As you have likely been reading, the First-time Homebuyer Credit program will expire on November 30′th.  What many people have not understood, this means you must settle on your new home by that date.  Having just purchased a new car, I encountered the flurry of activity that occurred on the last few days of the Cash for Clunkers program.  For those who purchased a new car, it was feasible (although not advisable) to wait to the last minute.    WARNING:  This is not the way the homebuying process works.  We are quickly approaching what is the last minute for you to make your purchase.  Unlike picking out a new car, finding the right home can take a week, two weeks or in some cases several months.  Even once you have found the perfect place to call home, you will then need to start the actual buying process.  This has quickly become challenging in our local market since the more affordable homes are disappearing from the inventory.  A simple understanding of the law of supply and demand will tell you that this will create upward pressure on prices and competition for the same properties.  Remember that what you find appealing will also appeal to a great many others.  I just sold my used car to “Joe C.” who has been trying to buy a home in Woodbridge.  He said that he and his fiance have made offers on three homes, only to be out bid either by higher offers or all cash offers.  There are several things that Joe and his Realtor can do to insure that this doesn’t happen which we can easily cover in person. 

Once a contract is ratified, the process will then take a minimum of three weeks to four weeks to get to the settlement table.  And this only if everything lines up perfectly.  With that said, you will need between six and eight weeks to find the right home and settle on it.  We have only 11 weeks until the program expires.  The reality is that three weeks to spare in the homebuying process is equivalent to three hours in the auto purchase world.

If you are reading this post, you probably already decided to purchase a home, but I would suggest reading the about the Proven Path to Home Ownership since it provides a very succint discussion o fthe home buying process.  We can always discuss this in more detail once we get together. 

At the risk of sounding like a high pressure sales person, you really can’t wait much longer to take advantage of the First Time Homebuyer Credit.  Depending on you income, this credit can mean an actual dollar savings of anywhere from $10,000 – 16,000 in pre-income tax money. 

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.

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

www.nikkiryan.com

 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.

In this day of some Realtors willing to do anything for that next sale, I have to relate a funny story.  As all my clients know, I approach each and every one of them as someone who will help my business in the long run.  No Realtor is going to make their business on one sale.  On the other hand, they can certainly ruin their reputation by pressing forward a sale that would be detrimental to a client.

Two weeks ago I had the great pleasure of meeting Gene and Laura Smith during an Open House at my listing at 807 Clear Spring Rd. in Great Falls.  I believed we had made a special connection and immediately realized that these were two people with whom I could be long term friends.  While the Clear Spring property was not quite what they were looking for, we did run out and take a look at a number properties over the next several days.  We actually found the perfect home for them in Reston on that Wednesday, put an offer in on Thursday and had a ratified contract the following Sunday.

Needless to say, Gene and Laura were thrilled with the home, but were also a bit reluctant to trust this new guy they had just met.  When it came time to do the home inspection, I told them I had the perfect inspector in Steve Messerschmidt with Home Pro Services.  Although Laura was comfortable with me at the time, she did ask if they could select the inspector.  This of course is their perogative, but I truly believed there wasn’t a better inspector for them in Northern Virginia.  Laura went ahead and contacted thier contractor friend, Taylor Smith (no relation), for suggestions on who they should use.  Taylor apparently strongly endorsed Home Pro Services.  Laura then called Home Pro and asked for their most experienced inspector with a knowledge of Deck Homes.  One guess who they recommended.  Steve did his typical 4 hour inspection and uncovered a few items that I am certain noone else would have even considered looking at.  My thanks to Steve for a job well done in support of these wonderful folks.

We’re doing two open houses this week at 11742 Great Owl Circle, Reston, VA 20194. On Saturday, we’ll be there from 1:00 p.m. to 4:00 p.m. and Sunday we’ll be there from 1:00 p.m. to 5:00 p.m.

This post probably should have gone up before the first one.  Below is a basic list of what we’re looking for in a house.  However, please keep in mind that we already have a beautiful 3 bedroom townhome in a very nice part of north Reston that my dad helped us buy 4 years ago (that story is a blog post of its own).  We’d like to take advantage of this buyer’s market to look for the home of our dreams, or at least something very nice to get us to the home of our dreams in one or two sales.  We also think that, once the twins are a little older, it will be years before we’re able to keep a house clean enough to sell it again.  Okay, now to the list.

Things that our next house must have:

• 4 or preferably 5 bedrooms
• 2 car garage
• decent size yard (.3+ acres)
• good sized kitchen with a view of the backyard
• back porch for grilling
• sidewalks and some type of grocery type shopping center within walking distance
• central heating and air conditioning
• basement (finished or unfinished)

Things that we’d like our next house to have:

• a front porch
• a screened-in porch
• hardwood
• Verizon Fios

Let me know if you know of anything that matches these criteria and is in the sub $515k range.

Bob Nelson

Welcome to your northern Virginia real estate resource. Serving Great Falls, McLean, Reston, Vienna, Herndon, Arlington, Sterling, Oakton, Ashburn and the surrounding areas.

Purchasing real estate is a great investment whether you are purchasing your first home, second home or are a seasoned investor. You are invited to visit this site often to view homes for sale, read home buying and selling advice, get information about local schools, and the local communities. (About Me)