October                     2008                 2007          % Change

Total $ Volume     $12,472,250     $9,590,000          30.05%

Avg. Sold Price      $ 1,039,354      $1,918,000        -45.81%

Median Sold Price   $1,047,500      $1,300,000        -19.42%

Total Sold                     12                      5                  140%

Avg. Days on Mkt.         89                     72                23,61%

Avg Sale Price as a

percentage of Avg. List    86.79%          88.35%

While at first glance, the statistics show a significant downturn in sold price, prices in Great Falls can vary dramatically.  This will tend to skew the numbers from month to month.  Follow this posting to watch for long term trends for sales.

A new trend in home design is to enhance the quality of the indoor air. In addition to improving the air quality for you and your family, an added benefit is that this also makes the home more appealing to potential buyers when it comes time to sell.In addition, keeping your focus on the quality of indoor air improves energy efficiency and the overall health of the homeowner. As a great deal of time is spent inside one’s home, the quality of the air should be seriously considered.

In addition, keeping your focus on the quality of indoor air improves energy efficiency and the overall health of the homeowner. As a great deal of time is spent inside one’s home, the quality of the air should be seriously considered.

Enhance the quality of your indoor air room-by-room by following these easy and inexpensive steps:

• Check the heating system and air conditioner. Older furnaces are more prone to dangerous gas leaks, so notify a professional if this occurs. Additionally, make sure to inspect or insulate the ducts of the air conditioner to prevent against mold and rust.
• Install a weatherproof garage door. Installing a weatherproof garage door will protect your home from outside elements, hazardous odors and gasoline from the car or power equipment. Additionally, refrain from leaving a car or lawn mower running in a garage or shed attached to the home.
• Eliminate fumes in the kitchen. If cooking with a gas range, make sure it is equipped with a hood fan that exhausts to the outdoors. Opening a door or window will also eliminate gas fumes, as well as increase air circulation.
• Clean regularly. Keeping your home clean will prevent dust from accumulating and greatly improve air quality. Washing bedding materials in hot water and replacing carpet with area rugs can greatly reduce allergens.
• Turn the bathroom green. Clean the bathroom using environmentally safe products that are free from pesticides or other toxic products. Exhaust fans in bathrooms should also be used to remove moisture and chemicals that may build up

I simply can’t contain myself.  While this is supposed to be a real estate related website, what proud grandfather can’t at least post an occasional piece about the new twins.  They were born here in Northern Virginia at Arlington Hospital on October 22nd.  Robert weighed in (can’t help the wrestler in me) at 5lbs. 3 oz. and Reagan weighed 5lbs. 9 oz.  They came home to Reston on October 27th.  Try as we might, Nancy and I haven’t been able to give Bobby and Marie any privacy.  On average, we have been heading over there at least once or twice a day.  Nancy is currently spending a week helping out.

Everyone needs to watch the video of the babies at least once.  I think I’ve seen it at least 100 times and shown it to everyone who even remotely asks about the babies and some who don’t.

Feel free to take a look at the photos as well.

A Face Only a Mother Could Love

Todays Market Cost Another Realtor His Head

The annual Spooktacular in Great Falls was a scary affair for the more than 1,000 ghosts, goblins and teenage mutant turtles who found themselves on the Village Green.  I made my second appearance at the event, this year wearing my best monkey suit.  No not a tuxedo!  In less than two hours, we managed to hand out over 1,000 pieces of candy and bringing smiles to hundreds of faces.  I do have to admit Nancy (my wife) was right.  The gorilla costume also brought a few tears.  That said, more kids were scared by my Santa Claus last year.   If you missed this year’s event, be sure to mark it on your calendar for next year.  The kids can’t help but have a great time.

URGENT

The Federal Housing Finance Agency has just released the 2009 guidelines for Conforming Loan Limitations.  Anyone who has been considering purchasing a home for which they will need a loan exceeding the new guidelines should definitely consider making a move prior to the end of 2008.

The new loan limits for Northern Virginia (Component Counties:  Arlington, Clarke, Fairfax, Fauquier, Loudoun, Prince William, Spotsylvania, Stafford, Warren and Component Cities:  Alexandria, Fairfax, Falls Church, Fredericksburg, Manassas, Mannassas Park) has been set at $625,500.  The current limit for Conforming Loans in these areas is $729,750.

Using current interest rates, a jumbo conforming loan of $725,00 will cost somewhere in the neighborhood of and additional $500 per month (or $6,000 per year) if you wait until January 1, 2009.

For additional information, contact me or call: (703) 999-5812.

You can also access the FHFA new release at: http://www.ofheo.gov/newsroom.aspx?ID=481&q1=1&q2=None

In an effort to stimulate the housing market, the federal government instituted a $7,500 tax credit to help first time home buyers.  This is an great opportunity to make use of all those tax dollars you have been paying in the past and will of course be paying in the future.  The following provides an overview of the program.

The Housing and Economic Recovery Act of 2008 authorizes a $7,500 tax credit for qualified first-time homebuyers purchasing homes before July 1, 2009.

The recently passed first-time homebuyer credit is designed for someone who has not owned a principal residence within a three-year period prior to purchase of a new home.

The tax credit works like an interest free loan.  Homebuyers receiving the tax credit will be required to repay the credit to the government over 15 years, or when they sell (if there is sufficient capital gain from the sale!).

The income limit for single taxpayers to be eligible for the full $7,500 credit is $75,000.  For married taxpayers filing jointly the income limit is $150,000.

The credit has a phase-out so that the closer a buyer comes to the maximum phase-out amount, the smaller the credit will be.  The credit amount is gradually reduced as an individual’s income reaches $95,000 for a single return or $170,000 for a joint return.  Individuals with income above the phase out limits are not eligible for the tax credits.

The law allows qualified taxpayers the choice to claim the purchase as part of their 2008 tax return even if the purchase was made in 2009.

The program ends on July 1, 2009.

Feel free to contact me for additional information.  You can also visit: www.federalhousingtaxcredit.com or contact your tax consultant.