Northern Virginia Housing Styles -- Cape Cods

When searching for a home in Northern Virginia, there are many considerations.  Most important among these are typically Location (it's a tried and true real estate truism -- say it three times), Price, and Condition. 

What else matters?  Size.  Oh yes, size does matter!  Size of the house.  Size of the yard.  Size of the rooms.

Some people looking for homes have a specific style of home in mind.  Contemporary, Colonial, Cape Cod, Split Level, Split Foyer, etc.

CAPE CODS

According to Wikipedia (and general knowledge), "a Cape Cod is a style of house originating in New England in the 17th century. It is traditionally characterized by a low, broad frame building, generally a story and a half high, with a steep, perfectly pitched roof with end gables and a large chimney."

As of May 8th, there are currently 231 Cape Cod style homes on the market in Northern Virginia (Alexandria, Arlington, Fairfax County, Falls Church).  They range in price from $250,000 up to over $1.8 million (believe it or not!)  The Cape Cods are typically older than the average home on the market, with the average Cape Cod being built in 1950.

The average listing price for all the Cape Cods currently on the market is approximately $530,000.

The highest concentration of Cape Cod style homes are in some of the more well-established communities in Arlington and Falls Church, including Addison Heights, Barcroft, Bel Air, City Park Homes, Greenway Downs, and West Lawn. 

Here's some samples of Northern Virginia Cape Cod style homes that are available for purchase now on the MLS (Click each link to view further details about the home): 

ADDISON HEIGHTS (ARLINGTON) 2 BEDROOM 2 BATH CAPE COD NEAR THE METRO

BARCROFT (ARLINGTON) 5 BEDROOM 2.5 BATH CAPE COD BUILT IN 1953 -- SINGLE OWNER!

BEL AIR (FALLS CHURCH) 3 BEDROOM 1 BATH CAPE COD

BUCKNELL MANOR (ALEXANDRIA) 5 BEDROOM 3 BATH EXPANDED AND RENOVATED CAPE COD

GREENWAY DOWNS (FALLS CHURCH) 3 BEDROOM 2 BATH CAPE COD

KINGS PARK (SPRINGFIELD) 4 BEDROOM 2 BATH CAPE COD ON ALMOST 1/3 ACRE

CLICK HERE TO SEARCH FOR NORTHERN VIRGINIA CAPE CODS OR ANY STYLE HOME 

Alexandria Virginia April 2008 Home Sale Hot Spots

Alexandria Virginia Recognized for Promoting Affordable Housing

This news just in...

Alexandria, Virginia was one of six cities recognized by the National Association of REALTORS (NAR) and the U.S. Conference of Mayors as doing a great job to promote affordable housing opportunities.  See the NAR press release here.

The other cities designated as 2008 Ambassador cities are Allentown, PA, Asheville, NC, Bowling Green, KY, Irvine, CA, and Richmond, VA.

Despite the recent decline in home values, the skyrocketing home prices over the last decade have caused issues of affordability throughout Northern Virginia and within the City of Alexandria.  

According to the press release, Alexandria instituted a program of Homeownership/Workforce Housing and Foreclosure Prevention by partnering with the Northern Virginia Association of REALTORS to address affordable housing issues through outreach and education to low- to moderate-income residents who rent rather than own their homes. The city and the local association have also organized home buyer seminars for city employees and Alexandria City Public School teachers and events to educate homeowners about avoiding foreclosure.

The median home sales price for March 2008 in Alexandria was $415,000.  While this is lower than some neighboring jurisdictions due to the prevalence of condominiums in Alexandria, it is still out of reach for many who would like to live in the City.

Kudos to Alexandria for addressing this issue. 

Click here if you'd like to search for a home in Alexandria. 

I've Been Inside 5,000 Homes or Thereabouts

REALTORS go inside people's houses.  That's just what we do!

Big ones. 

Small ones. 

Cute ones. 

Ugly ones.  

We take elevators and soar to the penthouse condo with a view.  We enter small basement apartments.

From berber carpet to laminate to Brazilian cherry hardwoods, we've seen all kinds of flooring.  White, black, stainless steel, or somewhere in between, we've been in plenty of kitchens.  Stairs? -- oh boy, we get our exercise when we're out showing homes.

Vacant, occupied, homes with tenants, we've seen 'em all.

Brand new construction & historic homes -- they are on the list.  So are condos, duplexes, townhouses, single family homes, and grand estates.

Our lockbox key lets us in to see homes on for sale on the market.  It also tracks which homes we visit.  Today, I found that in the last 90 days, I've entered approximately 150 homes with my lockbox key, equating to about 50 per month.

That's about average.  Some months I visit more, some less.  It just depends on how many active Northern Virginia or D.C. homebuyers I am working with at the time (and how many homes they want to view).  

I've been in the real estate business over 6 years.  Thus, at about 50 home viewing a month, I estimate that I've been to about 4000 homes.  That doesn't include open houses, broker open houses,  or visits where I was invited to view a home by the owner.  So, make it about 5,000 homes or thereabouts.

That's a lot of homes by any measure.

How many homes have you been inside besides your own?

Do you want to see more? 

Click below to get started on your home search and trust your Northern Virginia real estate search to a Northern Virginia real estate broker who's been in over 5,000 homes in the area.

Ready to sell your home?  I'd love to come for a visit and the opportunity to earn your business. 

Give me a call at 703-626-0715.  

Everything You Always Wanted to Know About Your Next REALTOR But Were Afraid to Ask

In real estate, negotiating skills, market knowledge, and transactional expertise, education and experience matter a lot.

How about personality?

If you are working with a REALTOR to help you purchase a home or to sell your current home (or both), chances are that you'll be spending a lot of time meeting and talking to that REALTOR during the next 30, 60, 90 (or heaven forbid, longer) days.  In fact, you may spend more time with your REALTOR during this period than anyone else except perhaps your spouse and/or children.

Personality mattered when you chose your wedding photographer, didn't it?  And he only spent about 8 hours with you! 

So, how about the personality, energy, creativity, and overall spunk of the person who's by your side during one of the arguably most stressful financial transactions you'll ever endure?

PERSONALITY MATTERS!

If you're in the market for real estate and looking to select a Northern Virginia REALTOR, I've compiled a selection of my blog posts over the past year that display my creativity, personality, and generally define "who I am."  Love it.  Or Leave it.  That's up to you.  Just thought you might be interested in taking a peek into the psyche of the guy who's going to be helping you buy or sell a home.

These blog posts can also be useful for other REALTORS around the country who are looking to refer their relocating clients to an experienced Northern Virginia and D.C. REALTOR who also passes the "fun test."

"EVERYTHING YOU ALWAYS WANTED TO KNOW ABOUT YOUR NEXT REALTOR BUT WERE AFRAID TO ASK" (CLICK EACH LINK TO READ THE FULL BLOG POST)

• YES, I'M ALSO AN ATTORNEY -- A RECOVERING ONE 

The REALTOR for Attorneys -- Helping Lawyers Buy & Sell Houses -- Don't hold it against me, please.  It's actually a good thing.  I've learned the real estate business from the legal side and help prevent my real estate clients from ending up in court.  I also like to help attorneys in Northern Virginia & D.C. buy and sell homes (Ask about my attorney discount.)

The Difference Between Realtors & Lawyers -- I've heard all the attorney jokes, so don't even go there.  Here's my insider's take on the differences between the two professions.

New Survey Confirms I Made a Good Choice -- Attorney?  REALTOR?  I'm happy with my decision.

• GETTING PERSONAL

Who?? MeME! -- A "MeMe" is a tradition in the online blogging world where a blogger writes about themselves and divulges a few personal tidbits.  Here's my first attempt.

Enough About Me, Let’s Talk About MeMe Some More: Meme Take 2 -- Learn more in the sequel.

(You've Got) Personality -- Talk about personality.  Here's a summary of my life to date.

Bucket List -- Things Still to Do -- These are my goals and aspirations.

Books Overflowing from My Shelves -- A Book MeMe -- You can tell a lot about a person by the books he reads.

How I Proposed to My Wife: 4 Important Lessons Learned for Real Estate -- In this most personal of stories, you'll learn why my wife is definitely my biggest fan!

• I'M FAMOUS!

My 8 Seconds of Fame on CBS National News This Morning -- I was on CBS' The Early Show as a real estate expert.

Need an Angle for Your Real Estate News Story? Give Brian a Call -- I've been in newspapers and on TV.  Now signing autographs.

• YET HUMBLE

Please Check Your Ego at the Door -- I really am very down to Earth.  You won't see my face on a billboard and my business card doesn't say "#1 agent!"

Real Estate Makes Good Party Talk -- Real estate is one business that is hard to escape.

• I'M A GOOD CITIZEN 

Giving Back to the Community -- More Than Just Money -- Learn about the charities and organizations that are near and dear to my heart.

Dear Mr. Mayor, Clean Off This Wall! -- I don't like seeing graffiti, especially in a neighborhood where I sell homes and where I live.  I let the Mayor and the City Council know about it.  They responded quickly and I'm happy to say the wall is clean.

• WATCH ME ON FILM
  

Look Who's Buying a Home! (3 Minute Video) -- In this award winning video, a special VIP visitor comes to Alexandria, Virginia to purchase a home.

Blooper Reel -- Brian & George -- Watch the other video first.  Then have another laugh with this one.

Like my personality? 

Then give me a call at 703-626-0715 to discuss working together towards your real estate goals. 

Blog Articles for Sellers

If you've found my blog while searching around the internet, you may have come to a particular article that I wrote about some aspect of real estate.  Perhaps you read a market report about sales in Northern Virginia or information about available inventory in a particular Alexandria neighborhood.  You may have read an article about the selling and marketing your home for sale.

Looking to sell your home in Northern Virginia or D.C.?  

You need all the information you can get your hands on.  In over a year of blogging about real estate in the Northern Virginia and D.C. area, I've written many articles that form a useful guide for homeowners who are getting ready to select a REALTOR and sell their home. 

Rather than having you sift through my entire blog looking for the ones that may pertain to your questions and desire for real estate knowledge, I've compiled many of them right here below.

If you are deciding upon your REALTOR for your Northern Virginia or D.C. real estate sale, or you have already starting working with me, I may have sent you a link to this blog post which serves as a clearinghouse for my articles related to marketing and selling homes.

BLOG ARTICLES FOR SELLERS (CLICK ON EACH LINK TO READ THE FULL POST):

• GETTING STARTED

Selling a Home in Northern Virginia & D.C.: Step by Step Flowchart -- Obviously you know how to buy a house.  What about selling?  Here's a flowchart to help you through.

Selling Your Home -- Know the Broker's Duties -- There are things that your real estate broker or agent should do for you and then there are things that they MUST!

Six Myths About Northern Virginia Real Estate -- Let's dispel some of the lies and mistruths about the market.

7 Things You Must Do to Sell Your Home in Northern Virginia  -- A need to know list.

Who Are the Players? The Team of Professionals Involved in Your Real Estate Deal -- Who else is there to help you with the sale.  This post details the players on both sides of the transaction.

• CHOOSING YOUR LISTING AGENT

My Friend is in Real Estate: Might Not be the Best Choice -- Choosing to work with a close friend may not always be best.  How strong is that friendship and will it survive when your home has not sold after 180 days on the market?

Choosing a Good Negotiator for Your Real Estate Deal -- Negotiating the deal for you.  Choose a strong negotiator to help you get the best price and terms for your home.

The World Can Be Your Oyster -- Marketing Your Home Across the Seven Seas -- You want an agent with a strong marketing plan.  Overseas buyers are buying U.S. homes at an increasing pace, especially in the D.C. area.  This is how we reach them.

HGTV? No, it was me: A Realtor Learns to Stage a Home -- Consider staging your home for maximum showing potential.  Remember, "Clutter Eats Equity!"

• PRICING THE HOME TO SELL 

Come on Down! You're the Next Contestant on The Price is Right -- You've got to Price it Right!  Bob Barker would be proud.

"We can always reduce the price later" -- Price Reductions are NOT A GOOD MARKETING PLAN for Northern Virginia Homes -- Price it right from the start.

If you want my love then take my advice... Adjust Your Price -- Do you really want to sell your home?  Then price it right!

Increasing the Value of Your Northern Virginia or D.C. Home -- You might lament the prices falling from a few years ago, but there are things you can do to increase your home's value.

• QUESTIONS BUYERS ASK

Will the Sellers Come Down on the Price? -- Only you know the answer to that question.

How Long Has That House Been on the Market? -- Price it right.  Sell it quick.  Don't let the buyers even think twice.

Can a Homebuyer Get Sellers to Pay Closing Costs in Today's Northern Virginia Market? Answer: It Depends -- In today's market you might want to factor this in to the equation.

• MISCELLANEOUS 

Mighty Paragaph 7 of the Sales Contract -- This is a big protection for buyers.  Unless your home is a "handyman's special" you better make sure that your appliances and major systems are in normal working order.

READY TO GET STARTED?  Click here for a preliminary comparative market analysis of your home.  Then give me a call at 703-626-0715 and I'll be happy to meet you at your home to discuss getting it SOLD in today's market. 

Blog Articles for Buyers

If you've found my blog while searching around the internet, you may have come to a particular article that I wrote about some aspect of real estate.  Perhaps you read a market report about sales in Northern Virginia or information about available inventory in a particular Alexandria neighborhood.  You may have read an article about the home buying process. 

Looking to purchase a home?  Getting started with your home search? 

You need all the information you can get your hands on.  In over a year of blogging about real estate in the Northern Virginia and D.C. area, I've written many articles that form a useful guide for homebuyers who are just getting started. 

Rather than having you sift through my entire blog looking for the ones that may pertain to your questions and desire for real estate knowledge, I've compiled many of them right here below.

If you are deciding upon your REALTOR for your Northern Virginia real estate purchase, or you have already starting working with me, I may have sent you a link to this blog post which serves as a clearinghouse for my homebuyer pertinent articles.

BLOG ARTICLES FOR BUYERS (CLICK ON EACH LINK TO READ THE FULL POST): 

• GETTING STARTED 

Buying a Home in Northern Virginia & D.C.: Step by Step Flowchart -- You can't get where you are going if you don't have a map.  Here's a map through the minefields of the homebuying process.

Six Myths About Northern Virginia Real Estate -- Cut through the crap.  What's the truth?

Who Are the Players? The Team of Professionals Involved in Your Real Estate Deal -- You need to know who is on your side when it comes to buying a home.

How Much is the Monthly Payment?: A Simple Formula -- Before you start your home search, you need to know how much you can afford.  Use this simple formula for a rough estimate of your mortgage payment.

From a Pad to a Nest -- Guys, I'm Talking to You -- Lots of people buy homes because they are getting married.  This one is for the grooms to be and the newlyweds out there.

Let Me Search for Homes While You Drink Your Morning Coffee -- You've got better things to do all day then surf the web for homes... it's called work!  Let me do the searching for you.

• CHOOSING YOUR REALTOR 

My Friend is in Real Estate: Might Not be the Best Choice -- Some people want to work with their friends.  This may be the biggest financial decision of your life.  Do you trust your friend enough?  Can you contain your emotions and maintain the friendship?

Choosing a Good Negotiator for Your Real Estate Deal -- Price & terms.  Getting a good deal.  You need a strong negotiator on your side of the table.

• ON THE ROAD AND IN THE HOUSE 

Real Estate is a Process of Elimination -- Eliminate the houses you don't like and you'll quickly find the ones that you do.

Bring Your Checkbook With You on Your Househunt -- What?  Were you going to charge it on your Visa?

Swing Open the Closet Door -- This is your chance to be the voyeur you always wanted to be.  Look in the closets, the cabinets, the pantry... You are thinking about making it your home, after all.

• IMPORTANT QUESTIONS 

Will the Sellers Come Down on the Price? -- Every buyer wants to know this.  The answer is always maybe.  Here's the factors to consider.

How Long Has That House Been on the Market? -- Closely tied to the first question.  This is important information to weigh in the offer price.

Can a Homebuyer Get Sellers to Pay Closing Costs in Today's Northern Virginia Market? Answer: It Depends -- First time buyers often don't have a lot of cash to bring to the table.  Will sellers help out?

• THINGS YOU NEED TO KNOW ABOUT BUYING A HOME 

Mighty Paragaph 7 of the Sales Contract -- The Regional Sales Contract has some important protections for buyers.  Paragraph 7 is so crucial that I always read it aloud to my clients.

Take Your Home for a Test Drive: The Importance of Home Inspections -- Get a Home Inspection!

Get Me Out of Here!: When Can You Get Out of a Home Sales Contract? -- What if you change your mind?  What if the appraisal comes in low?  What if there's a leak in the roof?  Find out how to get out of a contract.

What to Look for in Condominium Resale Disclosure Documents -- If you are buying a condo, you'll want to read this.

• THE HOME STRETCH 

A Closer Look at Title Insurance -- They'll want you to buy title insurance at closing.  Find out what it is and what it covers.

Purchaser's Closing Costs in Virginia -- How much are closing costs?  What are the components of closing costs?

What to Expect at the Closing Table in Northern Virginia -- Are you picturing an all day affair with a menagerie of folks and bickering back and forth over stacks of paper?  Here's the reality of real estate settlements. (Hint: They usually last about an hour.)

READY TO GET STARTED?  Please click below to gain access to the best home search tool for Northern Virginia & D.C.

Which Homes Are Selling the Fastest and With the Least Discount? The Answer May Surprise You

Whether you are in the market to buy a home or to sell your current home, it is important to keep abreast of market statistics (or at least to work with a knowledgeable REALTOR who does).  Newspapers, national magazines, and television news report on regional and national trends, but don't do a very good job of explaining the local real estate market.

The number of new housing starts nationwide or the percentage increase in foreclosures in the entire state have very little, if any, bearing on how quickly your Arlington condo will sell, or how much negotiating room there is with the seller of an Old Town Alexandria townhouse.

Two statistics that warrant close examination are:

1. the average number of days a home stays on the market in a particular area before a contract is ratified between seller and purchaser.
   
   
2. the average sales price as a percentage of original listing price -- this shows how willing sellers are to reduce their prices and how much negotiating room a buyer has in the current market.

If you are thinking about buying a home in Alexandria, Virginia,  or getting ready to sell one, pay close attention.  I prepared an analysis of all homes sold to date in 2008 divided up by price range.  This analysis for Alexandria looks at

• the number of sales in each price range
  
  
• the net sales price (final sales price minus any seller subsidies, or concessions towards closing costs)
  
  
• the original sales price (not the final listing price at time of sale, but the price at which the home originally went on the market); and
  
  
• the number of days on the market.

The results may surprise you. 

You might expect the most negotiating room in the higher price ranges.  Right?  WRONG.

The lower priced homes sell quicker than higher priced ones.  Right?  WRONG AGAIN.

Here goes:

This first chart shows the number of sales in each price range.

This next chart shows the average number of days on market for all sales in each price range in Alexandria.  The overall average days on market year-to-date in Alexandria is about 71 days.  The columns in red indicate an above average amount of days in that price range.  The black columns indicate a below average amount of days on market, or relatively fast sales.

One thing you'll notice is that the fastest selling price range is the $700,000 to $800,000 homes.  Homes in the $200K and $200K-$300K price ranges are actually selling at a slower pace than homes in the $600K-$800K and even the $1 million plus price ranges!

The final chart shows the average final sales price as a percentage of the original listing price.

Once again, the homes that are garnering the highest percentage of the listing price (or least discount) are in the $700,000 to $800,000 price range.  The least expensive homes -- those under $200,000 are actually selling for the largest discount from asking price.

Not what you expected?

To get started with your home search, click on Northern Virginia Home Search, and then enter your criteria and price range.  You'll get detailed information on available homes e-mailed to you on a daily basis.

If you're thinking about selling your home and want to know what it's worth, click on Value My Virginia Home for a preliminary comparative market analysis.

The REALTOR for Attorneys -- Helping Lawyers Buy & Sell Houses

You've heard all the lawyer jokes and so have I. 

In fact, let me let you in on a little secret:  There's only one lawyer joke.  All the rest are true stories.

There's a lot of law involved in a real estate transaction.  There's agency law, contract law, property law, tax law, condominium regulations, homeowner's association rules, escrow accounts, and more.  Some states like New York require attorneys to write the real estate purchase contract.  In Virginia & D.C., real estate agents fill in the blanks on a form contract provided by the local associations.

In the D.C. metropolitan area, I've heard it reported that approximately 1 in 4 adults holds a law degree, although not all practice law.  If you are an attorney looking to buy or sell a home, you may find it beneficial to work with a REALTOR who speaks your language.

Introducing THE REALTOR FOR ATTORNEYS:

Brian Block, Esq., REALTOR / Attorney

Here's some background about why you should consider trusting your real estate needs to me.

I graduated from highly-ranked George Mason Law School in 1998.  For 2 years, I practiced banking litigation at a medium-sized law firm in D.C. representing major banks suing the U.S. government in the aftermath of the 1980s S&L crisis.  Following that, I worked a year in securities law advising on private placements and public offerings as well as some general practice.

After a short time handling legal matters on my own for private clients, I entered real estate in early 2002.  Reaching out to area attorneys to help them with their real estate needs, I shortly became "Of Counsel" with a real estate litigation firm in Old Town Alexandria.  For 3 years while I built my real estate sales business, at the law firm, I learned the real estate business ins and outs from the legal perspective.  

Learn about The Difference Between Realtors & Lawyers

I learned what can go wrong with a real estate transaction. 

95-97% of real estate deals go smoothly.  Everyone shakes hands at the settlement table.  Sellers get their money.  Buyers get the keys to the new house.  Everybody is happy.

These were not the people who showed up at our law firm.  The people who walk in the door at a real estate litigation firm are those 3-5% that have big problems.  Lots of money at stake.  Nobody's happy.  I've seen deceit, fraud, trickery, and big bucks litigation.  These are deals that went really wrong.  I've been to settlements where the parties did not want to see each other let alone sit at the same settlement table.  I've seen defaults, judgments, and class action lawsuits.

As a REALTOR, I incorporate my knowledge and experience of the law to best serve my clients.  While I'm not representing my clients as an attorney nor practicing law, I bring those skills to the table.  My job is to ease the anxieties and prevent those 3-5% of transactions from going awry.

Thus, as a result, many of my clients do end up being attorneys themselves.  There seems to be a comfort level. 

I can speak legalese. 

I've even had the stereotypical 20 minute discussion with attorney clients over comma placement. 

I understand contracts. 

I understand property. 

I can negotiate.  

Here's a little chart to help you make a wise decision:

As an attorney, you need to concentrate on your billable hours.  Why not leave the stress of the homebuying or home selling process to a REALTOR / Attorney that you can trust?

Contact Brian Block, Esq. today!

Abbreviations & Acronyms: The New Language of Real Estate

If you're just getting in the market for real estate, chances are you're hearing a lot of unfamiliar terms these days, especially on the mortgage side of things.  Real estate introduces you to entirely new language.  One filled with lots of words that are thrown around by your mortgage lender, REALTOR, and even your friends and family, who may sometimes make the assumption that you know what they are discussing.

Don't be afraid to pull back for a second and say "Hey, I have no idea what you are talking about."  Just as George Washington coming back to the present day would need many things to be explained to him, when you start your home search you'll be encountering uncharted territory and can make use of a glossary.

Never is this more true than with all the abbreviations and acronyms used in the real estate lingo. 

It sometimes reminds me of that famous scene in the movie Good Morning, Vietnam when Robin Williams, fed up with all the military jargon, jokingly asks:

    “Excuse me, sir. Seeing as how the VP is such a VIP,

     shouldn't we keep the PC on the QT? 'Cause if it leaks

     to the VC he could end up MIA, and then we'd all be put

     out in KP."

I remember a real estate sale I had several years ago.  A Navy Admiral was purchasing a home from an Army General.  During the final walkthrough of the home, the two of them got to talking military and the acronyms and abbreviations were flying left and right, but mainly they were flying right over my head.  That's when I spent the rest of the time talking with their wives and looking through the kitchen and bathrooms to make sure all the appliances were working.

Wondering about all these real estate abbreviations?  Here's clarification of a few of them:

APR:  Stands for Annual Percentage Rate -- shows the cost of a loan expressed as a yearly interest rate, including the interest, points, mortgage insurance, and other associated fees.

ARM:  Adjustable Rate Mortgage -- a mortgage loan that can be subject to changes in interest rate

EMD:  Earnest Money Deposit.  Money put down by a buyer to show that they are serious about purchasing the home.  Learn more here: Bring Your Checkbook With You on Your Househunt

FHA:  Federal Housing Administration.  Assists home buyers by providing mortgage insurance encouraging lenders to make loans to borrowers who might not qualify for conventional mortgages.

GFE:  Good Faith Estimate.  This estimate of all closing fees must be given to the borrower within 3 days after submission of a loan application.

HUD:  U.S. Department of Housing and Urban Development

HUD-1:  The settlement statement provided at closing that itemizes all the closing costs for both seller and buyer.

LTV:  Loan-to-Value ration.  This is a percentage calculated by dividing the amount borrowed by the sales price or appraised value of the home to be purchased.

MIP:  Mortgage Insurance Premium

PITI:  Principal, Interest, Taxes, and Insurance.  These are the four elements of your mortgage payment.

PMI:  Private Mortgage Insurance  -- can be required for borrowers with down payments of less than 20% of a purchase price.

VA:  Department of Veteran Affairs.  Guarantees loans made to veterans.

VHDA:  Virginia Housing Development Authority.  Virginia's state mortgage finance agency.

Now, when someone asks:

"Did you get the GFE for your ARM?  What's the APR and PITI and will you need PMI according to the HUD-1?  How about your EMD?" 

You'll know what they're talking about.

When deciding on a Northern Virginia REALTOR to help you learn the language of real estate, why not work with one with lots of abbreviations and acronyms after their name?

Brian Block, ESQ., ABR, CRS, EPRO, GRI, SRES