Manassas Virginia Real Estate Bloghttp://www.myvahome.com/blogManassas VA real estate market news provided by Coldwell Banker Residential BrokerageThu, 09 Feb 2012 00:00:00 GMTNational Mortgage Settlement     Details of the National Mortgage Settlement are announced. The settlement will affect thousands of borrowers that were foreclosed on from January 1 2008 to December 31, 2011.  The settlement excludes anyone foreclosed on in the state of Oklahoma, the only state to opt out of the settlement. Loans owned by Freddie Mac or Fannie Mae are not impacted by the settlement. See other FAQ Here.

See if your loan is Fannie Mae or Freddie Mac

The settlement involves the nations's five largest mortgage servicers

  • GMAC / Ally
  • Bank of America
  • Citi
  • JPMorgan Chase
  • Wells Fargo

View the full details of the National Mortgage Settlement at the official website

http://www.nationalmortgagesettlement.com/

]]>http://www.myvahome.com/Blog/National-Mortgage-Settlementhttp://www.myvahome.com/Blog/National-Mortgage-SettlementThu, 09 Feb 2012 00:00:00 GMTWhat an Agent Cannot Tell You... you maybe surprised. You maybe surprised to know a real estate agent cannot tell you about: Schools, Crime, Religious, Ethnic or Income demographics of a neighborhood. See the video below to understand more.

 

From AOL Real Estate--A good real estate agent is very familiar with the neighborhoods where he or she shows properties. But because of legislation called the Fair Housing Act, the agent can't legally share all of that information with you.

Why the restrictions? The government wants to make sure that home purchase decisions are based on a property's fair market value and not factors such as race, religion or ethnicity. In other words, the law is meant to stop agents from steering clients toward or away from certain neighborhoods.

 

What can't a real estate agent discuss with a buyer? We asked Scott Klein, an agent based in New York City, to give us a rundown on the topics that are off-limits.

The Do-Not-Ask List

Household income: Wondering if a neighborhood is considered upscale? Don't bother asking your agent. Klein says he can't discuss economic class with prospective buyers.

But it's relatively easy to find demographic information online, including average household income for a particular area. At Neighborhood Scout, for example, you can get a description of a neighborhood's "look, feel and character" that includes information about residents' age, income level, ethnicity and other factors.


Schools: As with income level, sharing information about schools "might be perceived as steering someone into a certain neighborhood," says Klein. "However, as a Realtor I can direct people to sources of information about education in that area."

Here, too, the web offers prospective home buyers a wealth of information. Buyers can find useful school statistics, including enrollment, class size, and reading and math scores, at sites like School Matters and Great Schools.

Religion: The religious makeup of a neighborhood is another topic that's off-limits for real estate agents to discuss. If a buyer wants to find out about active religious communities in a particular neighborhood, Klein directs them to local houses of worship for information.


 

Crime statistics: Surely an agent can answer questions about local crime statistics, right? That's pretty public information. But it turns out that even this data is considered a sensitive topic under the Fair Housing Act.
 
Once again, buyers have to do their own research to find out if a certain neighborhood is considered safe. Homebuyers can find crime statistics online, including where sex offenders live, by logging onto Family Watchdog.

Klein also recommends that his clients pay a visit to the local police precinct and walk around the neighborhood to get a feel for it at during different times of the day.

Environmental concerns: A buyer would want to know if, say, a home is located near a Superfund site. In general, a real estate agent isn't going to be much help when it comes to neighborhood environmental issues. Buyers will need to figure this out on their own. One way is to visit the EPA's web site, which includes a database of environmental information, searchable by Zip code.

The one exception to this rule is if there is an environmental problem with a specific home. "If it pertains to that particular property, and it's something I have knowledge of, I am required to disclose that," Klein says.

So why use an agent if you have to do so much information-gathering yourself? An agent can show you homes, guide you through the buying process from start to finish and help you negotiate the best deals with sellers.
 
]]>http://www.myvahome.com/Blog/What-an-Agent-Cannot-Tell-You-you-maybe-surprisedhttp://www.myvahome.com/Blog/What-an-Agent-Cannot-Tell-You-you-maybe-surprisedTue, 07 Feb 2012 00:00:00 GMTTop 10 Most Searched Real Estate Markets10 Most-Searched Real Estate Markets Online
DAILY REAL ESTATE NEWS | MONDAY, DECEMBER 19, 2011

Chicago continued to hold onto the No. 1 spot for most searched for real estate market at Realtor.com in November. What other markets did potential home buyers have their eyes on last month? Realtor.com releases its top search ranking from November based on 146 metro areas. 

The following are the 10 top-searched metro areas from November at Realtor.com.

1. Chicago

Median list price: $192,900

2. Detroit, Mich.

Median list price: $84,900

3. Los Angeles-Long Beach, Calif.

Median list price: $329,000

4. Phoenix-Mesa, Ariz.

Median list price: $164,700

5. Atlanta

Median list price: $156,900

6. Philadelphia, Pa.-N.J.

Median list price: $229,900

7. Tampa-St. Petersburg-Clearwater, Fla. 

Median list price: $144,200

8. Las Vegas

Median list price: $122,000

9. Dallas

Median list price: $194,900

10. Riverside-San Bernardino, Calif. 

Median list price: $199,000

Information for Realtor.com

]]>http://www.myvahome.com/Blog/Top-10-Most-Searched-Real-Estate-Marketshttp://www.myvahome.com/Blog/Top-10-Most-Searched-Real-Estate-MarketsMon, 19 Dec 2011 11:53:00 GMTThe winter market is starting off HOTSo far, the winter market is strong 

4007 Gypsum Hill Rd Under Contract   The winter market is starting off strong. We just listed a wonderful home at 4007 Gypsum Hill Rd in Haymarket Va.  The owners priced the home appropriately and received an offer in one day!  Now they dont' have to worry about showing their home over the holidays. 

Use this link to view current sales data for Prince William County.

 

]]>http://www.myvahome.com/Blog/The-winter-market-is-starting-off-HOThttp://www.myvahome.com/Blog/The-winter-market-is-starting-off-HOTThu, 08 Dec 2011 00:00:00 GMTWhat is a Short Sale?What is a Short Sale? See the 3 basic elements needed for a short sale in this quick video.   

Short Sale Seller

    In my experience helping buyers and sellers with short sales, I have found patience and persistence are keys to success.  The seller must work closely with their agent to provide the sellers bank with all the necessary documents requested.  The seller should be prepared for their bank to request updated financials and hardship proof throughout the process.  It's important for the seller to show their willingness to cooperate and provide any document their bank requests.

Short Sale Buyer  

   A short sale buyer must be patient, willing to wait many weeks/months to hear if the sellers bank will consider a short sale. During that time, the sellers bank will review the contract price and sellers financials. The sellers bank may reject, counter or accept the contact between seller and buyer.  A buyer should have a long term and flexible time frame for settlement.  Buying a short sale takes patience, however, the buyer may be reward with a great purchase price. 

  I've only discussed the basics of short sales here. Please contact me to discuss more details about short sales.  Together, we can decide if you are a good candidate to sell or buy a short sale. 703-501-3626

Short Sales I've Sold This Year

 Short Sale sold by Jim Downs Cannoneer ct

]]>http://www.myvahome.com/Blog/What-is-a-Short-Salehttp://www.myvahome.com/Blog/What-is-a-Short-SaleTue, 29 Nov 2011 00:00:00 GMTRenters Spend 5% More Than Home OwnersRenters Spending 5% More Than Home Owners
DAILY REAL ESTATE NEWS | WEDNESDAY, OCTOBER 26, 2011

Rising rents are forcing renters to outspend home owners on housing costs, according to a new study. 

Since 2005, home owners’ housing expenses have climbed from 31.9 percent of their household budget to 33.2 percent. On the other hand, in that same time period, renters’ expenses have jumped from 35.6 percent to 38.4 percent, according to the October CoreLogic U.S. Housing and Mortgage Trends.

In the last 26 years, home owners have increased the amount they spend on household expenses by 12 percent while renters have increased it by 22 percent, according to the study.

Earlier this month, Capital Economics economists noted that for the first time in 30 years the median monthly mortgage payment is about the same -- or less -- than the median rental payment. 

Yet, with the bleak job market, home ownership rates continue to fall in many parts of the country, particularly among younger generations. CoreLogic found in its report that the home ownership rate for the 25-to-34 age group dropped from 51.6 percent in 1980 to 42 percent in 2010. For the 35-to-44 age group, home ownership rates fell from 71.2 percent to 62.3 percent over that period.

Source: “Renters Outspend Owners on Housing,” RISMedia (Oct. 25, 2011) and Capital Economics

]]>http://www.myvahome.com/Blog/Renters-Spend-5-More-Than-Home-Ownershttp://www.myvahome.com/Blog/Renters-Spend-5-More-Than-Home-OwnersMon, 14 Nov 2011 00:00:00 GMTFinally, help for the good borrowers!Department of housing logoFinally, help for homeowners that pay their mortgage on time but owe more than their home is worth.   The new HARP changes should help more good borrowers (people current on their mortgage) refinance.  By eliminating the need for appraisals, more homes will qualify to take advantage of the historically low rates.  

 

Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac
(the Enterprises), today announced a series of changes to the Home Affordable Refinance
Program (HARP) in an effort to attract more eligible borrowers who can benefit from
refinancing their home mortgage. The program enhancements were developed at FHFA’s
direction with input from lenders, mortgage insurers and other industry participants.

Excerpt from government 10/24/11 release---"Washington, DC – The Federal Housing Finance Agency, with Fannie Mae and Freddie Mac(the Enterprises), today announced a series of changes to the Home Affordable Refinance Program (HARP) in an effort to attract more eligible borrowers who can benefit from refinancing their home mortgage. The program enhancements were developed at FHFA’s direction with input from lenders, mortgage insurers and other industry participants." Download the full news release here. 

Look for the updated lender guidelines to be released on November 15th 2011

]]>http://www.myvahome.com/Blog/Finally-help-for-the-good-borrowershttp://www.myvahome.com/Blog/Finally-help-for-the-good-borrowersWed, 26 Oct 2011 00:00:00 GMTForeclosures Down 34% in 3rd Quarter 11'upside down house jim downs

U.S. Foreclosures Down 34%

 


According to RealtyTrac, foreclosure filings (default notices, auctions, repossessions) were down 34% from Q3 2011 from Q3 2010. It marks the 12th straight month with decreasing year over year foreclosures. See the full artical here

foreclosure map 2011

photo from RealtyTrac

]]>http://www.myvahome.com/Blog/Foreclosures-Down-34-in-3rd-Quarter-11http://www.myvahome.com/Blog/Foreclosures-Down-34-in-3rd-Quarter-11Tue, 18 Oct 2011 00:00:00 GMTKeep the Mortgage Interest Deduction

  • 7 Mortgage Interest Deduction Myths

    Think losing the mortgage interest deduction would be no big deal? We bust seven myths to show why the cost is bigger than you think.


    Myth 1:Mostly rich benefit

    Myth 2: I'm not affected because I don't own a home

    Myth 3 :The 12% mortgage credit would be a wash for most

    Myth 4: Not that many people take the credit

    Myth 5: Getting rid of the deduction won't affect my house

    Myth 6: The same number of people will still buy a home.

    Myth 7: A 15% drop in value isn't that much

     

      Read

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

]]>http://www.myvahome.com/Blog/Keep-the-Mortgage-Interest-Deductionhttp://www.myvahome.com/Blog/Keep-the-Mortgage-Interest-DeductionWed, 10 Aug 2011 00:00:00 GMTDo-It-Yourself Home Security Checklist

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

]]>http://www.myvahome.com/Blog/Do-It-Yourself-Home-Security-Checklisthttp://www.myvahome.com/Blog/Do-It-Yourself-Home-Security-ChecklistWed, 03 Aug 2011 00:00:00 GMTWeb Traffic Reports   Web traffic reports are a great tool to understand how a listing is competing in the market.  The reports tell us how many people 

Realor.com report sample

are: viewing the listing, clicking through to view more details and emailing to request more information. Understanding buyer interest helps gauge the homes position in the market.  

   We track live MLS sales activity around our listings.  This information, combined with web traffic reports, gives us a "real time" view of the market.

]]>http://www.myvahome.com/Blog/Web-Traffic-Reportshttp://www.myvahome.com/Blog/Web-Traffic-ReportsWed, 22 Jun 2011 00:00:00 GMTQR Codes, how do they work in real estate?QR = Quick Response

   QR codes are bar codes made for mobile devices (smQR code smart phone jim downs myvahomeart phone or tablet computer). They give the user an easy way to access more information about a product or service. Short for Quick Response, these codes are gaining popularity for both consumers and advertisers. 

   We create QR codes for our listing to give buyers easy access to the information they want.  Each listing receives a unique QR that is placed on brochures and the brochure box. Even if the brochure box is empty, the QR code on the box gives the buyer access to the information they seek. Use of these codes has increased buyer traffic to our listings. See the quick video below for a 50 second demo.

We use QR Codes to direct buyers to:

 List your home with us and you will receive a unique QR code for your home.

  Brochure box with QR Code Jim Downs

]]>http://www.myvahome.com/Blog/QR-Codes-how-do-they-work-in-real-estatehttp://www.myvahome.com/Blog/QR-Codes-how-do-they-work-in-real-estateTue, 07 Jun 2011 00:00:00 GMTLender Credit Inquiries Effect Your Credit Score    A common question we receive when a buyer is looking for a mortgage: "Will my credit score go down when they pull my credit report?" and  "If I speak to more than one lender, will my credit score go down?"

  It is true that credit inquires lower credit scores, however, not enough to stop you from shopping lenders.  According to Debbie Gorman, Senior Loan Officer for Coldwell Banker Home Loans, you can have up to 5 credit inquires within 30days without hurting your credit score.  The first time your credit is pulled by a lender your score drops between 5-10 points. Each subsequent credit report pulled (up to 4 more) will not lower your score.  

   We always recommend you get pre-approved for a mortgage before looking for a home.  After ratifying a contract on a home, it maybe wise for you to shop the lender terms and rates.  You have the right to change lenders, even after you sign the purchase contract.

   Is it time for you to refinance?  If you can lower your current rate 1% or more, it maybe worth checking into. Contact my preferred lenders and they will tell you if its worth the savings.

   We have 3 lenders we recommend. Please contact them anytime with mortgage questions.  It only takes about 10 minutes to be pre qualified for a home loan. Be sure to tell them you received the referral from Jim Downs. They know I expect you to receive the best possible interest rate.

Debbie Gorman

 Coldwell Banker Home Loans

 Debbie Gorman  703-725-2464 

 Debbie.Gorman@mortgagefamily.com

 Pre-Qualify for a mortgage with Debbie now

 

 

 

Curtis Scott

 

 SunTrust Mortgage

 Curtis Scott  571-332-6575

 Curtis.Scott@SunTrust.com

 Get pre-qualified now with Curtis

 

 

Meg Fulwiler

 

 Monarch Mortgage

 Meg Fulwiler  703-819-6160

 mfulwiler@monarchmtg.com

 Apply for a Mortgage now with Meg

 

 

 

 

 

]]>http://www.myvahome.com/Blog/Lender-Credit-Inquiries-Effect-Your-Credit-Scorehttp://www.myvahome.com/Blog/Lender-Credit-Inquiries-Effect-Your-Credit-ScoreWed, 01 Jun 2011 00:00:00 GMTStaged To Sell, It's Showtime!Staged to Sell

  When your home goes on the market, it's time to shine.  Home staging is an important part of showcasing your home to the buyer market.  Whether you do it yourself or hire a professional, it's important to give buyers a warm welcoming experience.

  Staging is not simply de-cluttering the house or painting over outdated colors. Staging involves properly scaled size furniture placement, natural colors, current design trends, de-personalizing and proper lighting.  The goal is to give each room flow and purpose while helping the buyer imagine themselves living there. 

     Vacant homes greatly benefit from staging. The addition of furniture and props, helps create a spacious warm feeling. Photos of empty rooms not only look cold but small.  Buyers viewing pictures online have a hard time judging the size and scale of a room without the benefit of furniture. Empty bedrooms often look small and buyers dismiss them as inadequate.          

Checkout the quick video below to see before and after photos of a professionally staged home. 

 See more photos of before and after home staging.

]]>http://www.myvahome.com/Blog/Staged-To-Sell-Its-Showtimehttp://www.myvahome.com/Blog/Staged-To-Sell-Its-ShowtimeMon, 23 May 2011 00:00:00 GMTUnderstanding Agency and Good-Faith Estimates

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

]]>http://www.myvahome.com/Blog/Understanding-Agency-and-Good-Faith-Estimateshttp://www.myvahome.com/Blog/Understanding-Agency-and-Good-Faith-EstimatesMon, 16 May 2011 00:00:00 GMTNew Rules for Homes With Septic Systems   Septic System There are new contract rules in effect for sellers of homes that have a septic system. Owners must now have their tank pumped and visually inspected by a certified licensed inspector. The inspection must be within 15 days of contract ratification.  The price for the inspection can range from $500-$1000 (more depending on system type and age)

See The Basics of a Septic System

 

 

                  Previously                                                                                  Now
Walk Over Test of Drain Field Pump All Tanks, visual inspection of distribution station and drain field. 

No License or specific experience.

(Often done by Termite companies)

 Certified Licensed Person (DPOR)
Inspection Report On or Before Settlement Within 15 days of  Contract Ratification

 

 

 

 

 

 

 

 

Live Chat Support

]]>http://www.myvahome.com/Blog/New-Rules-for-Homes-With-Septic-Systemshttp://www.myvahome.com/Blog/New-Rules-for-Homes-With-Septic-SystemsTue, 10 May 2011 00:00:00 GMTForeclosure Information Acknowledgement

  House with foreclosure sign Jim Downs MyVaHome Purchasing a bank owned property (Real Estate Owned or REO) requires preparation and knowledge about the foreclosure, asset management and resale process.  Banks don't always follow state law or negotiate in a traditional manor.  It's important to understand the difference. 

   Read the Coldwell Banker Foreclosure Acknowledgement form for more details. updated 4/20/11

5 Key points in the acknowledgement covers:

  1. Ownership Status
  2. Contract Issues
  3. Property Condition Issues
  4. Title Issues
  5. Legal Advice
]]>http://www.myvahome.com/Blog/Foreclosure-Information-Acknowledgementhttp://www.myvahome.com/Blog/Foreclosure-Information-AcknowledgementWed, 20 Apr 2011 00:00:00 GMT5 Mortgage and Foreclosure Myths from Trulia   

The housing and mortgage industry is rapidly changing.  As we move toward recovery, Facts of yesterday maybe Myths today.  Read the full details of this Trulia article to see the 5 Mortgage and Foreclosure Myths.

 

 

  1. Myth: Buyers with bad credit can't qualify for home loans.
  2. Myth: The Mortgage Interest Deduction isn't long for this world.
  3. Myth: It's just a matter of time before loan guidelines loosen up.
  4. Myth: If you don't have equity, you can't refi.
  5. Myth: If you've lost your job and can't make your mortgage payment, you might as well mail your keys in.-----full artical
]]>http://www.myvahome.com/Blog/5-Mortgage-and-Foreclosure-Myths-from-Truliahttp://www.myvahome.com/Blog/5-Mortgage-and-Foreclosure-Myths-from-TruliaThu, 24 Mar 2011 00:00:00 GMTDo's and Don'ts of Home Buyer Incentives    Buyer incentives can be a great way to set your home apart from the competition. Every home buyer wants to feel as though they got a " deal".  If your home is competing with other homes in the neighborhood, giving a buyer incentive may set your home apart enough to land the buyer.  

HouseLogic.com 5 Dos and Don'ts of homebuyer incentives.

  1. Do-     Use homebuyer incentives to set your home apat from the competition
  2. Do-     Compensate for flaws with a homebuyer incentive.
  3. Don't- Assume homebuyer incentives are legal.
  4. Don't- Think buyers wont see motivation behind a homebuyer incentive.
  5. Don't- Use a homebuyer incentive to mask a too-high price

Read the full article below to see details about homebuyer incentives.

Visit houselogic.com for more articles like this.

Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

]]>http://www.myvahome.com/Blog/Dos-and-Donts-of-Home-Buyer-Incentiveshttp://www.myvahome.com/Blog/Dos-and-Donts-of-Home-Buyer-IncentivesMon, 07 Mar 2011 00:00:00 GMTTop 6 things that turn a buyer Off  Top 6 Home Buyer Trun Offs

     Even though inventory is low in the DC Metro area, you still must be the "best in show". Read this Trulia article about the top 6 things that turn a buyer off.  You don't want your home to fall into this category. Read More Here.

  1. Stalker-ish seller
  2. Shabby, Dirty, Crowded or Smelly House
  3. Irrational Seller Expectations
  4. Feeling Misled
  5. New,ugly home improvements
  6. Crazy listing photos (or no photos at all)

 

]]>http://www.myvahome.com/Blog/Top-6-things-that-turn-a-buyer-Offhttp://www.myvahome.com/Blog/Top-6-things-that-turn-a-buyer-OffTue, 01 Mar 2011 00:00:00 GMT