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The number of residential properties for sale in the Washington Metropolitan Area (Northern Virginia, Maryland, and DC) in January was down more than 25 percent from a year ago; meanwhile the number of contracts signed to buy a house or condominium was up 4.6 percent, according to the Metropolitan Regional Information Systems Inc. (MRIS)
The RealEstate Business Intelligence reports for the Washington Metropolitan Area and Fairfax County VA indicate that the shortage of supply will continue to put upward pressure on pricing. There were 10,095 active listings in January 2012, representing a three-month supply at the current sales pace, down 25.3 percent from January 2011 when there were 13,510 active listings. There have been multiple offers on many listings due to lack of supply and demandfor more housing.
Inventory in the Washington Metropolitan real estate market was the lowest in seven years last month.
The number of foreclosed properties on the market in the Washington Metropolitan Area was down 67.2 percent from January 2011, according to MRIS data.
The average price of a residential property sold in January was up 1.4 percent from a year earlier to $396,823, led by a 17.2 percent jump in median prices of properties sold in Arlington.
Merriam-Webster: that definition: the person, thing, or idea indicated, mentioned, or understood from the situation. →
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The Donald is coming to Town again! The Donald has been selected by the GSA to redevelop the Old Post Office building in downtown D.C. with plans to convert the historic site at 12th Street and Pennsylvania Avenue NW into a 250-room luxury hotel.
In addition to the hotel rooms, Trump’s plan also includes “world renowned" restaurants, a spa and conference facilities. Construction is expected to start in 2014 and to be completed by 2016.
This valuable property has been sitting empty in downtown D.C. for over a decade so this is great news!
The Donald has often stated that the Washington Metropolitan Area is one of the best areas in the country to develop because of the enormous growth in the area, the Federal Government, and the number of businesses moving their headquarters here. His previous purchases include the Lowes Island Golf Course in Loudoun County in 2009 with plans to renovate, expand, and improve the golf course.
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Are you behind in your mortgage payments, or concerned that you soon might be?
Have you received a preforeclosure letter from your lender?
First of all, don't be ashamed. Millions of homeowners are in your situation – many times through no fault of their own. A job loss, a serious illness or other circumstances can put you in danger of foreclosure.
The economic downturn has led to many homeowners being "under water" in their loans, meaning they owe more than their home is worth, making it impossible to refinance.
If you've become one of those millions, don't panic. Foreclosure, and its accompanying effect on your credit, is not inevitable. There are many options out there, and your circumstances may make one of those options feasible and desirable for you.
To keep your options alive, you need to communicate with your lender. Many homeowners have lost their homes to foreclosure without ever contacting their lender.
This would also be a good time to consult with a tax advisor and a RE/MAX Allegiance agent. Many of the RE/MAX Allegiance agents are specifically trained to work with distressed properties, and will be able to help you explore foreclosure options.
Many lenders would rather not foreclose. They take a large financial hit on a foreclosure. So in many cases, they'll consider viable alternatives. Some of these alternatives may keep you in your home.
Loan Modification
While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit.
Your lender may be willing to modify the terms of the loan, whether it's reducing the principal, lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package, the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.
Short Sales
This is the fastest-growing foreclosure alternative. Many lenders will allow a Short Sale, when the home sells for less than the amount of the loan. This is attractive for lenders because they lose less money than in a foreclosure. Also, Short Sales generally take less time than foreclosures, so the banks don't have to carry the properties on their books as liabilities.
And it's attractive for homeowners because the impact on their credit is far less than in a foreclosure. You may be able to buy another home in as little as two to three years after a Short Sale, compared with a typical seven-year wait after a foreclosure.
Short Sales are paperwork-intensive, and there are many, many details involved. If you're considering this option, it's critical to work with a trained real estate agent who knows all the steps required to successfully complete a Short Sale.
RE/MAX leads the real estate industry in agents who've completed the Certified Distressed Property Expert (CDPE) course or other specialized training. I have earned by CDPE designation through extensive training and keep current on changes in the industry. I have successfully negotiated short sales and loan modifications with many lenders for homeowners.
Foreclosure (Cash for Keys)
One of the biggest problems in foreclosures is that homeowners sometimes physically damage the property, or even sell some of the fixtures, before leaving. Needless to say, this is not a good idea. It may expose the homeowners to financial and legal liability. It also makes the properties much more difficult to sell.
To prevent this, some lenders offer a program called "Cash for Keys." The homeowners receive a check for vacating the property within a certain time period and leaving it in good condition. If you have no alternative other than foreclosure, you should ask the bank about this option.
Tips From HUD
The U.S. Department of Housing and Urban Development has 10 tips for avoiding foreclosure:
There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit. Contact me for a confidential discussion! I will give you an honest recommendation based on your current situation!
June Rodgers - 703-281-3830 or 571-748-8666 - junerodgers@remax.net
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I've written about Wolftrap in Northern Virginia before. We've talked about concerts that are 2nd to none. In fact, we've been able to enjoy concerts from Hawaii, go back in time with groups from 30-50 years ago, enjoy dinner on the ground and so much more.
For all of the die hard fans of Wolftrap, it's time to check out this year's calendar. Take a moment and take a look at all of the fun and great entertainment that is shaping up for this year, 2012. Follow the link below...
Wolftrap Calendar Of Events.
Wolftrap - Superb Entertainment
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