My phones are ringing off the hook and Christmas is a week away!
I have first time home buyers and investors alike calling me and we are GETTING great deals! There are plenty out there but the low priced foreclosure inventory is quickly going away. One of my buyers is getting a fantastic deal on a 3 bedroom townhome in Leesburg priced at $88k! (Of course, I got it for him at less than the asking price AND with closing costs paid by the seller/bank that owns the property).
Yes, it needs some work and yes, it's "as is" so be aware that these properties need some elbow grease. My client has only minor repairs to make and already has a signed lease with a renter that more than covers the mortgage payment. There are now only 3 in that neighborhood available and the prices are going up slightly due to the demand.
Yesterday's rate cut will not immediately affect mortgage rates but my investor mentioned above is getting a very good rate of 7.125% and that's on investment money with great credit and 20% down. Rates are decent. The Fed is trying to stimulate the economy with an influx of cash so why not take advantage?
First Time Home buyer? I have several lenders that offer EXCELLENT packages and rates for first time buyers with little or no money down.
Maybe you are are a regular buyer who just wants to move? We can help there too. General real estate is moving - it really is despite what you hear in the media. Don't believe the hype - get the real info from someone who is out here every day writing contracts.
If you have been considering investing in a rental property or a home for yourself - NOW is the time.
I can be reached at 703-966-7036 or via email at kelgaitten@aol.com. I'm never too busy to help you- I welcome your calls and inquiries!
My clients, Mehwish and Sajjad had a very good idea what they wanted when we started our search almost 3 months ago. Armed with some thoughts on location and amenities they wanted and needed- they had got an FHA approval with their lender, Wesley Burdette from Access Capital Mortgage. Once we figured out what they wanted to spend per month on a payment, we went house shopping! We looked at several short sales and a few foreclosures. We stopped at new home communities in South Riding, Stone Ridge and Braddock Corner and a few in Herndon as well. Mehwish wanted a new home, Sajjad wanted an end unit town home wherever they ended up. We found a fantastic home in Faulkner's Landing, Ashburn. These are Beazer homes that are 2 years old. The community is selling in the low $300's. My clients actually got a price below their budgeted amount and we got the seller to pay 3% in closing costs! Short sales can be scary but I have successfully sold plenty and have also listed short sales and navigated the way for my clients in all cases! Congratulations to my friends and Clients, Mehwish and Sajjad - many happy years in your new home!!!
Loudoun County continues a slight upturn in market recovery. Days on market decreased January through September. In October it dropped again to 90 days. We have not seen days on market that low in over 13 months. There are still alot of foreclosure and short sale properties on the market. I am seeing multiple contracts on the very low or well priced properties and they are going under contract at a faster pace. Stay tuned for updates.
Update from the DULLES AREA ASSOCIATION OF REALTORS:
Today the NAR Directors approved a Four Point Housing Stimulus Plan which will be delivered to Congress as soon as possible. The following are highlights of the plan:
1. Make the $7500 first-time homebuyer tax credit available to all buyers and eliminate repayment requirements. The credit's limited availability and repayment requirements severely limit the credit's use and effectiveness.
2. Make the 2008 FHA, Fannie Mae an Freddie Mac loan limits permanent. New rules for 2009 will reduce them. Now is not the time to limit mortgage affordability.
3. Get the Treasury relief program back on track and target more funds to mortgage relief. Create a federal mortgage interest buy-down program to lower rates to 4.5% or lower and stabilize home prices. The proposal calls for a short-term government buy-down ofr mortgage rates to at least 4.5%, or lower for a 30-year fixed rate mortgage (down from current rates of approximately 6.04%). This homebuyer incentive would apply to the purchase of all new and/or existing homes sold up to to $1 million in price. There are a number of ways in which the government ultimately could decide to structure and fund this program, which could be addressed as part of the stimulus packages currently being discussed in Washington.
4. Permanently bar banks from engaging in real estate brokerage and management. The banks have proven they have enough to do to simply manage the loan process.
I have been trying to order ceiling fans for the past week. The Lowes.com website gets stuck once you try to move past the shipping and I got a timeout error. I finally called the store and the store manager- Rick helped me get the fans and lighting that I needed delivered - next week. Thank you RICK!!!
We just had a wonderful new roof put on the house - Alpha Rain from Warrenton, VA did a great job! Brandy, the owner was great and delivered everything he promised! Roof is done, copper gutters just went on and after a month, the roofers don't live here anymore! YAY!!! See photos below. I highly recommend this roofer and will refer him to family, friends and clients!
I haven't blogged in a while - I apologize. In January I started my Broker course which consisted of 180 hours of classroom work. Each week we spent 8 hours in class learning the material - for 28 weeks.
Our last class was Monday August 4th and on Friday August 8th, I sat for and Passed with flying colors - the Virginia Real Estate Broker Exam!
I am pleased to report that my new official title is: Associate Broker, ABR.
New listing coming soon! Stay tuned for updates.
10 Acre Horse Farm incorporates historic log cabin with a contemporary addition totalling approximately 4200 square feet of living space. A one of a kind home - 4 bedrooms, large kitchen and family room with sweeping views of pond and pool. In-house sauna, second floor laundry, walk up finished attic. Guest house awaits your final touches. Lush, level horse pastures are fenced and ready for move in. 4 Stall barn with separate run in shed. A must see for anyone looking for a truly out of the ordinary property.
No doubt, the rising cost of gas is on everyone’s mind. Will it affect your summer travel schedule? Virginia.org has an array of local events happening literally in our own back yard. They have a great online brochure so you
won’t have to wait for the mailman to deliver yours.
From Civil war trails to weekend or weekly beach or mountain getaways. I found a lot of great ideas on this site. They even have a list of pet friendly places to stay so you won’t have leave pets out of the fun.
The annual Chincoteague pony swim is July 30, 2008. www.assateagueisland.com/ponyswim AND www.chincoteague.com for information. It’s a must see and do event that will leave you with memories to last a lifetime.
Another great on the list is Luray Caverns. I’ve been back there several times since I was a child and I am always humbled when I see this natural wonder. www.Luraycaverns.com for more information.
Hiking enthusiasts already know that you can pickup the Appalachain trail or the “AT” right in Bluemont at Bears Den. What you may not know is that this section of the trail is known to be one of the more strenuous sections (south of Snickersville gap) that many hikers find exceptionally challenging. They say this portion of the trail is less heavily traveled and is crossed by fewer roads than the trail in Maryland. The Northern Virginia section stretches 54 miles from the Virginia/West Virginia State line to the Shenandoah National Park. For more info: www.appalachiantrail.org
Lastly, beach cottage owners from Nags Head to
Corolla are giving away Gas, Gift and Grocery cards to get renters. Make sure to ask if your vacation rental doesn’t offer it.
Have a fun and safe Summer
Circa 1870 home on almost 1 acre fully fenced. In-ground pool. Kitchen completely remodeled, A MUST SEE* Home has had many other renovations & updates and shows like the GEM it is. Greenhouse, Fish Pond, Established Gardens & hardscapes*2 story barn serves as workshop and extra storage*1 car garage*Walk to Elementary school, 2 resturants, shopping & post office. Call Kelly for information and to setup a showing. More photos at www.kellygaitten.com under featured listings.
