Extended Tax Credit for Deployed Military

Did you know that certain members of the U.S. military, foreign service, and intelligence communities have an extra year to claim the homebuyers tax credit. Yep, as long as the qualified service member has been on extended duty outside of the United States for 90 days or more (between Jan. 1, 2009 and April 30, 2010), he or she has until April 30, 2011 to sign a sales contract and until June 30, 2011 to close on the property.

This is great news for both our military members, foreign service and intelligence members to secure  an additional $8,000 in federal tax credit monies to help buy a new home. It is also great news for the housing market. While the housing market has shown strong numbers in April sales, it is anyone’s guess as to what will happen in the next few months.

If you have been deployed or stationed overseas and are interested in buying a home for the first time or are move-up buyers, call me for more information. I can help 703.638.2988

Warrior’s Wish Foundation Benefit

Buyer Beware!

Credit scores can drop after getting loan help Homeowners see credit scores sink after signing up for mortgage relief

Alan Zibel, AP Real Estate Writer

WASHINGTON (AP) — Some homeowners who sign up for the government’s mortgage assistance program are getting a nasty surprise: Lower credit scores. For borrowers who are making their payments on time but are on the verge of default, the Obama administration’s loan modification program can reduce their credit score as much as 100 points. That makes it harder to get a loan and can present a problem when applying for a new job.

Housing counselors say it’s unfair, especially because the news often comes as a surprise to homeowners. “Why should people’s credit be hurt even worse when they’re trying to do the right thing?” said Eileen Anderson, senior vice president at Community Development Corp. of Long Island, a housing counseling group in New York. And many homeowners are angry that a program designed to help carries such a penalty, said Kathy Conley, a housing counselor with GreenPath Inc., a nonprofit group in Farmington Hills, Mich. “It’s a feeling of being duped,” she said.

Still, the impact is far less severe than a foreclosure, where borrowers typically find their credit is in tatters for years. That’s due to the cumulative impact of many months of missed payments and the foreclosure itself, which drags down a homeowner’s’ credit by 150 points or more on a scale of 300 to 850. To enroll in the Obama administration’s $75 billion “Making Home Affordable” program, borrowers enter a trial period in which they make at least three payments. But some are finding out that their credit score takes a dive during this trial phase. It happens once their mortgage company notifies the three big credit bureaus — Experian, Equifax and TransUnion. For delinquent borrowers, the damage was done when they fell behind on their loans. But for homeowners who are having financial troubles but managing to pay their bills, a request for a loan modification is the first sign of difficulty. And that means a sharp drop in the borrower’s credit score.

The credit rating industry defends the practice. People who sign up for loan modifications would not be asking for help unless they were having severe money troubles, said Norm Magnuson, spokesman for the Consumer Data Industry Association, a trade group in Washington that represents the credit bureaus. “The consumer is going into the program because they’re in a financial bind,” he said. “Other lenders would need to be aware of that.” The Obama administration acknowledges that enrolling in the program can hurt credit scores. But Meg Reilly, a Treasury Department spokeswoman, said that foreclosure “brings far more serious financial consequences for borrowers and their families.” The credit score issue is an unexpected consequence of the program that has been plagued with problems and disappointing results since its launch last year.

Only about 170,000 homeowners had completed the process as of February. Hundreds of thousands more are still in limbo. Jim Owens, 46, of Harrisburg, Ore., was accepted on a trial basis for the Obama plan last year. He and his family were in bad financial shape. They were barely able to pay the mortgage and utility bills. The main reason: After being laid off and unemployed for six months, he took a job as maintenance director at a retirement home. But it paid only around $25,000 year, about $10,000 less than his former job in a city public works department. He and his wife were also struggling with debt, after taking out a second mortgage four years ago to pay off debt and medical bills. Late last year, he was searching for a used sport-utility vehicle. He got a 30-day approval for $2,000 car loan. But that time ran out before he found a car, so he had to reapply for the loan. He was shocked to learn that, after signing up for the Obama plan, he was denied. “I should have been told,” that this might happen, Owens said. “Without credit, you can’t do a whole lot in life.”

A Citi spokesman, Mark Rodgers, said the company follows the Treasury Department’s guidelines for reporting to credit bureaus. “We do not determine credit scores,” said Rodgers, who declined to comment on Owens’ case. The impact is worse for borrowers who enroll in the Obama program and are then ruled ineligible. If homeowners do manage to get accepted into the Obama program and have their loans permanently modified, lenders update the credit bureaus. The new status neither hurts nor helps the borrower’s credit score. Over time, they can see their score increase. “The best way to build credit back is to continue to pay bills as agreed, to use credit wisely,” said Tom Quinn, vice president of scoring solutions at Fair Issac Corp., which designed the well-known FICO score system. “As time goes on, the score gradually increases.”

Announcing Our New Website — www.NoVADreamProperties.com

Please vist our new website: www.novadreamproperties.com.  Northern Virginia Dream Properties is a partnership between Kim Curran and Carolynn Blinkinsop of RE/MAX Unlimited.

We are the Northern Virginia real estate specialists… If you are a buyer or seller who lives in NoVA, or if you are looking to relocate to our area, we are happy to assist you!  Real estate is one of the largest and most exciting investments one can make.  We are here to make sure that your process is a fun and rewarding one!  Our website is geared toward Northern Virginia, particularly communities in Prince William County, Fairfax County, Arlington County, Loudon County, Fauquier County, Stafford County, and Spottsylvania County.

We are specialists in our community and we would be happy to help you with all of your real estate needs!

Throughout our website you will find many useful tools to assist you with buying or selling a home. We are dedicated to providing the finest service available, and our website can be a great resource for you to use. Make sure to bookmark our website for future use.

7201 Wytheville Circle, Fredericksburg, VA | Powered by Postlets

7201 Wytheville Circle, Fredericksburg, VA | Powered by Postlets.

Northern Virginia Community Profiles

Northern Virginia stretches from the banks of the Potomac River — just across from Washington, DC — south and west into smaller vibrant cities, family friendly suburbs, and peaceful rural areas.  It’s an area that literally has something for everyone.   Below, we’ve profiled just some of the wonderful communities you’ll find in Northern Virginia. 

Alexandria is a growing, historic community located across the Potomac River from Washington, D.C. With an excellent public school system and abundant job opportunities in the area, many people are attracted to Alexandria real estate. The city’s Old Town district was one of the country’s first designated historic districts, and it still holds onto its 18th century charm today. Fashionable shops and restaurants, mixed with cobblestone streets and waterfront views, welcome both visitors and Alexandria real estate owners alike, making Old Town Alexandria real estate some of the most desirable in the city.  Alexandria real estate prices have been increasing, but the city still remains a smart place to buy a home. Many people choose to buy Alexandria real estate because of the community’s high property values and its convenient proximity to Washington D.C.

Arlington provides terrific neighborhoods, shopping centers, and restaurants. Shirlington, Columbia Pike, Ballston, and Pentagon City – in addition to many other prime Arlington real estate spots – are always bustling with residents, workers, and visitors. Many Arlington real estate owners spend time both outdoors, along the Mount Vernon Trail, and indoors, at the many shops that make up the Crystal City underground. In addition, several Washington, D.C.-area landmarks call Arlington real estate home; both the Pentagon and Arlington National Cemetery, as well as the Defense Department Advanced Research Projects Agency (DARPA), where the Internet was created, are located here.  This ethnically diverse city has one of the most educated populations in the country. Not surprisingly, twenty percent of the jobs in Northern Virginia are in Arlington, which makes Arlington real estate an ideal investment for business owners and commuters. But there are many other reasons to consider investing in Arlington real estate. The city offers easy access to I-395, I-495, I-66, and downtown D.C. And with its excellent public schools and convenient Metro access, the value of Arlington real estate has risen much faster than the national average in recent years.

Ashburn’s three major planned developments in the past 20 years have contributed to its expansion.  Located just 30 miles west of Washington, D.C., local communities offer many outdoor recreational opportunities to Ashburn real estate owners, including walking trails, tennis courts, swimming pools, and soccer fields. In addition, the Ashburn Village Sports Pavilion is popular among all residents and is one of the largest community facilities in Virginia. In addition to housing, Ashburn is home to a wide variety of businesses, such as horse farms, technology firms, and the NFL’s Washington Redskins. The city’s Brambleton Regional Park boasts an 18-hole championship golf course. Excellent Loudoun County public schools and many high-technology employers in the area attract both families and commuters to Ashburn. And because Ashburn is conveniently located on Route 7 and is near the Dulles Toll Road, Ashburn is very popular for people looking for attractive, affordable, and accessible properties.

Bristow is a major contributor to the booming popularity of western Prince William County.  Home to several planned communities such as Braemar, Brookside, Crossman Creek, Foxborough, Kingsbrooke, New Bristow Village, Sheffield Manor and Victory Lakes. The community is home to the Nissan Pavilion outdoor concert stage, George Mason University’s western annex, newly developed shopping and restaurants, and multiple recreational venues.  The FBI’s newly opened Northern Virginia Field Office is located in Bristow.  Already boasting excellent schools, Bristow is home to Prince William County’s two newest schools (a high school and an elementary school due to open in 2011).  Combined with easy access to Interstates and other major arteries, Bristow is a popular choice for families seeking excellent housing value coupled with very reasonable commutes to the area’s major business and government centers.

Centreville is located in popular Fairfax County and, like many Washington, D.C. suburbs, is steeped in Civil War history. Sully Plantation was built in 1794 and still stands on Centreville real estate today as a beautiful example of Federal and Georgian architecture. Not surprisingly, Centreville real estate owners take pride their history and in the close-knit neighborhoods that compose suburb; there are almost 100 official home owner associations. With many people buying Centreville real estate, the population here has doubled in the last decade. Yet, due to its location in the western part of the county, Centreville real estate remains slightly more affordable than in neighboring communities. New residents are often attracted to the many townhouse subdivisions that have come to characterize Centreville real estate. Existing residents, meanwhile, continue to enjoy the community’s low unemployment, high property values, and excellent schools. Other Centreville real estate owners cite the proximity of the beautiful Blue Ridge Mountains as a major attraction. But regardless of what draws investors to Centreville real estate, it remains an ideal blend of natural beauty and big-city amenities.

Fairfax is a thriving, independent city adjacent to Washington, D.C. Fairfax real estate owners take pride in the city’s long history, whose bicentennial anniversary was celebrated in 2005. George Washington’s will is still filed at the Fairfax Courthouse and much of the city’s historic charm is evident in Old Town Fairfax. A major attraction is the Chocolate Lover’s Festival, held annually around Valentine’s Day. The less romantic, however, may prefer to take in a sports event at the Patriot Center, which is also located on Fairfax real estate. With all this and more to offer both visitors and Fairfax real estate owners, buying a home in this vibrant city is a smart investment.  Many families are attracted to Fairfax, not only because of the city’s excellent primary schools but also because of George Mason University’s main campus, which boasts more than 30,000 students and is the state’s second largest university. Commuters also appreciate the short commute to Washington, D.C..

Gainesville was once a changing point for stagecoach horses on the Fauquier & Alexandria Turnpike. In 1852, the Manassas Gap Railroad reached the area and the stop became known as Gainesville. Nestled among the rolling hills of Northern Virginia, near the Fairfax/Prince William County border, Gainesville is within easy reach of Washington, D.C.  Together with Bristow and Haymarket, Gainesville has contributed to the booming popularity of western Prince William.  There are a variety of wonderful neighborhoods including gated golf communities and active adult 55+ resort style developments such as Heritage Hunt. There is no question – Gainesville has something to suit everyone’s taste.

Haymarket is located in Prince William County. Originally a Native American hunting path, Haymarket was incorporated in 1882. Today, its long and proud history is still well preserved, thanks to the Haymarket Historical Commission. The Haymarket Farmer’s Market is a long-standing town landmark. Each year, Haymarket real estate owners celebrate the community’s spirit and small-town feel with the Haymarket Day festival. Add in the popular summer concert series, and the town’s quiet, safe streets, and it’s not hard to see why many families are attracted to Haymarket.  Haymarket real estate offers an inspiring blend of smart development and natural surroundings. A perfect example is the Dominion Valley Country Club, which has received acclaim for protecting the area’s natural beauty while at the same time providing Haymarket real estate owners with a variety of outdoor activities and housing options. As a result, many outdoor enthusiasts are drawn to Haymarket real estate. Commuters also choose to invest in Haymarket real estate, thanks to its reasonable proximity to Washington, D.C.

Herndon, the third largest town in Virginia, is located just minutes from Dulles International Airport. Owners of Herndon real estate enjoy many outdoor activities, as there is a park within a half-mile of every home in town. Community spirit is also strong in here, making Herndon ideal for families. Annual events include the Herndon Festival, the Labor Day Jazz Festival, and the NatureFest Celebration. Many town amenities are provided by the Neighborhood Resources Department, which also sponsors the Herndon Neighborhood College, a community leadership program. As part of the Dulles Technology Corridor and thanks to its location just outside of Washington, D.C., Herndon real estate is very popular among commuters. Many corporate headquarters already call Herndon real estate home with more planning to move to the area. And a wealth of nearby attractions, like the Steven F. Udvar-Hazy Center of the National Air and Space Museum, also attract visitors and Herndon real estate owners to the area. In addition, Herndon real estate values are enhanced by Fairfax County’s excellent public schools, including Herndon Middle School and Herndon High School.

Leesburg once served as the temporary capital of the United States during the War of 1812. Today, Leesburg real estate is home to the county seat of Loudoun County. Nevertheless, the town’s long and rich history is still evident. The quaint downtown district has been recognized as a historic landmark and, in 1970, was added to the National Register of Historic Places. And more than 20 other sites that call Leesburg real estate home are also included on this list. If history isn’t your thing, Leesburg also boasts plenty of shopping. Visitors and Leesburg real estate owners alike enjoy the many boutiques and antique shops, as well as several unique dining establishments, that characterize the town. In addition, more than 110 stores are located nearby at the Leesburg Corner Premium Outlets. Thanks to its location at the northwestern terminus of the Dulles Toll Road, Leesburg is a popular choice among commuters. The many recreational opportunities and natural beauty provided by the Catoctin Mountain and Potomac River make Leesburg equally popular among outdoor enthusiasts.

McLean is a heavily populated, upscale Washington, D.C. suburb. And yet, the community’s natural beauty, with much assistance from the Potomac River and the George Washington Parkway, has been well preserved. Nowhere is this more apparent than in McLean Hamlet, a tiny subdivision of just over 500 homes. Tree-lined streets, large shaded lawns, and a rolling terrain characterize this secluded community, where McLean real estate owners can be seen regularly hiking, biking, and jogging. McLean is home to three Fortune 500 companies and the largest mall on the East Coast, Tysons Corner Center.  McLean real estate has it all: lovely neighborhoods with large wooded lots, great public schools as well as a number of highly regarded private schools, and easy access via I-495, the Dulles Toll Road, and both National and Dulles airports. However, McLean real estate comes with some of the highest pricetags in Northern Virginia.ime.

Manassas is a thriving community located southwest of Washington, D.C. Steeped in Civil War history, much of Manassas is composed of rolling hills, forests, and several historic Civil War sites, including the Manassas (Bull Run) Battlefield National Park. And yet, Manassas is also the site of ample growth and development. This ideal combination of suburban and rural qualities gives Manassas unique appeal among Washington, D.C. suburbs. Manassas is popular among commuters because it is extremely accessible – and not just by road. The city boasts its own regional airport as well as easy access to Amtrak and the Virginia Railway Express. Families are also drawn to Manassas, thanks to the city’s five elementary schools, one middle school and one high school. In addition, Manassas is home to branch campuses of George Washington University and Northern Virginia Community College.

Reston is a planned community founded in 1964. Today, it is known internationally as one of the most successful mix-used developments in the country. Reston is home not only to over 1 million square feet of office space, but also to a wealth of residential developments featuring open green spaces, wild flower meadows, wooded areas, two golf courses, 20 pools, and miles of walking paths. Reston real estate owners enjoy endless amenities ranging from shops and restaurants to art galleries, museums, and a professional theater group. And because Reston is considered a part of the Dulles Technology Corridor, employment opportunities abound. Reston includes the headquarters to many Fortune 500 companies like Sprint Nextel and Sallie Mae, as well as high-profile organizations like the US Geological Survey and the National Wildlife Federation.  Best of all, Reston real estate is incredibly accessible. The city is just a ten minute drive from both the Beltway and Dulles Airport. It is also served by the Reston Internal Bus Service, and two metro stations are planned, which will make it even easier for Reston real estate owners to commute to Washington, D.C.  Finally, in keeping with the community’s New Urbanism roots, 25% of Reston real estate owners walk, bike, or use public transportation to get to work.

Warrenton, the largest town in Fauquier County, sits at the foot of the Blue Ridge Mountains. Named one of the “Prettiest Painted Places in America,” the community offers peaceful surroundings to more the 26,000 Warrenton real estate owners. Warrenton has drawn many horse and outdoor lovers since its incorporation in 1810.  Warrenton is home to two elementary schools, two middle schools, and one high school, in addition to two private schools. Because many families invest in Warrenton real estate, residential turnover is low. As a result, rising property values have been common for Warrenton real estate. Warrenton real estate is a wise investment for commuters, and many companies have their headquarters in this area.  The federal government is a major employer of Warrenton real estate owners.

Woodbridge is located in eastern Prince William County. Since the 1980s, this quiet community has experienced significant growth thanks to a development boom spurred by the desire for more housing within close proximity to Washington, D.C. New neighborhoods are still being developed in Woodbridgee, including Potomac Harbor, Potomac Club, and Port Potomac, which will feature upscale homes with luxury amenities and nearby public transit. Nevertheless, Woodbridge has managed to maintain its relaxing ambiance, thanks in large part to the natural beauty of the nearby Occoquan River. For many potential Woodbridge real estate owners, scenic views of the river and nearby Belmont Bay are a major appeal. Whether you’re into shopping or sports, Woodbridge real estate can be a good investment; the community is home to the Northern Virginia Royals soccer club and the Potomac Nationals baseball club as well as the popular brand name outlet mall Potomac Mills.

Can I Help You?

Hello Friends and Neighbors! 

I’m a licensed Virginia real estate professional, living and specializing in Prince William County.  As a Realtor©, I have the training, experience, and resources to help you make the most of your real estate transaction.  Please contact me if you’d like to discuss buying, selling, or leasing a home. 

Also, please consider for a moment if any of these special situations apply to you or someone you know:

• Military personnel and certain civilian federal employees (PCS and BRAC ’05) may be eligible for the Homeowners Assistance Program (HAP).  HAP is a program designed to compensate eligible home sellers for losses on their home.  It’s a complicated program, but my partners and I have done our homework.  Don’t trust your HAP sale to anyone but an expert.
• Relocating federal employees (DNRP) have their own relocation issues.  My partners and I are equipped to help you.
• I am a Short Sale & Foreclosure Resource (SFR).  That means I have been through extensive training and been certified by the National Association of Realtors© as a qualified expert on distressed property transactions.  Together with an experienced real estate attorney I work with, we can help prevent foreclosure on your property.  Ask me how.
• The federal tax credit for new home buyers and move-up buyers will expire soon.  To be eligible, a home must be under contract by April 30^th.  If you’re planning to buy a home, now is the time.  If you’re planning to sell your home, now is the time. 

So please consider if any of these situations apply to you or to someone you know.  I’d love the opportunity to earn the business.  Thank you! 

Uno de mis socios habla español.

Bristow Real Estate Report, December 2009

While we hear prophecies of doom and gloom about the nation’s real estate markets, the Washington DC area is bouncing back far quicker than most.  Northern Virginia in general, and Prince William County in particular, are driving the real estate recovery in the nation’s capital.  When we look at Prince William County, we quickly see that the western portion of the county is exhibiting very healthy signs.  Bristow is in the heart of western Prince William, and activity here is indicative of nearby areas such as Gainesville and Haymarket. 

During December of 2009, 24 home sales closed.  Three-fourths of the homes were single family dwellings, and the remainder were townhomes.   As you can see, homes are selling quickly and, on average, for slightly more than list price.   The average sale price was $335,550, with a high sale price of $470,000.  Of the 24 Bristow homes that closed, 18 of them sold at or above the list price.  Houses were on the market for a median of 18 days.

2010 Real Estate Trend: Home Buyers in Northern Virginia

As we discussed yesterday, 2010 will likely be another year of low prices and a large inventory of homes on the market in most parts of the country.  In other words, a buyers market.  Plus, if a wave of new foreclosures hits the market next year, sellers will still have plenty of competition from bank-owned properties at bare-bones prices.  However, the primary rule in real estate is “location, location, location.”  The real estate market in Northern Virginia has rebounded far faster than in most other parts of the country.  So what you’re reading in national publications does not necessarily apply to us.  So let’s discuss life as a buyer in Northern Virginia in 2010:

• Competition: Federal spending is creating many jobs in the Washington DC area.  This is bringing home buyers to Northern Virginia.  Additionally, the federal tax credit for first-time or move-up home buyers is bringing additional buyers to the market.  That means that you have people competing with you to buy available houses.
• Limited Inventory:  The available inventory of homes for sale in Northern Virginia is limited.  For instance, in Western Prince William County, there is only about a 30-day supply of homes on the market.  
• Supply & Demand: Remember Economics 101?  Increased demand (i.e., buyers) and limited suppy (i.e., inventory) results in higher prices.  Real estate prices in Northern Virginia have been increasing steadily throughout 2009 and will continue to do so for the foreseeable future.
• No Free Lunch: National media have portrayed circumstances in places like Southern California as the norm for the rest of the country.  Too many buyers go out looking to buy houses for pennies on the dollar.  There is no free lunch. 
• Short Sales & Foreclosures:  Distressed properties still represent an unusually large portion of our local market.  Buying one of these homes can be a good decision, but it is NOT a traditional real estate transaction.  Be sure to work with a Realtor® who is a certified Short Sale & Foreclosure Resource (SFR).
• Good Buys:  This is a good time to buy a home in Northern Virginia.  In many areas, prices are still 35% below their 2006 levels.  But this is not a buyers’ market.  You can get a great house at a good price, but you will have to work for it.

If you plan to purchase a home in 2010, you need to work with a real estate professional who understands the local market.  Call me at 703-638-2988 to discuss your plans.  I can help you find the home of you of your dreams in Northern Virginia.  Welcome home!

2010 Real Estate Trend: Home Sellers in Northern Virginia

For homebuyers in most parts of the country, 2010 will likely be another year of low prices and a large inventory of homes on the market; while for home sellers, 2010 will be another year of low sales prices and fierce competition from other sellers. 

This is not the case in Northern Virginia.  In Western Prince William County, for example, there is only about a 30-day supply of homes on the market.  As a result, home prices are rising and there are often multiple offers made on homes. While this is good news, it does not mean that you can expect top dollar for a home that’s not ready for the market.  

Fortunately, home sellers have many strategies at their disposal to stand out from the crowd. Today’s homebuyers are looking for move-in ready homes, and many foreclosed or short sale homes are not in the best shape when they hit the market. Preparing your home for sale — which can include cleaning, making repairs, making upgrades and staging — can help your home stand out from the foreclosure down the street and get you a higher sales price.  I can help you with:

• Smart selling strategies for the current market
• Getting your home ready for showings
• Avoiding pricing mistakes and get a quick sale

Selling a home in 2010? I can help you get through the process successfully.  Call me at 703-638-2988.