Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

Aug. 18, 2012

Client Testimonial - I'm Rockin

Client Testimonials - I'm Rockin!!!

Thank you so much to my friend and repeat client Tarsha for her recent post on my Facebook wall. Here's what she had to say...

 Thank you Tarsha!  We recently received short sale approval and closed on Tarsha's home.  If you are looking for a top Alexandria VA listing agent, please contact me today!

 

Posted in Testimonials
Aug. 15, 2012

Northern Virginia Market Stats for July 2012

Northern Virginia Market Stats for July 2012

The following is the latest update for real estate market statistics in the Northern Virginia area for the month of July 2012.

 

Here are the highlights:

  • The national economy continued slow recovery, however, almost all analysts agree that we are in the middle of a housing turnaround.
  • There is positive news on th housing front.  For example, Fannie Mae and Freddie Mac reported strong earnings in the second quarter for 2012.  Also, Northern Virginia's unemployment rate is 4.4% (one of the lowest regional unemployment rates in the nation).  The region has added 31,000 jobs.
  • Total sales in July were 3,040 sales which is the highest July total in three years.
  • New pending contracts on the rise.
  • Inventory of homes for sale continues to decline, currently 24.7% below this time last year.
  • New listings are Lowest July total in 15 years.
  • Median sales price increased to $400,500 for Northern Virgnia.
  • 97.3% average list to sold price, median days on market is 20 days, which results in upward pressure on prices and lower median days on market

 

 

Posted in News
July 1, 2012

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps

Real Estate In Two Alexandria VA Zip Codes Hot As Current Temps!

We've weathered the wind storm Derecho, and are still enduring temperatures in the 90's with the heat index in the 100's.  The Alexandria VA real estate market is keeeping up with mother nature, especially in two particular zip codes.  According to the latest real estate market statistics, there are two communities in Alexandria VA where the homes are selling within one week of being listed.

Alexandria VA homes for sale in the zip code of 22308 during the month of May 2012 saw swift action.  Statistics show that homes that were sold in the first 10 days of being listing were sold at 99.33% of their original list priceHomes in the Del Ray zip code of 22301 fared even better, they were sold at 101.05% of their original list price.  If you are thinking about selling your Del Ray home, then now may indeed be the time to sell.

Posted in News
June 20, 2012

Old Town Alexandria And Del Ray Pools Help You Cool Down Under Hot Temps

Kids at the PoolOld Town Alexandria And Del Ray Pools Help You Cool Down Under Hot Temps

Yes, you could fry an egg on the asphalt today, but the Old Town Alexandria and Del Ray Pools have extended hours to help you stay cool.  The City of Alexandria issued an announcement earlier today:

Due to the extreme heat, the Memorial Pool, located at 901 Wythe St., will open from noon to 6 p.m., and the Warwick Pool, located at 3301 Landover St., will open from 4 p.m. to 7 p.m. on Thursday, June 21 and Friday, June 22. Admission will be free to all City residents. Memorial Pool, normally only open to residents 13 years of age and younger, will be open to all residents this Thursday and Friday. All children 12 years of age and younger must be accompanied and supervised at all times by an adult 18 years of age and over. Children under age 6 must be accompanied by an adult eighteen years and older. Children must be in proper bathing attire at all times, and within arm’s length of the adult when in the pool. Regular summer operating hours for the Old Town and Warwick Pools begin Saturday, June 23, and for the Memorial Pool on Monday, June 25.

So if the kids are bored and want to stay cool, take them out to the pool! Remember to carry plenty of water and apply the appropriate sunscreen for added protection.

Posted in News, Things To Do
June 6, 2012

Tam's Tuesday Tip for June 5 2012 - Low Downpayment Program Information

Tam's Tuesday Tip for June 5 2012 - Low Downpayment Program Information

Thank you to one of my preferred lenders, Kelly Wadsworth of Wells Fargo Home Mortgage for sharing this information!  Wells Fargo has a low downpayment program called the Community Development Mortgage Program (CDMP) that requires 2% of the sale price.

 

For more information, please see the Community Development Mortgage Program (CDMP) flyer, or contact Kelly Wadsworth at Wells Fargo Home Mortgage at 202-516-5707.

Posted in Buyers, Videos
May 1, 2012

Tam's Tuesday Tip - Say What?

Tam's Tuesday Tip - Say What?

Alexandria VA Real Estate - What did that listing agent just ask me?  If you're in the market to buy a home in Alexandria VA, then watch today's Tuesday Tip, where I answer the question.

                                    

 

Posted in Videos
April 20, 2012

Buying A Home In Alexandria VA - Here Are My Top Lenders To Help With Mortgage Approval

Buying A Home In Alexandria VA -
Here Are My Top Lenders To Help With Mortgage Approval

Before you get geared up to look at homes for sale in Alexandria VA, invest the time in meeting with a local mortgage lender to help you with your mortgage approval.  Getting approved for your mortgage will help you in a variety of ways:

  1. First, your mortgage approval will tell you exactly how much money you can spend.  And whether you know it or not, it's all tied to your credit report.  Interest rates are credit score driven, so the higher your credit score, the lower your interest rate on your mortgage.
  2. Your mortgage approval will let you know what type of financing you'll be using, and that means knowing how much you'll need for a down payment.  The 100% financing and 'no money down' mortgage programs are still available, and again, they're credit score driven.  So if you're aiming to buy a home for sale in Alexandria VA with no down payment, then a lender can tell you if you qualify.
  3. Your mortgage approval will let you know how much you'll need in closing costs.  For example, if a lender offers a no money down program, but charges a loan origination fee, then that means you'll have to pay interest up front on your mortgage, and that will be considered part of your closing costs.  You may be able to take advantage of obtaining a loan with no down payment, but doesn't mean you won't have any closing costs.
  4. You'll get a free credit report.  Getting your mortgage approval is free, and it requires a lender to pull your credit report.  If you're not quite in a position to buy a home, your lender can help you by putting together a game plan to increase your credit score so that you can take advantages of lower interest rates.

Choosing your mortgage lender is an important step in the homebuying process.  Here are my top local lenders (in no particular order):

All of these lenders offer a variety of programs to fit your financial needs.  From grants, to first-time buyer programs, to no mortgage insurance programs, to VA loans, FHA, and conventional, these lenders take the time to ask the important questions to help you finance your new home purchase.

Posted in Buyers
March 7, 2012

NAR Video Explaining The FHA Increase That Will Take Effect April 1 2012

NAR Video Explaining The FHA Increase That Will Take Effect April 1 2012

In a recent blog post, we brought you information on the changes to the FHA costs that will be taking effect starting April 1.  The National Association of Realtors has produced a video which explains the changes, and why they are being implented.

Posted in Buyers, FHA, News
March 5, 2012

Alexandria VA Homebuyers Will Pay More After April 1 With FHA Loans

Alexandria VA Homebuyers Will Pay More After April 1 With FHA Loans

  Time is money.  And if you're looking at homes for sale in Alexandria VA, and will be buying with an FHA loan, then expect to pay more after April 1.  Cindy Small of Union Mortgage Group provides the following update on the fee increases for FHA loans and what they mean for buyers in terms of closing costs and monthly payments.

FHA is raising mortgage insurance dramatically and considering several other changes. 

Homebuyers who act now can beat the increase, by indentifying a home and having a written accepted purchase contract.  There are two dates (April 1st and June 1st) and two changes (up front mortgage insurance which is collected at closing & annual mortgage insurance increases) that you need to be aware of .

 1st Change Effective ON APRIL 1ST,  2012

 

The Up Front Mortgage Insurance Premium (UFMIP) will be increased from 1 percent to 1.75 percent of the base loan amount…regardless of the amortization term or LTV (loan-to-value) ratio. FHA will continue to permit financing of UFMIP into the loan amount.  

What does that mean if I'm buying a home now?  How will that affect my out of pocket costs at closing?
Let’s use two examples…one is a $300,000 purchase and the other a $500,000 purchase.  Both are with 3.5% as the down payment… 

$300,000 Purchase Price                                         $500,000 Purchase Price
  - 10,500 @3.5% down                                               -17,500 @3.5% down
$289,500 UFMIP      1% = $2,895                            $482,500 UFMIP      1% = $4,825
  New UFMIP 1.75% = $5,066                           New UFMIP 1.75% = $8,750

           

2nd Change Effective ON April 1st

 The Temporary Payroll Tax Cut Continuation Act of 2011 requires FHA to increase the annual MIP it collects by 0.10 percent. This change is effective for case numbers assigned on or after April 1st.

 What does this mean? A 'case number' is assigned to your loan once you have received an accepted offer, and your lender begins processing your loan and preparing it for underwriting.  This usually happens within 2-3 days after the lender has received your signed purchase offer.

Currently the annual MIP or mortgage insurance premium (what we often refer to as the “Monthly MI”) on an FHA loan depends upon the down payment amount.  Below is the current vs. what it will become on April 1st.

                     Again, these changes are effective for case numbers assigned on or after April 1st

 

**ADDITIONAL CHANGE TO JUMBO FHA ON JUNE 1ST **

 

FHA is also exercising its statutory authority to add an additional 0.25 percent to mortgages exceeding $625,500. This change is effective for case numbers assigned on or after June 1, 2012.

What does this mean?
Let’s us two different examples…one is a $300,000 purchase and the other a $700,000 purchase with 3.5% down.

$300,000 Purchase Price                                         $700,000 Purchase Price
  - 10,500 @3.5% down                                               -24,500 @3.5% down
$289,500 Base Loan Amount                                    $675,500 Base Loan Amount   
        New UFMIP 1.75% = $5,066                                    New UFMIP 1.75% = $11,821
 $294,566 Loan Amount with UFMIP financed          $687,321 Loan Amount with UFMIP  financed
1.25% Mo. MIP = $3,682/12 = $307 per mo.             1.50% Mo. MIP = $10,310/12 = $859 per mo.

Posted in Buyers, News
March 1, 2012

Alexandria VA Homebuyer Education Class - March 10 2012

Alexandria VA Homebuyer Education Class - March 10 2012

If you are looking to buy a home within the next 3-6 months, then you'll find a lot of helpful information at the Alexandria VA Homebuyer Class that will be held Saturday, March 10 from 10:00 AM to 12 NOON, at the Charles Houston Recreation Center in Old Town Alexandria.  Come and learn about the Alexandria City Office of Housing programs, grants for first-time buyers, and the top things you can do right now to be in the best position to buy a home.

See the Google map below for the direction to the Charles Houston Recreation Center, located at 905 Wythe Street, Alexandria, VA 22314.  Closest metro is Braddock Road station on the blue and yellow lines.


View Larger Map
Representatives from the Alexandria City Office of Housing will be there, in addition to local lenders.  This class is free and open to the public, however seating is limited, so please click here to register.

Alexandria Homebuyer Class Registration

 

Posted in Buyers