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Northern Virginia Homes For Sale In Today’s Market
By: Robert Earl The Earl of Real Estate
Just because the credit market is suffering doesn’t mean you have to. You can still buy Northern Virginia luxury homes despite the decline in housing markets. Northern Virginia homes for sale are being sold at affordable prices in various counties.
While searching for an ideal Northern Virginia homes for sale you should look something which is just above your price range. Quoting a reasonable price which is slightly lower than what you had budgeted for the home will benefit you as well as the seller. There is nothing wrong in making an offer which you believe as fair. Later in you may find that your instincts were correct after all.
Typically the seller will appreciate the fast offer you made and chances are, the offer will be accepted at the suggested price. This strategy will benefit you because you will be able to stay with in your budget, and get a better house with more features then you had expected to get. As long as you have a clear picture of the things you want in your head, searching for Northern Virginia homes for sale is very simple.
There are hundreds of real estate agents throughout Northern Virginia that would be glad to help you find Northern Virginia homes for sale. There are many Northern Virginia luxury homes that are also for sale at bargain prices. Loan agents will be glad to help walk you through the purchasing process and get you pre-approved for a mortgage, at which point you can focus on finding the right home for you in Northern Virginia.
Virginia is a beautiful state with endless gifts to offer. Stunning mountain vistas and charming cities make this area truly feel like home. For this reason, more and more people are rushing to buy in Northern Virginia. However, because the market is continually fluctuating, the benefits are with the buyers. Now is the time to buy an affordable and spectacular house that you and your family will cherish.
Values of Northern Virginia houses may be temporarily falling, but will soon rise again. Wouldn’t you like to invest in an amazing house that is guaranteed to make you money down the road? A good way to determine how much your house is worth is to do a search online for housing prices in your area. This way, you will know exactly what price to offer for the home in which you are interested.
2010 Mortgage Interest Rates
By Michael Petrone
Getting the lowest interest rates possible makes a refinance more beneficial for a homeowner. Mortgage rates have been low most of the year. However, I predict things will change in 2010. Here are my mortgage rate predictions for the rest of 2009 and 2010.
While the housing market is in bad shape right now, mortgage rates are low to encourage activity in the market, and help homeowners save their home from being lost. With rates as low as they are, homeowners can usually refinance their mortgage into a better, cheaper, more affordable monthly payment. This helps prevent the housing market from getting worse, and spurs activity and interest in existing home loans, and for new home buyers. However, I do not think the housing market will get any worse than it is right now, and that is why my mortgage predictions for 2010 call for an interest rate hike.
While this mortgage rate increase will not be major enough to seriously discourage homeowners from getting refinancing, they will be noticeably higher. Right now, a typical fixed rate mortgage can be had for around 5.15%. This rate is extremely low, and not too much higher than the lowest rates have been all year. However, I believe that around April of 2010, things will change, and interest rates will rise slightly. I predict that mortgage rates in April of 2010 will rise to around 6.2% due to a recovering housing market, and a promising economy. These mortgage rate increases will represent progress being made in stabilizing home values for homeowner everywhere across the country. Although it seems small, this would represent a lot of money over the course of a home loan.
Homeowners who can, should take advantage of the lowest mortgage interest rates possible when they decide to refinance their mortgage. In my opinion that time is right now, as I predict interest rates to rise. However, each homeowners situation is different, and the time to take action may be too. While there is no proof mortgage interest rates will rise, the housing market has pretty much bottomed out, meaning the only way to go is up. Decide for yourself what is best, but these are my mortgage rate predictions for 2009 – 2010.
At my site I will teach you how to properly refinance or modify a home mortgage saving you thousands of dollars, or even your home. A lot of Greedy Mortgage Lenders will try to suck you dry if you let them.
Buying Foreclosures For Sale – Making an Informed Decision
Buying foreclosures for sale is not something that you should do right away, especially if you do not have any knowledge of the real estate foreclosure investing market. This type of investment needs research and planning to make sure that you are buying the right foreclosure property that can give you profit in the future.
A little research on the types of foreclosure properties that are available in the market would come a long way in helping you make an informed buying decision. So take down some notes for a profitable investment and a secure financial future.
Pre-foreclosure Homes for Sale:
Pre-foreclosure homes are distressed properties sold by homeowners who want to avoid the trouble of foreclosures. You get to negotiate directly with the homeowners to allow you to negotiate for a better price. Before you meet with the homeowner, make sure that you have arranged your finances to give you a leverage during bargaining. Distressed homeowners are desperate to dispose of their homes, thus giving you an edge over other offers to buy.
However, when buying foreclosures for sale during pre-foreclosure, make sure that you have done some research on the financial record of the property that you want to buy. Know if there are some unpaid taxes or any other liens. Also, hire a home inspector to give you a professional opinion on the condition of the house. Some major structural problems are discernible only to the expert eyes of home inspector.
Auction Homes for Sale:
Auction laws vary by state so it is important that you do some research on foreclosure auction laws in the state where you plan to buy a property. In some states, winning bidders are required to pay in cash while in others, you only have to pay 10 percent of the amount plus a letter from the bank.
Also, some states allow you to transfer to the house immediately after the auction while others still give a certain time for owners to pay for the foreclosure cost before they will allow you to take over the property. Buying foreclosures for sale is a risk-free task if you do your homework first.
Joseph B. Smith has been educating buyers on the finer points of Buying Foreclosures for Sale at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about Buying Foreclosures for Sale.
Here’s what the professionals say:
The 2010 market will be different than any real estate professional has ever seen. New approaches and new skills will be required to succeed. Generational differences and how to work with them will be a critical skill for survival and success. Realtor associations will need to change their business model and their services to adapt to the rapidly changing market. Pam MacConnell, Association executive, West Volusia Association of Realtors, Orange City, Florida.
While almost everyone actively involved in the real estate industry was excited to see the continuation of the tax credits through April 30, 2010, for homes that close by June 30, we expect there to be a lot of buyer caution and concern come May 1, when the benefits expire. No one is sure how much volume came from moving renters off the fence and how much came from just moving volume up following this year’s tax credit. It’s still unclear what effect the extension will have on the market. May and June pending sales are going to be critical months to really understand the health of the housing market. Patrick Lashinsky, Chief executive officer, ZipRealty, Emeryville, California.
The buzzword for agents in 2010 will continue to be responsiveness. Buyers and sellers who have been on the sidelines are going to be anxious to get into the market as it starts to pick up, and they will expect their agents to be one step ahead of them. Customers will continue to raise the bar on response time. They used to expect agents to respond within 24 hours. Today, with mobile devices, (they expect a response) in just hours. Leslie Tyler, Vice president of marketing, ZipRealty, Emeryville, California.
Sales in Michigan will remain steady. Inventory levels will continue to drop but at a slower pace. With that the median sales prices will also rise. Karen S. Kage, Chief executive officer, realcomp II Ltd, Farmington Hills, Michigan.
More mobile applications that involve brokers, consumers and real estate-related services. Lauren Emery, Chief executive officer, Information and Real Estate Services LLC, Loveland, Colorado.
The market, unlike 2009, will be predictable. We will have a spring market starting in January: There is pent-up demand; first-time buyers will want to take advantage of the tax incentive and the $6,500 tax credit for move-up/retrenching buyers will also help. I also predict that the industry will lose at least 10 percent of its firms and salespeople. That will be good for the industry. Liberal newspapers will try to make things seem better (to support the current administration and Democrats’ re-election of congressmen), the economy will stabilize, the health care debate will be behind us, interests rates will flatten, employment will get a little better, Wall Street numbers will continue to look better, home prices will stabilize, consumers will feel better. Real estate unit sales in Connecticut will be up 12 percent and flat in Rhode Island. Peter Helie, Chairman and chief executive officer, Prudential Connecticut Realty, Rocky Hill, Connecticut.
The first quarter will be up and strong in most areas and price ranges. The market will level off by summer. Unit sales will continue to be greater than volume. With current lower inventory levels we will have difficulty meeting demand in the $150,000 to $300,000 range for many neighborhoods. There will be greater activity in the $300,000-plus market as more homeowners realize the stimulus is for them. The high-end luxury market has had an increase over the last 60 days. This will continue in spurts throughout 2010. Overall, the market will have swings but will show increases in most areas. Helen Hanna Casey, President, Howard Hanna Real Estate Services, Pittsburgh, Pennsylvania.
2010 will be very similar to 2009. Unit activity will be up slightly and prices will decline slightly. The net is even. Stephen W. Baird, President and chief executive officer, Baird & Warner Inc, Chicago, Illinois.
The conditions are set for a surge of sales activity heading into 2010 thanks to historically low interest rates, adjusted home prices, and the extended/expanded Federal Housing Tax Credit. After the expiration of the tax credit in April 2010, we can expect to see a dip in sales, but there are some things the government can do to ease this transition. J. Lennox Scott, Chairman and chief executive officer, John L. Scott Real Estate, Seattle, Washington
We don’t generally make predictions; we leave that to the economists. But here are two: If we continue to “eat at the trough” of expanding federal programs, our economy will suffer well into the future. And the tired, unwieldy, nondescript, disparate multiple listing service will get rebranded. Steve Sullivan, Chief executive officer, Metropolitan Indianapolis Board of Realtors, Indianapolis, Indiana.
Activity in the first half of 2010 may be artificially robust due to the tax credits, and the activity in the remainder of the year will help determine how strong the housing recovery is. Mae Hassman, Chief executive officer, Missoula Organization of Realtors, Missoula, Montana.
For consumers, Realtor ratings in 2010 will become as routine as rating hotels, restaurants and movies is now. Bob Hale, President and chief executive officer, Houston Association of Realtors, Houston, Texas.
I think on the conservative side the first two quarters may have a slow start but the market will pick up in the third quarter. Annie Ives, Chief executive officer , Combined Los Angeles/Westside MLS, Los Angeles, California.
My prediction for 2010 is not a bright one. I expect our association membership will drop by 15 percent. I have members who have been in the business more than two years who say they cannot make their dues for next year. We ran a sales report of the agents who are selling, and (the ones receiving referrals) from past clients have remained the top sales agents. They have the experience from past declining markets over the years. Shirley Skerbelis, Executive vice president, The Inland Gateway Association of Realtors, Corona, California.
The world won’t end. Real estate agents and brokers who have an open mind, are willing to work very hard, put their clients interest first, and — above all — adapt and evolve will find great success and satisfaction in this amazing industry. Matt Case, Associate broker, Director of support services, Coldwell Banker Schmidt Realtors.
Here are some of the most frequently asked questions on the changes to the Homebuyer Tax Credit
Question: Existing homeowner credit: Must the new house cost more than the old house?
Answer: No. Thus, for example, individuals who move from a high cost area to a lower cost area who meet all eligibility requirements will qualify for the $6500 credit.
Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?
Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.
Question: I am a firsttime homebuyer but was not within the prior income limits at the time I entered into my contract to purchase on October 30, 2009. I will be covered, however, by the new income limits. If the new rules have been signed into law by the time I go to settlement, will I be eligible for a credit?
Answer: Yes. The new income limitations go into effect as soon as the President has signed the bill. The income limit and other eligibility rules will look to your status as of the date of purchase, which is the settlement date. So if the new rules have been signed when you go to settlement, you should be eligible for the credit (or a portion of the credit if you’re within the phaseout range).
Question: I am an eligible existing homeowner. I have a fair amount of equity in my home. I have found a home with a nonnegotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
Answer: No. The $800,000 cap on the cost of the purchased home is firm at $800,000. Any amount above $800,000 makes the home ineligible for any portion of the credit. The $800,000 is an absolute ceiling.
Question: I owned my home for 10 years, but sold it two years ago year and have been renting since. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility tests?
Answer: Yes. Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify for the $6500 credit. For example, Say John and his wife bought a home in 2000 and lived there until 2008 when he got a divorce. Whether John has been renting or bought in the interim, he WOULD INDEED be eligible for the credit because he owned a home and occupied it as his principal residence for 5 consecutive years out of the last 8 years. The keyword here is “consecutive.” As long as he lived in that house for 5 years straight what he did since 3 years doesn’t impact eligibility.
Question: I am an eligible firsttime homebuyer. I entered into a contract to purchase on November 1, 2009. Do I have to go to closing before December 1? How does the extension date affect me?
Answer: You do not have to close before December 1. Once the legislation has been signed, it will be as if the Nov 30 date had never existed. Therefore, so long as the contract settles before April 30 (or July 1, worst case), the purchaser will be eligible for the credit.
The Mike Webb Team: www.northernvirginiahouses.com
The National Association of Realtors is planning to unveil a new consumer website called HouseLogic on November 12th. This presentation will be shown at the NAR’s Annual Conference and Expo in San Diego. The website is designed to be a go-to resource that will help homeowners protect, maintain, and enhance the value of, for most, their most important investment; their home.
The site will also contain business building tools and information for realtors as well as content designed to help realtors maintain contact with their clients after the sale.
The site will also allow homeowners and realtors the ability to speak together to federal legislators on public policy issues on which homeowners and the real estate industry have a common interest.
The HouseLogic website will be promoted to consumers beginning February 2010. Until that time it will be in beta and promoted mainly to realtors to become familiar with it and provide feedback to firstname.lastname@example.org. Further details will be coming in REALTORS Magazine Daily News and at realtors.org.