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I have been checking into the financial
assistance programs that are out there for military families who find themselves having to move and are "caught" in a down market. The US
Department of Defense Housing Assistance Program may be an option. This program used to be only available
to service men and women who were being moved due to a base realignment. The
expanded program covers families that have PCS Orders to relocate during the
current mortgage crisis. To qualify you had to buy a primary residence prior to
July 6th 2006. It had to be priced below $729,750 and the market has to be at
least 10% down from when you purchased. With this program, I may be able to help you sell your home at current market value while preventing a major financial loss to you. If you are in this situation, contact me for more information about this program and how we can work together to get things started. Chip Warner RE/Max Allegiance Burke, VA 703-216-1420
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We have reduced the price on this wonderful custom built, brick front single family home in Haymarket Virginia. It is now listed for $409,999 and offers hardwood floors throughout, an oversized sideloaded two car garage, a warm family room with a large fireplace to enjoy in the winter months, a master bedroom with a fireplace, large walk-in closet and private bath. Much much more awaits you. Call 703-503-4378 for more details or to schedule an appointmet to see it in person.
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Congress is in session and it is looking like they are going to extend the stimulus package that is before them. If it passes as expected, it will expand the $8,000 tax credit to April of 2010 for all first time home buyers. The new twist on the program, is that up to $6,500 will be available to anyone who buys a home. (there are some income limits that apply) So, if you know someone thinking about making a move up, down or sideways, there won’t be a better time than now. Plus interest rates continue to be at about 5% for 30 year fixed rate mortgages.
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At our annual convention yesterday it was announced that RE/MAX Allegiance has raised nearly $100,000 locally for the Children's Miracle Network through our agent honor card program. This program is optional for our agents. A monetary gift is made to the Children's Miracle Network whenever a participating agent settles a real estate transaction. That donation is made in the name of the client who bought or sold the property. Overall, RE/MAX International has generated over $1 million for the cause this year alone. It is a wonderful program and I am proud to be a part of it and the RE/MAX family.
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If you have not owned a home in the past two years, you qualify for the Federal Government's $8000 tax credit if you purchase and settle before 30 November 2009. Time is running out but it is not too late.
There is talk that they may extend the program, but it is unknown at this point whether or not they will. I have a team in place to take you through the whole process in a streamlined manor to help you take advantage of the incentive. Contact me at FairfaxHomeStore.com today to get started!
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The Northern Virginia Association of Realtors® reports on July 2009 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton. A total of 2,053 homes sold in July 2009, a 10.55 percent increase above July 2008 home sales of 1,857.
Active listings decreased by 25.62 percent from last year, with 7,439 active listings in July, compared with 10,002 homes available in July 2008. The average days on market (DOM) for homes in July 2009 decreased by 31.87 percent to 62 days, compared with 91 days in July 2008.
Sales prices continue to remain lower than those realized last year. The average sales price in July fell by 5.03 percent from July 2008, to $460,807, compared with last July's average of $485,225.
However, the median price of homes sold in Northern Virginia rose in July to $410,000, which is an increase of 2.76 percent compared with July 2008's median price of $399,000.
The number of pending home sales in Northern Virginia in July shows an increase of 10.21 percent at 2,266 compared to 2,056 in July 2008.
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Bills to extend the maximum $8,000 tax credit for first-time home buyers, which expires Nov. 30, are pending in both the U.S. House and the Senate.
Sen. Christopher J. Dodd, a Connecticut Democrat and chairman of the Senate Banking, Housing, and Urban Affairs Committee, is co-sponsor of a bill with Georgia Republican Sen. Johnny Isakson that would raise the credit amount to a maximum of $15,000.
Senate Majority Leader Harry M. Reid of Nevada favors an extension of the current credit. He was quoted by the Las Vegas Sun saying, "It's something we can get done."
Odds are that the credit will be extended and broadened to cover all buyers next year, but the chances of the amount increasing aren’t as good, observers say.
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Housing Prices Rise. Average U.S. home prices have started to rise, according to a monthly report from the Federal Housing Finance Agency.
FHFA says U.S. home prices rose 0.9 percent from April to May. The biggest gains were in the battered Pacific region, where average prices were up 2.7 percent from the previous month.
Federal
“Revisions and volatility of the monthly index make it hard to draw any conclusions, but the seasonally-adjusted Home Price Index for the first five months of this year is up 0.3 percent or 0.7 percent on an annualized basis,” FHFA Director James Lockhart said in a statement.
FHFA’s monthly and quarterly Home Price Index is based on conforming mortgages that are purchased or backed by Freddie Mac and Fannie Mae.
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US May Home Prices Up, First Increase in 3 Years
U.S. single-family home prices rose in May from April, the first monthly
increase in nearly three years, suggesting prices may be stabilizing, according
to Standard & Poor’s/Case Shiller home price indexes Tuesday.
The annual rate of decline for the 10- and 20-city indexes improved for the
fourth straight month, though prices have still tumbled by more than 32 percent
from the peaks in the second quarter of 2006.
The index of 20 metropolitan areas rose 0.5 percent in May from April, after
a 0.6 percent decline the month before, in contrast with the 0.5 percent drop
forecast by economists in a Reuters poll.
The May monthly rise resulted in an annual downturn of 17.1 percent, although
this was the fourth straight month that the rate of decline slowed. This follows
a 16-month string of record annual declines starting in October 2007 and ending
in January.
Maureen Maitland, S&P vice president of Index Services told CNBC Tuesday
that the numbers do show a slight improvement in the housing market but there is
still a ways to go.
“We are seeing some good numbers in sales and some recovery in housing, but
home prices are still lagging and people don’t expect a full recovery until
2010,” said Maitland.
S&P said its index of 10 metropolitan areas rose 0.4 percent in May after
a 0.7 percent drop in April, for an 16.8 percent year-over-year drop.
“To put it in perspective, this is the first time we have seen broad
increases in home prices in 34 months,” David M. Blitzer, chairman of the index
committee at S&P, said in a statement. “This could be an indication that
home price declines are finally stabilizing”.
The 10 and 20-city indexes reported positive returns for the first time since
summer of 2006.
“With the numbers we’ve seen on home sales starting to firm and now home
prices stabilizing, we’re getting more evidence that the housing market may have
hit bottom,” said Gary Thayer, senior economist at Wells Fargo Advisors in St.
Louis, Missouri. | Housing Sector Finally Coming Back to Life The mainstream media is finally beginning to catch on to what we’ve noticed
for weeks: The housing market is coming back.
Yesterday’s unexpected news that new home sales jumped 11% in June, its
highest gain since 2000, prompted the media to realize the worst may be over.
The Associated Press was quoted as saying:
The report is another encouraging sign that the beleaguered housing sector is
finally coming back to life. Last Thursday, the National Association of Realtors
reported that home resales posted a monthly increase of 3.6 percent in
June.
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Homes are getting contracts in days, not many weeks or months like you may think. The market has been heating up and homes that are in nice repair are moving. The average days on market for townhomes listed within the past 30 days as of this writing went under contract in an average of 12 days. (Based on a geographical map search that covers popular south west DC suburbs in Northern Virginia.) See the map area with a link to active listings here. MAP.
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According to a 2008 Harris Interactive consumer survey (”Room for Improvement: Perspectives of the Real Estate Consumer and the Professionals Who Serve Them”), home buyers who used a one-stop shop in their latest real estate transaction were more satisfied with their overall experience than those who used services from multiple providers. So if you are thinking of buying a home in Fairfax County Virginia, look to the #1 RE/MAX company worldwide, RE/MAX Allegiance. We are partnered with Bank of America and The Settlement Group to provide top flight service to our valued clients. Call now for money savings specials! 703-503-4378.
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Welcome to Listing Book! Listing Book has partnered with MRIS (the Washington DC Metro area MLS) to provide users the ability to search for homes without worrying about stale information. It is updated every 30 minutes and includes great features like multiple photos & slide shows, map search, recent neighborhood sold information and much more. It even provides buyers with an email "morning report" with new listings that you will want to see. What is even better is that it is FREE! Ask for your free invitation today by sending an email to Listing.Book@verizon.net. Place "Listing Book Invitation" in the subject line and we will sent out your personal invitation right away. You can cancel at any time with absolutely no obligation.
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After taking my clients around to see more than 75 homes over the past couple of weeks in and around the Lake Braddock, Robinson, Woodson and Fairfax High School districts, we developed a keen awareness of what this market has to offer. 1. There are many homes for sale that are in need of improvements. 2. There are far fewer homes that have been well maintained and at least include updated kitchens and baths.
If you are interested in the fixer uppers, the world is your oyster. Abundant supply should help you gain a reasonable deal. But, if you are interested in a move in ready home, be ready to act quickly. We saw several that only lasted on the market for a week or so. That being the case, sellers are getting a bit resistant to reduce their prices. Could this be the beginning of the end of our buyers market?? Good Luck! Chip
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Danbury Forest, North Springfield
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Announcing a price reduction
on 5330 Danbury Forest Dr, a 1,850 sq. ft., 3 bath, 3 bdrm 3 story "Brick Front". Now
MLS®
$322,500
- Beautifully Updated.
Property information
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The Federal Housing Administration recently announced that lenders will allow homeowners to use the $8,000 tax credit as a downpayment. The announcement came at The Real Estate Summit: Advancing the U.S. Economy, a special daylong session at the REALTORS® Midyear Legislative Meetings & Trade Expo in Washington, DC this week. (May 12, 2009, NAR Press Release) Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the
Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment. Secretary Donovan said that important changes, which the National Association of Realtors® has been calling for, will help consumers purchase a home. “We all want to enable FHA consumers to access the home buyer tax credit funds when they close on their home loans so that the cash can be used as a downpayment,” Donovan said. According to Donovan, the FHA’s approved lenders will be permitted to “monetize” the tax credit through short-term bridge loans. This will allow eligible home buyers to access the funds immediately at the closing table.
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Chip Warner of RE/MAX Allegiance, Burke, Virginia has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.
Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures. Implementing the tools that this CDPE designation brought to me will be invaluable as I work with sellers and lenders on complicated short sales. Prior to employing the powerful CDPE techniques only about 20% of short sales nationwide were brought to a successful close. The CDPE methods have proven to reverse that trend. An 80% success rate is now possible. That’s huge! While attending this course, the question was posed, “how many of you know someone who has lost their job or is in danger of losing their home”. I could not believe my eyes. At least 60-70% of the people in the auditorium know someone in this situation. It just goes to show the extent of this problem. It is far reaching! Statistically, most homes are foreclosed upon without the homeowner ever trying to sell it or get help of any kind. They just have nowhere to turn. Most of those who do try, either try to sell it themselves at an unrealistic price to “stay whole” or end up working with an agent that has little or no training on the successful techniques required to bring about a positive result. 80% fail and the home ends up in foreclosure with the homeowners in complete financial disaster. I got into the real estate business to help people. As one of a very small percentage of realtors who have attained this designation, I am better qualified to bring a high level of expertise to people who need it most. What could be more fulfilling? Thanks for your trust and confidence. All the best! Chip FairfaxHomeStore.com
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