Saving $ in this Economy Series: Do not let those Credit Companies Charge you a cent ! - 01/30/09 12:13 PM
While my Motto is: I refuse to participate in this Recession;  I am cutting back on some things.  I thought it would be a good idea to do regular posts about how to save $$$.  Every dollar helps; especially for families struggling to pay their mortgage and buy groceries.
Save on your Credit Cards:
Credit Card Companies LOVE to charge the consumer for everything.  One day late on a payment, monthly interest charges and those "Annual Fees".  Well I simply refuse to give them a cent.
Now I pay my bills on time.  I am a good customer of the credit … (4 comments)

Washington DC - Tops the List for the Best place to buy Real Estate! - 01/29/09 04:58 PM
No this isn't a story that was made up some some over-zealous Realtor in Washington DC; nor is a story written by the National Association of Realtors.  This is a TRUE Article by Forbes Magazine.
Forbes Magazine has named Washington Dc as the best place to buy Real Estate.  Since Washington DC has the lowest unemployment rate in the country at 4.1% - that coupled with the couple economic stimulus; means those government jobs just keep adding more jobs to the region.
The normal top two cities that fight for 1st place are New York City and London. Now with economic changes; foreign investors are turning … (0 comments)

Ice in DC - My 1st Wordless Wednesday Post - 01/28/09 04:14 PM

 


   
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell Banker Residential Brokerage - Chevy Chase5028 Wisconsin Ave NW  Suite 100Washington DC 20016202-351-5800 Main OfficeLicensed in DC,MD,VA

 
This picture was taken in Washington DC, after our supposed Ice Storm. This is also my 1st Wordless Wednesday Post.
… (8 comments)

I solved my Computer Back-up Issues! - 01/28/09 01:16 PM
We all know we are suppose to back-up our computer right?  I think we also all know we really stink at backing up our computers!
I was doing an "OK" job of backing up my Mac Powerbook to an external hard drive on my desk at home.  I didn't do it every week let alone everyday.  It's a hassle - especially with a laptop.  You have to connect the cable then wait.  None-the-less; I did it; but not very well.
Then when I read my blogger friend Pat Kennedy's post about how her home was broken into and they stole not … (3 comments)

DC Weather wimps! - 01/28/09 12:28 PM
As I was making the decision to drive to a gathering last night with some fellow Realtors and Bloggers; the media was telling of how terrible it was outside.  It sounded like they were talking about the Economy or the Housing Market - "The Sky is Falling".
DC was getting 1 to 2 inches of snow then about .25 inches of ice/sleet; until it started to warm up about 6am.
"BIG DEAL"; I thought.  I grew up in the Mid-West; Michigan to be precise. Snow and Ice outside in January?  It must be a day ending in "y".  So what?!
After driving home … (1 comments)

Short Sales- Countrywide Changes Short Sale Procedures Again! - 01/26/09 07:48 PM
This is some great new information about Short Sales.  These very time-consuming sales seem to get harder rather than easier; because the banks just can't seem to get a process which works.
 
Via Nestor & Katerina Gasset Realtors® Wellington Florida Luxury Homes (International Properties and Investments, Inc.):
Short Sales- Countrywide changes their short sale procedures for the third time in the last 16 months. It seems they just do not understand how to get through the short sales they have stacked up on their desks. Now- which road do they take? Which way do they turn?
As you may recall the last … (2 comments)

Washington, DC : Market Update 1/26/09 - 01/26/09 03:39 PM
Current Number of Homes Active and Under Contract in the Washington DC area:Here is the breakdown as of January 26th, 2009 The number of homes on the market is creeping up slowly; which is typical after the New Year.  Inventories tend to be at their lowest levels - right after New Years.  Inventory levels should continue to increase until the 3rd week in June; when new listings slow for the summer months. 
Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week.  Washington DCSingle Family:     Actives: 2002 (Up 25 from … (1 comments)

Existing Home Sales Increase - 01/26/09 12:08 PM
According to a News release by NAR.  "Existing-home sales – including single-family, townhomes, condominiums and co-ops – jumped 6.5 percent to a seasonally adjusted annual rate of 4.74 million units in December."  See the FULL STORY
While I do not believe we are nearly out of the woods yet - this does show a small sign.  A sign that YES, in fact, people can still get loans and are in fact buying homes.  Interest rates are incredibly LOW right now; and those buyers who are "On the Fence"; need to jump off and get serious.
As I have always said; if you only plan … (2 comments)

Why are those Condo Fees so high ?!? - 01/24/09 03:50 PM
The Washington DC area is filled with many different types of Condo buildings.  Some of these buildings are converted apartments built 50 years or more ago.  Some condos are small "boutique" buildings, some condos are 4-6 units in a large converted row home; and others are in the Big New Chic/Modern Buildings that litter the skyline of neighborhoods like ChinaTown, Penn Quarter or Arlington.What everyone of these condos has in common is the Condo Fee.  Well what is in a Condo Fee and how much should it be?Every Condominium Building/Complex has a series of by-laws which spells out exactly what the … (2 comments)

Whoa! Our 3 Properties We Staged Right Before Christmas Have ALL SOLD!!! Staging Works Folks! - 01/24/09 08:59 AM
I reposted one of Teresa's posts a couple of weeks ago.  Here is another.  It is proof; Staging does work!
Think about buying a new sofa.  Do you walk into the store and see the sofa in a living room setting - with rugs, lamps and tables; or wrapped in plastic in a big warehouse?  Which one would you buy 1st?
 
Via Teresa Meyer-Home Staging Cincinnati-OH. Stage a Star: Home Stager Cincinnati (Stage a Star Staging & Consulting Services):
 Stage a Star was seriously busy as elves the week before Christmas: Read about it here "One of the busiest weeks of 2008: Stage a Star's … (3 comments)

FHA Loans Still a Great Option - 01/23/09 11:34 PM
FHA Loans... Something that were virtually unheard of during the "Boom Years" of recent.  Now they are back with a vengeance!  Why are they so popular?
Read on...
 
Via Roland Carrillo, PhD - VanDyk Mortgage:
FHA loans have been around for a long time, but during the current market turmoil it is proving to be an increasingly better option for home buyers and owners looking to refinance.  In fact, with some of the recent loan requirement modifications, these affordable loans may make sense now more than ever.
6 reasons why an FHA loan is ideal for today's home buyer
Low Down Payment: FHA … (0 comments)

How much IS that DC Condo? - 01/22/09 02:33 PM
Below is a chart; showing the Average Condo List Price; for several Washington DC Neighborhoods.  Cleveland Park and Adams Morgan; continue to have some of the most expensive condos in the city.  While the Brookland neighborhood in NE DC, has much more inexpensive condos for sale.
 
 

 
* Note: The average studio price in Brookland is based from 1 unit; which is an unapproved Short Sale.
** Chart based on Data from January 22, 2009
 
 
 
 
 

   
Call James for all your Real Estate needs and questions; servicing Virginia, Maryland and the GreaterWashington DC area.
Coldwell … (2 comments)

Condos on the Market in Washington DC - 01/22/09 02:21 PM
Below shows the number of condos currently for sale in a few of the Washington DC neighborhoods.  
As you can clearly see; the popular Adams Morgan Neighborhood, has a surprisingly high number of 2 bedroom condos currently on the market.  A great many of these are new construction units which developers planned and started to build; long-before the Real Estate slow down.  A year ago there were 74 2 bedroom condos for sale in Adams Morgan; now that number has grown to 103.  A sign that supply has most certainly exceeded demand.
 

** Data as of January 22nd, 2008
 
 

… (0 comments)

Washington, DC : Market Update 1/20/09 - 01/20/09 10:10 PM
Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of January 20th, 2009
 
 

Here are the number of homes on the market including the number of homes that were taken Off (EXPIRED) the market last week. 

 
Washington DC
Single Family:     Actives: 1977 (Down 21 from Last week)            Expired: 13          Under Contract: 347  (Up 25 from Last week)
Condos:              Actives: 1403 (Up 16 from Last week)             … (0 comments)

Did you work today? - 01/20/09 07:12 PM
This may be perhaps my last (of many) posts; about the Inauguration of Barack Obama.  However being here in Washington DC; it is all we can even think about.  Well there is; in fact I do have work to do; Homes to sell & market; but living so close to downtown DC; it is virtually impossible to do much Real-Estate related in this city.
If I move my car; I will NEVER find a parking space again.  Even if I wanted to show property today (or if there was a person who wanted to view homes over braving the crowds on … (3 comments)

GoodBye George !! - 01/20/09 01:04 PM
Here is "Executive Flight One (Formally Known as Marine One); as it makes its way over my home en route to Andrews Air Force base to take Mr Bush; home.
 Like him or not - he left Washington DC.
 Washington DC is still ABUZZ with activity.  I have watched hundreds of people walking  home from the MALL; back to their homes,  cars - someplace.
 (And NO - I Did not walk down to the Mall; I  wanted to stay warm in my own home!)
 
 
… (12 comments)

They're Here! - 01/20/09 10:08 AM
People People Everywhere.  EVERYWHERE!  
It is the morning of Barrack Obama's Inauguration and Washington DC is filled with millions of people.  It IS amazing.
This morning I took the dog out to find a family waking up - In their Car!  No these folks were not homeless - just visitors from out of town who are here to head down to the National Mall.  My street is not THAT close to the MALL; it's 12 blocks (about 1.3 miles).  But with every bridge into the city CLOSED - and most of Downtown shut down to traffic - my street is … (2 comments)

The cold truth about inspecting winterized homes - 01/17/09 11:39 PM
Here is some great information; courtesy of a Home Inspector down in Virginia.
Read on....
 
Via Daniel Rogers - Virginia Beach Home Inspector (Final Analysis Home Inspections):
Now that the housing market has frozen over and it's January, I've been seeing a lot of foreclosed, bank owned homes. I had 3 inspections this week on "winterized" homes and I've got to say I do not feel comfortable about this and neither should the buyer. When I get a call to schedule an inspection and I'm qualifying the appointment I get to the question, are the utilities on? It's the same answer every time.."well it's … (1 comments)

PLEASE !! Don't ask me THOSE Questions ! - 01/17/09 12:01 PM
I was showing property yesterday and the home buyers started asking the Home Owner about schools and churches.  How close they were; how were the teachers in the school; what about the kids?  They wanted to know if the neighborhood had kids the same age as their kids - you know questions that many Home Buyer would want to know.
The helpful Home Seller answered all of the questions as best as they could.  I breathed a sigh of relief - I wasn't asked any of these questions!
See what many Home Buyers do not understand is that there are many … (6 comments)

My New Hero - Direct from Facebook - 01/16/09 11:54 PM
OK - Warning - NON- REAL ESTATE RELATED POST.....
Sometimes I get off on a tangent; but with it 11 degrees outside; my brain cells are FROZEN !
So who didn't see the TV in the past few days?  The shots of the US Airways plane sitting in the middle of the Hudson River.  UNBELEIVEABLE!
One of my dear friends tells the story of the day she was driving over the 14th Street Bridge here in Washington; when another plane did not fair so well crash-landed in a river.  Clearly the plane crash landing in the Husdon River is amazing - … (2 comments)

Traditional Real Estate Brokerages vs. Online : Online is winning - 01/16/09 11:42 PM
This is a great chart / example.  I believe its not just about grabbing the hits; but providing the service, knowledge and expertise to get the job done.
Just "getting" the lead from the Internet isn't enough - you must be able to provide a service - not just take orders.
 
Via Jonathan Washburn (ActiveRain Corp):
The real estate brokerages website traffic represented in this chart that are not dropping off a cliff are all of the online, "non-traditional" variety.
Little tiny 100 person company Redfin is about to surpass Coldwell Banker?  Zip Realty has almost as much traffic as the … (0 comments)

Still want to come to DC for Inauguration? - 01/15/09 08:56 PM
All this bad talk about Washington DC being a nightmare; has actually caused some to cancel their plans to visit; and cancel their hotel rooms!  This morning a popular radio program was talking a bout hotel rooms being available for this weekend!  A few months ago; the closet hotel was about 50 miles away.  Now there are (a few) rooms available.
Of course if you want to be "IN THE CITY" - be prepared to pay for it.  There are rooms at the Westin and the Washington Court Hotel.  Check out these great rates below:
(Don't worry there are some cheaper … (0 comments)

Changes to the Tax Credit? Now that may be a good idea? - 01/15/09 02:23 PM
I was reading an Article today from REALTOR® Magazine called "Tax Credit Changes that could Unleash Home Sales".  Now this is just some story written by NAR; which I don't always have the utmost reliance on.
However; the proposal is: revamping the Home Buyer Tax Credit which was passed last year.  This Tax Credit allows 1st-Time Home Buyers to take a one time tax credit of $7500.  The sticker is this: It must be repaid within 15 years.
I have yet to have any buyer take advantage of the Federal Housing Tax Credit.  If you want to offer a credit - … (1 comments)

Buyer Broker Agreements Simplified - 01/15/09 01:11 PM
"Broker Bryant"; a very successful Realtor in Florida; seems to sum up nicely why Buyer-Broker Agreements are important.  While some laws are different in DC, Maryland and Virginia; the basics are the same.
 
Via Bryant Tutas-Tutas Towne Realty, Inc:
OK this is a follow up to my post yesterday. I received this email:
You are right Bryant, I should not work with 2 realtors at the same time and got a bit excited after reading your blog. It occured to me you are more than an average realtor (broker/listed agent) and may get few properties ahead of everyone else and sometimes yet to be listed in MLS. … (1 comments)

Rebounding Markets - 01/14/09 06:56 PM
Just wanted to share with my readers; some thoughts here about the economy...
Via Danny Thornton (Home America Mortgage, INC.):
I thought that I would do a reverse reblog and bring in a post from the outside world. Most of you know my business partner, Rich Dansereau. What some of you do not know is that he has an outside blog through Blogger called "Rich talks Real Estate". After reading this blog, I had to reblog it here for everyone to read. If you would like to comment on it, please do so on his blog. I have blocked the comment feature here. … (1 comments)

Fannie Mae to let renters stay! - 01/14/09 03:29 PM
In a new policy decision; Fannie Mae has decided to allow qualified renters stay in homes; which have been foreclosed on and which Fannie Mae now owns.  These renters; who normally would have been evicted; will be allowed to stay, paying a "market rate" rent on a month to month basis.  Once a buyer is found for the home; the renter would then be forced to vacant.
Of course if a smart investor is buying the foreclosed property - he would have an investment property complete with a tenant already occupying the property.
Renters have been some of the biggest victims in the foreclosure mess.  These are … (3 comments)

Metro: The Unspoken Rules for Tourists visiting Washington DC - 01/14/09 01:25 PM
I suppose every city has its quicks.  Washington DC is no exception.  Heck, I think we are the Capitol of Quirkiness!
There are a couple of very important Unspoken Rules when riding DC's Subway system, called the METRO:
Unspoken Rule #1) ALWAYS STAND on the Right-hand side of the escalator.  The Left side should be clear for all of us crazy locals rushing to the next train. A tourist standing on the Left is likely to get run over, yelled at or at the very least, get nasty looks.
Unspoken Rule #2) When entering or exiting the Station; have your ticket out … (4 comments)

METRO Station Closures for Inauguration.... More Headaches for DC Residents... - 01/14/09 04:22 AM
As if DC residents and Tourists alike don't have enough to worry about....  Metro announced MORE station closures; for the sake of security.
The Mt. Vernon Sq/7th St Convention Center Metrorail station on the Yellow and Green lines will close at 7:30 a.m.  YES 7:30 AM !
The Judiciary Square Metrorail station on the Red line will close at 4 p.m.
This is because they are close to locations hosting Inaugural Balls. Both stations are scheduled to reopen at 5 a.m., on Wednesday, January 21. 
This is in addition to the closure ALL DAY of Both the Smithsonian Station and the Navy Memorial/Archives/Penn Quarter … (3 comments)

Washington, DC : Market Update 1/12/09 - 01/12/09 01:56 PM
Current Number of Homes Active and Under Contract in the Washington DC area:

Here is the breakdown as of January 12th, 2009
 
While Inventories have dropped over the past several weeks; they remain higher than the same time last year.
One of the most surprising numbers I see; is the extremely low number of DC Properties Under Contract; especially in the condo market (30% Lower than Last Year).  Perhaps this is a sign of the economy; or perhaps everyone is busy with the Inauguration Events.

Here are the number of homes on the market including the number … (3 comments)

Washington DC - Dupont Circle Neighborhood - 01/10/09 01:07 PM
What's Selling - Washington DC - Dupont Circle Neighborhood Here are the Properties that sold in this Washington DC Neighborhood:  1/1 - 1/10

 
 
 
Type           #Bedrooms/Baths          List Price         Sold Price        Days on Market
Condo                 1/1                       $265,900        $264,900               130
Condo               Studio/1                  $239,000        $233,000                25
Condo                   1/1                     $349,900        $349,000                54
 
*This area includes parts of NW DC, Between K and U Street/Florida Ave and 16th to 23rd Street.
** Unit part of new building with multiple units for sale.  Days on Market may not be accurate.
 
The area does have 15 Listings Under Contract … (1 comments)

Washington DC - Logan Circle / Mt Vernon Square Neighborhoods - 01/10/09 12:34 PM
What's Selling - Washington DC - Logan Circle / Mt Vernon Square Neighborhoods Here are the Properties that sold in this Washington DC Neighborhood:  1/1 - 1/10
 
Type of Property      #BR/Baths                 List Price           Closed Price     # Days on Market
Condo                       2/2                        $525,000            $525,000                 111*   
Condo                       2/2                        $615,000            $580,000                 262            
Condo                       1/1                        $299,750            $282,500                 13
 
 
       *Units were part of multi-unit, newly-built complexes; DOM may not be accurate
      
The area does have 21 Listings Under Contract and 206 Listings For Sale.
 
 
This area boarders U Street/Florida Ave to the North; 16th Street to the West; H … (0 comments)

For Sale - Washington DC Row House - 01/10/09 12:18 PM
Beautifully Renovated Row Home 148 Todd Place NE, Washington, DC 20002 View Map This is the one! This wonderfully renovated, end-unit Row House features a bright southern exposure bringing in tons of natural light. The custom kitchen features granite counters and Stainless Steel appliances. The restored hardwood floors are beautiful. This home features 3 bedrooms and 2 1/2 baths; plus a finished basement with a 4th bedroom, full bath AND a full wet bar. PLUS a 2 car garage. www.DCRealEstateNews.com www.JimKnowsDC.com James T. Downing REALTOR, ABR Licensed in Maryland, Virginia & Washington DC 703.244.3971 Direct Jim@JimDowning.com Email Coldwell Banker Residential Brokerage … (2 comments)

So you have decided to come to DC anyway? - 01/10/09 10:00 AM
I have written several posts about why it may a good idea to LEAVE town for this historical event - many folks ARE in fact coming to town.  So what should you know?The use of public transportation will be key during this week of events.  Here are some important tips about the Washington DC METRO:--Metro will be operating at FULL Capacity all day long (4am until 9pm) and remain open until 2am.  --2 Key Stations will be CLOSED all day for Security purposes: Navy Memorial/Archives/Penn Quarter Station  &  Smithsonian Station.--Parking at Stations on Inauguration Day is $4  CASH ONLY.  Lots open … (6 comments)

My Favorite 2008 Transformations...I couldn't pick just one! - 01/10/09 08:40 AM
If these are not great examples of staging a home - I don't know example I could show?!  Here is a great post and some wonderful before and after pictures.
If you were a buyer; which home would you buy?
 
Via Teresa Meyer-Home Staging Cincinnati-OH. Stage a Star: Home Stager Cincinnati (Stage a Star Staging & Consulting Services):
I just couldn't let 2008 slip away without showing my favorite 2008 transformations.   It was too hard to pick just one so I'm going to show you several of my favorites.First up is the first vacant staging Stage a Star did of 2008.  It was an … (0 comments)

New Years Resolution or Daily & Weekly Goals? - 01/10/09 08:03 AM

 
Every year I (along with everyone else); make some sort of New Years Resolution.  It usually involves losing weight, going to the the gym more, or some other crazy promise that by January 3rd - we have already blown. Of course once you break the New Years Resolution - most folks just give up and wait until next year.
Well that seems silly to me!  We need to set New Years Resolutions that 1) We can achieve  and  2) We need to keep trying until we get it right!  How many folks do you know who have quit smoking?  Most of them have … (0 comments)

Interest Rates - Near Record Lows - 01/09/09 09:47 PM
A few weeks ago I was so proud of myself for doing a Refinance on my Primary home.  I wasn't sure the rates would stay where they were (that was at 5.5%).  Now the rates are even lower!
This may be a sign of a bad Real Estate market; but only a fool should pass up these fantastic Interest Rates!  I am hearing of 4.75 to 5% for a 30 year fixed loan.  AMAZING !!!!  If this keeps up; I'll have to refinance again!
Here is a great Article from BankRate.com about the Mortgage Rates Approaching Record Lows
 

   
Call James for all … (0 comments)

Inauguration Mess -- I'm Skipping Town! - 01/09/09 09:31 PM
My Pal Brian from Across the River in Virginia shares my thoughts of the mess of Inauguration!
Via Brian Block -- Northern Virginia & D.C. Real Estate (RE/MAX Allegiance):
Inauguration Week is less than 2 weeks away.  For people who supported Barack Obama, January 20th will bring exhiliration, excitement and optimism.  For those who voted for McCain/Palin, this month's Inauguration will likely bring about different feelings. 
 
For anyone who lives in the D.C. area, one thing is for certain, Inauguration Week will bring frustration, confusion, and traffic jams!
 
Top and center, today's Washington Times reported that for security measures, the Secret Service made … (0 comments)

More News on the Inauguration... - 01/09/09 09:13 PM
As per several of my previous posts; many, many folks are trying to rent out their homes for the influx of visitors to the Washington DC area.  Well it seems that supply has reached a huge amount and the demand isn't all that. 
The Washington Post Reports that there is, in fact, a huge amount of Inventory.  This Article in the Post lays out: Don't expect to rent out your place.  Many scored deals; but when everyone jumped on the band wagon and wanted to rent out their places; the laws of Supply and Demand shifted.
Sorry folks; even the Out-of-Towner's are … (2 comments)

Washington DC Inauguration Crowds are coming - Get out of Town! - 01/09/09 08:59 PM
Everyone is talking of the huge crowds coming into the Washington DC area for the Inauguration - and the fact that traffic is only going to get worse.  

Just this evening I went to dinner with friends on the other side of town.  After dinner I headed home (1.7 miles away).  First there was a Mot
orcade coming from the White House which made the already crowded streets worse!  It took me 40 minutes to get home.  Yes I said I live 1.7 miles away!
Some streets are already closed downtown.  I have learned that during the Inauguration; most … (1 comments)