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

I know that everyone wants the best deal on a home. Yes, there is a predicted increase in foreclosures next year but do you really want one? Are you aware that foreclosures in Northern Virginia, unless they are totally trashed, do not sell for much less than a regular sale? Are you aware that you lose all your bargaining power with a bank addendum? That addendum is 99.9% in favor of the bank. The point is if you wait too long you may actually end up paying more and getting less. Don't wait for what may or may not be a rock bottom price with a lot of risk.

For example, home prices in the D.C. region are up 3.5% over the past year (November to November). In Prince William County that number is 9.4%.

Probably the largest factor that will increase most peoples costs in buying a home is the interest rate on a mortgage. The Washington Post reports this morning that the average 30 year fixed rate is now over 5%! Rule of thumb: for every 1 point increase in mortgage rates, you can lower the price of the home you wish to purchase, or qualify for, by 10%. With both prices and interest rates going up in this area, it is time to move.

I can help you find the perfect home for you in Fairfax, Loudon, Prince William, and Arlington Counties. If you are not sure what you can afford, I can put you in touch with mortgage professionals to help you make that determination. Prices and rates are still at near historic rates. Don't miss the boat!

Whenever I have needed work done, I have always called John Cho first. He's on my web site, He's on my "Tom's Picks 2011" List. Well...he's on the list but man did I screw up. I transposed his number to a non-working number. Talk about feeling bad.

The good news is that I am hiring him to do another job starting next week. I know he has an additional job starting in early March. It would be easier to hire another contractor, but I know John will get the work done correctly, on time, and on budget. So, if you need a kitchen or bathroom redone. If you own some rental properties that need some work, then I suggest you call John Cho for a quote....(703) 731-7502 and that's the correct number.

The truth is mold is in something like 90% of homes across the country. There are different kind of mold and varying degrees of mold. For example, I know I could find some mold in my shower right now if I went and looked for it. I'd hit it with the bleach and some 409 before it gets nasty! I have also been in homes for sale that had mold (The black evil looking kind) on the walls on all three levels, basement to second floor. That was nasty!." Total gut and rehab I say!" And to think the bank wanted $100,000 for that dive. Knowing what I know now, I would have taken pictures, sent them to the bank and offered them $25,000 cash as the house would have to be torn down to the studs and beyond.

From the usually quite interesting "House Lawyer" column of the Washington Post in today's Real Estate Section comes an article on mold. It concerns the D.C. area juristictions but is informative on the general process and should be useful and applicable to other areas of the country.

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/04/AR2011020402750.html

I had to laugh (and isn't laughter the best medication?) when I read that a loan officer referred to "applying for a mortgage" as "a financial colonoscopy." A colonoscopy is not painful but certainly degrading and embarrassing but most of all its is necessary for your health. Perhaps a financial colonoscopy is good for a country healing from too many bad loans over the last decade and the only way to cure it is to try and get it right this time.

Here is the article. Much of which many Realtors tell their clients daily. Don't open any new accounts, or run up your credit, etc.

http://www.washingtonpost.com/wp-dyn/content/article/2011/02/04/AR2011020402736.html

The latest census data shows massive growth in Northern Virginia over the past decade. Northern Virginia is a magnet for growth and is very competitive with Maryland and the District due to its heavily pro business environment.

Fairfax County grew by about 12% over the last decade. Slower growth was expected in this Million plus resident county as was it was well on its way to becoming an urban center at the start of the last decade. Loudon exploded adding 143,000 residents. That reminds me of the bumper stickers in the late 1980s "Don't Fairfax Loudon." It sounds like Loudon and Prince William are getting "Fairfaxed" whether they like it or not. There is just no where else to go as the region continues to attract more residents, now at 2.4 million (4x the District of Columbia's population) due to the available jobs (Volkswagon, Gov't contractors such as Northrup Grumman, etc) and opportunities such as selling or renting real estate to these newcomers.

The population has increased in every jurisdiction. Prince William and Loudon are poised for still more rapid growth. If you are seriously thinking of buying, you should take action. Prices and interest rates are the key factors in a monthly mortgage. Both are likely to increase in the next year.

Reference Article on Northern VA Growth: http://www.washingtonpost.com/wp-dyn/content/article/2011/02/03/AR2011020304604.html