New Restaurants Join Favorites at West Springfield Shopping Centers

The Burger Joint, Panera and Boardwalk Fries have all located to the West Springfield shopping centers within the last year. Our favorite, Village Chicken, has moved across the street. They join Starbucks, Subway, Whole Foods, Austin Grill and several others to offer many casual dining opportunities.

Panera, Boardwalk Fries, Subway

Village Chicken (sign coming soon)

The Burger Joint

Starbucks

 

Loan Limits for 2012

December 18, 2012
New VA Loan Limits.
The VA has determined the new loan limits for 2012. In the DC Metro Region, the maximum VA Loan will be $625,500 for loan originated between 1/1/12 and 12/31/12. The loan amount may increase slightly if Congress passes proposed legislation.
The VA guarantees 25% of the total loan, and a Veteran with full entitlements will be able to borrow the $625,500 with no money down. If the Veteran has partial entitlements, then either they could take a smaller loan, or increase their down payment. Lenders will have varying requirements for down payments and loan amounts. A veteran can obtain a certificate of eligibility by making application on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement, to the local VA office.
This compares to a maximum loan amount of $729,750 for FHA loans on one family properties.
The conventional conforming loans are available for up to $417,000 the same amount as previous years.

The new Northern Virgina Real Estate contract will result in huge changes.

The new real estate contract, coming out in January 1, 2012 will make the housing sell in AS IS condition.  I believe that this will result in prices falling.  It will also change the way we do business. 

They are planning to change the way we sell real estate here in Northern Virginia.  The homes are to sell in AS IS condition, not in normal working order.  This will change a lot of the ways that we do business.  I do believe that this will result in prices falling more than they would of without this change. 

The expectations of what the buyer is getting will be lowered.  We have already seen the market be particularly brutal to the older, single family homes.   And indeed the older homes all seem to have aged disproportionally in the past year. 

Just one year ago, the homes that were built in the 1980s or newer seemed to have features which the market wanted.  They had master bedroom baths, good closets.  Indeed the townhouses have been pulling ahead in the marketplace.  Now the homes seem dated when they were built before 1995.  The extra rain storms have taxed roofs and basements.  The droughts have been hard on trees. 

Earlier today, at the NVAR convention, we saw a preview of the new real estate sales contract to be used in Northern Virginia.  For 30 years we have been transferring in real estate in "normal working order".  That is, that the buyer could expect all the items in the house to basically function as expected.  And so all parties could argue about what is "Normal", and what the buyer should expect to get.  Now all the buyer is told is "WYSIWYG" what you see is what you get; the house sells AS IS.  However the appliance, equipment or structure is operating at the defined time is what you are buying.  We have already seen the market be particularly brutal to the older, single family homes.   And indeed the older homes all seem to have aged disproportionally in the past year. 
Just one year ago, the homes that were built in the 1980s or newer seemed to have features which the market wanted.  They had master bedroom baths, good closets.  Indeed the townhouses have been pulling ahead in the marketplace.  Now the homes seem dated when they were built before 1995.  The extra rain storms have taxed roofs and basements.  The droughts have been hard on foundations. Buyers' are very cautious when looking a these properties because they do not want to just take on someone else's problems.
Sellers should do their bet to put the properties in top condition and consider replacing older systems. It is better to get permits when doing remodelling so that they can assure a buyer that the work was done properly. When putting a house on the market, be prepared to do a home inspection prior to marketing so that you can let a buyer know that you are ready to sell. Also, home warranties are important as they truly do mitigate costs when moving into a new home (Old Republic paid out 8 times so far this year to my clients).
In this ever changing real estate world, this new challenge of selling the properties as they are presented will lead to new norms in how we do business.

Where has all the money gone?

Who has the Money?

New Real Estate Contract will result in changes in price and expectations.

The new real estate contract, coming out in January 1, 2012 will make the housing sell in AS IS condition.  I believe that this will result in prices falling.  It will change the way we do business. 

They are planning to change the way we sell real estate here in Northern Virginia.  The homes are to sell in AS IS condition, not in normal working order.  This will change a lot of the ways that we do business.  I do believe that this will result in prices falling more than they would have without this change. 

The expectations of what the buyer is getting will be lowered.  We have already seen the market be particularly brutal to the older, single family homes.   And indeed the older homes all seem to have aged disproportionally in the past year. 

Just one year ago, the homes that were built in the 1980s or newer seemed to have features which the market wanted.  They had master bedroom baths, good closets and generally less maintenance.  Indeed the townhouses have been pulling ahead in the marketplace.  Now the homes seem dated when they were built before 1995.  The extra rain storms have taxed roofs and basements.  The droughts have been hard on trees. 

Earlier today, we saw a preview of the new real estate sales contract to be used in Northern Virginia.  For 30 years we have been transferring in real estate in "normal working order".  That is, that the buyer could expect all the items in the house to basically function as expected.  And so all parties could argue about what is "Normal", and what the buyer should expect to get.  Now all the buyer is told is "WYSIWYG" what you see is what you get; the house sells AS IS.  However the appliance, equipment or structure is operating is what you are buying.  We have already seen the market be particularly brutal to the older, single family homes.  

Seller of prime property will really benefit from offering a home inspection as part of the marketing package to show that their properties are "move-in ready".

Come on Irene

Riding the Storm Out!

Real Estate Slows in the Dog Days of Summer

Well, just when you thought that I was ALWAYS going to be positive, we are coming to a little market slow down.  Traffic is down at the open houses.  Sellers are reducing prices to stay in the game.  Even with interest rates hovering around 4.5%, making the payments very affordable, purchasers are still hesitant to commit.  If you want to sell at this time, be sure to price your property attractively, and come on the market with the property 100% ready to go.  If you are looking to buy, this is a great time to pick up some bargains.

506 Seward SquareInvestor Alert -- Grande Dame Victorian for Sale on Capitol Hill.  4 units, all rented, well priced at $1,450,000