I will be holding an open house today from 1-4 at 11742 Great Owl Circle. You’ll love the convenience offered by North Reston’s highly desirable Ridgewood Cluster. With approximately 2,700 square feet of living space, this four level, three bedroom, 3.5 bath home provides ready access to the Metro Bus and the inumerable amenities offered by Reston. Recent upgrades in this move-in ready townhome include: granite countertops and tile backsplash; hardwood floors on the main level; new carpet in the three upper level bedrooms and the fourth level loft; a fully renovated master bath; and much more. The completely finished lower level includes an oversized recreation room/family room with fireplace and a walkout to Reston’s extensive hiking trails. Take the short walk to North Point Shopping Center and visit Starbucks, Baskin Robbins, or Mama Lucia’s Italian restaurant. Reston Town Center is also just a short bike ride away. This townhome is priced below comparables at $475,000.
Archive for the Category ◊ First Time Homebuyer ◊
The first time homebuyer tax credit appears to be having the desired effect on our local housing market. Home sales in the under $500,000 range have been quite robust since the inception of the tax credit. Inventory in Reston’s 20194 zip code is down to less than three months with the 20190 zip code inventory standing at about 3.5 months. While there have been no specific studies showing that this increased activity level is a result of the credit, one must surmise that it and the near record level interest rates are key contributors. One would have to surmise that this pace will gain additional momentum as the December 1, 2009 deadline grows closer. The Internal Revenue Service has provided a superb review on its website including the necessary form to apply for this credit.
The Great Falls Market which for the most part is out of reach for first time homebuyers is showing inventory of nearly 10 months. The inventories for the two Mclean Zip Codes (22101 and 22101) are six months and 10 months, respectively. Finally, the Vienna Zip Codes of 22180 and 22182) currently have inventories of four months and five months.
Below is a guest blog from Nikki Ryan who will be holding an Open House this Sunday at my son’s townhouse in Reston. Come on by to meet Nikki and enjoy the home.
I am holding open a beautifully decorated townhouse at 11742 Great Owl Circle in North Reston this Sunday April 26th from 1-4pm. Please stop by. This townhouse has so many updates and shows beautifully! Main level updates include: new hardwood floors, new appliances, ceiling fan and granite in the kitchen, and new light fixtures. the master bath has been updated. You will find brand new carpet on the upper two levels, a fully updated master bathroom, new light fixtures and ceiling fan.
I have previewed all of the competition and this townhouse shows the best of the currently listed properties in this price range. Come by and have a look on Sunday. Call me for more information 703-615-2663 or visit www.greatowlcircle.com
This property is listed for sale with Keller Williams Realty, by Bob Nelson.
Keller Williams Realty
703-615-2663 cell
703-542-0914 fax
oh, by the way… if you know of someone who would appreciate the level of service I provide, please call with their business number and I’ll be happy to follow up and take great care of them.
Ever since its announcement, there has been considerable confusion over the first-time homebuyer credit. A frequently asked question pertains to whether or not someone can co-sign on the note and still have the principal buyer qualify for the credit. I had asked numerous lenders, title attorneys and other realtors all of whom had given me the same basic answer. This being, “Well they should be able to qualify” or “They must be able to get it. This was actually the conclusion I had already drawn, but wanted a definitive response. After three weeks of trying to come up with the answer, I finally got to the bottom-line. As long as the co-signer is not a spouse (who has owned a home within the last three years), the principal is indeed entitled to the tax credit. The answer if provided by Rob Dietz, Ph.D., director of tax issues for the National Association of Home Builders. If you would like further info, simply check the link: Homebuyer Tax Credit. Feel free to contact me for additional info on other First Time Homebuyer incentives.
Homes sales in Fairfax County have showed significant upward (+21.2 percent) movement in February when compared to Feb. 2008 numbers. I am convinced that this is the result of pent-up demand on the part of first-time home-buyers. Much of the February activity came prior to the finalizing of the government’s $8,000 first-time home-buyer tax credit. This should only further increase demand As it took a perfect storm of events to trigger the precipitous drop in demand, we now have the perfect rainbow. Home prices have fallen to an affordability level not seen in over 25 years, interest rates are a historic lows and to top it off, the USG is basically handing out checks to buy a home. Toll Brothers is evening telling me that they have a mortgage guarantee program if a buyer loses their job. The median price for a home in Fairfax County now stands at $307,000, a 24.2 percent drop from last year’s prices.
If the open house I held at my newest listing on Great Owl Circle in Reston is any indication, buyer interest has started to go through the roof. I had 26 groups of people come through the home last Sunday. This equates to more than 50 people a level of interest reminicent of four or five years ago. The home three doors down sold in three days for $7,000 over list price. A second one in the neighborhood sold for list price in one day.
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with free money, at historically low interest rates to buy unbelievable bargains.
We all know that the mainstream media feeds on bad news. Now is the time for good news. The current economic 
slump began in the housing sector and it will end now that we are about to get the housing market back on track. The federal government has pulled out all the stops to make this happen to include giving first time home-buyers a free $8,000. It is now up to the American people to take advantage of those incentives to invest in their future.
I have been buying and selling real estate for over thirty years and have never seen a better opportunity for first time home-buyers and savvy investors. Anyone who has an understanding of history knows that the real estate goes through cycles. It is the wise ones who step in and take advantage of the downside and end up coming out on top.
In conjunction with Wells Fargo, Dominion Title Corp. and Toll Brothers Homes, I will be conducting a home-buyer seminar to bring you up to date on the current housing market and where we are headed. We will also be providing a review of the current loan programs and government incentives which should make home-buying irresistible.
The four sponsors for this seminar have added the following incentives to make it even easier to purchase a home:
A. Bob Nelson, Keller Williams Realty will provide a $500 credit at settlement.
B. Bill Schwartz of Wells Fargo Home Mortgage will offer a $475 Lender Application Credit.
C. Dominion Title will provide a title insurance discount up to $500
D. Michele Cornejo of Toll Brothers Homes will offer a free finished basement including a full bath.
Of course, you must utilize the particular above sponsor to receive their respective credit.
Attendance is Free and a light breakfast will be served. Please register so we have an idea of how many people will be in attendance. Finally, bring a friend and receive a $25 gift certificate redeemable at several local restaurants.
My recent shift to Keller Williams Realty enables me to bring you numerous advantagous that were not available with my previous company. The home buying calculators are an example of some such benefits. Try using the affordability calculator to determine exactly how much home you can afford. FYI: Current interest rates are running between 4.5% and 5.0%. To be conservative, you should plug in an interest rate of 5.0. Feel free to share this calculator with others who may be considering purchasing a home.
To access this calculator go to the Keller Williams Website and click on the affordability calculator. Be sure to some of the other tools to help make your homebuying decision.
Earlier this month, the Today Show had a segment on the Top Ten Myths surrounding the current real estate market. The advice given on the show was extremely valuable and really should be taken into account whether buying or selling a home. I am reviewing each of these as separate entries with my own experience. This advice will be valid whether buying/selling in high end markets such as Great Falls and Mclean or in Loudoun County or Prince William County where prices have dropped dramatically.
Buyer myth #2: Sellers today are desperate.
This premise has held true for most every buyer to whom I have shown houses during the past year. Not all sellers are desperate. There are a number of people who are looking to take advantage of the current buyers’ market. They are willing to sell their home at a lower price than would have been obtainable two or three years ago. They simply do not want to give the home away. It is important to always ask why the the home is being sold as a means of determining how motivated and anxious they are. I will always asked where they are moving. They are more likely to answer this than bluntly asking why they are moving. A response of “We’re being transferred” is a very different answer than, “We’d like to find something bigger.” The first homeowner is very motivated while the second may stick closer to their price. I am always surprised at how much info you can get from sellers by asking the right questions. If your buyer agent doesn’t ask exploratory questions, it may be time for a new agent.
For sellers: You are well served by following your realtors advice to vacate the home when someone is coming by to see it. Never, never, ever have kids home!! While you frequently think you can help market the property, you more times than not provide information that buyers use to rule out the home or give the selling agent fodder with which to negotiate a more advantageous deal for the buyer. Kids will almost always say something about the home that you’d rather not have known. If your listing agent hasn’t given this advice, it may be time for a switch.
I will always maintain that your principal reason for looking at houses is to find the right home for your family. Once you have found a place to call home, don’t lose it over a few percentage points in price. We’ll establish a fair price and then negotiate to get as close as possible to this price. It will then be up to you to determine if you really want the home. You can rest assured that the home will be worth significantly more in five to ten years than you are paying today.
My son (Bob) and his wife have been thinking about moving to a single family home for several months. However, they had to put their search on hold when the twins were born. They’ve just recently asked that I ramp the search back up. They’re not sure where they’d like to live so we’ve been all over Northern Virginia including a 5 acre fixer-upper in Great Falls, a 100 year old home in Fairfax, and several beautiful homes in Ashburn and Sterling. I’ve invited Bob to be a guest contributor to the site and document his family’s experience in searching for a home, hopefully finding one they like, selling their current townhouse, and moving his family into their dream home (or at least the next step towards their dream home). If you are a first time homebuyer, you should enjoy learning about the whole process through Bob and Marie’s adventures. For those of you who have already gone through the process, you may learn something new. When Scotty (a friend of Bob’s) bought his first home, Bill (his dad) commented that he wished someone had explained the whole procedure to him when he bought each of his homes.
Earlier this week, the Today Show had a segment on the Top Ten Myths. The advice given on the show was extremely valuable and really should be taken into account whether buying or selling a home. I will be reviewing these in separate entries beginning with the top myths believed by Buyers.
Buyer myth #1: The longer a house is on the market, the more you can negotiate. When buyers ask, “How long has this property been on the market?” They think “six months” means they can negotiate the price down. It more often means the seller is stubbornly (not my choice of word) holding on to their price.
Working with both buyers and sellers in this terribly confusing market, I’ve learned that this adage is way off base. The time on market was very much a factor when negotiating a sales price during the boom period. When everything was selling in a matter of weeks if not days, a significant number of days on the market was most definitely an indicator of a home being overpriced.
The current housing inventory is such that many local markets are seeing inventories that exceed six months and actually approach 12 months worth. Buyers are simply being extremely choosy and want a home that is in perfect condition and meets all their criteria. Quite often these folks are passing up on extremely great opportunities simply because the home needs a modicum of work. Those who do recognize the bargain a home that needs work may represent will then try to negotiate too hard and not get the home they want. Avoid getting caught up in the mindset that you have to steal a home. You may ultimately get a great price for a house, but end up with your second or third choice for a home.
I always try to stress the idea that if you strictly want a bargain investment, look to the stock market. There really are some incredible bargains. When looking for a home, first find the home that makes sense for you and the family and then negotiate the best possible price. You typically only end up in your perfect home when there is a win-win type negotiation. Five years from now, you will look back and realize it was well worth that extra two or three percent that it took.
Remember: YOU ARE BUYING A HOME NOT A SHARE OF STOCK.
Of course the above does not necessarily apply when looking for investment property.
