Del Ray Alexandria VA (22301 and 22305) Market Stats And Real Estate Update For December 2009 |
Lots Of Detached Home Inventory
What's the real estate market like in Del Ray right now? According to the numbers, the townhome sales are pretty stable, but if I'm a condo howmowner or a detached homeowner, I'm probably biting my nails. With the extended homebuyer tax credit, you'd probably expect more activity with the Del Ray condos for sale, but based on MRIS data, no condos have gone under contract in the past 30 days (contract date of 12/09/2009 or later).
And with 10 townhomes going under contract, it makes you wonder where the Del Ray townhome sellers are going? Are they relocating out of the area (Northern Virginia), or just out of the zip code? Ten townhomes went under contract, all priced below $600,000, but if you look at the detached activity, it's reasonable to guess that these homeowners didn't buy up and stay in Del Ray. Sixteen detached homes for sale in Del Ray and they're all either under $900,000 or over $1Million in asking price.
If the townhome sellers are moving up and staying in the area, perhaps they are moving out to the Greater Mount Vernon area, in the Fairfax County Alexandria zipcodes of 22306, 22307, 22308, and 22309 for a detached home with more of a suburban lifestyle.
Midtown At Alexandria Station Condos |
Alexandria VA CDPE Listing Agent Helps Another Homeowner Avoid Foreclosure With A Short Sale
Just Sold - 2451 Midtown Avenue, Unit 1515
Still having that 'new home smell', the contemporary condos for sale at Midtown at Alexandria Station appeal to a lot of Alexandria VA buyers who are looking at condos close to metro. Shortly after purchasing a unit here, this homeowner experienced a financial hardship.
With an FHA loan, the homeowner applied with Wells Fargo Home Mortgage and was accepted into FHA's Preforeclosure Sales Program and also received a monetary incentive. The time period for the short sale approval was 35 days.
This home had also been previously listed with another broker and did not sell. If you are facing a financial hardship and would like to see if you qualify to sell your Alexandria VA home as a short sale, please be sure to visit my website for a confidential analysis. Experience counts, and as a Certified Distressed Property Expert (CDPE) and a Certified Default Resolution Specialist, I have the training and sale experience to help. Short sales are not like traditional sales, so be sure to consult with an Alexandria VA listing agent who is qualified to help.
If you currently have an FHA mortgage and are experiencing a financial hardship, you must meet the following criteria to be eligible to participate in the Preforeclosure Sales Program:
The property must be owner-occupied, no “walk-a ways” or investment properties. Exceptions: when it is verifiable that the need to vacate was related to the cause of default (job loss, transfer, divorce, death), and the subject property was not purchased as rental investment, or used as a rental for more than 18 months.
The Mortgagor must be 31 days or more delinquent at the time of the Preforeclosure Sale closing.
The Mortgagor must provide documentation substantiating a reduction in income or an increase in living expense, and documentation that verifies the Mortgagors need to vacate the property (if applicable).
Old Town (Alexandria) 22314 Real Estate Market Stats For December 2009 |
Upper Bracket Homes Need Buyers & Detached Homes Slow Moving
What's moving and shaking in the real estate market in Old Town Alexandria? Well, from the looks of things, it's condos and townhomes priced under $600,000. In the Old Town Alexandria condo market, 14 out of the 17 condos that went under contract were under $600,000. For the townhomes, 5 out of the 8 homes that went under contract were under $600,000. But what does this mean for detached homes for sale in Old Town, and the luxuy homes priced over $700,000? If I'm buying luxury, then I'll want to see them all...in every price range and render a decision on what makes each home unique. Is it the age, the proximity to the Potomac River, is it the quadrant?
What about short sales and foreclosures in Old Town Alexandria? They're out there, but in very small numbers. As of January 7, 2010, there were 4 bank owned foreclosures for sale, and 2 short sales actively for sale. In the past 30 days, one Old Town Alexandria short sale has gone under contract.
Old Town Alexandria home owners looking to list their home for under $600,000 should still venture out and take a look at the competition. While there is a greater chance that you'll get your home sold in this price point, when there's more to choose from, buyers will be very selective and will tend to make 'value-based' decisions vs. 'demand-based' decisions. That means, you will have to stand out in terms of presentation (staging), move-in readiness, and price to entice a buyer to choose your home over the 53 other condos, or 26 other townhomes currently for sale.
Manchester Lakes Photos and Scenery:
Still Waiting For That 35 Degree High
Well, hell hasn't frozen over, but some of the ponds at Manchester Lakes have. Check out the geese walking on the pond. Do you think they're ready for a swim or what? Maybe they're just hanging around and waiting for Happy Hour :-) ...it's 5 o'clock somewhere right?
Kingstowne (Alexandria) VA Real Estate Market Stats December 2009 |
A Balanced Market For Condos And Townhomes
So, how's the real estate market in Kingstowne you ask? Take a look and you'll see that things look pretty balanced when it comes to condos for sale, and townhomes for sale. In the past 30 days, five condos have gone under contract, and five units are still on the market. Evenly distributed in price, three units available in the $200k price range and the same number of units sold. Likewise in the $300k price range, two units available, and two units sold.
The townhome price range that saw the most number of units under contract was the $400k range. The single-family homes for sale in Kingstowne look pretty stagnant based on the previous month's activity. Only one detached home sold, and that was a new construction home in the North Village built by Richmond American.
What about distressed homes in Kingstowne? Are there currently any short sales for sale in Kingstowne? Surprisingly NO! However, there are two bank owned foreclosures currently for sale in Kingstowne. Also, two short sales in Kingstowne have gone under contract in the past 30 days, and one foreclosure has gone under contract in the past 30 days. For a neighborhood of 5300 homes, that's a record low number of distressed sales which is positive sign for the stability of the subdivision.
If you're a condo or townhome owner in Kingstowne, it looks like now is a great time to sell! If you're looking to buy a single-family home in Kingstowne, it looks like now is a great time to negotiate!
Short Sale Hardship Letter Sample |
One Major Piece Of The Short Sale Package
Here is a simple guide that will help you write your short sale hardship letter that your lender will require when you are trying to sell your home as a short sale:
Here is a sample:
To whom it may concern:
When I purchased my home in October of 2005, I had been employed at my job for 15 years. My salary more than covered my mortgage payment and after I was able to make an extra mortgage payment every year.
I was laid off on November 25, 2008 and have not been able to find another job of equal pay. After searching for several months, I was finally able to find a job, but now I am only making one-third of what I was making at my previous position. I have always had excellent credit but this reduction in income now makes it impossible for me to meet my monthly obligations.
This lower salary has proven to be a hardship for me. Now, my monthly salary does not cover my mortgage payment and my expenses. While I was unemployed, I used all of my savings to keep my mortgage current, and have exhausted all of my savings.
I am no longer able to keep my home and have spoken with my accountant and Realtor, and I feel that a short sale is the best solution. Please consider the offer that I have received on my home as full payment for my outstanding mortgage. I would like to maintain my good credit avoid foreclosure.
Your short sale hardship letter should also be signed. It doesn't have to be a novel, and you don't have to tell your whole life's story. But, what the bank is looking for is an accurate account of what led you to your current situation.
Old Town Alexandria VA Real Estate Getting Low|
Don't Miss The Other Countdown For The $6500 Tax Credit For Move-Up Sellers
The sands of time are steadily pouring down as the new deadline for the extended $8000 Federal Housing Tax Credit starts to creep up on the Alexandria VA real estate market for home buyers. The tax credit has also been expanded to provide a $6500 credit for move-up sellers. And while there have been countless articles and pages of information geared toward home buyers, few have taken the time to explain to Alexandria VA home sellers why this may be an opportune time to list your home and get top dollar.
Here are the Top 4 Reasons Why Now May Be The Best Time To Sell Your Alexandria VA Home:
The tax credit is now in it's third revision. At first, it was an interest-free loan, then it was revised into a full credit for home buyers, and most recently is has been extended for buyers and expanded to include sellers. The third time's a charm.
Video: Biggest Buyer Blunder | Overlooking Total Costs Of HomeownershipNice sprinkler system...I wonder what the water bill is during the spring and summer.
The master bedroom has a sitting room...I wonder what the average electric bill is for this home.Oh, the basement is fully finished...Can the heating/AC system support all of this square footage efficiently?We're looking for a fixer-upper...Can we really afford to do more than carpet and paint?These appliances are nearing the end of their expected usefulness...How much will it cost to replace all of the appliances?Whether is a foreclosure, short sale, or traditional home,buyers should factor in the total cost of homeownership. The lender will give you a pre-approval amount, but there are other fees that will never appear on your Good Faith Estimate of Closing Costs, that you will have to factor into your monthly and yearly costs of homeownership such as:
But before you venture off into La-La Land, remember that looking at homes isn't really the first step in thehome buying process, it's securing your mortgage pre-approval. There's nothing scary about obtaining your mortgage approval,it's painless, and best of all it's freeand it doesn't commit you to buying a home today(or any day for that matter).
You'd actually be at a disadvantage if you didn't obtain your mortgage approval before you start looking at homes. Here are the three reasons why: