What Do I Need to Do To Get Ready To Sell My Home This Spring?
January 21, 2010 by Katie Wethman · Leave a Comment
Spring is coming early to the DC area. Buyers are out there! Low prices, low rates, and the imminent expiration of the $8000 first time home buyer credit have them circling and looking for the right property, in the right condition, for the right price. And for those properties that are positioned and marketed properly, [...]
FAQ: High Investor (Low Owner-Occupancy) Ratio Condos: How Can I Buy or Sell?
December 2, 2009 by Katie Wethman · Leave a Comment
One of the most common issues a condo buyer or seller faces in obtaining financing is meeting the owner-occupancy ratio required by lenders or the FHA. Owner-occupants means the units are actually occupied by their owners as primary residences, rather than those owners who choose to rent out their units. Renting units out is particularly [...]
Why is the $6500 home buyer tax credit important?
November 15, 2009 by Katie Wethman · 2 Comments
By this time, most people are aware of the extension and expansion of the $8000 first time buyer tax credit, and many even know about the new “category” of “first time buyers” who are eligible for a $6500 credit. You can read more details here. Income limits were raised (previously $75,000 AGI for a single [...]
Buying & Selling at the Same Time: Part III
November 12, 2009 by Katie Wethman · 2 Comments
Read the first two posts in the series here (Home of Choice contingency) and here (Home Sale Contingency). Our next tool is a two-for-one: Occupancy Agreements. There are Pre-Settlement Occupancy Agreements and Post-Settlement Occupancy Agreements (aka Rent-Backs). Occupancy agreements help facilitate a buyer’s or seller’s move date when it doesn’t coincide with a settlement date. [...]
How Do I Protect Myself if I Need to Buy and Sell a House at the Same Time? (Part II)
November 8, 2009 by Katie Wethman · 2 Comments
This is the second part in a series about tools that sellers have at their disposal to help manage a simultaneous purchase and sale of property. Click here to read the first post in the series about Home Sale Contingencies. Another contract clause available for use to help manage both a purchase and sale is [...]
$8000 First Time Home Buyer Extension and New $6500 “Move Up” Buyer Credit Details
November 6, 2009 by Katie Wethman · 1 Comment
It’s officially passed the House and Senate, and is now awaiting the President’s signature. Along with the extension of the $8000 First Time Buyer credit (now applies to any buyer under contract by April 30, 2010 and settling by June 30, 2010), there is now a new credit category: long-time residents of the same principal [...]
How Do I Protect Myself if I Need to Buy and Sell a House at the Same Time? (Part I)
November 5, 2009 by Katie Wethman · 3 Comments
Now that the first time buyer rush is nearing its end (unless it’s extended…stay tuned…), and there’s a lack of inventory for entry-level price points (below $450k-ish) in much of our area, this might be the ideal time for owners to start thinking about putting their homes on the market in our area. Yes, despite [...]
Fairfax County, VA Inventory and Median Sales Price
November 4, 2009 by Katie Wethman · 1 Comment
This chart shows inventory vs median price for single family homes in Fairfax County for the past year. Inventory is continuing to fall in Northern Virginia, and in particular Fairfax County. It’s easy to see on this graph that median price has closely correlated to level of inventory–that is, until recently. Has pricing hit bottom [...]
State of the DC Area Real Estate Market: June 2009
June 13, 2009 by Katie Wethman · Leave a Comment
The Spring market is hopping, but some recent changes are making it difficult to predict what’s around the corner. Here’s what’s going on in the local real estate world: Interest Rates Jump: Mortgage rates took a significant jump in the past few weeks. The short story is that optimism about the economy combined with fears [...]
Northern Virginia Inventory Sees MASSIVE Drops
May 1, 2009 by Katie Wethman · 1 Comment
Update 5/9/09: Looks like I’ve got some investigating to do – the final MRIS numbers are published (updated graphs now available at my website here – click on the “Market Stats” in the left sidebar) and they aren’t even close to the “live” data I ran on the last day of the month. Not sure [...]
