Thoughts on the Washington, DC, and Northern Virginia Real Estate Market » Buyer Resources

Arlington Condo Pet Policies

Katie Wethman — Fri, 05 Mar 2010 18:26:04 +0000

So you’re ready to buy a condo…But what about your four-legged friends? Will they be able to go with you, or will you be asking Mom to take care of them…again. Well, we’re here to help! Below is a table of the pet policies for a number of Arlington condos. All information is believed to be current as of 03/03/2010, but you should ask your agent to confirm with the property management company, and also review the condo docs carefully.

Interested in a building you don’t see here? Give us a call and we’ll find out!


CONDO NAME	POLICY
Alta Vista	2 cats max; Dogs: <25 lbs, <15” high
Arlington Condo	No limit
Arlington Oaks	One per unit, <40 lbs.
Atrium	One per unit, <25 lbs
Ballston Park	2 small pets; <25 lbs
Balmoral	1 dog, <50 lbs; or 2 cats
Bedford Park	Limited to 3 dogs; no size limit
Belvedere	One per unit; no size limit
Berkeley	Limited to 2 dogs or cats. Dogs <100lbs
Cambridge Courts	One per unit; no size limit
Cardinal House	Limited to 2 cats; no dogs
Carlton	1 pet, <25 lbs.
Charleston	Limited to 2; no size limit
Chatham	No current limits
Chateaux	Limited to 1 pet; <22 lbs
Clarendon 1021	1 dog, <40 lbs; 2 cats
Colonial Village	Limited to 2; no size limit
Continental	Limited to 2; no size limit
Falls Station	Limited to 2 small pets
Heatherlea	No limit
Horizon House	Limited to 1, <35 lbs
Hyde Park	Limited to 2 cats; no dogs
Lexington Square	Limited to 1; no size limit
Odyssey	Limited to 2; <40 lbs
Palisade Gardens	One small pet
Prospect House	no pets allowed
Rosslyn Heights	2 cats or 1 dog per unit; <50 lbs
Station Square	Limited to 1; no size limit
Summerwalk	Limited to 1; <25 lbs
Wentworth Place	Limited to 1; <40 lbs
Westmoreland Terrace	<90 lbs.; No limit on # per unit
Windgate II	Limited to 2; no size limit
Windsor Plaza	Limited to 1; no size limit
Woodbury Heights	1 per unit, <30 lbs.
Yorktown Condo	Case by case basis

More Resources:
Attend a Free First Time Home Buyer Class
Review Orange Line Condo Prices
Search for a Condo

When you’re ready to start your Arlington condo search, please contact us. We’d love to meet you over coffee and see if it makes sense to work together.

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FAQ: What does MLS stand for?

Katie Wethman — Wed, 03 Mar 2010 15:18:06 +0000

MLS, in the real estate world, stands for Multiple Listing Service. See, way back when, in the time of the dinosaurs…okay, not really the dinosaurs, just before computers and databases…homes were recorded by individual brokers on sheets of paper, and literally kept in books in the office. And so agents looked through the books and decided which properties they would show their clients. Yes, seriously.

Brokers came together and created a ‘listing service’ which advertised their listings across all brokers, along with an offer of compensation if another agent brought a buyer to their listing. Hence, the ‘multiple listing service.’ The MLS provides any descriptive information provided by the listing broker, along with some information on each property such as the tax record and maps. Brokers must agree to participate in the MLS and abide by its rules, including making all homes available to show (via lockbox or other means) to each participating agent. MLS is a generic term for systems like this across the country.

Our local MLS is operated by the Metropolitan Regional Information System (MRIS), and it is the largest MLS in the country. Often you’ll hear agents refer to “checking the MRIS listing” by which they mean they’re going to check the MLS.

Flash forward to today, when the MRIS allows its data feed to be shared by brokers, and then brokers post the feed onto their websites, making the data available to the public (though not every field.) And so that’s how agents like me are able to show you all the homes listed in the MLS, and everything in the MLS is included in the search tool on my site here.

Talk about a technology shift that changed an industry! Can you imagine going back to the days when brokers owned the data and wouldn’t let buyers or sellers see it??

Today’s successful agents realize that it’s not ownership of the data that makes a trusted advisor–it’s the skills to interpret that data, and the ability to educate their clients about both the market and the process so that buyers and sellers can make their own decisions.

If you’re thinking of buying or selling a home, and looking for a consultative approach, please call us. We’d love to talk to you about how we do business.

More resources:

Click here to search for a home in the MLS

Find the value of your home

Attend a free first time home buyer seminar

Photo courtesy of: http://www.flickr.com/photos/scottkinmartin/ / CC BY 2.0

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Single Women as Home Buyers

Katie Wethman — Sat, 13 Feb 2010 16:05:19 +0000

Single working women are poised to become a financial powerhouse: single women between 25 and 30 are earning more than single men, and women’s earned income is growing faster, according to www.womenhomeowners.com. Even coming out of the current recession, women are positioned better: 82% of job losses affected men, according to the New York Times. For the first time ever, women make up over 50% of the work force.

Consider these home buying statistics from NAR:

Single female buyers accounted for nearly twice as large a share as single male buyers for both first-time buyers (24 and 12 percent) and repeat buyers (17 and 9 percent).
Twenty percent of recent home buyers were single females, and 10 percent were single males.
More women (15.5 million) than men (11.8 million) lived alone. Among these, women were more likely than men to own their homes (56% vs. 47%).

But is the home purchase process different for women? What about with other financial decisions like choosing a mortgage, or investment and retirement planning? How should a single woman prioritize? How does she protect her assets going forward?

Come hear from an expert panel of women professional in the fields of financial planning, mortgages, real estate, and conflict resolution. Learn from the experiences of others, discover your options at any stage of life, and make wise financial decisions.

Women, Wisdom & Wealth
Wednesday, March 10, 2010 6:30 – 7:30 pm
Pimmit Hill Regional Library, Falls Church, VA

** This is an educational seminar. There is no cost or obligation; however, you must be registered. Contact us to register for the session. **

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Financing Condos in a Mixed Use Building

Katie Wethman — Fri, 12 Feb 2010 20:13:21 +0000

As if condo buyers didn’t have enough headaches trying to buy a condo with the new FHA rules in place, many are also running into troubles with “mixed use” buildings, i.e., condos that have residential units but also commercial space (usually on the ground floor or street level), as is common in urban areas like ours.

Examples of this commercial space may be a grocery store or restaurant on the bottom floor of the building or a convenience store as part of the lobby…all of which is very convenient, however, may create difficulties for obtaining the loan you want. Under current Fannie Mae and Freddie Mac guidelines, financing becomes an issue if the commercial space is more than 20% of the entire project. If it’s more than 25%, you cannot do an FHA or VA loan either.

After finding what seemed to be the perfect condo for one of our buyer clients in Alexandria, it was disappointing to learn a Whole Foods occupied 43,000 square feet (28.6%) of the building, taking some popular financing options off the table for our buyer.

Ilyce Glink has this to say on the new financing rules for condo buyers:

Developers who built multi-use properties, with commercial, retail or restaurants on the first floor and condo units above may find that their properties will not be approved for financing.
Fannie Mae guidelines require that no more than 20 percent of a building’s floor area ratio (FAR) can be commercial. So if the building has 3,000 square feet, with a 1,000 square foot shop on the first floor and two 1,000 square foot condos above it, the property will likely not be “approved” and a buyer will not be able to get financing.
All this is bad news for condo buyers. Buyers who didn’t close before the end of 2009 may now find themselves rejected for financing if they are buying in a condo building that has not been approved or can’t be approved. Can you imagine the headaches this will cause?
Lenders say that buyers who need a loan to close on their purchase should ask whether a building is approved for financing before bothering to go for a showing.

She continues…

While there are some waivers being granted, condo buyers all over the country will find it more difficult to finance their purchases. These days, if you can’t finance a property, the number of prospective buyers will decline, and the property value could tumble.

What does this mean for buyers? Expect headaches, long waits, bigger down payments and higher interest rates if you’re buying a condo in a mixed use building that has too much commercial space–assuming you can get financing at all! And if you’re thinking of putting an offer in, it’s wise to do some legwork on the building and with your lender before you go through the effort.

This is all thanks to the “tightening” of the credit markets that’s been going on since the bubble burst. Will some of these rules loosen in the future? I hope so. Otherwise, current owners in buildings with high percentages of commercial space need to be prepared to wait it out.

This information deemed reliable but not guaranteed. Every situation is different and you should check with your agent and a lender about specific properties.

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Will the New FHA Rules Kill Arlington Condo Sales?

Katie Wethman — Wed, 10 Feb 2010 18:21:23 +0000

On February 1, HUD and FHA rolled out major changes to the condo approval process. Previously, buyers wishing to use FHA financing had two options: If the condo was listed in the FHA’s “Approved Project” database, you were good to go. But if it wasn’t, buyers had the option of going through the (now in hindsight relatively easy and straightforward) “Spot Approval” process, which typically could be completed within 30 days or so at minimal cost. Spot approvals had to be obtained on individual units for each transaction — it was an exception-based process. Given that condos are the main option for many first time buyers, who may lack the 10-20% down payment required in conventional financing, we saw an explosion in the use of FHA financing, which requires just 3.5% down, in the past few years, and a lot of spot approval applications.

The approved database remains in place and is the easiest option, but the new rules scrap the whole Spot Approval system completely, and now require condos to go through a lengthy and expensive HRAP (HUD Review and Approval) or DELRAP (D.E. Lender Review and Approval) process. The good news is that once a community is through the HRAP or DELRAP process, their approval will potentially remain in place for several years and applies to the entire building, and future buyers can simply coast in on that approval. You need only to check the database.

The process is much more cumbersome than the previous spot approval application, though, and these rules are all new. As a result some lenders are deciding it’s not worth the time (4-6 weeks) or cost (several thousand dollars per review) to jump in to this arena just yet. Some are letting other lenders “bite the bullet” on this one and will jump in later, after more condos are through the process and they can ride the coattails of lenders before them.

So what effect will this new hurdle in obtaining FHA financing have on Arlington’s condo market?

In the past 30 days, according to MRIS statistics, financing for sold condos (excluding retirement communities) was as follows:

Surprisingly, more than HALF the sales used Conventional financing! This would indicate that the condo market isn’t going to come to a screeching halt after all. But is there a difference based on price point?

Financing Used in Arlington Condo Sales by Price

Clearly there is heavier dependence on FHA in the under $300K and $300-500K price points, but I’m surprised it isn’t even heavier that this data indicates. This indicates to me that the lower priced condos (under $300k) are going to be disproportionately affected, but also are unlikely to completely halt. And look at the high percentage of all cash deals in that segment!

So it may take us a few weeks, or even months, to get the majority of condos through this painful new HRAP/DELRAP process, but hopefully in the long run it will be easier for everyone. While we’re going through this initial launch phase, keep in mind that settlement times will be MUCH longer (remember that June 30 $8000 credit settlement deadline?) and buyers may incur thousands of dollars in extra cost if they’re the unlucky “first mover” in a building trying to do FHA.

* If you know you are going to use FHA to buy a condo, being under contract by April 30 is NO guarantee that a currently ‘unapproved’ condo can get through this process by June 30. *
*My advice is to get under contract EARLY if using FHA to buy a condo if you’re trying to beat the tax credit deadline. *

And for those who can’t or won’t do FHA, remember ‘cash is king’ and you’ll likely need at least 10% as a down payment for a conventional loan.

And here’s another tip: If you’re looking at condos priced above $400,000 or so, contact me to discuss an important option that you may be completely missing in your search that would completely eliminate this issue!

To start your condo search, contact us — we’d love to help you!

Learn More: Attend a free First Time Home Buyer Class

Search Homes for Sale in the MLS

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Free First Time Home Buyer Class in Arlington, VA

Katie Wethman — Tue, 09 Feb 2010 00:20:30 +0000

Are you a first time buyer thinking of starting your search? Low pries, historically low interest rates, and the $8000 tax credit have many people in our area wondering if it’s time to buy. Join us for a free educational session at Arlington County Library.

Wenesday, March 3
7:00pm – 8:15pm
Arlington County Library
1015 N Quincy St 2nd Floor Mtg Room
Ballston (Orange Line)

We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We’ll also discuss home purchase process, the tax credit, common pitfalls, financing basics and a how to get started checklist.

Specific topics covered:

- Northern Virginia, DC, and Montgomery County market analysis

- Mortgage basics: rates, points, fees

- Financing basics: FHA, Conventional, Conforming, and “Jumbo” loans

- Calculating the tax benefits of homeownership

- Short Sale, Foreclosure/REO/Bank Owned basics

- Search tips

- Fees and closing costs

- Buyer agency and choosing an agent

There’s never any cost or obligation to attend our classes. Register for this free first time home buyer class here so that we may have materials available for you. More info at www.newhomebuyerclass.com

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Giving a Facelift to a Dated Exterior

Katie Wethman — Sun, 07 Feb 2010 03:50:32 +0000

While Arlington is a fantastic place to live, there are many neighborhoods built in a time when…well let’s just say it wasn’t necessarily architecture’s finest moment. Don’t overlook some of these hidden gems though — with a little creativity, and the right contractor, your dream home could be right in front of your eyes. Take a look at this transformation on a North Arlington home similar to one pictured at left.

After!

Hard to believe, isn’t it? But look closely and you’ll see the remains of the original home. On the main level, the owners added a welcoming front porch, and swapped the window out for a bay window. Then they “popped the top” and added a second floor, and extended the chimney up. Then they painted the brick and trim for an entirely new look!

After - Bump Out View

Obviously adding a second floor provides a lot more square footage to the house, but the existing floorplans on a lot of these older homes don’t allow for the circular flow and open floorplan that most of today’s homeowners love…unless you also do a “bump out” like these owners did, which you can see clearly in this side view photo.

But be warned, Arlington has very strict lot coverage rules so if you’re intending to do a large scale renovation like this, do your homework before you sink too much money into the process.

Obviously a transformation like this one doesn’t come cheap or easy, but if you can pick up a house in a great location for the right price, you can throw in a creative eye, some patience, and a great contractor and have the home of your dreams!

For recommendations on great contractors, or to get started finding your own hidden gem in Arlington, contact me!

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Tips for Newly Engaged or Married Couples Buying a Home Together

Katie Wethman — Wed, 03 Feb 2010 16:38:26 +0000

Photo Courtesy of thinkclay via Flikr

I often work with couples who are newly, or soon-to-be, engaged. Being a first time homebuyer is overwhelming enough, without bring another set of opinions in to it! But there are some tips and tricks that I recommend to my buyer clients to help smooth the process:

1) Do you have a home (or two) to sell before you can buy?

The merging of households is a long and often stressful process. If you are both renters, or if just one of you owns, it’s likely an easy call–break one or both of the leases and move in together. If you both own it gets a little tricky. Can the two of you comfortably fit in either or both homes? Can one of the homes be kept as an investment property (preferably a cash flow positive one)? And finally, do you need the equity from one (or both) homes before buying the new one? (Read more about the risks of simultaneous buying and selling here.)

2) What is your budget and financial situation?

The merging of finances is often one of the most difficult aspects in a newly committed relationship. Many couples don’t know their partners financial history or credit score until they get to this point in the relationship. Speak to a lender early and get everything out on the table. It may make sense for you to buy together, or it may make sense for just one of you to purchase the property in your name and add the other to the deed later.

Discuss your joint financial goals. How much will you need for the wedding? How do your combined retirement funds look? Buying a new or bigger home may not be the first financial priority for you.

3) What are you each looking for in a home? What are the true must-haves?

This is where the fun begins, and where I am often involved in the process with my clients. I can’t tell you how many times the woman must have one type/size/location of home and the man absolutely hates that type/size/location (or vice versa.) Welcome to your future of compromise. Go visit some open houses together. Speak with an agent about what’s realistic in your price range and, more importantly, to see if there is a new option you hadn’t considered that will make you BOTH happy.

I was a panelist at last year’s Treasury and HHS Financial Relationship Summit’s “Navigating Real Estate Transactions with Couples” and often work with couples buying their first home together.

If you’d like to talk more about starting your home search together (or selling your home(s) to find your new ‘combined’ home), please contact me.

Learn more: Attend a free first time home buyer class.

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Is Buying a Home One of Your 2010 New Year’s Resolutions?

Katie Wethman — Sun, 27 Dec 2009 18:36:28 +0000

Get started by attending a free, no obligation first time home buyer class at Arlington Central Library on January 26 at 7:00 pm.

Our first time home buyer classes are educational sessions designed to give an overview of current market conditions and the home buying process. We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We’ll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist.

Specific topics covered:

First Time and Repeat Buyer Credit Details
Arlington, Northern Virginia, DC, and Montgomery County market analysis (average sales prices, days on market, etc.)
Mortgage basics: rates, points, fees
Financing basics: FHA, Conventional, Conforming, and “Jumbo” loans
Calculating the tax benefits of homeownership
Short Sale, Foreclosure/REO/Bank Owned basics
Search tips
Fees and closing costs
Buyer agency and choosing an agent

Details:

Tuesday, January 26th 7:00 – 8:15
Arlington Central Library
1015 N Quincy St 2nd floor meeting room
Ballston (Orange Line)

Though there is no cost to attend, you must contact us to register since seating is limited and we need to make sure that materials are available for you.

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VHDA Loans Allow Financing of Down Payment

Katie Wethman — Tue, 15 Dec 2009 15:01:23 +0000

The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit.

VHDA’s program lets borrowers use a second mortgage to finance up to 5% of the sales price (enough to cover FHA’s 3.5% down payment requirement) by using the $8000 first time home buyer tax credit–effectively allowing borrowers to “monetize” the credit. The second mortgage helps cover the down payment and closing costs, with zero interest and no payments for the first 12 months. Borrowers then have the option of paying it down within the first 12 months, using their $8000 credit to pay it off, or paying it off over 29 years.

There are restrictions on the program, of course. Purchase price is limited to $408,100, and gross household income for two or fewer persons cannot exceed $86,900 for the Washington, DC, MSA, including Northern Virginia.

The deadline for the program matches the newly extended deadlines for the tax credit, so buyers must be under contract by April 30 and settled by June 30, 2010. More details are here.

If you need help starting your home search, or finding a lender, please contact us.

* * * * * * * * * *

Learn More: Sign up for our free first-time home buyer class at Arlington Central Library on Jan 26 at 7:00 pm (registration required) Details and registration information can be found here.

Search the MLS

See more Buyer Resources

* * * * * * * * * *

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