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

Oct. 23, 2009

Old Town Alexandria VA Real Estate Video Tour

Posted in Videos
Oct. 23, 2009

Alexandria City News Release: Money Granted For Home Buyers From VHDA

Alexandria City News Release: Money Granted For Home Buyers From VHDA

Positive new indeed for those looking to buy a home for sale in Alexandria City.  From the City of Alexandria:

News Highlights:

  • City of Alexandria has been awarded $7.7 million for affordable homeownership programs
  • These funds will be used to enhance homeownership purchasing assistance for first-time home buyers who live or work in the City of Alexandria.

For More Information:

The City of Alexandria has been awarded $7.7 million from the Virginia Housing Development Authority (VHDA) to help make homeownership more affordable for households with members who live or work in the City. This funding is being provided through VHDA’s Sponsoring Partnerships and Revitalizing Communities (SPARC) Program. 

The funding will be used in conjunction with the City’s Homeownership Assistance Program, which assists lower income households with annual incomes of up to $82,160 for a family of four, and Moderate Income Homeownership Program, which assists households with incomes of up to $102,700 for a family of four.  SPARC funding will be enhanced with $936,955 in federal funds from the Neighborhood Stabilization Program, which targets communities that have been most affected by foreclosures.

“These funds provide an important complement to the City’s home purchase assistance programs,” said Alexandria Mayor William Euille. “The City has a long history of helping first-time homebuyers and we are dedicated to making homeownership both achievable and affordable for lower and moderate income City residents and workers.”
 
Individuals who wish to apply for assistance through the City’s homeownership programs must be first-time homebuyers, must have lived or worked in the City during the most recent six month period, and must purchase a home located within the City of Alexandria. All funds are limited, so interested households are encouraged to begin the process by registering to participate in a mandatory, free homeownership training offered through the City’s Office of Housing. For more information, call the City of Alexandria’s Office of Housing at 703.746.4990, TDD: 703.838.5056.

 

Posted in News
Oct. 20, 2009

Dinner In Del Ray and Old Town Tonight? Eat Out and Help Fight Breast Cancer

Dinner In Del Ray and Old Town Tonight?
Eat Out and Help Fight Breast Cancer

The Cure

 

Tuesday, October 20th is the Dine Out and Shop for the Walk to Fight Breast Cancer. Here is a link to the flyer that has the participating restaurants and shops in Del Ray, Fairlington, Old Town and the west end, that shows the percentage of their proceeds they are donating to The Walk. You can eat and help out Alexandria VA Walk to Fight Breast Cancer at the same time!

Posted in Businesses, News
Oct. 9, 2009

Alexandria VA CDPE Listing Agent Helps Owner Obtain Short Sale Approval On Condo For Sale

Alexandria VA CDPE Listing Agent Helps Owner
Obtain Short Sale Approval On Condo For Sale

4852 Eisenhower Avenue #341

4852 Eisenhower Avenue #341

Nobody gets excited when the reality sets in that foreclosure is possible.  But one of the biggest mistakes distressed homeowners make is waiting too late to get help.

This Alexandria VA condo for sale at the Exchange at Van Dorn, just received short sale approval from the lender!

According to the Distressed Property Institute, roughly seven out of ten foreclosures could have been salvaged as short sales. Meaning higher property values for the community, reduced foreclosure inventory, and a homeowner that would have prevented a foreclosure on their credit report.

If you own real estate in Alexandria VA and are having difficulty making your monthly mortgage payment, you may qualify to sell your home through a short sale.  For more information and a confidential consultation, please click here, or email me directly.

Not all Alexandria VA listing agents are alike.  When it comes to helping homeowners in distress, listing Alexandria VA short sales, marketing, and negotiating directly with lenders, make sure that you contact a CDPE listing agent who has been specifically trained in short sale education.

Contact Your Alexandria VA Short Sale Specialist

Posted in Buyers, Sellers, Short Sales
Oct. 8, 2009

Alexandria VA First-Time Buyers Watching The Clock As Tax Credit Deadline Nears

Alexandria VA First-Time Buyers Watching The Clock As
Tax Credit Deadline Nears
Everybody wants to know whether or not the $8000First-Time Home Buyer Tax Creditwill be extended, and at this point, it's still in the air.  Right now, no one can say for sure if Congress will extend the deadline for the tax credit, increase it, or even make it permanent.

But the deadline is near andAlexandria VAhome buyers have little time left to identify acondo,townhome, orsingle-family home.  We're now in the second week of October, and November 30 is a little over a month and a half away.  Realistically speaking, if your goal is to take advantage of the tax credit, then you need to look aggressively atAlexandria VA real estate, identify the property and submit a written offer, and be under contract by October 15!

Why, because you have to allow time for inspections, appraisals, and for your mortgage loan to be fully underwritten and approved.  Just like banks are swamped withshort salesandforeclosures, you can bet thatAlexandria VA Realtorsand lenders will be swamped over the next 2-3 weeks trying to ensure that buyers who are under contract have asmooth transaction, with no delays that could jeopardize them taking advantage of the tax credit.

If you're consideringbuying short sales in Alexandria VA, know that there is no guarantee as to when the bank will approve the sale.  As a buyer, your lender can only do the bare minimums on your mortgage loan if you have not received short sale approval from the seller's lender.

There's still time for you to take advantage of theFirst-Time Home Buyer Tax Creditand buy a home inOld Town,Del Ray,Kingstowne, orManchester Lakes.  Here's a short video that will help explain how the credit works.

Posted in Buyers, News, Videos
Sept. 21, 2009

Alexandria VA Buyer Agent Helps Buyers Gain Instant Equity With Short Sale Purchase

Alexandria VA Buyer Agent Helps Buyers Gain Instant Equity With Short Sale Purchase
Just Sold | 11816 Judiths Grove Court | Manassas

11816 Judiths Grove

Alexandria VA buyer agent helps move-up buyers gain instant equity, and contributes toward saving another family from foreclosure.  Are you a first-time buyer, or a move-up buyer looking for distressed properties?  Bank owned foreclosures, pre-foreclosures, and short sales can open up opportunities for your home purchase.

Because real estate prices have come down, there's more competition for move-in ready homes in the area.  This home at 11816 Judiths Grove Court in Manassas offered three fully finished levels, a rear deck, expanded kitchen with morning room, and a master bedroom with sitting room.  Tucked away in a subdivision with no HOA, these homebuyers are able to reap the benefit of privacy, and because this home appraised for more than the purchase price, these buyers are able to boast about their instant value.

If you're actively in the market for real estate and homes for sale in Alexandria VA or the surrounding area, please contact me for a consultation.  Distressed properties in Alexandria VA including bank foreclosures and short sales can open the door to a larger selection of homes.  Not all Alexandria VA area foreclosures and short sales are in the need of total rehabilitation.

                  

Sept. 21, 2009

Del Ray Alexandria VA Video Tour

Del Ray Alexandria VA Video Tour | Real Estate, Shops, Dining

 

Posted in Videos
Sept. 21, 2009

Kingstowne Alexandria Real Estate Community Tour | Video

Kingstowne VA Neighborhood Tour produced by Tamara Inzunza, CRS, CDPE on WellcomeMat

Posted in Videos
Sept. 12, 2009

Kingstowne VA Condos For Sale | Eton Square Condo | Open House This Sunday

Kingstowne VA Condos For Sale | Eton Square Condo | Open House This Sunday
6974A Ellingham Circle Alexandria, VA | Sept 13 1-4 PM
Real Estate and Homes For Sale In Kingstowne Alexandria VA

Features and special improvements of this beautiful Kingstowne VA Condo for Sale in Eton Square:

  • Ground level unit
  • Open floor plan with two bedrooms and two full baths
  • Ceramic tile in foyer
  • Gas fireplace in living room
  • Custom window treatments in dining room
  • Patio off dining room
  • Granite countertops in kitchen
  • Master bedroom with walk-in closet, full bath, and patio
  • Bedroom #2 with large closet and direct access to second bathroom

Enjoy all of the benefits of and amenities of owning Kingstowne VA real estate including close proximity to the Franconia-Springfield metro (blue line), walk to Kingstowne VA shopping, restaurants, and Kingstowne Stadium 16 movie theatre.

           

                                 

 

Posted in Buyers, Open House
Sept. 11, 2009

Alexandria VA Homes For Sale Getting Multiple Offers In A Down Market!

Alexandria VA Homes For Sale Getting Multiple Offers In A Down Market |
But I Thought This Was A Buyers Market

As the banks continue to drip foreclosures and REO (real estate owned) listings throughout our Old Town, Del Ray, and Kingstowne Alexandria market, I'm finding that many first time buyers are caught off guard when they learn that they have to compete for homes for sale in a supposedly down market.

Just like in the steamy sellers market when builders couldn't build 'em fast enough, we're seeing another lesson in supply and demand actively play out now.  When the prices come down, more buyers come out, including cash buyers and investors, and there goes the level playing field.

The $350,00 and under market is the 'sweet spot' where you'll find the most sales activity.  But since these first-time buyer bracket homes are now being absorbed, these traditional sellers are now able to move up, and we're seeing more absorption in the $350,000-$550,000 market. And believe me, move-up sellers want as much money as they can get...just like the banks!

Here are the biggest obstacles that buyers face that may count as a strike against them when competing in a multiple offer situation:

  • Low earnest money deposit - True, the minimum down payment requirement on FHA loans increased from 3% to 3.5%, but many buyers still have little savings to show up front when writing an offer.  The earnest money deposit won't be cashed until after your offer is accepted, but many times buyers forget about the upfront costs (even if a seller is contributing toward closing costs).  These costs include home inspection, radon inspection, appraisal, and insurance.
  • Unknown lenders - Real estate agents know that a reputable lender will be accountable and responsive, and an experienced lender will likely do a better job at preparing the home buyer for their mortgage.  In a case where there's multiple offers, a good listing agent will also seek information from your lender to determine where you are in the mortgage application process.  If your lender can't be found, then it could cost you the house.
  • Hesitant to make a competitive offer - Old Town Alexandria and Kingstowne foreclosures and attractively priced traditional resale homes, will likely be sold within two weeks time on the market.  If the listing agent discloses that there are multiple offers on hand, more than likely, an offer below the asking price will not be in the running.  While it's true that if your offer has very favorable terms, like a high earnest money deposit and no contingencies it will move up the pile, a low offer with lots of contingencies and a request for closing costs assistance will not be as attractive to the seller or bank.

This year, with the continuous changes in the lending guidelines, new developments in the appraisal guidelines, and dealing with Alexandria VA short sales and foreclosures, there's been a lot for real estate agents and consumers to adapt to.

Still, the biggest no-no that I repeatedly see with buyers is trying to start the homebuying process without a mortgage approval and looking at property without the benefit of a realtor consultation.

In a buyers market, the buyers may have more choices, but making an uninformed choice can be costly as well.

        

Posted in Buyers