Johnny "Culdesac" Yankoviak

Wondering how much those new condo's in Madison Crescent are goin' for?

Then stop by to my open house, Saturday March 20th,1-3pm at 7995 Crescent Park Drive #174, in Gainesville, Virginia, 20155 for more information.

I will have details on the Federal Tax Credit, Crescent Floor Plans, and market conditions.

Of course, you will also be entertained by my cordial, beeming personality, and can follow the signs, provided that the HOA doesn't take them down. In addition, the weather looks to be a sunny 75 degrees.



Johnny "Culdesac" Yankoviak
Weichert Realtors
Gainesville, Virginia

www.johnnyculdesac.com

Want to know what's going on with the local real estate market in Gainesville, Va?

Tomorrow, March 20th,11am, at 7520 Iron Bar Lane, 20155, we will be having a free seminar to discuss the details, and answer any questions you may have.

Topics include the Federal Tax Credit, interest rates, settlement costs, short sales, market conditions, and what both homebuyers and sellers can expect to encounter, in the lead-up to the busy Spring Homebuying and Selling season.

Weichert Financial Services Officer Richard Opal (703) 283-8484 will be on hand, as will Associate Broker Ron Tardif and possibly Art Grace, settlement attorney as well.

RSVP to the number above, free of charge.



Johnny "Culdesac" Yankoviak
Weichert Realtors
Gainesville, Virginia

www.johnnyculdesac.com

Today I attended Richmond American's Exclusive Grand Opening Savings Event in Morris Farm, Gainesville, Virginia. And to anyone who thinks that all the good deals in Northern Virginia are gone, think again.

I have to admit, that I really went for the free food, as most of these "grand openings" aren't that grand. However, upon walking through the models and checking the price sheets I was pleasantly surprised.

The 1,950 square feet, "Claire Model" price starts off at $345,900, with an optional tandem garage, and finished basement. The upgraded Claire boasts 2,150 sq. ft., a porch, nicer siding, 3.5 baths, finished basement, and of course the infamous "butler's pantry."

The 2,200 sq. ft., "Chad" model, is similar in scope, and the base price starts at $349,900. The upgraded "Chad", as opposed to the hanging chad, is $389,900, and includes a stone front with porch, finished basement, master bath with soaking tub, and of course the butler's pantry.

Evidently someone here watches Seinfeld, with all these butler references.

The "Candace", have you noticed all the c's here, is approximately 2,450 sq. ft., and starts at $369,900, with an upgraded version due in June, that contains a large walk-in closet and luxury bath, priced at $428,730.

And last but not least, is the "Christopher", coming in at 2,650 sq. ft., containing 4 bedrooms, 2.5 baths, and a 2 car garage, starting at $375,990, with an upgraded model at $409,900.

In addition, closing cost can be paid, and homes are on a cul-de-sac. All in all, this is a great value in Gainesville, Virginia, where quality, affordable housing is rapidly disappearing.



Johnny "Culdesac" Yankoviak
www.johnnyculdesac.com

No, I never thought I would say this, but if you are a First Time Home Buyer, now is a great time to buy a "short sale".

Why? Well, for 2 reasons.

First and foremost, if you are are First Time Home Buyer, in Northern Virginia, you are up against some pretty stiff competition. Let's go to the videotape, or in this case the Metropolitan Regional Information Systems, or its more common name, the MLS.

In the last 30 days, ten detached single family homes were sold in The City of Manassas, between $150,000-$250,000. Of those ten, 5 were "bank owned", 3 were "short sales", and 2 were "traditional sales". What does that mean?

Again, let's go to the MLS.

I culled over some data, (well I am single, what else am I going to do), and at this time last year, 21 detached single family homes were sold in the same region, in the same price range.

Ah ha! More homes were sold last year, than this year, in this particular area. (Well, I certainly hope so!)

At this time last year, there were 4,826 "active" listings in Prince William County, and The Cities of Manassas, and Manassas Park. This year, there are only 2,848 active listings, of which 928 are marked either "under contract", or "contingent". What does that mean?

Well, remember those 21 detached single family homes that sold last year at this time? Guess how many were settled "short sales"?

None, nada, zilch, you get the idea.

Unlike a year ago, in which I saw "no ratified contracts", "multiple ratified contracts", and agents that went MIA on short sales, most of the listing agents involved in these transactions now take them very seriously, almost as if they are marathon runners preparing for months for that one day of glory. (By the way, I used to be a Marathon Runner, it's not the race itself, it's the training that's hard.)

Also, with the new rules regarding short sales, it should hold the big banks more accountable to their double talk, and constant, "yeah, we'll get back to ya", put offs.

And don't forget the "new and improved" home buyers tax credit, of which you need to have a "ratified" contract by April 30. Of course, this assumes that the prospective home buyer can "tough it out".

So, first time home buyers, do you have what it takes, to go the distance? Because if you have a VA or FHA loan, once a home has gone into foreclosure, and becomes "bank owned", most of those same banks don't want to have anything to do with you.

Starting now, home buyers, we have 7 months to bring these short sales to a close. That may seem like a long time, but remember the marathon runner who trains for months to get to where she is going. Nothing worth having, ever comes easy.

Reporting from the trenches,

Johnny "Culdesac" Yankoviak

12/1/09

www.johnnyculdesac.com

In the ongoing saga of Short Sales and Foreclosures, the Obama Administration plans to announce this week a carrot and stick approach to deal with the issue.

650,000 borrowers have signed up for temporary loan modifications under the federal Making Home Affordable program enacted earlier this year. However, it is estimated that only a fraction of the borrowers who are eligible for the program have a "permanent" loan modification, and that many individuals are being told that their bank "doesn't participate" in the program.

In addition, short seller's, who have a legitimate hardship such as a job loss or medical issue, are being told "that's not my department", and "I will get to it later", when dealing with big banks.

With an estimated 20% of all home owner's currently owing more on their homes than the market value, "short sales" aren't going away anytime soon.

So far the big banks have implemented a sort of "hide and seek" approach to short sale transactions, in the hope that some home buyer's and seller's would give up, and find another way.

One of the lesser known, but equally as important reasons the First Time Home Buyer's Tax Credit was expanded and extended, was that the Halls of Congress were swamped with angry phone calls from constituents who waited month's for a bank's response on a short sale, only to be given misinformation, wrong information,or in the case of some institutions, outright lies.

After it came to light, that many of these "bailed-out" financial institutions were awarding big bonus's to corporate executives, while at the same time, dragging their feet on loan mods, and short sales, public outrage has pressured both congress and the administration to be held accountable to these now partially "publically owned" institutions.

Johnny "Culdesac" Yankoviak

11/30/2009

www.johnnyculdesac.com