Tom Robinson - Experienced Real Estate Professional Serving No. VA and DC

We are talking local D.C. area here. Prices vary from community to community like they vary from market to market. This morning in the Washington Post Real Estate section there were "Ten Tips for Today's Market." If you are planning to sell, you may want to take a look at this article.

For example, buyers want updated amenities in older homes. You can thank HGTV for those expectations. And about prices, good news depending on how you see it. Northern Virginia home prices are now at 80% of the peak. 67% in suburban Maryland. So, although it is not 2006 or 7, It's not 2009 either. Some useful tips.

For the last two days, the Washington Post (WP) has used prime real estate to bring us this life changing case against Baxter the pooch in Fairfax County, Virginia. Yesterday his mug shot was on the front page of the WP and today it is on the front of the "Metro" section. It is the most discussed topic on the WP site today. Mr. Baxter, a Westie - bichon frise mix, was charged (actually his dog walker was) with relieving himself on the lawn of a neighbor. The incident resulted in a jury trial that ended yesterday with public enemy #2 being relieved of this court room drama. Baxter's only response was "The system clearly works. I have said that I was innocent from the beginning."

I have included the link to the articles so you can have a morning smile.

The other evening I was driving home when I heard an analyst was being interviewed on a local news station about the market. Her comment was that it is a buyer's market. Being that it was a local station, although she worked for a locally based but national magazine, one could only assume that she was talking about the local market. Thinking it through, she was probably looking at things from a national level. Either way, both she and the station were doing a disservice to their listeners here in the D.C. area which has the most vibrant job and real estate market in the nation right now. There may be a few deals out there, and both prices and interest rates are pretty darn low, but the nicer homes are not languishing on the market for very long. Inventory is tight, and the really nice homes that are regular sales are even tighter. Two of my clients recently have been in situations where there were multiple offers and both homes sold in just a few days. Neither were willing to offer the asking price and that is what they needed to do, if not more, to secure the property

Needless to say, many home buyers have been brainwashed by the financial media into thinking that a low ball offer will be accepted for an updated, move in home in a prime location. In the Washington core that is unlikely. I cannot speak so much for the "way, way out" suburbs but relatively "close in" will require a strong solid offer.

The point is that you should not be misled by what you hear on the radio, tv, or read in the newspaper (or online) about the real estate market. Real Estate is local. It is even hyper-local meaning there are areas within communities that are very hot and others not so hot. That is why you need a qualified real estate agent, like myself, to help you determine what you should pay for a property. I close now with a link from marketwatch concerning low ball offers.

Normally a rate drop would cause the public to knock down the door and start buying houses or refinance. Not so much in this economy but here is why you need to buy, if you can afford to buy, and feel reasonably safe in your job or profession.

Rates just cannot go much lower. Perhaps they will but likely not. In my area, primarily Northern Virginia and the District, housing prices have mostly stabilized and in some instances are going up. Multiple offers at or above the asking price for the best homes are not uncommon. Feels a touch like 2006 except the prices are much lower than 2006. The odds are prices won't be where they are now (low) in our lifetime nor will interest rates (low). It's time to get pre-approved for a loan and make the plunge. Here is the article from marketwatch.com on the interest rate drop.

If you need assistance in finding a home in Northern Virginia, Please contact me. I will help you find out what you can afford and we'll go find your dream home.

The truth is there has never been a perfect time in history to be alive. There have always been wars, bad economies, and other situations. I think that is the way life is planned. Not to be too easy that we get complacent.

Over the last few months, it has been concerning to me where things might be going with the economy. I have been busier this year than last and I expect to make a better income overall this year than last. Although polls indicate the opposite for many people. It's those people who need to be in our thoughts and prayers in the hope that they can move forward.

June housing prices are up. Northern Virginia/Washington, D.C. bottomed out in 2009. I agree, I could buy an investment property then easily and for almost half what I can get one for today, if I can find one. The D.C. market is one of the best, if not the best , in the nation. Over time, prices will continue to go up so now is the time to buy. Interest rates are historically low. As long as you have decent credit and a minimal downpayment (None if a VA loan), you should be in the market to buy a home especially if you are renting. Are you aware that in some cases rents are higher than a mortgage payment. Do a quick analysis at my website and see if you wouldn't be better off buying than renting.

As for the rest of the nation things are looking better even in Cleveland and Detroit. Keep it positive!

An article on the subject from marketwatch.com

If You are wondering what a good credit score is here is an article from Aug 29, 2011 in Forbes (via Yahoo).