Hope you can join us and show your support to our nation’s servicemen and women on Monday February 22nd at the Old Brogue in Great Falls.  Proceeds from this month’s event will go to the Semper Fi Fund.

For those not familiar, you simply come out and have dinner.  Myself and my cosponsors will be contributing approximately 90 percent of your dinner tab to this critical organization.

You can also show your support through:
A. The purchase of door prize entries. (ALL Proceeds go the IMSFF)
B.  Our buy a vet dinner initiative.  A minimum donation of $25 to the Semper Fi Fund entitles you to purchase dinner for one of our vets.
C.  This month we will be selling autographed copies of the Book “Highpocket’s War Stories” authored by Great Falls’ own Col. Pete Hilgartner USMC (Ret.).
D.  Or make out a fully tax deductible donation to the Semper Fi Fund.

The Injured Marine Semper Fi Fund is a 501(c)(3) nonprofit organization established to provide financial aid and quality of life assistance to service members and their families.  The group provides help to Qualified service members of all military branches and their families.  It helps Marines and Sailors as well as members of the Army, Air Force and Coast Guard who have served in support of Marine forces. The Semper Fi Fund provides assistance to these qualifying men and women, and their families, when they become injured in post 9-11 combat or training operations, or are diagnosed with a life threatening illness.

Please support my co-sponsors whenever you have a chance.

Mercury LLC

Knight Point Systems

Kevin Shiner – Shiner Roofing and Siding

James Gaudiosi – Wells Fargo Home Mortgage

Danny Ott – Wells Fargo Home Mortgage

Chris Melnick – LSA Title Services

Gary Kaihara, DDS

The Old Brogue

and our door prize donors:

Golds Gym

Dominion Title

Adeler Jewelers

Casa Noble Tequila

Elite Fitness Concepts

Campbell Mechanical

PF Chang’s Restaurant

Great Falls Design Build

Lodgecliffe Bed and Breakfast

As many of you have already heard, I have changed the name of our monthly events to Military Appreciation Mondays. This month’s event to be held on Monday January 25th at the Olde Brogue in Great Falls, Va. and will be supporting the group Thanks USA. This wonderful organization, the brainchild of two local teenagers provides college scholarship money for the children and spouses of our veterans with priority going to the families of those vets who have sustained injuries. Please come out and show your support.

As always, you need do nothing other than come out and enjoy dinner and a fun event. Myself and my co-sponsors will each be donating ten percent of your tab to Thanks USA. In addition, we will be selling door prize chances for a variety of items to include, but not limited to: jewelry from Adeler Jewelers, gift cards for PF Chang’s restaurant, gift baskets, a one year service contract for your heating and air conditioning system, etc.

We are again inviting several servicemen and women who have served in Iraq and Afghanistan. A minimum donation of $25 to Thanks USA, earns you privilege of buying dinner for one of our vets. If you would like to buy dinner for a vet, please e-mail or give me a quick call.

Whether you sign up to buy a vet dinner, purchase door prize entries, or simply come eat dinner your presence goes a long way towards helping raise funds for the organization and showing that we all respect and care about our veterans.

We are again doing two seatings (5:30 and 7:30) to accommodate the overwhelming response we have had to the last four events. Please be sure to make a reservation early since the Snuggery portion of the Old Brogue has filled up for both seatings in the past. Call the Brogue at (703) 759-3309 to do so. Invite your friends and let’s try to fill the entire restaurant this time around!! The only cost to you is your dinner.

If you know them, please be sure to thank my co-sponsors:

The Old Brogue

James Gaudiosi – Wells Fargo Home Mortgage

Kevin Shiner – Shiner Roofing and Siding

Danny Ott – Wells Fargo Home Mortgage

Chris Melnick – LSA Title Services

Gary Kaihara, DDS

and our door prize donors:

PF Chang’s Restaurant

Dominion Title

Adeler Jewelers

Campbell Mechanical

Elite Fitness Concepts

Golds Gym

According to data from the National Association of Realtors, pending home sales were up 3.7 percent in October, compared to September, and up 32 percent when compared to October 2008.  This was the biggest annual increase in history.  Keep in mind that October 2008 was a historic low so we should not be surprised by the huge increase.

Pending home sales — which equates to the number of contracts signed but have yet to close — rose in all sections of the country except the West.  They were up 20 percent in the Northeast, 11.6 percent in the Midwest and 5.4 percent in the South, but down 11.2 percent in the West.

Part of the surge is probably attributable to buyers rushing to take advantage of the government-subsidized first-time home buyer’s credit, which was set to expire at the end of November but now has been extended through April.  Also, the bulk of sales still are coming from cheaper houses, with little movement in houses costing more than $250,000.

Daily Real Estate News                                                                                                      November 23, 2009

Driven by the home buyer tax credit, existing-home sales showed another big gain in October with a strong uptrend established over the past seven months, according to the NATIONAL ASSOCIATION OF REALTORS®.   At the same time, inventories have continued to decline.

Existing-home sales – including single-family, townhomes, condos and co-ops – surged 10.1 percent to a seasonally adjusted annual rate of 6.10 million units in October from a downwardly revised pace of 5.54 million in Sept., and are 23.5 percent above the 4.94 million-unit level in Oct. 2008.  Sales activity is at the highest pace since Feb. 2007 when it hit 6.55 million.

Tax Credit Fuels Surge

Lawrence Yun, NAR chief economist, was surprised at the size of the gain. “Many buyers have been rushing to beat the deadline for the first-time buyer tax credit that was scheduled to expire at the end of this month, and similarly robust sales may be occurring in November,” he said.  “There is still a large pent-up demand that can be tapped before the tax credit expires. Our recent consumer survey further shows that 13 percent of successful first-time buyers had a previous contract that was canceled or fell through. There likely are many more buyers who were attempting to purchase but simply ran out of time,” Yun said. (Four of my current first time home buyers can personally attest to this!)

Historically low interest rates also are boosting the market. “Mortgage interest rates last month were the third lowest on record dating back to 1971,” Yun noted. According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 4.95 percent in Oct. from 5.06 percent in Sept.; the rate was 6.20 percent in Oct. 2008.  Last week, Freddie Mac reported the 30-year rate dropped to 4.83 percent.

Inventory Declines

NAR President Vicki Cox Golder said strong demand by first-time buyers is creating some unusual conditions. “In parts of the country, especially in Southwestern states but also in Florida and suburban Washington D.C., we’ve been getting many reports of multiple bids in the lower price ranges with foreclosed properties getting absorbed quickly,” she said.  “In fact, low-end inventory has become very tight in many areas and in some cases buyers are becoming more aggressive. In this kind of environment it’s important to work with a REALTOR® who can walk you through the process and help you negotiate a satisfactory deal,” Golder said.

Total housing inventory at the end of Oct. fell 3.7 percent to 3.57 million existing homes available for sale, which represents a 7.0-month supply at the current sales pace, down from an 8.0-month supply in Sept. Unsold inventory totals are 14.9 percent below a year ago.

“The supply of homes on the market is now at the lowest level in over two-and-a half years – we’re getting closer to a general balance between buyers and sellers,” Yun said. The last time the relative housing inventory was this low was in February 2007 when it also was at a 7.0-month supply. (Note: Some zip codes in Northern Virginia have been running as low as a 1.4 month supply! In a normal economy this would be considered a strong sellers’ market. That said, we are seeing prices being bid up by as much as 5-10 percent in those areas.)

“In the second half of 2010, if home values show consistent stabilization or even a modest increase, then home sales could remain at normal healthy levels because consumers would no longer be worried about a price over-correction,” Yun said.  He added that low home prices also are contributing to extremely favorable affordability conditions. “With the abnormal drop in home prices over the past few years, the price-to-income ratio has fallen below the historic trend line,” Yun said. “This is adding to the buying power of the typical family, with affordability conditions this year at the highest on record dating back to 1970, but prices are beginning to flatten and are poised to rise next year.”

Single-family home sales rose 9.7 percent to a seasonally adjusted annual rate of 5.33 million in Oct from a pace of 4.86 million in Sept, and are 21.4 percent above the 4.39 million-unit pace in Oct 2008. Existing condominium and co-op sales surged 13.2 percent to a seasonally adjusted annual rate of 770,000 units in Oct from 680,000 in Sep, and are 40.8 percent above the 547,000-unit level a year ago.

I have recently teamed up with Our Military Kids and Operation Second Chance in an attempt to bring some holiday cheer to our injured service members and their families.  We’ve compiled a Christmas Gift Wish List for the families of our brave veterans.  I’m hoping everyone will check out this list and consider purchasing one item, serving as Santa for an individual child or even sponsoring an entire family.  The latter is a great option for a small company or office to consider.
The list below will be posted until Christmas and will be updated over the next few weeks.  Give me a call or drop me an e-mail (santa@bobnelsonteam.com) to let me know how you would like to brighten a family’s Christmas day.  Once you have done so, we will give you the full contact info for the family to allow you to send your gift(s) directly to them.  I would also encourage you to click on the links above and visit the two websites to learn more about these wonderful grassroots organizations.

Bellis Family (Adopted by the Hoernig family – Thank you Laura and Family)

• 14 yr old girl:  electric guitar, JC Penney’s gift card
• 11 yr old boy: football, Tennessee Titans merchandise, JC Penney’s gift card
• 6 yr old girl: Barbie doll, furreal electronic dog, JC Penney’s gift card

Broesch Family (Adopted by the Heil family – Thanks Tim)

• 15 yr old girl: art supplies (paint brushes, charcoal pencils), iTunes gift card
• 7 yr old girl: books, craft supplies, a Barbie doll

Brown Family (Adopted by Knight Point Systems – Thank you Lindsey)

• 7 yr old boy: Xbox 360
  
• 1 yr old girl: Disney princess toys/merchandise

Christiansen Family (Adopted by the Christianson family- Thank you Vickie and Family)

• 9 yr old girl: Girl Gourmet Cake Bakery
• 4 yr old girl: Girl Gourmet Cupcake Maker

Deen Family (Adopted by the Matthews family and Collingswood Nursing Home – Thank you Catherine)

• 16 yr old girl: iPod
• 15 yr old boy: video games
• 14 yr old boy: video games
• 9 yr old boy: board games
• 3 yr old girl: educational toys teaching the alphabet and numbers

Fulkerson Family

• 18 yr old boy: laptop computer for his school work and for college next year

Helmuth Family (I can’t resist.  Adopted by the Nelson Family. 

• 3 yr old boy: Transformers, action figures, books
• 1 yr old girl: any toy that makes noise!  (I love this one)

Loper Family (Adopted by the Borland Family – Thank you Dodie and family)

• 12 yr old girl: digital camera
• 11 yr old boy: remote controlled cars
• 10 yr old boy: nintendo dsi
• 7 yr old girl: American Girls doll

Sherrill Family (Adopted by the Copito family – Thank you Debbie and family)

• 14 yr old boy: new sports bag (for carrying sports equipment to practice)
• 11 yr old boy: new sports bag (for carrying sports equipment to practice)

Weissmiller Family

• 12 yr old girl: in-line skates (size 6-7)
• 7 yr old girl: roller skates (size 1)

Williams Family

• 14 yr old girl: gift cards to Barnes & Noble or AMC Theaters

• 6 yr old girl: Barbie doll, clothes (pants size 6x, shirts size 7)

Hall Family (Thundercat Technology)

• 8 yr old boy: gameboy

Holsey Family (Adopted by the Grossmans.  Thank you Jackie!)

• 15 yr old boy: gift cards to Footlocker and Macy’s

Jensen Family

• ·         13 yr old girl: Ipod Touch
• ·         9 yr old girl: Wii gaming system
• ·         6 yr old girl: Littlest Pet Shop toy house

Pointer Family (Adopted by the Heil family – Thanks Tim)

• 13 yr old boy: ripstick skateboard

We are getting close to publishing the Christmas Gift Wish List.  Please keep track here and watch for an e-mail to learn how you can help out the children of our service men and women.

Please read the exchange below.

From: Tricia Bellis [deleted to protect]
Sent: Tuesday, November 17, 2009 2:20 PM
To: mcvoght@ourmilitarykids.org
Subject: RE: A Holiday Opportunity from Our Military Kids

What a wonderful thing to do!  It has brought tears to my eyes, the compassion your organization has for wounded soldiers and their families.  I can’t tell you how much this means to us to have someone help out….a true Santa Claus.

We have 3 children and it seems like the older they get, the more expensive and electronical things they want become.  Please let me know if it is 1 item per child and up to what dollar amount for each.  I don’t want to come off sounding greedy but am very excited that you have thought of us.

Thank you again, and I will be waiting for you to write me back before I make our list.

sincerely,

Tricia Bellis

---

From: mcvoght@ourmilitarykids.org
To: deleted to protect
Subject: A Holiday Opportunity from Our Military Kids
Date: Fri, 13 Nov 2009 13:25:07 -0500

To whom it may concern:

A local businessman,  Robert Nelson,  already a proud sponsor of Our Military Kids, recently expressed an interest in providing additional recognition to several of Our Military Kids grant recipients during the holidays.  With your permission, and some gift ideas for your children, we would like to compile a list of children and one special “Christmas Wish List” item to Bob.  He in turn will forward this list to his personal business associates. If interested, these business associates will contact us and indicate the child they would like to shop for.  This opportunity will help brighten their holidays knowing they could give something back to a military family who has served our country.

If you are interested in participating in this opportunity, please respond back to this email.  Include your current mailing address, names and ages of your children and a gift idea for each.  We appreciate the opportunity to offer you this special holiday thank you.  (Last names and mailing addresses will be made available only to the individual doing the shopping.)

Sincerely,

Our Military Kids

As you may know, one of my recent events went towards supporting the group Our Military Kids.  My son just sent me a link to the video below. (Return from Iraq).   I will be sending out an e-mail in the next few weeks with OMK’s Christmas gift wish list.  Please think about what this young girl and all the other kids have been dealing with while their moms and dads are serving our country.

The Return from Iraq

Existing-home sales bounced back strongly in September with first-time buyers driving much of the activity, marking five gains in the past six months, according to the National Association of REALTORS®.

Existing-home sales—including single-family, townhomes, condominiums, and co-ops—jumped 9.4 percent to a seasonally adjusted annual rate of 5.57 million units in September from a level of 5.10 million in August, and are 9.2 percent higher than the 5.10 million-unit pace in September 2008. Sales activity is at the highest level in more than two years, since it hit 5.73 million in July 2007.

Lawrence Yun, NAR chief economist, said favorable conditions matched with a tax credit are boosting home sales. “Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home,” he said. “We are hopeful the tax credit will be extended and possibly expanded to more buyers, at least through the middle of next year, because the rising sales momentum needs to continue for a few additional quarters until we reach a point of a self-sustaining recovery.”

Even with the improvement, Yun said the market is underperforming. “Despite spectacular gains in the stock market, principally from the financial sector recovery, most of the 75 million home-owning families have more wealth tied to their homes. Home values could soon turn consistently positive and help the broad base of middle-class families, but we are not there yet,” he said.

Conditions for First-Time Buyers
Early information from a large annual consumer study to be released on Nov. 13, the 2009 National Association of REALTORS® Profile of Home Buyers and Sellers,shows that first-time home buyers accounted for more than 45 percent of home sales during the past year. A separate practitioner survey shows that distressed homes accounted for 29 percent of transactions in September.

NAR President Charles McMillan said affordability conditions remain historically high. “Potential first-time buyers can take heart in that affordability conditions this year are the highest on record dating back to 1970, but with the first-time buyer tax credit scheduled to expire at the end of next month, people could hold back from entering the market,” he said. “Our read is that housing overshot on the downside because homes are selling for less than replacement construction costs in much of the country, and the home price-to-income ratio has fallen below the historical average.”

Inventory Falls
Total housing inventory at the end of September fell 7.5 percent to 3.63 million existing homes available for sale, which represents an 7.8-month supply at the current sales pace, down from an 9.3-month supply in August. Unsold inventory totals are 15.0 percent below a year ago.

“The current housing supply is the lowest we’ve seen in two and a half years,” Yun said. “If we could continue to absorb inventory at this pace, home prices would return to normal, modest appreciation patterns next year.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to 5.06 percent in September from 5.19 percent in August; the rate was 6.04 percent in September 2008.

Home Sales Breakdown
The national median existing-home price for all housing types was $174,900 in September, which is 8.5 percent lower than September 2008. Distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes in the same area.

Single-family home sales rose 9.4 percent to a seasonally adjusted annual rate of 4.89 million in September from a pace of 4.47 million in August, and are 7.7 percent above the 4.54 million-unit level in September 2008. The median existing single-family home price was $174,900 in September, which is 8.1 percent below a year ago.

Existing condominium and co-op sales jumped 9.7 percent to a seasonally adjusted annual rate of 680,000 units in September from 620,000 in August, and are 9.7 percent above the 561,000-unit pace a year ago. The median existing condo price was $175,100 in September, down 11.7 percent from September 2008.

Here’s the region-by-region picture:

• Northeast: Existing-home sales increased 4.4 percent to an annual level of 950,000 in September, and are 11.8 percent higher than September 2008. The median price was $234,700, down 7.0 percent from a year ago.
• Midwest: Existing-home sales jumped 9.6 percent in September to a pace of 1.25 million and are 7.8 percent above a year ago. The median price was $147,600, which is 1.0 percent below September 2008.
• South: Existing-home sales rose 9.0 percent to an annual level of 2.06 million in September and are 10.8 percent higher than September 2008. The median price was $153,500, down 7.6 percent from a year ago.
• West: Existing-home sales surged 13.0 percent to an annual rate of 1.30 million in September and are 5.7 percent above a year ago. The median price in the West was $219,000, which is 15.0 percent below September 2008.

Please be sure to mark your calendars and invite friends to this month’s Charity Tuesday event, which will be held on September 29th at the Old Brogue in Great Falls.  This month, all proceeds will benefit the grass roots organization Operation Second Chance. The group provides assistance to our wounded service men and women.  

The pictures below show a few of the outings provided by OSC to our vets.

Last month we had over 100 people come out to support Our Military Kids.  Regretably we had to turn several folks away.  To accommodate what I hope will be an even larger turnout, we are planning on doing two seatings.  Please be sure to call the Old Brogue (703-759-3309) and let them know if you would prefer a 5:30 or 7:30 seating.  When making your reservation be sure to mention either  Bob Nelson or Charity Tuesday.

To show our sincere gratitude towards America’s men and women in the Armed Forces, I am adding a new feature this month.  We have invited several active duty service men and women and veterans to join us for dinner.  If you would like to have one of these TRUE HEROS sit at your table, you can do so by committing to donate $25-50 to Operation Second Chance.  (You will also be asked to buy them dinner.)  You can either donate cash or make out a tax deductible check to Operation Second Chance.  Please send me an e-mail or call to let me know if you wish to sponsor a soldier.  You are also encouraged to send on donations to OSC by going to their website.

For those of you who have het to attend an event, you simply come enjoy dinner at the Old Brogue in Great Falls.  The Bob Nelson Team and our co-sponsors make a contribution to OSC in the form of a 70 percent match of you dinner tab.  So Please come and eat hardy.  In addition to enjoying the food and great company, we also have door prize drawings.  Since we nearly filled the restaurant last month, I ask that you be sure to make reservations early.

Thanks so much to our co-sponsors:

The Old Brogue
Danny Ott – Wells Fargo Home Mortgage
James Gaudiosi – Wells Fargo Home Mortgage
Chris Melnick – LSA Title Services
Mike Muehr – Merrill Lynch
Gary Kaihara, DDS

And to those who have agreed to donate door prizes.

PF Changs Restaurant

Elite Fitness

Golds Gym (Tysons Corner)

Dominion Title

(Door prizes will be update as new ones keep coming in.)

 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.