Is Now The Time To Buy???

The question I am asked the most as a Realtor is, “How’s the Market?”  For those who care to hear my opinion, I will give it a shot.  

If you are a seller…  Don’t waste your time UNLESS you are planning to price it to sell.  You have to let go of the idea that you are going to sell for more than your neighbor sold for 6 months ago.  If your Realtor is not telling you to price it right from the very beginning then you may need to question if they are doing what you hired them to do,  Advise you.

If you are a buyerits a great time.   You ask:

What if I buy and the prices go down again.  The truth is that it could.  You could buy today and tomorrow your neighbor gets sells for $10K less than you just bought for.  You are already upside down.  That stinks.  But lets put this in to perspective.  Are you going to sell the house next week?  If you are, then yes…  you made a big mistake.  However, if you are going to stick around for 5 or more years then you will most likely be alright. 

The problem in this market is not the lack of buyers.  The problem is that buyers are riding the fence and are afraid of pulling the trigger.  Why???  Because we like to think that we are going to time the market perfectly.  We sit on the edge watching stocks thinking… as soon as it hits the bottom I am going to get in.   Sounds smart doesn’t it?  Well, I will quote what the second richest man in the world says…

We simply attempt to be fearful when others are greedy and to be greedy only when others are fearful.”  Warren Buffett

watch1.jpgSo, if you are preparing to buy and educating yourself then I applaud you.  If you think you are going to jump in at the perfect time and strike it rich then I would love to learn your secret.  I promise, once the Washington Post tells you that it is the time to buy and everyone is excited again then you have already missed “the bottom.”  So, wisdom and education: good.   Following your gut like a rookie day-trader:  good luck.  

By the way… prices are really low right now.  AND- Interest rates are a 2.5 year low.

I am not trying to play the Realtor card to fool you in to buying when you are not ready.  However, I do want to encourage you to think more long term about buying and realize what a great opportunity is taking place in our market.


Vote Against The Congestion Relief FEE!



 There is a new law the will cost you selling your home in VA a lot more than it used to.  Below is a link to sign an on-line petition to vote against it.

“The new law authorized the Northern Virginia Transportation Authority (NVTA) to raise the tax from .10 cents/$100 to .50 cents/$100 or $5.00 per $1,000 of a home’s sales price, bringing the tax on a $600,000 home in Northern Virginia from $600 to $3,000 when property owners sell their home.”

I HIGHLY ENCOURAGE YOU to read this petition and click on the on-line link to be sent to our representatives for the purpose removing this tax. 


Loudoun Market Statistics

Opinions are like…..

There are a lot of endings to this statement but the principle holds water.  When it comes to the real estate market this conversation lacks no opinion.  There may be even more than there are concerning politics.  Instead of sharing my opinion in this article I will let the stats speak on their own.

My goal for this blog is not to deceive you in to believing that the market is always great.  I am not blind to what is going on.  However, it is difficult to judge different communities when the stats only show a whole county.   

 This information has been pulled from MRIS.COM  which is the local MLS service of the Mid-Atlantic States.  Click on the picture for a better view.


1.  Total Pending Sales in Loudoun VA.

2.  Total Sold in Loudoun VA.




100% Financing Going Away?

With the continuation of lending restrictions being tightened FANNIE MAE  (Federal National Mortgage Association- the guys that buy a lot of the mortgages and set most of the lending guidelines) has once again made it a little more difficult for some to grasp the goal of home ownership this time around. 


Their goal is not to be a jerk but to help fix the mess that we are in… I hope.  They are in the process of judging markets accross the United States and deciding if they are considered Declining or NOT.  Just for your information,  Loudoun and Fairfax have been flagged as DECLININGYikes.  Well, lets be honest, we all knew this. 

Fannie Mae does not buy loans over the conforming limit being $417,000.  This does not mean that they will not provide financing for homes in a declining market.  It only means that they will not provide ONE HUNDRED PERCENT for homes in a declining market.  Most lenders will now require 5% down. 

*GOOD NEWS*  There are still some 100% programs out there.  Some lenders will finance them, some will not.  And I am not talking about Shady Loans, though some may be.  I can refer you to some great lenders in the area who shouldn’t go belly up tomorrow.

Some buyers may also want to consider FHA loans which have tight restrictions but will allow 3% down and will work with rough credit. 

For more information about this issue which we have yet to see play out check out this Fannie Mae site HERE.

Lets pray that this will help in the long run, but I fear that the issue isn’t as much current buyers put previous buyers with bad loans. 

SORRY–  Forgive mis-spellings or typos.  Let me know if you find any.