While still not law; it sounds that most of congress agree to some form of extending the first-time home buyer tax credit. There is even talk about extending a reduced credit to folks whom have owned a home before.
While details are sketchy - and unclear - it sounds like the general agreement and concept are there - it's just waiting for congress to do their normal crappy negotiating on what to tack on and take off the bill.
Since most loans are taking over 30 days to close - it is difficult for buyer whom are not yet in a contract to purchase a home - to expect to close in time for the November 30th deadline. This is expected by many to hurt home sales nationally.
To read the AP News Article - CLICK HERE
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
The word on the street and in many Real Estate offices is - Business is better than it was last year.
Well here it is; by the numbers:
This September 2009 in Washington DC as compared to last Septermber:
The total real estate in dollars was up 18.56% Wow that is an improvment!
The average sold price was down 12.15%
Number of properties sold was up 34.96% with an average listing period of 94 days - up 14.63% from last year.
So it shows that MORE homes are selling; but for an average list price lower than last year. Now what this DOES NOT mean is that home prices have dropped 12%. What it means is that more homes in the lower price points are selling vs those in the higher brackets.
There are also just over 3200 Active Listings in Washington DC; which is about a 5.5 month supply of homes. Hopefully October will continue this trend of increased sales and lower inventory.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Here is the breakdown as of October 13th, 2009
Even though there were many homes which came off the market (expired listings); few came back on the market this week.
Still the general trend is lower and lower inventory; while the number of homes under contract; rose dramatically over the past few days.
The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.
Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.
Washington DC
Single Family: Actives: 1668 (Up 26 from last week) Expired: 14 Under Contract: 783 (Up 47)
Condos: Actives: 1258 (Up 21 from last week) Expired: 13 Under Contract: 530 (Up 41)
Arlington County
Single Family: Actives: 403 (Down 32 from last week) Expired: 0 Under Contract: 222 (Up 41)
Condos: Actives: 494 (Up 15 from last week) Expired: 2 Under Contract: 189 (Up 17)
Prince Georges County
Single Family: Actives: 4567 (Down 36 from last week) Expired: 40 Under Contract: 2551 (Up 78)
Condos: Actives: 767 (Down 13 from last week) Expired: 8 Under Contract: 203 (Up 15)
Montgomery County
Single Family: Actives: 2824 (Up 1 from last week) Expired: 17 Under Contract: 1996 (Up 71)
Condos: Actives: 1136 (Down 7 from last week) Expired: 11 Under Contract: 514 (Up 40)
It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Many times during a home purchase; the seller is asked to make some repairs as part of a Home Inspection. Often; there is some negotiating back and forth as to what the seller MUST fix, as per the contract; and what the buyer WANTS to be fixed.
AT some point - all parties agree to the items to be completed before settlement.
Then the day before settlement - or even the the morning before; the buyers and their agent walk through the property and make sure the repairs are complete. So what happens if they are NOT complete?
Well there are usually two easy remedies. One - The seller simply credits the buyers with a dollar amount they determine if fair to complete the work. Two - The Closing attorney takes money for repairs and places into an escrow account until the repairs are complete then pays the bill once the work is complete.
However; changes in the lending world are making these options very difficult.
Lenders HATE the idea of escrowing funds. They want the transaction CLOSED with no lingering terms or conditions. Afterall; many lenders will sell these mortgages to someone else; and lingering terms like an escrow account - can hold things up.
So then; we can just ask for a credit right? Not so fast! The new disclosure regulations require that the APR that the lender told the buyer in the good faith estimate be no more or less than 1/8 of a percent from the actual APR at settlement.
So whats an 1/8 of a percent on a 200k loan? $250 OUCH. Thats not much.
SO if the APR IS off by more than 1/8 of a percent.... the lender must issue a new disclosure and then there is a 3-day waiting period. Yes - thats right - you are going to have to wait at least 3 days until you can close; depending on how fast the lender and issue the revised good faith estimate.
So how do you get around this potential pitfall? Easy:
- Make sure all parties are clear on what needs to be fixed and how.
- Provide receipts at least a week (or more) before closing; so any questions or concerns can be resolved.
- Maybe schedule a pre-walk-through 5 or 6 days before settlement. Of course this may not be possible. Often sellers are in the midst of packing and moving. The LAST thing they want is the new buyer coming into the home.
Time will tell how these changes will affect how we do business. The best idea - FIX IT right the 1st time and document how it was fixed and by whom!
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions! Office: 202-362-5800 Cell: 703.244.3971 Licensed in Washington DC, Virginia & Maryland. Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
Here is the breakdown as of October 8th, 2009
The number of properties on the market continues to drop as the number of homes under contract rises. The end of a month always sees a higher number of homes "Expire" and come off the market; as well as the number of homes going "Under Contract" drops.
The next few weeks are key; as many buyers take advantage of the 1st Time Home Buyer Tax Credit before the looming deadline of November 30th.
Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.
Washington DC
Single Family: Actives: 1642 (Down 56 from last week) Expired: 62 Under Contract: 736 (Up 14)
Condos: Actives: 1237 (Down 5 from last week) Expired: 54 Under Contract: 489 (Down 28)
Arlington County
Single Family: Actives: 435 (Down 5 from last week) Expired: 17 Under Contract: 181 (Down 11)
Condos: Actives: 479 (Down 10 from last week) Expired: 48 Under Contract: 189 (Down 7)
Prince Georges County
Single Family: Actives: 4603 (Down 120 from last week) Expired: 221 Under Contract: 2473 (Down 33)
Condos: Actives: 779 (Down 19 from last week) Expired: 48 Under Contract: 188 (Down 5)
Montgomery County
Single Family: Actives: 2823 (Down 60 from last week) Expired: 74 Under Contract: 1925 (Down 93)
Condos: Actives: 1145 (Down 25 from last week) Expired: 41 Under Contract: 514 (Down 7)
It is important to see the number of homes taken "Off" the market. While many of these homes will return to the marketplace a week or two; seeing a listing "expire" means that the seller and agent thought or expected the home to be sold by now.
Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!
Office: 202-362-5800 Cell: 703.244.3971
Licensed in Washington DC, Virginia & Maryland.
Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW Suite 100 * Washington DC 20016
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Licensed in DC, Maryland & Virginia. James is a Graduate of the Realtor Institute and has completed training as Accredited Buyers Representative. He's better qualified to assist buyers and sellers.
I specialize in Relocations into the DC Metro area as well as 1st Time buyers and will be able to answer as many questions about home buying as you can ask! As an Accredited Buyers Representative (ABR); I have additional training and experience to represent buyers in their Real Estate purchase.
I maintain three Real Estate Licenses to serve you all around the beltway; in Virginia, Maryland and the District of Columbia.
Follow this link to Search for homes in the DC Metro area : HOME SEARCH
Washington DC has many wonderful sights and Neighborhoods. Where else can you live blocks from the White House or look out the window and see the Washington Monument?
We have a great subway system to carry you from the suburbs of Virginia or Maryland into the heart of the District.
Whatever you questions; I will be happy to help and guide you. Visit my blog for information about the DC Real Estate market and questions about the Washington DC area.
I have helped Buyers and Sellers throughout the Washington DC Metro area. No matter if it's your First Home, next home or vacation home - I can help and guide you through the entire process.
My experience includes working with Buyers, Sellers AND Renters in Washington DC, Virginia and Maryland.
* Selling or Buying
* First Time Home Buyers
* Condos or Co ops
* Military Relocations including civilian Personnel for the following DC area Military Bases:
It was very comforting to work with you and that meant a lot to me. Thanks for all your help and the priority you must have given to selling the apartment. I will certainly consult with you for any future real estate needs and recommend you to people I know. Again, thank for your professional, customer oriented services. -Ernest
This was the first home buying experience for both of us and James walked us through the entire process from start to finish. To ensure that we understood every aspect of the home buying experience, James took the time to learn more about us as individuals so that he could mold his search qeuery specifically to our needs/wants. James helped ease many of the questions and uncertainties we had as first time home buyers and remained professional throughout. We truly felt like more than just a client with James. To this day we drop his name to all friends and family searching in the capital region. -Michael Johnson
Thank you for your hard work and dedication. I will call you again and sent any friends I have your way. -SJ
Jim-- a huge thank you for being a terrific realtor and guiding us so well. The whole experience was a pleasure and we enjoyed our time together. We raise our glasses to you and again say thank you for everything. -Jill and Steve
I am so so glad you were my Realtor. You helped me every step of the way. I had no idea how many details there were to the whole process. Thanks again! -Eric
Thanks again for getting my condo sold so fast, especially since the market was so bad right now, I feel lucky to have found you to help me! -Brandon
I Love my place. The neighborhood is great! I'm happy to do anything just yet. I'm very happy and blessed about my purchase. Thanks again for all your hard work. -JJ
It was a pleasure working on this transaction with you. You were so organized and prompt with everything. Thank you and we hope to do business with you again. -Pat; Coldwell Banker
Thank you for everything. I knew I could count on you for your professionalism, quick resolutions and to go out of your way to get things done. It really meant a lot to me. Thanks so much! -Lise
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