Sunday, February 1, 2009
What will the Real Estate market look like in the future?
Wow, talk about intriguing. After reading this article (click here) on the Virginia Housing Development Authority, it really makes me think about what the next "big thing" in real estate will be. With the shift in housing demand demographics from Baby Boomers, then their kids needing larger homes to raise their families to Generation Y (aka Millennials, those born to the baby boomers) demand for smaller, starter style homes should increase. VHDA has published a fair bit of information for first time buyers on their web site (vhda.com), so if you're a first time buyer, check it out!
Should I pay POINTS to buy down my monthly mortgage rate?
I had a conversation with a friend of mine the other day, discussing whether or not it's worth paying points to buy down the monthly cost of his mortgage. Of course this questions has long-ranging implications as it will directly impact the amount you'll pay each month. The bottom line is whether or not the amount of "points" you pay will give you a return on your investment that makes sense for you. I found a great web site (CLICK HERE) which asks you a few questions to compare two mortgage choices. After entering your info, the next screen shows you how long it will take to make it worth your while to pay points. A few key items, 1 point = 1% of your loan amount. When considering points, you're paying that amount up front at the time of refinancing or setting up the new mortgage. The more points you pay, the longer (years / months) it will take to make it worth your while. If you'd like more information on whether you should pay points or not, check with your local mortgage broker or agent. If you'd like my assistance in buying that house you've been looking at, give me a call or email me - I'd be glad to help you.
Sunday, January 25, 2009
Where should I invest now?
The economy is in a recession, retailers are struggling to make ends meet with some as big as Circuit City going out of business, and large manufacturers are closing their doors, laying off workers, and seeking assistance from the federal government. What is an individual investor to do in light of such challenging times? After reading magazine after magazine and web site after web site, I don't have a comfort level yet that the stock market has stabilized and is ready for me to jump into. Although I may not be buying stocks, I have been able to make the numbers work in real estate investment properties locally. As such, I have found some great buys in the Arlington area and will be closing on a $100,000 studio in the Carlton this week. If you're trying to decide what to do with money you would like to invest, interest rates and the wide variety of homes with motivated sellers tells me now is the time to invest in real estate. Few other times will Arlington be so inexpensive, as well as other highly sought after areas this close to DC. If you're interested in hearing how I can help you, call or email me today.
Saturday, January 26, 2008
President's economic stimulus package to positively impact home loans
You might not have yet heard, but for one year, Fannie Mae and Freddie Mac will insure home loans bought or insured up to $729,750, up from $417,000. This will make jumbo loans more affordable, especially good for investors. For details, read below.
Daily Real Estate News January 25, 2008 House OKs Lift on Fannie, Freddie Loan Limits.
The economic stimulus package hammered out between the White House and Congress on Thursday lifts the size of home loans that may be bought or insured by Fannie Mae and Freddie Mac.The Fannie/Freddie cap would rise to $729,750 for one year. Currently Fannie and Freddie are capped at $417,000.The measure also would permit the Federal Housing Administration to indefinitely insure loans up to that same level. Currently, FHA loans may not exceed $367,000.“The stimulus package announced today is a positive step toward strengthening the housing market and our economy," NAR President Dick Gaylord said in a public statement. "The increase in loan limits should provide liquidity to the mortgage market in all parts of the country allowing qualified home buyers who may have been on the sidelines to enter the market." The measure is also expected to make jumbo loans more affordable because it will make them more attractive to investors, who since summer have shunned home loans that don’t pass through Freddie or Fannie.“In high-cost states, many home buyers with good credit could save $3,000 to $5,000 per year by not being forced into the current jumbo mortgage market," Gaylord said. "Currently, only families in lower cost areas are able to qualify for these types of affordable loans. Such a move would stimulate home sales and help stem the rise in foreclosures, reducing the number of foreclosures by as much as 210,000."In particular, prospective home buyers in costly regions like California, Northern Virginia, and New York have faced higher mortgage rates and tougher loan terms, and those areas would get relief under the plan, says Susan Wachter, a professor of real estate and finance at the Wharton School of the University of Pennsylvania."This is meaningful because the mortgage crisis and meltdown is geographically concentrated," she says. "This response will assist the stressed areas."
Source: Reuters, Patrick Rucker (01/24/08) and REALTOR Magazine Online
Daily Real Estate News January 25, 2008 House OKs Lift on Fannie, Freddie Loan Limits.
The economic stimulus package hammered out between the White House and Congress on Thursday lifts the size of home loans that may be bought or insured by Fannie Mae and Freddie Mac.The Fannie/Freddie cap would rise to $729,750 for one year. Currently Fannie and Freddie are capped at $417,000.The measure also would permit the Federal Housing Administration to indefinitely insure loans up to that same level. Currently, FHA loans may not exceed $367,000.“The stimulus package announced today is a positive step toward strengthening the housing market and our economy," NAR President Dick Gaylord said in a public statement. "The increase in loan limits should provide liquidity to the mortgage market in all parts of the country allowing qualified home buyers who may have been on the sidelines to enter the market." The measure is also expected to make jumbo loans more affordable because it will make them more attractive to investors, who since summer have shunned home loans that don’t pass through Freddie or Fannie.“In high-cost states, many home buyers with good credit could save $3,000 to $5,000 per year by not being forced into the current jumbo mortgage market," Gaylord said. "Currently, only families in lower cost areas are able to qualify for these types of affordable loans. Such a move would stimulate home sales and help stem the rise in foreclosures, reducing the number of foreclosures by as much as 210,000."In particular, prospective home buyers in costly regions like California, Northern Virginia, and New York have faced higher mortgage rates and tougher loan terms, and those areas would get relief under the plan, says Susan Wachter, a professor of real estate and finance at the Wharton School of the University of Pennsylvania."This is meaningful because the mortgage crisis and meltdown is geographically concentrated," she says. "This response will assist the stressed areas."
Source: Reuters, Patrick Rucker (01/24/08) and REALTOR Magazine Online
Saturday, January 12, 2008
Military and moving to Northern Virginia? Unsure if you should buy when you arrive? Read on…
It’s almost relocation time for military members, the PCS (permanent change of station) season starts generally in the spring and rolls through the summer. With a change of station comes many decisions, none the least of which is whether or not to buy at your next duty station. Some military members have bought and sold homes at each installation they’ve been assigned, but the current housing market is cause for some potential home buyers to pause and survey the market where they’re soon to call home. Here are some things to think about as you consider whether to rent, buy or attempt to procure base housing…
If you’re buying, this is a BUYER’S MARKET… which is good if you’re moving to Northern Virginia right now. This means you can get more house for your money, and there’s many more homes to choose from than in the past. You can also take advantage of this market by looking at homes within the beltway instead of in the outlying areas of the DC metro area. The average commute for many military members to and from their duty station is between 30–45 minutes (especially at the pentagon, National Guard Bureau, JP1, Ft Myer and the like). If you have the opportunity to reduce that commute time to 10-20 minutes, why not take advantage of it and have more time at home with your family – something harder and harder to come by these days.
There are many different types of homes, neighborhoods, price ranges, schools to choose from, and all these options can be overwhelming when faced with moving to a new area. Although most military members are used to constant change, there’s always a steep learning curve when you arrive at the new duty station. The stress of finding a new home is can be quite intense, and yet it is the anchor point for many other decisions. If you’d like help finding your new home and settling into the Northern Virginia area, please call or email me – it would be my honor to help get you settled into your new home and neighborhood.
Contact me any time, I’ll return your call or email promptly.
Your Arlington, Alexandria, and Falls Church, Virginia Military Relocation Specialist,
Mike Frank
myfrankrealtor@gmail.com
571-217-1690
If you’re buying, this is a BUYER’S MARKET… which is good if you’re moving to Northern Virginia right now. This means you can get more house for your money, and there’s many more homes to choose from than in the past. You can also take advantage of this market by looking at homes within the beltway instead of in the outlying areas of the DC metro area. The average commute for many military members to and from their duty station is between 30–45 minutes (especially at the pentagon, National Guard Bureau, JP1, Ft Myer and the like). If you have the opportunity to reduce that commute time to 10-20 minutes, why not take advantage of it and have more time at home with your family – something harder and harder to come by these days.
There are many different types of homes, neighborhoods, price ranges, schools to choose from, and all these options can be overwhelming when faced with moving to a new area. Although most military members are used to constant change, there’s always a steep learning curve when you arrive at the new duty station. The stress of finding a new home is can be quite intense, and yet it is the anchor point for many other decisions. If you’d like help finding your new home and settling into the Northern Virginia area, please call or email me – it would be my honor to help get you settled into your new home and neighborhood.
Contact me any time, I’ll return your call or email promptly.
Your Arlington, Alexandria, and Falls Church, Virginia Military Relocation Specialist,
Mike Frank
myfrankrealtor@gmail.com
571-217-1690
Sunday, January 6, 2008
Considering buying a FORECLOSURE?
Buying a foreclosure (aka REO or Real Estate Owned) can save you a lot of money – BUT – be prepared for some additional hassles, longer timelines than when buying a non-foreclosure, potentially missing appliances, damage to the house and other oddities. I felt it a very timely topic, since some mortgage companies business is over ¼ foreclosures right now, and growing.
You may have also seen “short sale” during your recent home search. Be aware, this type of purchase requires “3rd party approval”, such as the bank that holds the mortgage. Although there is a published sale price, and you have put in your offer, that offer is subject to the bank approving the deal, not the owner of the house. Short sales are more challenging than foreclosures, at least with foreclosures the bank already owns the property, thus eliminating that “3rd party approval” step and process.
Are you sure you want a foreclosed home? Yes, you can get a good deal, but be ready to potentially buy all new appliances, do some handyman work to include painting, fixing holes, rehanging doors, installing sinks, etc. When the owner finally lost their house, and the bank took over, the previous owners in some cases will remove everything they can from the house and sell it to help cover their losses. Some owners are quite upset when they leave and damage the property. So, when you say you’re interested in buying a foreclosure, be prepared for some extra work and investment to get the house back into shape.
A good realtor can help you through the purchase of buying a short sale, foreclosure, or any other home for sale. Not all realtors have experience in working with foreclosures and short sales however. Be sure to ask how much experience they have in working with such properties. I am in the process of buying a foreclosure myself in Arlington, and it’s been an eye opening experience to say the least. It’s not impossible, but you do have to set your expectations appropriately.
A couple of good web sites to check out for more information on foreclosures:
http://www.all-foreclosure.com/.
http://www.therealestatebloggers.com/category/foreclosure/
Feel free to contact me to talk about foreclosures, or how you can find your next home.
Mike
571-217-1690
myfrankrealtor@gmail.com
You may have also seen “short sale” during your recent home search. Be aware, this type of purchase requires “3rd party approval”, such as the bank that holds the mortgage. Although there is a published sale price, and you have put in your offer, that offer is subject to the bank approving the deal, not the owner of the house. Short sales are more challenging than foreclosures, at least with foreclosures the bank already owns the property, thus eliminating that “3rd party approval” step and process.
Are you sure you want a foreclosed home? Yes, you can get a good deal, but be ready to potentially buy all new appliances, do some handyman work to include painting, fixing holes, rehanging doors, installing sinks, etc. When the owner finally lost their house, and the bank took over, the previous owners in some cases will remove everything they can from the house and sell it to help cover their losses. Some owners are quite upset when they leave and damage the property. So, when you say you’re interested in buying a foreclosure, be prepared for some extra work and investment to get the house back into shape.
A good realtor can help you through the purchase of buying a short sale, foreclosure, or any other home for sale. Not all realtors have experience in working with foreclosures and short sales however. Be sure to ask how much experience they have in working with such properties. I am in the process of buying a foreclosure myself in Arlington, and it’s been an eye opening experience to say the least. It’s not impossible, but you do have to set your expectations appropriately.
A couple of good web sites to check out for more information on foreclosures:
http://www.all-foreclosure.com/.
http://www.therealestatebloggers.com/category/foreclosure/
Feel free to contact me to talk about foreclosures, or how you can find your next home.
Mike
571-217-1690
myfrankrealtor@gmail.com
Sunday, December 30, 2007
My first posting - 30Dec07
WELCOME!
It's two days before 2008, and I've decided to finally take the plunge and create a "blog". How better to share with others, who share an interest in real estate, what I'm seeing as a Realtor in the Arlington and surrounding areas?
Being a local Arlingtonian, I see a lot of change in my neighborhood alone, from the development along Columbia Pike between Bailey's Crossroads up to the Pentagon, as well as how the foreclosure market is affecting the area (notable that Arlington doesn't have that many foreclosures).
If you're interested in reading about what's going on around Arlington, Alexandria, Falls Church and the surrounding areas, check back later and read about what I'm seeing!
...and if you should decided you'd like to talk with me in person, be it to talk about my blog and items it, or to help you buy or sell your home, just give me a call at 571-217-1690 (cell).
Happy New Year!
Mike Frank
RE/MAX
It's two days before 2008, and I've decided to finally take the plunge and create a "blog". How better to share with others, who share an interest in real estate, what I'm seeing as a Realtor in the Arlington and surrounding areas?
Being a local Arlingtonian, I see a lot of change in my neighborhood alone, from the development along Columbia Pike between Bailey's Crossroads up to the Pentagon, as well as how the foreclosure market is affecting the area (notable that Arlington doesn't have that many foreclosures).
If you're interested in reading about what's going on around Arlington, Alexandria, Falls Church and the surrounding areas, check back later and read about what I'm seeing!
...and if you should decided you'd like to talk with me in person, be it to talk about my blog and items it, or to help you buy or sell your home, just give me a call at 571-217-1690 (cell).
Happy New Year!
Mike Frank
RE/MAX
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