March Real Estate Madness 2010
Northern Virginia Real Estate Taxes, Tax Credits, Rising Prices
Finally the snow has melted on the snowiest winter that I have ever seen around here. The warmer temperatures are heralding in a hot real estate market. But the tax assessments are reflecting the price corrections which took place throughout 2009.
In the City of Alexandria, the overall residential tax values fell by 5.16%. Condominiums as a group have declined in value by about 20%. The average house now has a value of $612,749 a decline of 4.03%. The average condominium is now valued at $269,695, a mean decline of 7.83%. The City has proposed a increase in the tax rate from 90c/$100 to 97c/$100. Your assessment was mailed March 25, and the tax rate will be set April 24. Check your assessments here http://alexandriava.gov/realestate/default.aspx
In Fairfax County, the tax assessor has determined that 95% of the residential properties declined in value last year. Only 16% of all the property in the County kept the same assessed value. The average residential value declined by 12.55%. The drop in residential and commercial values lead to a decrease in the tax base of $22.86 billion from the previous year. You can click the following link to see how values have changed in your region of the County http://www.fairfaxcounty.gov/news/2009assessmentmap.pdf . This is leading the County to discuss rising the tax rate to either $1.12/$100 or $1.09/$100. Luckily, the violent crime rate and property crime rate also both fell last year. Check your assessment here. http://www.fairfaxcounty.gov/dta/
Arlington County was the first county to mail their tax assessments in January 2010. The overall real estate assessments dropped by 7.2%, the first time that aggregate values have declined since 1995. Single family homes dropped in value by 3.25%, overall residential values for townhouses, condos and single families dropped by 2.5%. The average residential assessment is now $503,200 down from $520,100 for 2009. Residential values peaked in 2007; now commercial values are falling also.
. http://arlingtonva.us/departments/realEstate/news/2010%20Press%20Release.pdf Check your assessment here: http://arlingtonva.us/Departments/RealEstate/RealEstateAssessmentsMain.aspx
All the Counties offer residents the opportunity to appeal their tax values
Take heart though. There were a lot of residential sales in the winter 2009-2010. This has left us with reduced inventory for Spring 2010. Consequently prices are rising. The Federal Tax Credit is influencing the market, bringing more buyers into the market. This is a great opportunity to put cash in your pocket. The credit is also available for long term residents who have lived in the same home for more than 5 of the previous 8 years. The house has to be priced below $800,000. This is an actual cash tax refund of up to $8,000 for first time buyers. Move-up buyers can take advantage of a $6,500. There are generous income limits for utilizing this tax credit, single people can make up to $145,000 and married couples up to $245,000. http://www.irs.gov/newsroom/article/0,,id=218336,00.html?portlet=7
Just call or email me to see if you or your friends can benefit from this market. Karrina Taylor Brown
Phone 703-336-3745 Email Karrina.Brown@Gmail.com www.TaylorBrown.com
Northern VA Real Estate
Sunday, March 7, 2010
Northern VA Real Estate is hot folks! Listings are being snatched up everywhere. In fact, I'm having a hard time finding homes to sell as there are hardly any good listings on the market. The tax credit has been a major incentive as are low interest rates. The fundamentals in the Northern VA real Estate Market remain solid. The Baby Boomlet is bigger than the Baby Boom, and there are many delightful young couples in the market for quality real estate. This is a good time to buy and a good time to sell. I believe home sales may slow later this Spring as interest rates will rise and the tax credit will end.
Karina Taylor Brown
Karina Taylor Brown
Blizzard 2010 - Washington DC area
Saturday, February 6, 2010
Hello friends; Here we are with a view over I395, where a few cars are travelling along the roadway. The temperature is 21F. The exit ramps are not passable, an ambulance was stuck for 1 hour trying to exit the highway. Greeley Blvd in Spingfield is open. Roads are slippery, and barely passable with an SUV. Earlier today ONLY Giant was open in Alexandria, King St, and Walmart in Fairfax, not Burke was open. Power is now out in Springfield. There was an earlier transformer outage in Alexandria which caused power surges. Watchout for falling branches from trees.
Karrina Taylor Brown
www.TaylorBrown.com
Karrina Taylor Brown
www.TaylorBrown.com
Sales are HOT in Northern Virginia
Sunday, January 17, 2010
The purchasers are like locusts - eating up all the listings. You can't keep a house on the market. Purchasers love the low priced listings - they love the market priced listings in excellent condition and with upgrades. They all want to take advantage of the tax credit. Northern Virginia is a great place to live. Arlington, Alexandria and Springfield are the best places to live. Interest rates are incredibly low.
When you see a place you like, which fits the bill, then you should buy it. Why? Because if you don't then someone else will. And yes, the world is not ending, and so you will need a place to life and so this is a good time to invest in a piece of property. Of course, owning is better for people who live stable lives. While I have seen a lot of cash buyers recently, most real estate purchases involve a loan, and the bankers only want to lend to very credit worthy borrowers. There are some good government financing programs for purchsers who need help getting financing - I can help you find a good lender.
Choose a place which can be a rental for a long term investment if you are a person who may move around a lot. Invest in quality communities such as Arlington, Alexandria and Springfield in Fairfax County. (Visit my blog again soon, and I am sure that I will find the statistics which will document this huge burst in sales and the total lack of available listings.)
It is so much easier if you work with an excellent Realtor. Someone who has your best interest in mind. A person with lots of experience helping people just like you get your best property on the market. I have seen lots of homes in many neighborhoods over the past 20+ years. So if you know what you want, then I can help you find the property that is the best match.
Financing interest rates are low.
My clients have reported that actually receiving the credit can be tiresome. So if you have some tips to make getting the credit easier then please let me know. In the meantime, keep your paperwork together when filing requests with the IRS.
Visit my new website www.TaylorBrown.com We are still building it - so there will be lots more picturs and links there soon.
When you see a place you like, which fits the bill, then you should buy it. Why? Because if you don't then someone else will. And yes, the world is not ending, and so you will need a place to life and so this is a good time to invest in a piece of property. Of course, owning is better for people who live stable lives. While I have seen a lot of cash buyers recently, most real estate purchases involve a loan, and the bankers only want to lend to very credit worthy borrowers. There are some good government financing programs for purchsers who need help getting financing - I can help you find a good lender.
Choose a place which can be a rental for a long term investment if you are a person who may move around a lot. Invest in quality communities such as Arlington, Alexandria and Springfield in Fairfax County. (Visit my blog again soon, and I am sure that I will find the statistics which will document this huge burst in sales and the total lack of available listings.)
It is so much easier if you work with an excellent Realtor. Someone who has your best interest in mind. A person with lots of experience helping people just like you get your best property on the market. I have seen lots of homes in many neighborhoods over the past 20+ years. So if you know what you want, then I can help you find the property that is the best match.
Financing interest rates are low.
My clients have reported that actually receiving the credit can be tiresome. So if you have some tips to make getting the credit easier then please let me know. In the meantime, keep your paperwork together when filing requests with the IRS.
Visit my new website www.TaylorBrown.com We are still building it - so there will be lots more picturs and links there soon.
Health Care Reform
Thursday, November 5, 2009
Support President O'bama
Karrina Taylor Brown
www/karrina.sell4.com
Karrina Taylor Brown
www/karrina.sell4.com
Health Care Reform
HELP *** THIS IS THE WRONG HEALTH CARE BILL *** INSURANCE COMPANIES HAVE NOT EVEN TOLD US HOW MUCH IT WILL COSTS ** HOW CAN THE CONGRESS VOTE?
WE NEED MEDICARE 3 *** MEDICARE FOR EVERYONE ***
You can buy it if you need to buy insurance. I guess they want to call this the public option. This is the only company licensed to perform health insurance in every state in the Union. Their administrative fees are far lower than other health insurance companies. Doctors know what will get paid and not paid.
Congressman Joe Weiner is right.
PLEASE BILL SUPPORT PRESIDENT O’BAMA
We need more from this bill. I am paying for my second breast cancer because it is a pre-existing condition. My husband took no salary for 10 years as a physician because insurance companies don’t pay as promised. Often patients can’t or don’t pay their bills.
Doctors are working part time cleaning houses and ushering.
THIS IS NOT A HEALTH CARE BILL *** IT IS A HEALTH INSURANCE BILL ***
Clinics work well at providing basic health functions.
Charity hospitals rely greatly upon contributions in order to treat patients.
Direct providers such as Kaiser Permanente are admired by patients and doctors alike.
There will always be health care rationing. We don’t have infinite resources. (Sorry for the republicans). We can either give more health care to those who need it, or give more to those who have more money.
Unfortunately the market system cannot work. To a great extent, you don’t choose your medical condition. In the rest of the market place, you choose how much house or car or debt you want to carry. You don’t choose whether to get a broken leg or a heart attack.
Yes, great strides can be made in public health. And some people do choose to take care of themselves and their health in order to save themselves money. Paying for a health club or organic food is another investment we make in our health. Exercise cures depression. The republicans gave away the store with Medicare D. Pills for everyone, and the pill companies set the costs while the government pays, and the patient and doctor decide how many to take.
The way to stop regular Medicare from losing so much money is to make it available to those people who have signed a DNR. If you don’t want to sign a DNR, then you should get supplemental insurance, spend all your own money in your last two years of life, or find a charity ready to take care of you.
Doctors are leaving the profession. It is very difficult to make money at this time. The paperwork is over bearing. And the insurance companies lie, cheat and steal from the doctors and the patients. The doctors HATE the insurance companies second guessing their diagnosis and treatment plan. Are they practicing medicine without a license, and practicing medicine without even seeing the patient?
Will all the insurance mandates in this new bill, I believe that insurance companies will raise their fees 30%-50%. WE HAVE NO QUOTES FROM THE INSURANCE COMPANIES *** AND THE CONGRESS IS SUPPOSED TO VOTE.
Insurance law, and insurance commissions are very different in each state. Some States such as Florida allow very high medical claims awards, and then their health insurance costs are high. Some States require insurance companies to pay the same treatment code at the same price to all providers, some do not. Some States mandate that insurance companies cover certain procedures. These are the procedures that their constituents want covered. WE DON’T HAVE TIME TO RE-WRITE INSURANCE LAW SO THAT HEALTH INSURANCE POLICIES ARE TRANSPORTABLE FROM STATE TO STATE
Medical school enrollments are down 30%. It is easier to get into medical school than ever before. Doctors graduate with $100Ks in debt, to work in a business which does not make much money, and which comes with great risk. They can kill someone, or make someone very sick when they are wrong. Most doctors just want to treat patients and not worry about getting paid. Soon the congress will call for H1 Visas to import foreign trained doctors because there will be a shortage of doctors.
Once the public (and insurance companies) know that medical costs are covered, then the costs of all types of other insurance should fall. Worker’s compensation costs, car insurance, liability insurance should all fall, but they won’t.
Business people and manufacturers costs should fall.
I , and Catholic Charities are paying for my breast cancer (a pre-existing condition).
My husband and I are in bankruptcy, even though he successfully treated thousands of patient; some were cured after travelling around the world to all the “finest specialists”. The insurance companies don’t pay as promised, and then when you complain to the insurance commission they take you off their lists.
Health Care is a very complex issue, but there is a very easy solution. Medicare E.
Yours truly,
Karrina Taylor Brown
WE NEED MEDICARE 3 *** MEDICARE FOR EVERYONE ***
You can buy it if you need to buy insurance. I guess they want to call this the public option. This is the only company licensed to perform health insurance in every state in the Union. Their administrative fees are far lower than other health insurance companies. Doctors know what will get paid and not paid.
Congressman Joe Weiner is right.
PLEASE BILL SUPPORT PRESIDENT O’BAMA
We need more from this bill. I am paying for my second breast cancer because it is a pre-existing condition. My husband took no salary for 10 years as a physician because insurance companies don’t pay as promised. Often patients can’t or don’t pay their bills.
Doctors are working part time cleaning houses and ushering.
THIS IS NOT A HEALTH CARE BILL *** IT IS A HEALTH INSURANCE BILL ***
Clinics work well at providing basic health functions.
Charity hospitals rely greatly upon contributions in order to treat patients.
Direct providers such as Kaiser Permanente are admired by patients and doctors alike.
There will always be health care rationing. We don’t have infinite resources. (Sorry for the republicans). We can either give more health care to those who need it, or give more to those who have more money.
Unfortunately the market system cannot work. To a great extent, you don’t choose your medical condition. In the rest of the market place, you choose how much house or car or debt you want to carry. You don’t choose whether to get a broken leg or a heart attack.
Yes, great strides can be made in public health. And some people do choose to take care of themselves and their health in order to save themselves money. Paying for a health club or organic food is another investment we make in our health. Exercise cures depression. The republicans gave away the store with Medicare D. Pills for everyone, and the pill companies set the costs while the government pays, and the patient and doctor decide how many to take.
The way to stop regular Medicare from losing so much money is to make it available to those people who have signed a DNR. If you don’t want to sign a DNR, then you should get supplemental insurance, spend all your own money in your last two years of life, or find a charity ready to take care of you.
Doctors are leaving the profession. It is very difficult to make money at this time. The paperwork is over bearing. And the insurance companies lie, cheat and steal from the doctors and the patients. The doctors HATE the insurance companies second guessing their diagnosis and treatment plan. Are they practicing medicine without a license, and practicing medicine without even seeing the patient?
Will all the insurance mandates in this new bill, I believe that insurance companies will raise their fees 30%-50%. WE HAVE NO QUOTES FROM THE INSURANCE COMPANIES *** AND THE CONGRESS IS SUPPOSED TO VOTE.
Insurance law, and insurance commissions are very different in each state. Some States such as Florida allow very high medical claims awards, and then their health insurance costs are high. Some States require insurance companies to pay the same treatment code at the same price to all providers, some do not. Some States mandate that insurance companies cover certain procedures. These are the procedures that their constituents want covered. WE DON’T HAVE TIME TO RE-WRITE INSURANCE LAW SO THAT HEALTH INSURANCE POLICIES ARE TRANSPORTABLE FROM STATE TO STATE
Medical school enrollments are down 30%. It is easier to get into medical school than ever before. Doctors graduate with $100Ks in debt, to work in a business which does not make much money, and which comes with great risk. They can kill someone, or make someone very sick when they are wrong. Most doctors just want to treat patients and not worry about getting paid. Soon the congress will call for H1 Visas to import foreign trained doctors because there will be a shortage of doctors.
Once the public (and insurance companies) know that medical costs are covered, then the costs of all types of other insurance should fall. Worker’s compensation costs, car insurance, liability insurance should all fall, but they won’t.
Business people and manufacturers costs should fall.
I , and Catholic Charities are paying for my breast cancer (a pre-existing condition).
My husband and I are in bankruptcy, even though he successfully treated thousands of patient; some were cured after travelling around the world to all the “finest specialists”. The insurance companies don’t pay as promised, and then when you complain to the insurance commission they take you off their lists.
Health Care is a very complex issue, but there is a very easy solution. Medicare E.
Yours truly,
Karrina Taylor Brown
Real Estate - Fall 09 - Northern Virginia
Tuesday, October 6, 2009
FINALLY
"REAL ESTATE IS FUN AGAIN"!!!
It’s back to school time, after an unusually cool summer. I hope that you all took time out to relax, rejuvenate and have fun with family and friends.
The real estate market was particularly active in the early summer months when buyers flooded into the market in June 2009. This lead to multiple bids on many properties, and many mid & lower priced properties sold VERY quickly. Activity slowed a little, as it usually does in the late summer, but Realtors are now back to work, and Buyers and Sellers are back in town, and looking to move.
The very low interest rates are stimulating activity. Do expect to bring a down payment to the closing table, and have reserve money left in the bank after your purchase. Sellers are often willing to help with closing costs.
There is a federal income tax credit of $8,000 available for first time buyers, or those who have not owned a home in the past 3 years, with less than $95,000 (married filers with income up to $159.000). The home must be purchase before December 1, 2009. This a tax credit for the current year, which has to be paid back over time, unless you live in the home for 3 years.
Loan programs are changing daily. New regulations are being enacted every few weeks.
If you want a low down payment loan, expect to use a government program such as FHA or VHDA for the purchase. The split loans, for example 80/10/10 loans are no longer being offered, and so there will be pricey mortgage insurance payments on any loan with less than a 20% down payment. Many buyers are now using the FHA loans which are available with a down payment of 3.5%. Be careful, some of the newer condo buildings are not FHA approved, and obtaining this FHA approval will be time consuming. FHA is reviewing their approval list to determine if previously approved condos still qualify after the recent mortgage turmoil. To see if the condo you are interested in is on the list click here!!
VHDA, Virginia Housing Development Authority, allows moderate income buyers to finance the 3.5% down payment with a second trust, which can achieve a $0 down payment. VHDA tax credit allows purchasers to use toward their down payment.
The foreclosures and short sale listings are dominating the market place. This has caused a lot of down ward pressure on sales prices. The outer suburbs have been hit the worst. Prices in Woodbridge are now at about 55% of their peak selling prices. However, the investors, and budget minded buyers have flooded to that market place. There can be as many as 30 contracts on a new foreclosure listing, as many of these listings are “auction” priced. Inventory of available home is substantially depleted (today, there is only 1 townhouse available in Lake Ridge, aged 15-25 years old!). This is causing prices to rise again in this area. To see Prince Williams Sales Statistics click here!!!
Foreclosures and short sale transactions are also predominate in some of moderately priced areas in closer-in suburbs of Alexandria and Springfield. Here also, demand for these listings is very strong, and there are always multiple offers for the listings in desirable areas such as West Springfield. Prices in these areas have dropped about 20% from peak prices. We are seeing regular sales of homes in nice condition on prime lots at regular prices. For example the golf course lot homes in West Springfield are selling in the mid- $600,000 price range.Check out the Alexandria City sales statistics!!
The North Arlington condo market has seen a little drop in activity in early Fall. While properties were grabbed up this summer, we are now seeing homes stay on the market for a few weeks. Properties in this area have tended to hold their prices. We are starting to see one or two short sales or foreclosures, but for the most part, properties in this area have avoided the general malaise.
In South Arlington there is a proliferation of moderately priced properties. There are many older single family homes and condos are being offered as Short Sales. In a Short Sale, the buyer has to wait, sometimes months, to find out whether the bank will release the seller from their obligation. We are also seeing some foreclosed properties in this market.Arlington County Sales Statistics for August 2009 are very promising!
In general, the real estate economists are predicting brighter times in the near future. I still believe that it will be 2011 before we start to see an overall rise in prices. At the current pricing structure, properties are generally affordable for the average buyer. Rents are falling a little as so many investors have purchased properties which they are then renting out.
THE ECONOMISTS ARE PREDICTING THAT A STRONGER REAL ESTATE MARKET IS JUST AROUND THE CORNER.
Fall 2009 is a good time to buy a property, with interest rates hovering around 5%. If you want to move up, you may well find a good discount on the higher priced properties. My business is based upon referrals, and I'm never too busy to help your family and friends. If you know someone who is looking to buy or sell in the coming months, please forward my name to them -- or send me their contact information and I'll contact them directly. Thank you.
Karrina Brown, MBA, Associate Broker Re/Max Allegiance
"REAL ESTATE IS FUN AGAIN"!!!
It’s back to school time, after an unusually cool summer. I hope that you all took time out to relax, rejuvenate and have fun with family and friends.
The real estate market was particularly active in the early summer months when buyers flooded into the market in June 2009. This lead to multiple bids on many properties, and many mid & lower priced properties sold VERY quickly. Activity slowed a little, as it usually does in the late summer, but Realtors are now back to work, and Buyers and Sellers are back in town, and looking to move.
The very low interest rates are stimulating activity. Do expect to bring a down payment to the closing table, and have reserve money left in the bank after your purchase. Sellers are often willing to help with closing costs.
There is a federal income tax credit of $8,000 available for first time buyers, or those who have not owned a home in the past 3 years, with less than $95,000 (married filers with income up to $159.000). The home must be purchase before December 1, 2009. This a tax credit for the current year, which has to be paid back over time, unless you live in the home for 3 years.
Loan programs are changing daily. New regulations are being enacted every few weeks.
If you want a low down payment loan, expect to use a government program such as FHA or VHDA for the purchase. The split loans, for example 80/10/10 loans are no longer being offered, and so there will be pricey mortgage insurance payments on any loan with less than a 20% down payment. Many buyers are now using the FHA loans which are available with a down payment of 3.5%. Be careful, some of the newer condo buildings are not FHA approved, and obtaining this FHA approval will be time consuming. FHA is reviewing their approval list to determine if previously approved condos still qualify after the recent mortgage turmoil. To see if the condo you are interested in is on the list click here!!
VHDA, Virginia Housing Development Authority, allows moderate income buyers to finance the 3.5% down payment with a second trust, which can achieve a $0 down payment. VHDA tax credit allows purchasers to use toward their down payment.
The foreclosures and short sale listings are dominating the market place. This has caused a lot of down ward pressure on sales prices. The outer suburbs have been hit the worst. Prices in Woodbridge are now at about 55% of their peak selling prices. However, the investors, and budget minded buyers have flooded to that market place. There can be as many as 30 contracts on a new foreclosure listing, as many of these listings are “auction” priced. Inventory of available home is substantially depleted (today, there is only 1 townhouse available in Lake Ridge, aged 15-25 years old!). This is causing prices to rise again in this area. To see Prince Williams Sales Statistics click here!!!
Foreclosures and short sale transactions are also predominate in some of moderately priced areas in closer-in suburbs of Alexandria and Springfield. Here also, demand for these listings is very strong, and there are always multiple offers for the listings in desirable areas such as West Springfield. Prices in these areas have dropped about 20% from peak prices. We are seeing regular sales of homes in nice condition on prime lots at regular prices. For example the golf course lot homes in West Springfield are selling in the mid- $600,000 price range.Check out the Alexandria City sales statistics!!
The North Arlington condo market has seen a little drop in activity in early Fall. While properties were grabbed up this summer, we are now seeing homes stay on the market for a few weeks. Properties in this area have tended to hold their prices. We are starting to see one or two short sales or foreclosures, but for the most part, properties in this area have avoided the general malaise.
In South Arlington there is a proliferation of moderately priced properties. There are many older single family homes and condos are being offered as Short Sales. In a Short Sale, the buyer has to wait, sometimes months, to find out whether the bank will release the seller from their obligation. We are also seeing some foreclosed properties in this market.Arlington County Sales Statistics for August 2009 are very promising!
In general, the real estate economists are predicting brighter times in the near future. I still believe that it will be 2011 before we start to see an overall rise in prices. At the current pricing structure, properties are generally affordable for the average buyer. Rents are falling a little as so many investors have purchased properties which they are then renting out.
THE ECONOMISTS ARE PREDICTING THAT A STRONGER REAL ESTATE MARKET IS JUST AROUND THE CORNER.
Fall 2009 is a good time to buy a property, with interest rates hovering around 5%. If you want to move up, you may well find a good discount on the higher priced properties. My business is based upon referrals, and I'm never too busy to help your family and friends. If you know someone who is looking to buy or sell in the coming months, please forward my name to them -- or send me their contact information and I'll contact them directly. Thank you.
Karrina Brown, MBA, Associate Broker Re/Max Allegiance
Subscribe to:
Posts (Atom)
