Agent 3000

New Rental in Mt. Vernon Square

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Thu, 17 Sep 2009 09:32:04 -0500

Shari Walker | Long & Foster Realtors | 202-731-1594

453 M Street NW, Washington, DC

1 BEDROOM BASEMENT APT. WALKABLE TO MT. VERNON SQ. METRO

1BR/1BA Apartment

$1,200/month

Bedrooms	1
Bathrooms	1 full, 0 partial
Sq Footage	Unspecified
Parking	None
Pet Policy	No pets
Deposit	$1,200

DESCRIPTION

Cozy 1 bedroom basement apartment with updated kitchen, SS appliances, stackable W/D, tile floors, built-in bookshelves, and spacious bath. Walk to Mt. Vernon Metro, Convention Center, and nightlife on New York Ave/China Town. No smokers/no pets. Section 8 applicants welcome.

see additional photos below

RENTAL FEATURES

- Air conditioning	- Central heat	- Tile floor
- Living room	- Dishwasher	- Refrigerator
- Stove/Oven	- Stainless steel appliances	- Washer
- Dryer	- Laundry area - inside

LEASE TERMS

12 month lease with $1,200 security deposit, $40 application fee per person, and first month's rent due at lease signing.

ADDITIONAL PHOTOS

Exterior	Kitchen
Stackable Washer/Dryer	Living Room
Bathroom	Bedroom

Contact info:

Shari Walker

Long & Foster Realtors

202-731-1594

Equal Opportunity Housing

Posted: Sep 17, 2009, 6:05am PDT

SOLD by Shari Walker

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 14 Sep 2009 10:38:47 -0500

Shari Walker | Long & Foster Realtors | 202-731-1594

213 S. King Street, Leesburg, VA

JUST SOLD! COMMERCIAL PROPERTY IN HISTORIC DOWNTOWN LEESBURG

Retail/Commercial

offered at $274,900

Year Built	1900
Sq Footage	Unspecified
Floors	2
Parking	Uncovered spaces
Lot Size	.1 acres
Maint	$0 per month

DESCRIPTION

Large, commercially-zoned property in historic downtown Leesburg, VA. Hardwood floors throughout and five parking spaces in back.

see additional photos below

PROPERTY FEATURES

- Central A/C

- Family Room

- Attic

- Central Heat

- Living Room

- Yard

- Hardwood Floors

- Dining Room

LOCATION FEATURES

- Historic downtown Leesburg, walkable to shops

ADDITIONAL PHOTOS

Photo 1

Contact info:

Shari Walker

Long & Foster Realtors

202-731-1594

For sale by agent/broker

Equal Opportunity Housing

Posted: Sep 14, 2009, 7:31am PDT

Bank-Owned Properties & The FHA Buyer

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 14 Sep 2009 10:09:14 -0500

Most of my first-time home buyers are using FHA financing, taking advantage of the 3.5% down payment and attempting to close in time to receive the $8,000 federal first time home buyer tax credit (which is available until 11/30). They have heard it is a buyer's market and a great time to buy. While it is definitely a great time to buy, we are beginning to see situations we haven't seen since the housing boom. Many of the homes I am showing to them in their price range are bank owned homes, due to the prevalence of foreclosures in the suburbs (I am finding this mostly in Reston/Fairfax/Alexandria). I am finding that the listing agents of these properties are intentionally drastically under-pricing these homes in order to create interest. Within 2 days of being on the market, these homes are receiving as many as 35 bids (the highest number I have encountered thus-far). Though my buyers are offering list price - and oftentimes far above list price - they are not being considered by the banks because they are using FHA financing. The banks are taking lower offer prices over risker financing. So, even though an investor may offer $15,000 less than my clients, if he can pay cash, he is winning the bid.

If you are looking to buy a home, keep in mind that while it is a great time to buy, you should be prepared to compete for the choice houses and the best-priced houses. In competing, remember that cash is always king, followed by conventional financing with a significant down payment. FHA is tricker because the buyers are being approved with a lower measurement of risk and the homes they are purchasing must meet higher standards. FHA also has an open-ended appraisal contingency that extends the entire period from contract to closing. This leaves the seller vulnerable to the contract falling apart with little recourse to them. The stronger your financial position, the stronger your offer.

Texas Contractor Builds Affordable Homes Out of Trash

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 14 Sep 2009 09:41:25 -0500

Dan Phillips of Huntsville, Texas, began his construction company in 1997 with a plan to provide low income citizens with affordable housing. Like many, he found the solution of mobile homes as affordable housing an unattractive backdrop to any town. Realizing that landfills are full of unused building materials and scraps, he came up with a new plan: building afforable homes out of trash. He has created beautiful, rustic tree houses that any homeowner could be proud of with cork floors made out of salvaged wine corks, wood-burning stoves recycled from old ships, roofs made of leftover picture frames, and counters made of slices of orange wood. These homes are creative works of art which are low in cost and friendly to the environment. This is the ultimate in green living! Mr. Phillips requires all recipients of his homes to assist him with the construction. They learn all about the inner workings of their new homes and have a sense of pride and ownership upon their completion. But what I want to know is: when is he coming to DC to build me a trash house?!

Check out the original New York Times article and slideshow here:

http://www.nytimes.com/2009/09/03/garden/03recycle.html

LONG AND FOSTER HAS HIGHER MARKET SHARE IN DC THAN NEXT 3 BROKERS COMBINED!

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Thu, 03 Sep 2009 11:28:59 -0500

LONG AND FOSTER HAS HIGHER MARKET SHARE IN DC THAN NEXT 3 BROKERS COMBINED!

Long and Foster 28.21%

Coldwell Banker 11.25%

Washington Fine Properties 8.34%

Remax 8.28%

Tutt, Taylor, Rankin (Sotheby's) 7.44%

These percentages represent $$ volume of sales CLOSED in DC for July '09.

Statistics based on MRIS compiled by Data Concepts.

JUST SOLD! 4 BEDROOM RESTON TOWNHOUSE

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 30 Jun 2009 11:15:48 -0500

Shari Walker | Long & Foster Realtors | 202-731-1594

11402 Links Drive, Reston, VA

JUST SOLD! CHARMING RESTON TOWNHOUSE IN GOLF COMMUNITY

4BR/3.5BA Townhouse

offered at $349,900

Year Built	1968
Sq Footage	2,225
Bedrooms	4
Bathrooms	3 full, 1 partial
Floors	3
Parking	1 Covered spaces
Lot Size	1,779 sqft
HOA/Maint	$91 per month

DESCRIPTION

Spacious and sunny 4 bedroom townhouse located in the heart of all the community ammenities that Reston has to offer.

see additional photos below

PROPERTY FEATURES

• Central A/C	• Central heat	• High/Vaulted ceiling
• Walk-in closet	• Hardwood floor	• Family room
• Dining room	• Dishwasher	• Refrigerator
• Stove/Oven	• Microwave	• Washer
• Dryer	• Laundry area - garage	• Balcony, Deck, or Patio

COMMUNITY FEATURES

• Covered parking

• Swimming pool(s)

• Golf course

ADDITIONAL PHOTOS

Photo 1	Photo 2
Photo 3

Contact info:

Shari Walker

Long & Foster Realtors

202-731-1594

For sale by agent/broker

Equal Opportunity Housing

Posted: Jun 30, 2009, 8:10am PDT

Sales Statistics For Foxhall & Glover Park - May 2009

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 16 Jun 2009 14:57:55 -0500

MAY 2009 SALES

3925 Davis Place NW, #B-6

Studio/60 DOM

CLOSE PRICE: $207,000

$207,000

2655 41st Street NW, #B-3

1 BR/1 BA/43 DOM

CLOSE PRICE: $208,000

$214,900

4100 W Street NW, #410

1 BR/1 BA/103 DOM

CLOSE PRICE: $226,500

$229,500

4100 W Street NW, #415

1 BR/1 BA/67 DOM

CLOSE PRICE: $239,500

$239,500

2400 41st Street NW, #515

1 BR/1 BA/317 DOM

CLOSE PRICE: $260,000

$284,500

2725 39th Street NW, #409

1 BR/1 BA/4 DOM

CLOSE PRICE: $289,900

$289,900

2325 42nd Street NW, #409

2 BR/1 BA/133 DOM

CLOSE PRICE: $335,000

$360,000

4009 Davis Place NW, #201

2 BR/2 BA/34 DOM

CLOSE PRICE: $470,000

$489,000

1613 44th Street NW

3 BR/2 BA/8 DOM

CLOSE PRICE: $595,000

$595,000

4440 Reservoir Road NW

3 BR/2 BA/30 DOM

CLOSE PRICE: $600,000

$615,000

4416 Volta Place NW

3 BR/1 FB/1 HB/13 DOM

CLOSE PRICE: $668,000

$689,000

1705 Surrey Lane NW

4 BR/2 BA/141 DOM

CLOSE PRICE: $692,000

$705,000

2312 39th Street NW

4 BR/3 BA/3 DOM

CLOSE PRICE: $779,000

$779,000

4465 Greenwich Parkway NW

4 BR/2 BA/12 DOM

CLOSE PRICE: $790,000

$799,000

3538 W Place NW

4 BR/2 BA/9 DOM

CLOSE PRICE: $789,000

$799,990

Proposed Bill Would Raise Tax Credit to $15,000

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 16 Jun 2009 14:35:17 -0500

A bill was introduced to the Senate on June 10th by Georgian Republican Johnny Isakson and co-sponsored by Senate Banking Committe Chairman and Democrat Chris Dodd which would raise the current federal first time homebuyer tax credit from $8,000 to $15,000. It would also eliminate many of the current restrictions. It would eliminate the income caps of $75,000 for single purchasers and $150,000 for couples, would apply to ALL purchasers (even if they had owned a home within the past 3 years), and would extend the purchase deadline from December 1 of 2009 to a year from the date the bill passes into law. Additionally, it would allow purchasers to split the credit between two tax years if so desired. It would also extend to multi-family residences, provided they are the primary residence of the borrower. This additional credit would not be retroactive to purchases made before the bill becomes law. This bill has received bi-partisan support from lawmakers, as well as The National Association of Realtors and The Business Roundtable.

This is great news for potential buyers who are not QUITE ready to purchase yet - perhaps you are saving up your down payment, cleaning up your credit, or trying to increase your income - but are hoping that the great incentives don't pass you by in the meantime.

Washington is Thriving!

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 23 Feb 2009 09:20:23 -0600

This is a great article illustrating the projected economic growth expected in the Washington DC Metro area over the next few years thanks to the federal government when other major cites are seeing a decline:

http://news.yahoo.com/s/bw/20090220/bs_bw/feb2009db20090219655989

U.S. mortgage rates drop toward record low

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 23 Feb 2009 08:52:01 -0600

NEW YORK (Reuters) - Interest rates on standard U.S. 30-year mortgages dropped in the latest week to levels just shy of record lows as concerns of a deepening recession boosted the appeal of fixed-rate investments, Freddie Mac said on Thursday.

The average fixed 30-year mortgage rate declined to 5.04 percent in the week ending Thursday, from 5.16 percent in the previous period, Freddie Mac said in a statement. That was close to the 4.96 percent reached in mid-January, which was the lowest rate since Freddie Mac began its survey in 1971.

Yields on benchmark 10-year U.S. Treasury notes, which influence rates lenders offer to consumers, dropped as low as 2.65 percent this week from 2.99 percent in early February after bearish economic reports. Forecasts from the Federal Reserve for slower growth added to the negative tone, Frank Nothaft, Freddie Mac's chief economist, said in the statement.

"Mortgage rates followed bond yields lower this week as recent economic reports suggest the economy is still slowing, which reduces the future threat of inflation," Nothaft said.

Applications for U.S. home mortgages soared last week, nearing the levels last seen as rates dropped in early January, the Mortgage Bankers Association said on Wednesday. The 30-year rate as measured by the MBA fell to 4.99 percent in the week ending February 13.

Mortgage rates averaged the lowest in the northeastern U.S., at 4.92 percent, according to Freddie Mac's survey. Rates averaged the highest in the southwest, at 5.14 percent, it said.

All rates in the survey are based on up-front payments of about 0.7 percentage point of loan principal to the lenders

100% Financing Available for Veterans

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 06 Jan 2009 08:54:16 -0600

Our mortgage parnter, Prosperity Mortgage, is now offering 100% financing for veteran's up to $625,500!!!! For sales prices over $625,500 the downpayment is 25% of the amount over $625,500. Provide us with a certificate of eligibility from the Department of Veterans Affairs for this fantastic loan program! Call me today for all of the details.

Rates Drop to 5.47%

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 15 Dec 2008 08:57:48 -0600

Mortgage rates hit 4 1/2 year low.

Freddie says 30-year mortgage rates dropped to 5.47% this week, continuing to fall since the Nov. 25 Fed decision to buy $500B in mortgage-backed securities.

New FREE Service Available - Voice Pad

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 15 Dec 2008 08:33:43 -0600

I wanted to let you know that I am rolling out a brand new, innovative service for my friends, family, and clients called Voice Pad. It is a FREE service available to you anytime - 24 hours a day, 7 days a week, and it allows you to instantly obtain information on any property on the market. It works like this: should you be out driving around and see a home - ANY HOME - for sale and want to know more about it, Voice Pad allows you to call ONE number, enter the address, and immediately access the property's sales price, bedrooms, bathrooms, square footage, features, estimated mortgage payments, etc.

This service is available to you as part of my Client Appreciation Program, whether you are in the market to purchase a home now, or you are just curious about a new listing in your own neighborhood. If you are driving past a condo building and want to know whether there are any units for sale in the building and the price (many buildings do not allow the posting of FOR SALE signs), you can call this service, enter the street address, and find out what is available in that building immediately. If you want further information, you can be connected to me by pressing one key. Voice Pad also follows up by sending you an email with information on any listing that you call on, so that you have a written record of the properties that caught your eye.

If you would be interested in having perpetual access to this service, please send me an email at shari.walker@longandfoster.com with your cellular phone number(s) and your email address. I will register you and send you the phone number you would call. You can keep this number stored in your cell or in your car, and call it whenever you are curious about a property listed with any brokerage in the DC metro area (including MD and VA).

I hope this is a useful benefit to you, and I look forward to adding you to it! Have a wonderful day!

Warm Regards,

Shari Walker

Real Estate Potentially Set to Rally

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 01 Dec 2008 11:40:25 -0600

The Nov. 25 announcement of a Federal Reserve commitment to purchase $600 billion of mortgage-related debt from Fannie Mae, Freddie Mac and the Federal Home Loan Banks put immediate downward pressure on U.S. mortgage rates. Bankrate Inc. reports that average interest on 30-year fixed loans dropped to about 5.5 percent on the news, falling from 6.38 percent at the start of the day. According to Bankrate's Holden Lewis, the slide represented the biggest one-day decline in at least seven years. The lower borrowing costs will especially benefit homeowners who still have enough equity to refinance, said Quicken Loans chief economist Bob Walters, who noted that, "I've been trading mortgages for 20 years and you don't see many days when one thing moves rates like this. You'll see a pickup in demand for housing."

Georgetown Statistics

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 24 Nov 2008 12:25:52 -0600

Here are some stats for Georgetown. You will notice that we currently have more active listings than any other broker. Also, that in the past 6 months, we and Washington Fine Properties have each been on the Buyer's side of 16 of the settled sales.

Active Listings - Fee Simple and Condo/Coop: Total 137

LNG - 33

WFP - 25 ( 6 are in one project, so adding all 6 makes the total 30)

CBRB - 20 (10 are in one project, so adding all 10 makes the total 29)

TTRS - 18

Past 6 months Fee Simple Sold (Settled) in Georgetown:

Selling Broker Listing Broker

LNG 16 12

WFP 16 26

CBRB 6 8

TTRS 7 4

Going under contract in Georgetown since June:

Jun 9

Jul 16

Aug 10

Sep 9

Oct 8

Nov (to date) 4

In all of DC, coming under Contract:

Fee Simple 08 Fee Simple 07 Condo/Coop 08 Condo/Coop 07

Nov 5-12 60 66 40 60

Nov 13-19 69 68 56 73

DC Waives Taxes on Inauguration Rentals

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 24 Nov 2008 12:22:52 -0600

D.C. Government Relaxes Some Tax Laws for Inauguration Rentals
The D.C. Office of Tax and Revenue will suspend its sales tax on property rentals to transients for residents who want to rent their apartments or homes to out-of-towners for the inauguration.

The city usually assesses a 14.5 percent tax when a person rents property for fewer than 90 days, but the tax office said the fee will not apply to one-time rentals for the inaugural.

New DC Property Tax Rates for 2009

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 24 Nov 2008 12:20:48 -0600

District of Columbia Tax Year 2009

Homestead Deduction

(§ 47-850 DC Code). A condition of eligibility for this program is that the applicant resides in the "owner-occupied property as [his or her] principal residence."

For purposes of levying the real property tax during a tax year, the Mayor shall deduct $64,000 from the estimated market value of real property which qualifies as a Homestead. Currently this deduction results in a savings of $544.00 annually.

Class 1 Property Tax Rate

Effective fiscal year 2009 (October 1, 2008 - September 30, 2009 and thereafter) the tax rate was reduced from $0.88 per $100 of taxable assessment to $0.85 per $100. This reduction for Class 1 property amounts to $30 per $100,000 of taxable assessment per year (i.e. a $150 savings per year from the 2007 for a property with a taxable assessment of $500,000). Below is a rate table for the different Classes of property in the District.

Class	Tax Rate per $100	Description
1	$0.85	Residential real property, including multifamily
2	$1.65 & $1.85	Commercial and industrial real property, including hotels and motels (portions of assessment < $3 million @ $1.65 & >$3million @ $1.85)
3	$10.00	Vacant real property

Owner-Occupant Tax Credit

The District of Columbia's effort to assess properties at market value, coupled with a surge in property values in the District, has caused the assessed value of many properties to increase dramatically in the last few years. In an effort to limit the dramatic increase in the taxable liability for owners, the District has imposed an "Assessment Cap Credit" (§ 47-864.01 DC Code). Currently, the "cap" effectively limits the increase on taxable liability for those eligible to 10% above the prior years taxable liability.

Eligibility requirements for the credit are as follows:

The property was not sold or transferred to a new owner in the previous tax year;
The dwelling is the owner's principal residence (an owner can receive a credit only on one property - the principal residence);
There was no change in the zoning classification requested by the owner, which resulted in an increased value of the property;
The previous assessment was not clearly erroneous;

There was no significant construction or rehabilitation to the property that caused at least a 10 percent increase in the value of the improvements.

Washington DC Not Funding HPAP in 2009

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 18 Nov 2008 18:42:41 -0600

Last Monday, November 10, the DC Council passed the “Fiscal Year 2009 Balanced Budget Request Emergency Act of 2008”. There were no public hearings on this legislation. The legislation passed unanimously by a vote of 13-0 with only Councilmember Marion Barry asking for a delay in the vote for public debate of the proposal.

This emergency legislation closed a projected $131 million shortfall in projected 2009 revenues by agreeing to cuts proposed by Mayor Fenty. The Council then went further by creating a $47 million revenue surplus for possible further budget revenue shortfalls that are expected when the CFO announces revised revenue estimates next month (December) and again early next year (February).

Unfortunately, the Council created that $47 million surplus by freezing program funding scheduled for fiscal year 2009, but not yet implemented. One of those programs was $11 million dollars in increased HPAP assistance slated for 2009, but not yet used. If the CFO’s revenue estimates in December or February show signs of improving the Council can unfreeze the $47 million in reserves and move the programs forward again.

GCAAR testified in favor of $19 million in increased this past spring when the 2009 fiscal year budget was debated and continued to express support for the HPAP program as recently as today in meetings with Councilmembers on other legislation. However, there are distinct challenges facing the re-implementation of HPAP funding.

First, the Council voted unanimously last week to freeze funding last week and there appears to be little appetite to debate the issue again before the CFO’s next revenue estimates. At the moment, there is no legislation to debate or discuss.

Second, GCAAR is in a challenging public policy situation. Many of those who are lobbying for more money for HPAP, the Housing Production Trust Fund and other “affordable housing” programs have also expressed their support for higher taxes or shown little to no interest in lowering taxes.

One glaring example of this on the Council is the Chairman of the Housing and Urban Affairs Committee, Councilmember Barry, who consistently advocates for both more money for affordable housing programs, like HPAP, and has voted to increase recordation and transfer taxes as high as 1.7%. Another often outspoken supporter of affordable housing for renters and tenants, Councilmember Graham, has already stated in the November 10 debate that the Council should begin looking for “revenue enhancements.”

Unfortunately, it is unclear when or if HPAP funding will be re-instituted. Ideally, it will be in December or February when the CFO revenue estimates give the Council more confidence and they vote to unfreeze the surplus revenues.

On Wednesday, GCAAR’s Public Policy Committee will meet and on Friday, GCAAR’s Board of Directors will meet. There is no doubt the HPAP issue will arise and a clearer vision moving forward will be formed.

Until then, I strongly encourage you to contact your DC Councilmembers (by phone, e-mailing, or attending the rally tomorrow) and expressing your concerns about HPAP and/or lower recordation and transfer taxes.

Tomorrow’s rally, sponsored by CNHED, the Fair Budget Coalition and the Affordable Housing Alliance, will begin at 9am on the steps of Wilson Building. A variety of interest groups, including advocates of HPAP, downtown homeless shelter advocates, tenant rights advocates, rent supplement advocates, Section 8 advocates, Housing Production Trust Fund advocates, and many more have been encouraged to attend. Unfortunately, at the moment, the only specific affordable housing piece of legislation on the Council’s agenda is B17-943, the Housing Trust Fund Stabilization Bill.

Open House Traffic Picking Up

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Mon, 10 Nov 2008 16:21:50 -0600

This past Sunday, I held open a very nice one bedroom, one bath condo in Cleveland Park at Vaughan Place at McLean Gardens, unit #522. It is not one of the renovated units, but it is very nice, has a gorgeous view from the balcony, and is about 750 square feet. The asking price has recently been lowered to $359,500. I noticed that since the election, open house traffic has been picking up. I had 10 groups come through in 3 hours, and most were very serious buyers. I get the impression buyers are starting to get their confidence back.

Existing Home Sales Rise

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 28 Oct 2008 08:41:33 -0500

Existing single-family home sales jumped 6.2% in September to its highest level in more than a year, according to figures released by the National Association of Realtors. NAR reported that sales of previously owned homes rose on a seasonally adjusted annual rate to 4.62 million units in September compared to 4.35 million the month before. It was the best showing since August 2007 when the rate averaged 4.79 million units. Single-family sales have been bouncing between 4.25 million and 4.5 million units all year. NAR chief economist Lawrence Yun considers September's breakout to be encouraging because traditional buyers are returning to the market. "The current market is not being dominated by speculative investors," he said. "Rather, 80% of current buyers are purchasing primary residences, which is a bit higher than historic norms." Despite the jump, there is a 9.4 month supply of homes on the market. Foreclosures and short sales continue to make up 35% to 40% of sale transactions and continue to put downward pressure on prices. The median sales price of single-family homes was $190,600 in September, down 8.6% from the same month last year.

10 Things Going RIGHT With the Economy

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 28 Oct 2008 08:36:55 -0500

(SOURCE: KIPLINGER.COM- Oct. 23, 2008)

"Gloomy" is the word most often used these days by Americans when polled about their future. According to Kiplinger.com newsletter quoting a most recent ABC News poll "a record 90% of registered voters say the country is seriously off on the wrong track."

TAKE HEART AMONGST ALL THE BAD NEWS. Kiplingers has come up with 10 things going right these days and I thought I'd share....

1) Oil loses its swagger. Oil prices have dropped 50% in just 3 months from $147 a barrel in July to the $70 range. Remember $80-$100 fillups at the pump? Now the national average for a gallon of gas hovers around or below the $3 range. Heating oil and natural gas is headed lower too.

2) Innovation in the auto industry. After years of just hype and talk, the major auto makers are now "furiously developing hybrid and alternative fuel vehicles that could lessen our dependence on foreign oil sources." There are also unheard of incentives for the gas-fired models as well. That SUV or truck you've always wanted has never been more affordable off the lot!

3) Interest rates are low and predicted to go lower. While I cannot vouch for that statement definitively, the folks at Kiplingers Finance and Kiplingers forecasting note that the prime rate is currently 4.5%. Rates for the 30 year fixed mortgage has been averaging 6.5% but trending lower not far from the hisoric low of 5.8% reached in 2003-05 and 1963-65. Credit card companies, while reining in personal spending limits, are also dropping rates. Check out LowCards.com which tracks 1,260 credit cards.

4) Homes are more affordable - Real Estate, which was overpriced during the housing bubble and the period of "irrational exhuberance" has returned to Earth. THIS IS GREAT NEWS FOR FIRST TIME HOME BUYERS!!! While we are approaching Halloween where scary stories abound, the scariest story for the lending industry portends of credit drying up, the reality is more a return to traditional lending standards. THIS MEANS YOU NEED A DOWN PAYMENT (STILL JUST 3% IN SOME CASES AS WITH FHA), SUFFICIENT ANNUAL INCOME, GOOD CREDIT AND A TOLERABLE LOAD OF DEBT. WHAT A CONCEPT!!!!

5) Your bank savings have NEVER BEEN SAFER. The recent rescue plan more than doubled the amount of federal deposit insurance on individual bank accounts to $250,000 from $100,000. Additionally, on October 14th our good ol' Uncle Sam has provided for unlimited FDIC insurance on non - interest bearing accounts. That will provide more coverage for the nation's small businesses which use these accounts.

6) Stocks are on sale and many bonds offer Terrific Yields. - I am not hawking any stocks or recommending that anyone begin buying stocks at all. But Kiplingers does make a good point that "the current bear market is approaching the 1973-74 and 2000-2002 downturns. The two worst retreats since WWII." That's the bad news. But the good news is that some blue chips are great buys. Triple-A rated tax-free bonds, an extraordinary safe investment, are paying 5% plus for 10 years and 6% for 20 years. "That's better than the Treasury right now." Again, I am quote Kiplingers.

7) Technological Innovation continues....PC's, Laptops, home theatre systems of top quality are now priced to sell. Giant leaps in hand held devices are revolutionizing the way people communicate, interact. Have you seen the new I-Phone from Apple? It's cool and affordable.

8) Prosperity in the Heartland - The fall harvest is shaping up to be one of the best ever - despite the destructive weather,storms and floods since last Spring. While food prices jumped sharply this year, the weak economy is now expected to at least "slow further price increases".

9) New Direction in Washington - Regardless of who wins the upcoming election, most certainly a new chief executive for the first 100 days will provide a new direction and sense of purpose for the country and hopefully "galvanize certainty for markets."

10) Shoppers can expect great gift buys this holiday season - Retailers look to the end of the year for robust sales to turn a profit. However for 2008, the National Federation of Retailers forecast holiday spending will increase only 2.2% up from last year. That won't even beat inflation. According to the prognosticators at DealNews.com (where every day is black Friday), there are deals to be had -especially in the computer arena - specifically on black Friday. Black Friday is the day after Thanksgiving and there will be deals on such things as PC's, cameras, laptops and more. Check out the site for their predictions on how low they think prices will go.

Warren Buffet Says, "Be Greedy"

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Fri, 24 Oct 2008 13:33:02 -0500

Warren Buffett's quote, "A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful" is such a great lesson. Housing is where most of the US recovery plan dollars are being spent. Even Warren Buffett is buying real estate companies right now. Read the story in this link http://twincities.bizjournals.com/twincities/stories/2008/10/06/story1.html

Taking the Pulse

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Wed, 22 Oct 2008 16:17:48 -0500

I am getting the impression that people have this building sense of anticipation for this November's elections and are hesitant to make any home buying or selling decisions until they know the outcome. We have an agent in the office whose buyer client said that they will buy a home in November - IF Barack Obama wins. If John McCain wins, they will continue renting. If you are a buyer or seller, how are you feeling? What is going through your minds right now? I know a lot of banks have gone under, but our bank Prosperity Mortgage (Wells Fargo) still has lots of mortgage money at still reasonable rates. What is keeping you from buying now? Agents, what are you hearing from your clients?

August Upper Bracket Sales Statistics

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 02 Sep 2008 15:08:31 -0500

Sales statistics for homes $1,000,000 and above in Washington, DC, for August 2008:

45 homes settled in the District for $1,000,000 or above in August. Of those 45 homes, the average sales price was $1,849,073 for an average home size of 4 bedrooms. The average property was on the market for 59 days.

The largest sale in the District for August was this beauty in Massachusetts Avenue Heights:

It closed at $6,000,000 for a 6 bedrooms and 6 1/2 bathrooms. It was listed for $6,995,000 and sold in 305 days.

Tax Credit?

Shari Walker (LICENSED IN DC, MD, & VA) (Long & Foster Realtors) — Tue, 02 Sep 2008 14:30:00 -0500

Now, back to business. Recently, Congress passed the Housing and Economic Stimulus Recovery Act of 2008. As part of this package, qualified first-time home buyers can receive a tax credit of up to $7,500 for purchasing a home this year. This is not merely an itemized deduction - it is a direct dollar-for-dollar reduction of your tax liability. Sounds awesome! And in some ways, it's a great tool and a step in the right direction.

However, what a lot of home buyers don't realize is that this is more like a loan. You do have to pay these funds back to the IRS beginning in the second year after you take the credit. So, if you take the credit in 2008, you will begin repaying the money in 2010. It is unclear how the IRS will go about collecting this debt, but it would likely be added to your 1040 tax liability in your repayment year. If you are unable to pay the debt back, you will be assessed penalties and interest on the unpaid funds. Interest is calculated at the Federal short-term rate, plus 3 percent. This debt will likely not be tied to your home, but rather to you, as a taxpayer, so it will not be a reduction of your profits when you sell your home.

So, I encourage you to make good use of this temporary tool, but realize the future ramifications on your tax liabilities! This is not FREE money, but it is an interest-free 2 year loan, and that's still pretty good in my book.