July, 2008
Earlier in the year, I shared how my daughters basketball team won their league and division championship. We have now added a second championship to the year. My daughter’s team (The Bulldogs) last night won their Spotsylvania Parks and Rec fast pitch softball championship.
Time for a little bragging right? My daughter is the primary pitcher for the team, and over the course of a nine game season, and three tournament games, pitched all but three innings for her team. We finished the season with a 7-2 record, then won rounds 1 and 2 of the playoff tournament, plus the championship game last night.
Wow!!! What a cool thing to win a championship at anything you do. But two of them in one year! I think all the girls made memories this season, and I know they did last night.
Ok. Enough bragging, I need to get back to work. Oh, but just one more thing… GO BULLDOGS!!!
Share on Facebook
Category : Blog
This bill has some wide sweeping consequences throughout the entire real estate market in the country, and certainly will affect the local Fredericksburg real estate market.
Added Mike Parker, a principle at the Blackwater Consulting Group, which specializes in online marketing for real estate professionals: “The housing bill is a very good thing for our industry for three primary reasons: It sends an unmistakable message to the American people that the government is not going to allow chaos to proceed; it contains a significant tax credit for first time buyers that will spur home buying by that segment and it removed the need to foreclose on many homeowners; many will now be saved. In a macro sense, there were better solutions, but we got this one. I see the glass as half full.”
The above is an interesting excerpt from an article posted on RIS Media. Take a look, and see what you think.
Share on Facebook
Category : Blog
Lots of doom and gloom have accompanied the radical swing in the Fredericksburg real estate market. For the recent couple of years, nothing but bad news has been reported in the media. Of course, that has begun to change.
A few days ago, I had the privilege to once again be a guest on the local radio station AM 1230 WFVA, with host Mark Clifford, and sponsor Tom Murphy of Carteret Mortgage. During the show we discussed the stabilization of real estate markets. Tom commented that the median home price needs to get close to the median income for a market to stabilize. I also mentioned that homes have to move/sell at a relatively normal pace, regardless of what the pricing is dictating.
Today, I see that the Washington D.C. housing market (of which Virginia and Maryland suburbs are a part… including the Fredericksburg real estate market) is now considered the 4th most increasingly affordable housing market. This is according to Forbes.com, in an article that says…
As that market has corrected, sellers are unloading exurb properties for reduced prices to buyers who couldn’t afford the area just a few years ago.
I, and many experts, see this is a sign of the beginning of turning tide toward a neutral market.
Share on Facebook
Category : Blog
Tom Murphy at Carteret Mortgage provided some information on his radio show yesterday, that many potential home buyers in the Fredericksburg Real Estate market should find relevant. Potentially, on October 1st, 2008, some programs that essentially still allow homebuyers to buy a home with no-money down will be eliminated. Programs like the Nehemiah Program, Ameri-dream, and some FHA situations will no longer be available.
What that means is simply this… if you are wanting to take advantage of the fantastic prices in the market today, but have no money for a downpayment… you must act now to buy! There are multiple ways to safely accomplish this goal today. But, the days are extremely limited.
I am basing the above statements on second hand information, and this is just my opinion… but in my opinion, if you want to utilize this type of program, you will want to close the transaction prior to October 1st. In today’s lending environment, you don’t want this changeto take place in the middle of your loan process.
So, what that means, is start looking for a home today! Find one quickly, and get the ball rolling to take advantage of the current possibilities, before they are gone.
Share on Facebook
Category : Blog
One of the things I have tried to do with this blog, is to keep buyers and sellers aware of changes in this ever evolving Fredericksburg real estate market. We have cycled through a lot of things since late in 2006.
The market died. Prices began dropping. Short sales popped up all over the place, then were replaced with foreclosures, and then more short sales. Prices dropped some more. Banks were incredulous in their pricing. Prices dropped some more. Buyers trickled back in for about a month, then ran scared again based on media hype. AND, prices dropped some more. Banks owning properties began bogging down the process, and then bogged it down some more. And, Prices DROPPED even more.
Now, there are a fairly solid number of buyers looking to buy and invest in Fredericksburg real estate. Now banks are once again the culprit at this stage, BUT, it is the banks lending money, not necessarily the ones owning the properties who are creating the quagmire.
It is still a great time to buy, based on inventory, and prices. Here is the rub. Buyers need to have REAL expectations when buying in this market. The lenders are tough. They are putting every transaction through the virtual wringer, then running it through again, in case they missed something the first time. This creates a lot of frustration for buyers. What buyers need to remember is that they are getting a GREAT deal on a home, and this is part of the process, and YES, the price they have to pay to get this great deal.
I would suggest that buyers forget about what they know about the loan process from days gone by. Particularly, closing the transaction in 30 days or so. Underwriters are taking their sweet, sweet, time in examining files. It is not uncommon for an underwriter to have a file for 15 to 20 days. In days past, underwriters wouldn’t even look at a file until the last 3 to 5 days in the process, approve it, and close it. That folks, is something that is very faint in the rear view mirror.
This is particularly important if you making an offer on a foreclosure property. Most banks owning the property will penalize a buyer for going past the contract closing date, and charge them per diem, a daily rate, for every day they go beyond the contract date. This can add up very quickly. So, make sure that your Realtor protects you in this regard, among the many others, so tht you get that great deal, and don’t lose money out of pocket in the process.
Share on Facebook
Category : Blog