas of Northern Virginia do you serve?

A We serve Prince William County, Fairfax County, and Stafford County Virginia

If you are considering Buying or Selling a Home in Northern Virginia, contact Manuela Williams & Mike Martin of Weichert Realtors Woodbridge Virginia today.

Visit Our Website

Email Us

Call Us: 703 897 4777 Extension 207

Mobile: 571 264 7217

Visit us at our office

12479 Dillingham Square

Woodbridge VA 22192

Google Map

Northern Virginia Real Estate  Times

The Belt Team Keller Williams Realty McLean Virginia

In our Fourth Segment of Agent Spotlight, our fourth Northern Virginia Real Estate Agent we interviewed this year is Terry Belt of The Belt Team, a Real Estate Agent with Keller Williams Realty McLean Virginia.

Q  How long have you been a Realtor?

A. I started as an intern during my junior year of college at Georgetown University in 1987 and became licensed after graduation when I started on the commercial side of the business. I’ve been working on the residential side since 1993. So I’ve been through both the “up markets” and the “down markets” more than once. It’s amazing how much the business has changed and also stayed the same in the past 22 years!  The area, market, financing and technology have changed; however, serving and working with people and human nature have remained the same.

Q What designations do you have?

A. Most recently, I received the Certified Home Rescue Expert designation. While The Belt Team is very grateful for a successful 2009 in real estate (not to say it was not the most challenging year we can remember!), we are also keenly aware that despite the more recent positive news in real estate, there are many homeowners who are facing problems with their mortgage and increasing numbers who will be facing this issue in 2010 and 2011. We felt it was in our clients’ interests to be prepared to assist them.  In addition, we have consistently been among the top ranked performers in our company and among our peers & competitors locally and nationally.  In 2009, we were the #1 McLean/Vienna/Oakton based agent out of over 10,000 agents in Northern Virginia and we ranked #26 out of 72,000 plus agents in Keller Williams (now the 3rd largest residential real estate company in the USA).

Q What made you decide to become a Real Estate agent in Northern Virginia?

A. I grew up in a real estate family. My great-grandfather was involved in building City Hall in Los Angeles, CA. My grandmother developed the system that was the pre-cursor in Los Angeles to what we now know as the MLS. My father worked for the federal government in the real estate area for GSA. My mother is the Founder of The Belt Team, has been licensed over 40 years and is still practicing today. Some people say “real estate is in our blood”. For me, real estate was the perfect way to be able to serve others during those really important times in life (like when they get married, have a baby, retire, etc), while at the same time putting to work my Georgetown University Finance degree, my strength in negotiation and my deep knowledge of the local markets that I serve and have lived in since 1972.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A. In short, better than 2009, 2008!  However, as they say in real estate . . . location, location, location.  The same perspective is true when answering this question.  The answer will differ depending on where one lives.  Residential real estate conditions are unique to the hyper-local market where one lives and are affected by school districts, price points, age and home type, transportation, foreclosures, etc. One can travel very few miles and go from a specific neighborhood/area that is in a strong Seller’s market to one in a Buyer’s market. Buyers in certain areas and price ranges are frustrated due to lack of homes available.

In general, the Northern Virginia area is currently in the most favorable trend we have seen for about 4 years.  The overall inventory has not been this low since March of 2006.  The 6 month trend data compared year-over-year on a weekly and monthly basis shows that the rate of ratified contracts is increasing and the rate of new listings coming on the market is decreasing, even adjusted for the seasonality of the market. The percentage of list price is increasing and the number of months supply of homes is down drastically.

In the lower price ranges, we are starting to experience some price appreciation. The truth about the market now is that if a home is prepared properly and priced sensibly it will sell in 30 days or less. We are also experiencing multiple offers on certain properties across the region.  The correction in prices since the peak of the market in 2005-2007 combined with historically low interest rates and the federal government tax credits has made the relative cost of a home the most affordable as a percentage of household income since this data was first measured by Fannie Mae and Freddie Mac starting in 1972.  As a result buyers have come back into the market in droves.  The trend is similar for the entire Washington DC region.  As an example and according to our MLS, for the week ending January 9 there were 1,762 signed purchase agreements, up 19.8 percent from the same week last year. Over the last three months there have been more than 5,000 more pending sales than there were during the same period a year ago. For the most recent reporting week there were 3,373 new listings, down 9.7 percent from the same week last year. And over the last three months there have been over 3,000 fewer new listings than there were during the same period a year ago.

While we are currently in a more balanced healthy market over all now in late January and we forecast conditions to remain favorable for the first and probably the second quarter, we are still wary about factors that could have an impact on the market going forward into the

second half of 2010.  What will happen when the home buyers tax credit ends April 30th?  What impact will the predicted second wave of “shadow inventory” of foreclosures and short sales have on the market, especially the upper end market?  What will happen with interest rates when the government purchasing of mortgage backed securities curtails at the end of March and will inflation rear its head with the government’s overspending and deficit issues?  Will this all be offset by increased demand with the increase in jobs now being seen locally and forecasted for the future and a strong local economy?

If I knew the answers to these questions, I might have a different career.  My recommendation, whether one is a purchaser or seller, is that if you have made up your mind or are leaning towards doing something in 2010; take action now to take advantage of great current market conditions and hedge out the risk of the potential pitfalls gong forward in the later part of 2010.

Q What Associations are you with?

A. NVAR (Northern Virginia Association of Realtors), VAR (Virginia Association of Realtors), NAR (National Association of Realtors). I’ve served in a number of capacities with NVAR on the Grievance/ Ethics Committee and also speak on occasion locally and nationally at real estate functions and conventions

Q Do you work with Buyers, Sellers, or Both?

A. I work with both Buyers and Sellers. In order to serve my clients well, I feel it’s important to understand our changing market from both a Buyer’s and a Seller’s point of view. I also represent several top-notch builder clients including Sekas Homes, Dominion Associates Inc and Clear View Homes.

Q In which states do you hold a Real Estate license?

A. My license is in Virginia and we are networked and have relationships with other Top Realtors like us around the country, so we can always find our clients the expert assistance they need.  We often serve local clients who have relatives, friends or clients in their own businesses who have needs elsewhere. We find & connect them with the best local expert in other areas around the country. We also consult with corporations and relocation companies locally and nationally.

Q What areas of Northern Virginia do you serve?

A. The Belt Team has sold more homes in Northern Virginia since 1972 than almost any other Realtor. Last year we sold homes in areas as wide ranging as Ashburn to Arlington, Falls Church to Fairfax, Silver Spring to Springfield and many other places. However, since all 8 of The Belt Team members live in or have lived in Vienna for many, many years – our primary area of concentration has naturally become the Vienna/Oakton market. I’m proud that last year we sold more homes in Vienna than any Realtor – by over 40% and at a higher percentage of list price than our top competitors and the market average.

Company Name:          The Belt Team, Keller Williams Realty

Address:                       6820 Elm Street, McLean, VA 22101

Email Address:             Sales@TheBeltTeam.com

Phone number: (703) 242-3975

Visit our Websites

The Belt Team

Theres No Place Like Vienna

The Bel Teams Northern Virginia Real Estate Blog

Follow Us On Twitter

Follow Us On Facebook

Northern Virginia Real Estate Times

Jennifer Vollmer Real Estate Agent Avery- Hess Woodbridge Virginia

In this our third segment of ” Agent Spotlight”, our third Northern Virginia Real Estate Agent we interviewed this year is Jennifer Vollmer a Real Estate Agent with Avery Hess Realtors  Woodbridge Virginia.

Q How long have you been a Realtor?

A I have been licensed since 2007.  I came into this business with specific goals and a career path outlined.  It has turned out to be the best career move I have ever made.

Q What designations do you have?

A I hold a CDPE – Certified Distressed Property Expert.  The specialized training that comes with this designation uniquely qualifies me to assist home sellers in hardship identify foreclosure avoidance options; including but not limited to the negotiation of a short sale.

Q What made you decide to become a Real Estate Agent in Northern Virginia?

A I am one of those oddities known as a “Native Northern Virginian“.  I grew up here and cant imagine living anywhere else.  I’d been interested in real estate and followed the market patterns for years.  When I decide to finally pursue a career in real estate I already knew my “territory” inside and out.  This is a fantastic area to live in and an exciting market to practice real estate in.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A We’re fortunate our area has not been hit as hard as other parts of the country by the current housing crisis.  However, we’re not without our challenges.  There are still many in Northern Virginia who find themselves in hardship and their homes are not worth what they once were.  So Short Sales will continue to dominate our market.  Additionally, foreclosures will still be a focal point as well.  We’re also seeing decreased Inventory levels; which means competition, especially for homes priced below a certain price point.  This isn’t all bleak though, it creates tremendous opportunity for first- time buyers, move – up buyers, and investors.  It also means for sellers there will be no lack of qualified buyers.  2010 is going to be a very exciting year for the Northern Virginia Real Estate Market!

Q What Associations are you with?

A I am a member of NAR – National Association Of Realtors, VAR- Virginia Association Of Realtors, and PWAR – Prince William Association Of Realtors.

Q Do you work with Buyers, Sellers, or Both?

A I am a full – service agent working with both Buyers and Sellers.

Q In which states do you hold a Real Estate License?

A My License is in Virginia

Q What areas Of Northern Virginia do you serve?

A I serve all of Northern Virginia.  However, I specialize in Prince William, Loudoun, and Fairfax Counties.

If you are a Current or going to be a Future resident of Northern Virginia, and are considering Buying 0r Selling a home, contact Jennifer Vollmer with Avery Hess Realtors Woodbridge Virginia.

Office Address

13000 Harbor Drive Suite 202

Woodbridge Virginia 22192

Google Map

Website: Visit Jennifer Vollmer’s website

Phone: 703 232 6710

Email: Send Jennifer Vollmer an Email

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Northern Virginia Real Estate Times

NVAR Annual Legislative Trip To Richmond February 4th 2010

It’s that time of year again.  The Northern Virginia Association of Relators (NVAR) will be taking its annual legislative trip to the State Capitol in Richmond Virginia.  The Trip is scheduled for Thursday, February 4th, 2010.  NVAR will be departing at NVAR Fairfax Headquarters at 7:30 AM and be returning at 6 PM.

Breakfast will be served at NVAR Headquarters at 7 AM.  Lunch & Refreshments will be provided while en route.  Meet your elected officials and watch the General Assembly at work.

Cost: $20.00 per person

Click Here To Register

Deadline To Register is February 1st, 2010.

For more information please call Lisa May 703 207 3201

Please Fax Reservation form to 703 207 3269

Mail Reservation Form

NVAR, ATTN: Government Affairs, 8403 Arlington Blvd, Suite 100, Fairfax, VA 22031

Northern Virginia Real Estate Times

Natalie Bryant Associate Broker National Realty Reston Virginia

In this, our second segment of “Agent Spotlight”, our second Northern Virginia Real Estate Agent we interviewed this year. Natalie Bryant, Associate Broker with National Realty in Reston Virginia.

Q How Long have you been a Realtor?

A I began my career in 1985.  I first obtained my license as an agent in Ft. Lauderdale, Florida, after attending university in South Florida, I also practiced real estate in New York City, NY for several years when I lived there in my married life. I obtained my Virginia license when I returned home to Virginia around 1990.

Q What Designations do you have?

A I have a GRI  Designation: Graduate REALTOR® Institute designees have made the commitment to provide a high level of professional services to their clients. The GRI curriculum incorporates a common body of knowledge for progressive real estate professionals. A REALTOR® who possesses the GRI designation has not only completed a course of study required by the program, but also subscribes to the Code of Ethics of the NATIONAL ASSOCIATION OF REALTORS®.

Graduate REALTOR® Institute (GRI) is the designation awarded by state associations to members of the NATIONAL ASSOCIATION OF REALTORS® who successfully complete a predetermined course of study.

Any person awarded the GRI designation must be a member of the NATIONAL ASSOCIATION OF REALTORS® and must maintain that membership to retain the designation.

As an Associate Broker, I do not operate independently, but rather have the additional education and knowledge that a broker license brings.  This is an added advantage for my customers and clients alike.

Q What made you decide to become a Real Estate agent in Northern Virginia?

A I grew up in the real estate industry.  My father Bill Bryant, is a commercial broker in Northern Virginia.  He specializes in commercial land, and was instrumental in developing Tysons Corner, and the Dulles Corridor. He was a huge influence, and is my inspiration to this very day.

I guess you can say I grew up in the real estate world.  There was nothing that compared to real estate.  It is so lucrative yet fun.  I love it.  It was the obvious choice for me.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A Obviously, and Thankfully we are blessed to be in the Washington DC/ Northern Virginia area Real Estate Market becase of the government, IT Employment Opportunities, and the steady influx of related jobs that support these entities.  We are adjusting, and the market is improving.  I am experiencing multiple contracts on my listings.  Inventory is scare on homes under 500K. Please be advised that Short Sales and Foreclosures will increase due to adjustable mortgage rates.  I am so thankful unlike many real estate agents out there, that I am not afraid of this growing trend.  I know how to work these deals, and it is a wonderful opportunity for today’s Buyer & Agent if they know how to work it.

Q What Associations are you with?

A I am a member of NAR or the National Association of Realtors as well as locally with VAR, Virginia Association Of Realtors, and  NVAR, the Northern Virginia Association of Realtors.

Q Do you work with Buyers, Sellers, Or Both?

A I work with both Buyers as well as Sellers

If you are a Current or Future Resident of Northern Virginia and are considering Buying or Selling a Home, contact Natalie Bryant, Associate Broker with National Realty Reston Virginia.

Office Address:

11890 Sunrise Valley Drive

Reston, VA 20191

Google Map

Website: Visit Natalie Bryant’s Website

Phone: 703 568 1731

Email: Send Natalie Bryant an Email

Northern Virginia Real Estate Times

Pending Home Sales Down For Month & Up Year Over Year

Pending Home Sales went down month to month in November by 16% this compared to a 3.6% gain in October.  Keep in mind all data is delayed which s why we are talking about November Pending Home Sales.  The good news is that Pending Home Sales actually went up Year over Year for the month of November by 15.5%.

The reason for the 3.6% increase in October was due to those wanting to take advantage of the Home Buyers Tax Credit  prior to it expiring.  As you know this was both extended and expanded.

What is going to happen to Pending Home Sales and the Housing Market as a whole once the Fed stops buying mortgage backed securities MBS in March?  What Happens when the Extended & Expanded Home Buyer Tax Credit Expires in April?  Can the Housing Market sustain itself without any government intervention?

Northern Virginia Real Estate Times

Chuck Rifae Associate Broker ReMax Select Leesburg VA

In this our first segment of “Agent Spotlight“, we are please to introduce to our readers,  our first Northern Virginia Real Estate Agent we interviewed this year.  Chuck Rifae, Associate Broker with ReMax Select in Leesburg Virginia.

Q How Long Have you been a Realtor

A  I have been a Realtor in Northern Virginia for over 9 years. I have been an Associate Broker for 4 years now, and have lived in Northern Virginia for over 25 years.

Q What designations do you have

A  I hold two designations.  One is an ABR designation, or Accredited Buyer Representative. This designation prepares real estate professionals to thoroughly represent buyer-clients in real estate transactions and provide the quality of service and degree of fidelity to buyers that sellers have customarily enjoyed. The second designation I have is CDPE, or Certified Distressed Property Expert.  A Certified Distressed Property Expert^® is a real estate professional with specific understanding of the complex issues confronting the real estate industry, and the foreclosure avoidance options available to homeowners. Through comprehensive training and experience, CDPEs are able to provide solutions for homeowners facing hardships in today’s market, specifically short sales.

As an Associate Broker, I do not operate independently, but rather have the additional education and knowledge that a broker license brings.  This is an added advantage for my customers and clients alike.

Q What made you decide to become a Real Estate Agent in Northern Virginia?

A I had a hard time personally with other real estate agents and felt I could do a better job and provide better service then I myself received.

Q What are your thoughts with regards to the Northern Virginia Real Estate Market now and into 2010?

A Locally the Northern Virginia Real Estate Market is very strong, and has been for the last six months.  We are seeing very low inventory levels complimented with very low unemployment.  I am seeing multiple offers on the low end of the Northern Virginia Real Estate Market, and beginning to see multiple offers middle of the Northern Virginia Real Estate Market.

Q What Do you mean by low to middle end of the Northern Virginia Real Estate Market?

A By low end I mean homes priced below $200K. And by the middle I mean homes priced from 350 K – 600K

The last listing I had received 3 Full Priced offers within 72 hours.  This was in Gainesville Virginia, and was priced at $549K

Q What Associations are you with?

A I am a member of NVAR or The Northern Virginia Association of Realtors, as well as a member of VAR or The Virginia Association of Realtors.

Q Do you work with Buyers, Sellers, or Both?

A I work with both Buyers & Sellers in Northern Virginia.  I am a Full Time Full Service Associate Broker.

Q In what states to you hold a Real Estate license?

A I hold a license just in Virginia

Q What areas of Northern Virginia do you serve?

A I serve the current and future residents of both Loudoun County and Fairfax County Virginia.

If you are a Current or Future Resident of Northern Virginia and are considering Buying or Selling a Home, contact Chuck Rifae, Associate Broker with ReMax Select Properties of Leesburg Virginia.

Office Address:

305 Harrison Street SE Suite 200

Leesburg Virginia 20175

Google Map

Website: Visit Chuck Rifae’s Website

Phone: 703 885 1582

Email: Send Chuck Rifae An Email

Northern Virginia Real Estate Times

Northern Virginia Agent Spolight

The Northern Virginia Real Estate Times is please to announce that it is starting the New Year out with a new segment of our Newspaper simply called “Agent Spotlight“.  Each week we will be interview a different Real Estate Agent that both lives and works in the Northern Virginia area.  We will get to learn about them, their experience, and get their perspective of the Northern Virginia Real Estate Market.

This allows our readers to get to learn about them as well as get their thoughts on the Northern Virginia Real Estate Market.  We feel this is a win-win for both our readers as well as the Northern Virginia Real Estate Agent being placed in the spotlight.

If you are a licensed real estate agent, and live and work on Northern Virginia, and would like to be “Featured” in our “Agent Spotlight” segment of our newspaper, please email our editor at Editor@NVRETimes.com.

Be sure to give your name, phone number, and Brokerage you are with.

Northern Virginia Real Estate Times

Home Prices Still Rising But At A Moderate Pace

Home Prices are still improving but at a moderate pace month to month.  However they are down year over year by 7.3%

Standard & Poor’s Case – Shiller Home Price Indices measures the residential housing market, tracking changes in the value of the residential real estate market in 20 metropolitan regions across the United States. One of the Cities it measures is the Washington DC Metropolitan Area.

The turn-around in home prices seen in the Spring and Summer has faded with only seven of the 20 cities seeing month-to-month gains, although all 20 continue to show improvements on a year-over-year basis. All in all, this report should be described as flat.” says David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s.

The S&P/Case-Shiller Home Price Indices are published on the last Tuesday of each month at 9:00 am ET. They are constructed to accurately track the price path of typical single-family homes located in each metropolitan area provided. Each index combines matched price pairs for thousands of individual houses from the available universe of arms-length sales data

Click here to review the latest Press Release

Northern Virginia Real Estate Times

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What The US Treasury Department Did On Christmas Eve

While everyone was getting ready for Christmas in Northern Virginia and Nationwide be it traveling or staying home, the US Treasury Department decided this was a good time to announce in the evening of Christmas Eve, a Press Release

TREASURY ISSUES UPDATE ON STATUS OF SUPPORT FOR HOUSING PROGRAMS

Today, the U.S. Department of the Treasury provided an update on initiatives established under the Housing and Economic Recovery Act (HERA) of 2008, which supports housing market stabilization and provides relief to struggling homeowners. As part of a commitment to wind down programs that were established during the crisis and are no longer critical to financial stability, Treasury will terminate several HERA programs at the end of the year. Treasury will also amend the terms of its agreements with Fannie Mae and Freddie Mac to support their ongoing stability. The steps outlined today are necessary for preserving the continued strength and stability of the mortgage market.

Program Wind Downs

The program that Treasury established under HERA to support the mortgage market by purchasing Government-Sponsored Enterprise (GSE) -guaranteed mortgage-backed securities (MBS) will end on December 31, 2009. By the conclusion of its MBS purchase program, Treasury anticipates that it will have purchased approximately $220 billion of securities across a range of maturities.

The short-term credit facility that Treasury established under HERA for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks will terminate on December 31, 2009. This credit facility was designed to provide a backstop source of liquidity and has not been used.

Northern Virginia Real Estate

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Merry Christmas & Happy Holidays Northern Virginia

From All Of Us At The Northern Virginia Real Estate Times We Would Like To Wish You And Your Family A Very Merry Christmas And Happy Holidays.  Enjoy The White Christmas We Are Having In Northern Virginia And Washington DC.

Northern Virginia Real Estate Times

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2010 DAAR Board Of Directors Installed

This week, twenty-one local area REALTORS® were installed as DAAR’s 2010 Board of Directors during a holiday party and grand opening of DAAR’s new offices in Leesburg. Tom Donegan, RE/Max Premier, Fairfax was installed as the 2010 Chairman by 2006 National Association of REALTORS® President Tom Stevens.

Six newly-elected officers Sue Smith – RE/MAX Premier, Dulles, Jim Sonnhalter- Keller Williams, Ashburn,Jackie Lawlor-Campiti – Jack Lawlor Realty, Ashburn, Brian Jarvis - Jarvis Appraisal Service, Purcellville, Sue Puleo - Prudential Carruthers Realty, Hamilton and Nancy Yahner – Keller Williams, Ashburn joined the following members who are continuing on DAAR’s Board in unexpired terms:

Tom Donegan – RE/MAX Premier, Fairfax – Chairman
Bradley Boland - Jobin Real Estate, Reston – Immediate Past Chair
Janeen Marconi – 1757 Real Estate, Leesburg
Edna Cross – Prudential Carruthers Realty, Leesburg
Tim Schutte - Long and Foster, Purcellville
Beckwith Bolle – Carter Braxton Real Estate, Leesburg
Pat Patino – Long and Foster, Ashburn
Tom Morrissey - Morrissey Commercial, Leesburg
Tania Gonda - Weichert, REALTORS, Dulles
Tony Arko – Market Advantage Realty, Sterling
Melissa MacKimm – RE/MAX Select Properties, Leesburg
Rita Huggins-Halstead – Long and Foster, Sterling
Linda Beck – Lighthouse Realty, Ashburn
Charles Fincher – Monarch Title, Leesburg
Mary Krueger – SunTrust Mortgage, Sterling

DAAR was honored to have thirteen past presidents attend the event:

Mary Lou Raymond – 1974
Barbara Ramey – 1984
David Leroy – 1985
Beverly O’Toole – 1990
Bill Roth – 1996-97
Tom Jewell – 1999
Rick Cockrill – 2001
Trudy Goodwin – 2002
Gwen Pangle – 2004
Barry Allbright – 2006
Candice Bower – 2008
Brad Boland – 2009

Northern Virginia Real Estate Times

Have Home Prices Stabilized? Pete Flint, Co Founder and CEO of Trulia, Diana O’lick of CNBC, and Ken Rosen, of UC-Berkeley Fisher Center for Real Estate dicuss in this video.

Pete Flint of Trulia stated home price reductions decreased in December.  A significant number of price reductions decreased in the last month.  This makes us think that the market is starting to stabilize.

Ken Rosen Believes that Housing Prices in the low end of the market have stabilized for sure, and even the middle end of the market.  However, the high end has not.

Diana O’lick We are seeing a very reduced inventory and bidding wars in the very low end of the housing market.  This on Foreclosure properties and Short Sales.  We could even see a double dip in the Housing Market and more Foreclosures .

When Asked ” Is The Housing Market Stabilized? Yes or No

Pete Flint Its getting there but its got a way to go

Ken Rosen Yes on the Low End and Middle End, and NO on the High End.

Diana O’lick Temporarily with a whole lot of caveats

Northern Virginia Real Estate Times

Home Values are Rising in Northern Virginia and elsewhere.  Foreclosures are rising too as reported by Diana O’lick of CNBC.  Home Buyer has increased over the summer thanks in part to the First Time Home Buyer Tax Credit.  This in-turn is helping Home Sellers.  Trulia reports that 22% of all Home Sellers reduced their asking price at least once.  Still, this is the lowest since the began this survey.  Home Sellers in the South which includes Virginia reduced their asking price by 19%. In the South Home Sellers reduced their asking price by 20%.

The average price reduction was 11% which is a 1% increase.  Home Prices are stabilizing and Home Owners are losing less equity.

$489 Billion was lost in 2009

3.6 Trillion was lost in 2008

48 out of 154 Markets saw Price Gains

This is according to Zillow.

Foreclosures are beginning to ramp up.  Will we see another dip in Home Prices before we hit the bottom?

Northern Virginia Real Estate Times

Virginia Association Of Realtors

VIRGINIA REALTORS ELECTED TO ASSOCIATION BOARD

Thirteen Virginia Realtors have been elected to the Virginia Association of REALTORS’ (VAR) Policy Board. The VAR Policy Board is responsible for administering the affairs of the Association within the bylaws and mission as approved by the VAR Delegate Body. Members also serve as directors of the Virginia Real Estate Educational Foundation. Elections were held during the VAR Annual Convention last week.

Those elected or re-elected to the VAR Policy Board are:

▪ Mary Bayat, Alexandria
▪ Charlie Bengel, Jr., Burke
▪ Susan Mekenney, Alexandria
▪ Daniel Odio-Paez, Northern Virginia
▪ Jane Quill, Fairfax
▪ Karen Tilson, Richmond
▪ Brad Boland, Reston
▪ Benton Downer, Charlottesville
▪ Mary Dykstra, Roanoke
▪ Gwen Pangle, Sterling
▪ Elizabeth Kistler, Harrisonburg
▪ Andy Mason, Onancock
▪ Fred Morgan, Staunton

The Virginia Association of REALTORS (VAR) is the business advocate for real estate professionals in Virginia. VAR represents more than 33,000 REALTORS active in all phases of real estate brokerage, management, development and appraisal.

Northern Virginia Real Estate Times

Dulles Area Association Of Realtors

FOR IMMEDIATE RELEASE

CONTACT JEANETTE NEWTON, CEO

DECEMBER 7th,2009

703 777 2468

REGIONAL SHORT SALE FIELD GUIDE PROMOTES BEST PRACTICES

LEESBURG,VA – In response to a growing number of real estate short sales in the region, The Dulles Area Association of Realtors partnered with several area REALTOR Associations to create an online resource aimed at educating real estate practitioners and consumers on best practices related to these transactions in an effort to serve the home – buying and selling public with utmost professionalism.

The Regional Short Sale Field Guide, a product of a six months long ethics dialogue between key leaders from:

The Dulles Area Association Of Realtors

The Fredericksburg Area Association Of Realtors

Greater Piedmont Area Association Of Realtors

Northern Virginia Association Of Realtors

Prince William Association Of Realtors

They will feature an online reference tool that will help educate real estate practitioners to promote ethical and effective practices to safeguard clients.

Faced with a new market reality producing an unprecedented number of short sale transactions, REALTORS must be versed in the complexities related to short sale listings and transactions to represent sellers and buyers effectively.  The Guide offers a proactive approach REALTORS can adopt to ensure that their business practices meet or exceed the standards established by the financial community and the REALTOR Code of Ethics.

“The Short Sale Toolkit is an important step toward educating and informing our members of the solutions and pitfalls of our current market in an effort to protect their clients” said Bradley Boland, DAAR Chairman and Broker with Jobin Realty in Reston.

The guide can be accessed at www.ethicsdialoguegroup.com

The Dulles Area Association Of Realtors (DAAR) is the Association Of Choice for Real Estate Professionals in the Northern Virginia Area.  Founded in 1962, DAAR works to safeguard and advance the mutual interests of the public, property owners, and real estate professionals for real estate related matters.

Northern Virginia Real Estate Times

Shaun Donovan Secretary U.S. Department of Housing and Urban Development

Shaun Donovan, The Secretary of the US Department of Housing and Urban Development or ( HUD) announced today that the FHA may plan to raise borrowers premiums, credit scores, and down payments.  They also plan to crack down on lenders and hold them accountable for bad underwriting , in an attempt to reduce risk.  The FHA has some $685 Billion in its mortgage portfolio.

Mortgage Applications are up 2.1% from last week

Purchase Applications are up 4.1% from last week

Refis are up 1.7% from last week

Northern Virginia Real Estate Times

Diana O’lick of CNBC reports that Pending Home Sales for the Month of October, 2009 are up 3.7%. Pending Home Sales rose again for the 9th straight month and up 32% from a year ago.  This is the highest level ever recorded for this index.

The Pending Home Sales Index is that follows contracts signed in a given month, and not existing Home Sales.  Think of this index as a forward looking indicator.

Pending Home Sales Index By Region

In the Northeast Pending Home Sales were up 20%

In the Midwest Pending Home Sales were up 11.6%

In the South and Virginia is in this region, Pending Home Sales were up 5.4%

In the West Pending Home Sales were down 11.2%

Lawrence Yun, Chief Economist of (NAR) or the National Association of Realtors warns that sales could dip in the months ahead.  We could see another decline in Home Sales in the winter before we see another surge in Home Sales in the Spring.

Perhaps we saw such an increase in Pending Home Sales for the Month of October Home Buyers thought the Tax Credit was set to expire in November of 2009.  There has also been alot of government stimulus in the Real Estate Market.  Aside from the Tax Credit, interest rates have been at all time lows.  Then take into account the Fed buying up Fannie Mae and Freddie Mac securities.  This program is set to expire on March 0th, 2009.  Could we see the Fed raise interest rates after this program expires?  If the Fed does decide to raise interest rates after this program expires in March, 2010, will the increase in interest rates effect the extended and expanded tax credit that runs through the end of April?  Will less people take advantage of the extended and expanded tax credit then?

Attention Northern Virginia Home Buyers if you are sitting on the fence waiting for Northern Virginia Home Prices to drop even more, you may be doing yourself a disservice.  If you are considering jumping into the Northern Virginia Real Estate Market the time is now!

Reasons:

First Time Home Buyers Tax Credit Extended

Tax Credit Expanded – If you are considering moving up, the time is now to take advantage of the tax credit

Interest Rates – They are at all time lows.  As the dollar continues to depreciate, gold continues to rise, the Fed may have no choice but to raise interest rates prior to the Tax Credit Expiring.  Even worse, The Fed has a program in which they are buying up Fannie Mae & Freddie Mac Securities, and this program ends on March 30th, 2009.  The Fed could decide to raise interest rates after this program expires

Home Prices – Northern Virginia Home Prices are lower than they have been for years.  Better yet, whether you are considering purchasing a newly constructed Northern Virginia Home, or an Existing Home in Northern Virginia, remember there is always room for negotiation.  This includes what to actually offer on a Northern Virginia Home currently For Sale.

Real Estate Agent - With inventory levels at all time lows, working with an experienced real estate agent that knows the Northern Virginia Real Estate Market, can help you save both time and money, help in the negotiation of a Home Purchase, and represent you and your best interests each step of the way from contract to close.

Northern Virginia Real Estate Times

Diana O’lick of CNBC reports on the announcement of the Treasury Department to launch a “modification Conversion” drive.  The Treasury Department is launching a nationwide campaign to convert trial modifications to permanent modifications.  The Treasury Department plans to push lenders to modify more loans after the administrations 75 Billion Dollar housing bailout is falling short due to rising Foreclosures.

This campaign being launched by the treasury department is being used to help borrowers in the trial phase of their modified mortgages, to convert to permanent modifications.

Treasury officials state that of the nearly 650,000 modifications now in the trial period, nearly 375,000 are scheduled to convert to permanent modifications by the end of the year.  The Treasury Department will begin to require lenders to have “servicer accountability” which will require loan servicers and lenders to submit a schedule demonstrating a plan to reach a decision on each loan.  If a lender does not reach performance obligations, they could be fined.

Last month a congressional oversight committee panel for the TARP found that less than 3,000 of the more than 500,000 loan modifications had become permanent.

There are estimates that nearly 7,000,000 are delinquent at this time in the pipeline.

In Northern Virginia, the Northern Virginia Real Estate Market is facing issues such as Foreclosures, Short Sales, Low Inventories, and Delinquencies.  That being said however, because of it geographic location to Washington DC, The Northern Virginia Real Estate Market hasn’t been hit as hard as other areas nationwide.

Many Northern Virginia Home Owners are trying to take advantage of the Loan Modification Program.  Some are in the ‘trial modification” period as we spoke about in this article.  Some Northern Virginia Home Owners have received the good news as it were, that their loan modification has become permanent.  Many Northern Virginia Home Owners however, have submitted their paperwork for a loan modification through their lender and have been waiting weeks and in some cases even months before even receiving an answer from their lender if they qualify, and begin their trail modification period.

Many Northern Virginia Home Owners are finding they are ‘under water” meaning their home is worth less than what they bought it for.  Still Many are facing this situation and have lost their job or have had to take another job that pays less and they still struggle with paying the mortgage.  Many people think they only choice they have is a “Short Sale”, in other words selling their Northern Virginia Home for less than what they purchased it for.

Before you consider a “Short Sale” or “Foreclosure”, you may want to contact your lender and discuss a loan modification.  If you qualify for a loan modification, you may have to pay out less on a mortgage each month and continue living in your current home.  Finally if you do not qualify for a loan modification, you still have the option of a “Short Sale”.  If this is the case, be sure to hire a Northern Virginia Real Estate Agent that is well versed in the “Short Sale” process.  Short Sales are different in that the bank and not the home owner dictates what to price the home, what offers they are willing to accept, and what commission rate they are willing to pay. When deciding on which Northern Virginia Real Estate Agent to use, you need not worry about or discuss commissions, the most important factor you need to be concerned with is the level of experience the Northern Virginia Real Estate Agent has with Short Sales.

Northern Virginia Real Estate Times

Is Your Home Under Water?

When someone asks you if your home is under water some people think there home is flooded.  This isn’t the case.  In real estate terms when your home is under water, it means you owe more on the home then what the market value of the home is worth.

Today we learned that the number of Home Owners in the United States that owe more on their mortgage then what the value of their home is worth has increased to 23%. That’s nearly 1 in every 4 homes.

First American Core Logic, stated that nearly 10.7 million households had negative equity in their homes.  Click on the link provided by the Wall Street Journal showing Negative Equity By State

Here Are Virginia’s Numbers:

Mortgages: 1,235,727

Negative Equity Mortgages: 294,008

Near Negative Equity Mortgages: 69,690

Negative Equity Share: 23.8%

Near Negative Equity Share: 5.6%

Total Property Value: $417,169,394,840

Mortgage Debt Outstanding: $297,419,114,453

Net Home Owner Equity: $119,749,762,835

Loan To Value Ratio: 71%

In Northern Virginia we are seeing many Home Owners finding themselves underwater with regards to their Northern Virginia Home.  The Northern Virginia Real Estate Market has been flooded with both foreclosures and even more short sales.  Short Sales are those homes for sale in which the Northern Virginia Home Seller is Listing their Northern Virginia Home For Sale for less than that for which they owe on the mortgage.  In other words they could very well still owe their lender money even after the sale of their home.

Northern Virginia Real Estate

Housing Starts Have Dropped 10.6%

Multifamily Homes have Dropped 34.6%

Single Family Homes Have Dropped 6.8%

Building Permits are an indicator of Future Home Building and this has Dropped 4%

Has rising unemployment weighed more heavily then expected on the Housing Market?

Total Mortgage Applications Have Dropped 2.5%

Home Purchases Have Dropped 4.7%

Mortgage Refi’s Have Dropped 1.4%

Diana O’lick of CNBC, Howard Glaser, Former HUD Official, and Zillow COO Spencer Rascoff discuss the Housing Recovery and whether or not it has stalled.

Diana O’lick – Believes vacancy rates are a problem especially when you have new homes competing against foreclosures. We are seeing rising Foreclosures.  Banks are ramping up their modification process, which in-turn will help some Home Owners, but also speed up the Foreclosure process for those who don’t qualify for a loan modification.   The banks are taking them back and then adding then to the housing inventory.  She thinks that move up home buyers may not be taking full advantage of the $6,500 tax credit, because traditionally, this is the slowest time of the season for housing.

Howard Glaser: Is not disappointed in the current housing numbers.  He believes slow housing starts are absolutely needed to building stability in the Housing Market.  He believes we need to burn through existing inventory and not dump new inventory into the market place.  We have foreclosures coming into the market that are competing against new homes coming into the market which he believes isn’t a good thing.

The recipe for a stabilized Housing Market is existing Home Sales increasing, which they are.  Decreasing Foreclosures which we are seeing some success.  And finally, keeping Home Starts at a low pace.  He believes it is possible for the Housing Market to stabilize in the First or Second quarter of 2010.

Spencer Rascoff: He is worried about mortgage applications.  He thinks perhaps most of the First Time Home Buyers took advantage of the Home Buyer Tax Credit the first time around.  Perhaps not as many First Time Home Buyers can r will take advantage now.

Zillow took a survey as to whether Home Owners felt their home would increase or decrease in value in the next six months.  84% of Home Owners responded that they felt their home value would either stay flat or increase.  This of course is not the case.

Northern Virginia Real Estate Times

Shaun Donovan Secretary U.S. Department of Housing and Urban Development

The FHA today will no longer require two appraisals on higher – balance for properties in declining markets.  This rule was put in place during the height of the Housing Crisis.  The FHA Commissioner David H Stevens, the Assistant Secretary of Housing  & Federal Housing Commissioner, stated that they saw no benefit in doing so. That it just slowed down the process.

Northern Virginia Real Estate

Northern Virginia Real Estate Times

The Natioanl Association Of Realtors ( NAR) says Realtors are more optimistic about the housing market then ever before.  The Chief Economist of the NAR Lawrence Yun released his Housing Forecast today.  Read News Release

Kenneth Rosen, UC Berkley Haas School Of Business, Matthew Garrison of the Matt Garrison Group, and Diana O’lick of CNBC have a real estate round table aabout the First Time Home Buyer Tax Credit, Fannie Mae, Freddie Mac, Interest Rates, and of course the National Association of Realtors Housing Forecast.

The extension and expansion of the First Time Home Buyers Tax Credit has Real Estate Agents more optimistic about the real estate market according to the National Association of Realtors. Lawrence Yun states the the Housing Recovery Predominately in Lower End Homes Read Article

Lawrence Yun believes the tax credit will stabilize home prices.  We will see more first time Home Buyers then initially projected.  Around 2.4 million First Time Home Buyers.  47% of homes were purchased by First Time Home Buyers this is an increase of nearly 41% from a year ago. Yun predicted just over 5 million in existing home sales, which is an increase of nearly 2% from last year.  He predicts an increase of 13.6% in 2010, however risks such as unemployment remain.  Yun also believes that interest rates will rise to around 5.8% by 2010. Yun expects Home Prices to turn positive and Home Sales to go up by 13.6%. Read Article

Diana O’lick of CNBC mentioned at the end of her report that this is is the Realtors  forecast, and as you know Realtors sell homes for a living.  She also thinks that there is simply to much government stimulus in the housing market right now.  She brings up the point that the Feds Buying Program for Fannie Mae and Freddie Mac end comes to an end at the end of March, 2010.    This is going to have a real time effect on mortgage interest rates.  If interest rates do increase to 5.8% or more, even with the help of a tax credit it may change your mind about buying a home.  Diana O’lick asks this question.  “What are you going to do once you eat up all the supply that is at the low end of the market?”  She also makes a point in that investors are not qualified for the tax credit, but they are buying inventory with cash.  This in-turn pushes First Time Home Buyers out of the market on the lower end where they need to be, are being pushed out by cash only buyers because the banks that own those homes, want the cash.

Kenneth Rosen believes that the extension and expansion of the First Time Home Buyer Tax Credit will help increase sales.  He also stated that he thinks the National Association of Realtors Housing Forecast is too conservative with regards to Home Sales.  Kenneth Rosen stated that if you were going to buy a home in the next 16 months, you are probably going to buy it earlier.  Now is the right time to extend and expand the tax credit as we are at the depths of the market.  He believes the best time to give low down payment loans is at the bottom of the cycle.  You want to discourage people from buying using a low down payment when you are at the top of the cycle.  Inventories are coming down and trade up buyers looking to take advantage of the Expanded Tax Credit in order to buy a home worth 800K or less, will take advantage of the $6,500 tax credit.

Matt Garrison thinks that after the tax credit expires, along with the artificial demand, this will not help the Housing Market in the long term.  Matt Garrison also is skeptical of the recovery in 2010.

Here in Northern Virginia we are seeing low inventories in the Northern Virginia Real Estate Market at all time lows.  We are seeing those investors lay down all cash offers to banks to buy homes, pushing First Time Home Buyers and Northern Virginia Home Buyers out.  They are finding themselves writing offers on multiple properties time and time again before they get an accepted offer.

Diana O’lick, Larry Cutlow of CNBC discuss with Susan Wachter, a Professor of Financial Management at Whartons Richard B Worley, and Howard Glaser, Former Mortgage Bankers Association VP of Governmental Affairs discuss the progress of the loan modification program, and if we can expect a second round of foreclosures.

Northern Virginia Real Estate Times

Nearly 650,000 borrowers are now in a trial modification period.  This is the program in which lenders work with the government get the borrowers down to the 31% Debt To Earnings Ratio. This report provided by Diana O’lick of CNBC.

Michael Barr, Assistant Secretary For Financial Institutions, of the US  Treasury Department, stated that  we are reaching borrowers at a larger scale than any other modification program to date, bu that there is still much more work to be done.

Report On The Lenders:

Among the Best was American Home Mortgage with 44% of eligible borrowers in trial modifications.  Citi Mortgage came in next with 40%, however Bank Of America was way down on the list with only 14% of eligible borrowers in trial modifications.

This report from the Treasury Department left out how many people currently in a trial modification have missed payments.  Also, the number of borrowers who pass the three month trail modification period and were converted to permanent status.

US Home Vacancies Reah Record Highs

The Number of US Home Vacancies have risen to nearly 19,000,000 in the 3rd Quarter. What does this say about the “Housing Recovery”? Diana O’lick of CNBC reported that this is a record number of vacancies made up of both rental properties as well as Home Owner Properties.

Vacancy Rates

Total Housing Units 14.5%

Rental Units 11.1%

Homeowner 2.6%

The concern is that more people are in danger of Foreclosure, and may be abandoning their home.  Of course, the more empty houses you have, the lower Home Prices become.

In Northern Virginia Home Inventories are at record lows.  Even with a lack of inventory, there are many homes throughout all of the counties located in the Northern Virginia area in which vacant homes sit and have sat for months now. More Foreclosures are still to come. The Northern Virginia Real Estate Market may be stabilizing, but are we selling “Future Home Sales or 2010 Home Sales”? And if we are, how stable will the 2010 Northern Virginia Real Estate Market be in 2010?

Northern Virginia Real Estate Times

Diana Olick of CNBC reported today that Existing Home Sales Surged and were up 9.4%. Some 5.57 million units were sold. This marks the highest total in nearly two years.  The average median sales price was $174,900. This represents a decline of 8.5% below that of a year ago.  There is a 7.8 month supply of homes which represents a two year low.  In Northern Virginia we are facing a lack of inventory as well.  Existing Home Sales rose nearly 4.4%

One Third of all sales this quarter were distressed sales, other wise known as Short Sales or Foreclosures.  Even more interesting was the fact that 45% of all sales were from First Time Home Buyers. perhaps the most startling figure was that 69% of all sales were below $250,000

Northern Virginia Real Estate Times

Fauquier County Virginia Real Estate Market Analysis

The Link below will provide you with a Market Analysis provided by NVAR of Fauquier County Virginia Real Estate and a Home Market Analysis for September 2009.  

You will see a breakdown of Condo sells with the Average and Median Sold Prices. Pricing Data for comparison purposes as it relates to September 2008 – 2009 prices. Number of Condos Sold versus Units Pending, versus Active Listings.  You will See the Average Days on Market For Condos as well as a comparison showing condos sold by price range as well as Listings by Price Range for Condominiums in Fauquier County Virginia

You will see a breakdown of Attached Home sells with the Average and Median Sold Prices.  Pricing Data for comparison purposes as it relates to September 2008 – 2009 prices. Number of  SoAttached Homesld versus Units Pending, versus Active Listings.  You will See the Average Days on Market For Attached Homes as well as a comparison showing Attached Homes sold by price range as well as Listings by Price Range for Attached Homes in Fauquier County Virginia.

You will see a breakdown of Detached Home sells with the Average and Median Sold Prices.  Pricing Data for comparison purposes as it relates to September 2008 – 2009 prices. Number of Detached Homes Sold versus Units Pending, versus Active Listings.  You will See the Average Days on Market For Detached Homes as well as a comparison showing Detached Homes sold by price range as well as Listings by Price Range for Detached Homes in Fauquier County Virginia

Click here for the September 2009  Fauquier CountyVirginia Real Estate Market Analysis

Northern Virginia Real Estate Times

NVAR Market Analysis: Northern Virginia Home Sales Report

The Northern Virginia Association of Realtors or NVAR has released the September, 2009 Home Sales Report for Northern Virginia.  Home Prices have increased 5% for the month of September, 2009.  Pending Home Sales were also up by 13%. Home Sales in Northern Virginia were up by 2%. Finally, according to NVAR market statistics for September, 2009, there is a four month supply of inventory available.   Click on the link below to preview the Northern Virginia Area Home Sales Report for September, 2009 Other reports for the Greater Northern Virginia Area, Arlington County, Alexandria, Fairfax County, Loudoun County, Fairfax City, Falls Church City, Fauquier County, Prince William County, as well as a Comprehensive report are available as well at the NVAR website.

Northern Virginia Real Estate Times

How will the Climate Bill, also known as the American Clean Energy and Security Act- Written by Andrew Kantor, provided by the Virginia Association of Realtors

So the House passed the climate bill. Or the energy and climate-change bill. Or the American Clean Energy and Security Act. Or whatever you want to call it. It’s got stuff to annoy the heck out of everyone in it, and may — somewhere in its 1,200 pages — actually do something for the planet.
Like most things coming from Washington over the past, oh, nine to 15 years, in order to get the votes it needed, it throws lots of money around. But it does do some good — capping greenhouse-gas emissions for the first time, requiring the use of renewable energy, and putting money into clean energy.
So what does this have to do with real estate? (Aside from maybe buying those shoreline homes a bit more time before they’re under water?)

The part of the bill that’s causing some consternation is section 204: Building Energy Performance Labeling Program. It requires the establishment of…a building energy performance labeling program with broad applicability to the residential and commercial markets to enable and encourage knowledge about building energy performance by owners and occupants and to inform efforts to reduce energy consumption nationwide.
That had some folks worried. If all homes had to have an energy rating, well, who would pay for it? Who would do it? How much would homeowners have to spend to improve their ratings? Would homeowners be required to meet new efficiency standards? How would it affect sales? What other ripple effects would it have? And so on.
Enter NAR and its lobbying effort, which amended the bill — no small feat!
Meet subsection (m):
(m) New Construction- This section shall apply only to construction beginning after the date of enactment of this Act .
That doesn’t answer all the questions, of course, but it at least reduces the effect and reduces the number of things for Realtors to worry about.
We’ll of course be tracking the bill as it winds its way through the Senate, and — assuming it passes — will give you a detailed analysis on how it affects you and your clients.

Special thanks to Andrew Kantor, and VAR - Virginia Association of Realtors for allowing us to use this article.