Buyers - Start Your Engines!

This time of year is so invigorating.  Not only are we emerging from a long winter of high gas prices and gloomy weather, but also one of the worst housing slumps in recent history! 

The last month has been full of changes.  Banks are coming to terms with the reality on the street....folks are NOT willing to pay too much for a house in this climate.  Prices are actually competitive in many foreclosure markets and buyers are competing with each other for first dibs on a hot property. 

It's an exciting time to be buying and not all deals are showing up in the foreclosure market.  Arm's length transactions are also available if you find a homeowner who hasn't used his home as an ATM machine and actually has equity in a home that he's owned for more than 5 years.  In this area, some of the more mature communities with established hardwoods are wonderful places to get a great price on a home.  A home that is 10 to 15 years old, many times fairly updated, can have tremendous character and allow for a much more flexible deal to be made.

Buyers, now is the time to come off the fence.  On your mark!  Get set! GO!

Irene Morales Ward, Accredited Buyer's Representative, Northern Virginia Real Estate

Stafford County, Virginia Market February 2008

Stafford Single Family Home Market February 2008

     Active                                                                                                              Sold or Under Contract

399                                                                         22554                                                    26

206                                                                         22556                                                     16

213                                                                         22405                                                    20

194                                                                         22406                                                    17

Irene Morales Ward, Northern Virginia Real Estate

Foreclosures Updated Weekly

While these links are certainly not the only source of information on FORECLOSURE and REO properties, it will help provide many of you with a brief synopsis of what the current market is offering in terms of Active Foreclosure properties marketed in the MRIS(R), the Metropolitan Regional Informational System or the Greater Baltimore/DC Metro area's MLS.  I will be updating these links weekly and hope they provide you with some insight into the Foreclosure market in the Northern Virginia area.

Feel free to email or call if you should have any particular questions about any of these properties or areas.  Remember, they do not include Short Sale properties.  If you would like more information on Foreclosures, REO's, or Short Sale properties, please visit my web site for more information.

***FORECLOSURES, REO'S AND HUD OWNED PROPERTIES PER MRIS®***

Alexandria City

Arlington County

Fairfax County  

Fairfax City

Fauquier County

Loudoun County

Prince William County - Detached

Prince William County - All Others

Spotsylvania County

Stafford County

LAST UPDATED 2/24/2008 12PM  

Please check MLS for up-to-date information on property status
 

***All information deemed accurate but not guaranteed. Foreclosures listed per MRIS® as "Foreclosure", "REO", or "HUD Owned Property" - NOT Short Sale Properties.  Properties updated weekly.***

Irene Morales Ward, Northern Virginia Real Estate

Will Primmer House Road EVER Open?

Anyone living in the southeast portion of Stafford County understands the frustration everyone feels when passing Primmer House Road.  The road, developed by Maryland Development Company as a part of Leeland Station subdivision, will provide easy access for VRE commuters and residents from that portion of Stafford County to access Rt 1 and the 95 interchange.

At the moment, drivers are taking the original (and longer) route along Morton Rd to Layhill Rd.  This alternate route is about 1 mile longer and much more difficult to navigate as the road is extremely windy.

On numerous occasions when passing Primmer House Rd, I would notice the ROAD CLOSED barricades moved as frustrated drivers got fed up with the delays and decided to take matters into their own hands.  The road had passed inspections on two occasions from both VDOT and CSX engineers. 

The reason for the delay was simple - money.  The developer would have had the opportunity to open the road without the road having to be entered into the state road system had they been willing to assume liability for maintenance of the road.  However, a spokesman for the developer has said that it cannot afford maintenance costs, and wants to keep the road closed until it's in the state system.

The Stafford Board of Supervisors will petition VDOT to approve the road into the state's road system at its meeting on February 5^th.   By all accounts, proposed resolution R08-100 is awaiting approval as part of the consent agenda for the afternoon session.  Now, when the road will actually open is anyone's guess!

Stafford County Market Activity for January 2008

Stafford Single Family Home Market January 2008

Active                                                                                                                   Sold or Under Contract

385                                                                         22554                                                    21

208                                                                         22556                                                     7

237                                                                         22405                                                    14

199                                                                         22406                                                    14

Irene Morales Ward, Northern Virginia Real Estate

Get Out and VOTE in Virginia Presidential Primary

The Commonwealth of Virginia is preparing to hold its presidential primary election February 12^th.  This primary will come a week after the "Super Tuesday" contest in which 24 other states hold their presidential primaries.  February 12^th will be the first opportunity that Virginians have to vote for the presidential candidate they feel will best demonstrate the characteristics needed of the next Commander in Chief.

Virginia voters who registered prior to the January 14^th deadline will be allowed to vote for the Republican or Democratic presidential candidate of their choice.  Nearly 2,500 polling locations will be open within Virginia's 11 Congressional districts.  Under a special provision of Virginia law, Virginia residents who will turn 18 years of age on or before the November 4, 2008 presidential election are eligible to register in advance and vote in the presidential primary. 

Polls open February 12^th at 6am and close at 7pm.  If you are planning to vote by absentee ballot, you must register in person at the Stafford County Voter Registrar's office no later than February 5^th.

For more information about the primary election in Stafford County, visit the Stafford County web site.

Irene Morales Ward, Northern Virginia Real Estate

Looking for a Deal? Foreclosure may not always be the way to go...

I love a deal, don't you?  I'm not simply talking about finding something cheap.  I'm talking about finding something of quality that will endure the test of time and hold and even increase its value.  It doesn't matter if it's a fine piece of furniture or a piece of real estate.  It needs to fit my criteria.

When working with buyers, my goal is always to find the best deal.  This doesn't always mean the cheapest price.  This is a really hard concept for buyers to understand.  You must look at the big picture and see where the true value comes into play. 

I'll give you an example.  Mr. and Mrs. Buyer are looking for a home in a certain price range and are considering only foreclosures.  Why? Because they feel these are the best deals out there.  Well, that's not necessarily true.  There are so many variables to consider when determining if the property is a good deal and understanding all these factors is imperative. 

If you are looking at this investment in the long-term (over 5 years), then it is wise to consider the following:

1. Is the community seeing a disproportionate number of foreclosures?  If so, you'd better understand the consequences with regard to financing.  Fannie Mae is flagging declining markets and that home you think is a steal, your lender may think is a clunker!  It won't do you any good to invest in a community if your lender isn't on the same page.
2. Is the home in need of serious updates or repairs?  Many foreclosures might be in disrepair and will require some serious investment of time, energy and resources to bring it up to par.  If you can get past the lender for approval, have you considered the cost and magnitude of what you are facing?  Roof, windows, siding, appliances, flooring, baths, plumbing, electrical, HVAC....these can be very high dollar ticket items.  Price your repairs before you make that offer.  Then understand that it will take you a considerable amount of time to recoup that investment in the form of appreciation of equity.  The more you spend to improve the home, the longer you may need to be there to see your equity increase, as well.
3. Is the home on a bad lot?  Consider a gorgeous home.   It has everything you want inside - gourmet kitchen, beautiful flooring, lovely floor plan, even great schools.  But is the lot backing up to the train tracks or a 4 lane road with high traffic volume?  Is it on a main road that is destined to be widened?  There are a lot of things we can do to change or improve a home's condition.  We can even do significant landscaping to add privacy and curb appeal.  Recognize what you can change and what you can't before you invest in the property.
4. Are there environmental factors to consider? As indicated above, noise pollution can contribute to the fact that a property doesn't sell.  So do things like water treatment facilities, airports, landfills, wetlands, etc.  You can find the perfect home on the perfect lot but If it backs up to a waste management facility, your summers may be spent indoors because of noxious smells! 

These are just some of the most obvious points to remember when you are considering purchasing a "DEAL" in real estate.  Remember to use an agent who will give you 100% fiduciary duty and always put your interests first. 

Irene Morales Ward is an experienced and exceptional Realtor® representing clients in the Northern Virginia area since 2001.  Irene's expertise in the field of agency and fair and honest client representation is recognized by her past clients' testimonials and is the driving force that continues to inspire her to exceed her clients' expectations.

Irene Morales Ward, Northern Virginia Real Estate

Aquia Towne Center to get an Overhaul

I've been going to the Aquia Towne Center Movie Theatre for almost as long as it's been up!  Built in 1986, it was a wonderful addition to a growing area.  Sitting just outside the gates of the Aquia Harbour community, the Aquia Towne center, owned by Michigan-based Ramco-Gershenson Properties Trust, was a perfect addition for families looking for nearby entertainment.  Every summer, Regal Cinemas offered free children's movies to the public on Tuesday and Wednesday mornings.  I can't tell you how many movies we sat through.  It was a perfect escape - especially on swim meet days when the kids couldn't go in the pool until later in the afternoon.

Ramco-Gershenson plans to redo the Aquia Towne Shopping Center which has various one story shops and restaurants such as Big Lots, Minnieland, Achara Flowers and Gifts, Rite-Aid, as well as Northrup Grumman and much more.  In its place will be upscale office buildings, restaurants and shops, parking garages, as well as between 69 and 287 residential units with a maximum of 727,473 of commercial use.  The Aquia 10 Regal Cinema is expected to remain open until this coming June when plans for its demolition commence.  In its place will be a 14-screen, state-of-the-art theater which is digitally enhanced and will seat up to 2,500.

Understandably, while the "idea" seems ideal from a commercial perspective, area residents are less than enthusiastic about the consequences of such a proposal.  Most impacted by the proposal are the residents of bordering Aquia Harbour who have issue with the developers plans to try to access two additional entrances into the Town Center which will need Aquia Harbour HOA approval. 

Also, groups such as Stafford Citizens for a Sustainable Future (SCSF), a non-partisan group made of local Stafford citizens concerned about the county's growth, have strong concerns about traffic issues, among other things.  Currently, traffic at the intersection of Rt 1 and 610 sees significant traffic delays specifically at peak evening rush hour times.  VDOT's  impact study shows concerns about the future traffic generated as a result of the developer's proposal. 

Changes to the applicant's proposal which were to appear before the Stafford County Board of Supervisors on December 18th, were made on December 17th.  The changes were significantly different from the original proposal with regard to proffers paid by the developer (see page 7). 

In conclusion, while I welcome progress and would love to see Aquia Towne Center renovated to reflect a more modern and attractive shopping center, it is imperative that the county residents realize that with progress comes a price and traffic concerns are at the top of many Stafford commuters' minds.  Like most improvements in the county, it is my opinion that Stafford won't have a well thought out and financed infrastructure to accommodate this much anticipated renovation.

Irene Morales Ward, Northern Virginia Real Estate

It's Snowing In Stafford County!

I'm sitting here looking at how lovely everything looks right now - white and clean and so inviting.  I wonder how long it will last.  The snow has actually stopped and the forecast is for rain and sleet.  My poor 10 year old son is probably sitting in class right now staring out the window with longing eyes for an opportunity to get home before it all melts.  His brand new snowboard sits propped in his room - never before used. 

Stafford doesn't see very much snow accumulation during the winter.  Typically what begins as snow ends up as a slushy, wet mess.  Depending on what side of the county you're on, could also influence the amount of snow you get.  The eastern side of the county which borders the Potomac River, typically has higher air temperatures which effect how much of the white stuff we get and keep.  The western end, which borders Fauquier, may see more snow depending on which direction the precipitation is coming from.

For those parents sitting at work in DC or Northern Virginia with kids in school, a wonderful feature the Stafford County Schools has in place is the email notification system (available in most counties).  You may visit Stafford Schools or the School's Out web site to register for email and/or cell phone notifications.  Doing this ahead of time is imperative to have up to the minute information on your child's school's situation.

Irene Morales Ward, Northern Virginia Real Estate

Stafford County to Reassess Real Estate

In a report in the Stafford Sun by Jennifer Buske, Stafford's Commissioner of the Revenue, Scott Mayausky, sites that there has been a decrease in real estate assessments for the first time in 12 years and the county expects to see a decrease in revenue from real estate tax of about 4.5%. 

"The economy is not that great," Mayausky said, adding that the average assessment of Stafford County home is about $327,000, compared to $390,000 in 2006.

Reassessments of approximately 48,500 properties in Stafford county will be generated mid to end of February.  These reassessments may reflect negative changes by as much as 15 to 20 percent.  It is important to note that while many may see a decrease, some may actually see an increase.

To determine property values, the county sends five assessors out to visit about 10 percent of Stafford's residential and commercial properties, Mayausky said. The process stretches over two years, beginning the moment after one cycle is complete.

Stafford residents may appeal their reassessment notices using this form no later than March 31, 2008 (county web site still shows last year's form with a date of March 15, 2007) or by calling 540-658-4125.  According to the Commissioner of the Revenue's office, the new appeals form will not be available online until assessments are completed and mailed out which may not be until late February or early March. 

The reassessments are not an accurate reflection of your tax bill.  The tax rate will likely increase somewhat to make up for some of the loss in revenue that a budget adjustment cannot achieve alone.  The real estate tax is currently set at $.70 per $100 assessed value.  The County Board of Supervisors set the personal and real estate tax, not the county commissioner. 

The new tax rate will be set in April with tax bills going out in May and due June 5^th.  The bill will reflect the 1st half taxes due with another subsequent billing for the 2nd half sent later in October/November and due December 5th.

Irene Morales Ward, Northern Virginia Real Estate