Folks are now seeing many short sales close in less time than in the past, banks are working with agents more effectively and in a more timely manner, why you ask?

Banks Net More Money on a Short Sale

RealtyTrac’s latest data tells us that a short sale sells at approximately a 10% discount. A foreclosure sells at approximately a 35% discount. Obviously, the bank will net more by agreeing to short sale than they would by bringing the home to foreclosure.

Housewire today, Nov. 29th has an article titled, "CitiMortgage paying borrowers $12,000 after a short sale"   "CitiMortgage said the percentage of troubled loans that now go to short sale route have quadrupled (4% to 16%) in the last two years.

And in a separate article, Bank of America reported they completed over 95,000 short sales in 2010 which more than doubles the number in 2009. BofA also reported that they completed more short sales than it sold previously foreclosed homes every month for the last year and a half. Last month (May), BofA completed roughly 9,000 short sales compared to 7,000 foreclosures sold.

Bottom Line

There are many advantages to a short sale over a foreclosure for the seller (they get to plan their move, there is less embarrassment with friends and neighbors, the negative impact on their future ability to purchase is much less severe). Luckily, it now seems that the banks also think it is in their best interest to pursue a short sale

Today, my short sale closing at Kinvarra Place was the buyers' dream home!  The price was right and the home shows wonderful amenities which they are getting for a steal.  Take a tour here.

Another great home in Purcellville at 953 Devonshire Circle which just had a price adjustment and is perfect for Purchasers who love to entertain on a grand scale... Take a look at this 4,000+ swq. ft home with 5 bedrooms and 4.5 baths. Priced at $429,000.  it is waiting for YOU!

One of the things I often hear from people I meet is that real estate and mortgage professionals should have seen the current housing crisis coming and done something to prevent it. We should have realized that easing lending practices would lead to millions of families buying a home they could never afford. We should have warned our neighbors not to use their homes as ATMs. We should have realized that the economy could never withstand such growth and was about to crash.

Maybe these people are correct. Looking back, perhaps we could have been better stewards of the home buying process. We are committed to not making that same mistake again. Keep in mind, Real Estate is a great investment, it was never meant to be short term.

Fear

13,780 Homes Sold Yesterday
To all those who have declared the real estate market dead, we want you to know that over 13,780 houses sold yesterday, 13,780 will sell today and 13,780 will sell tomorrow.

That is the average number of homes that sell each and every day in this country according to the National Association of Realtors’ (NAR) latest Existing Home Sales Report. NAR reported that sales had increased 7.7% over the month before and 18.6% over the year before. According to the report, annualized sales now stand at 5.03 million. Divide that number by 365 (days in a year) and we can see that, on average, well over 13,000 homes sell every day.

We realize that these numbers are below the record for homes sold in 2006. We also know that we may never see those numbers again (and that is probably a good thing). But to say that the current real estate market is dead or that houses are not selling is totally inaccurate. We have over 13,000 pieces of evidence to prove that.

I’d like to share a few visuals to help you with understanding where we are today.

What you can expect to see

Let’s look at the return on an investment in real estate verses other investments, none of which you can enjoy and use unless it is a home!

Also, keep in mind interests rates are around 4%. What happens if they go up ( and we know they will, it is just a matter of time.)
Today, the prices homes have fallen nationally to a level of 2003 home prices.

 Here in Northern Virginia, home prices have stabilized and have even gone up in most areas.

Sales Price in 2003                           vs. Now

Rents have gone up and will  continue to do so!

      Rent or Own?                                       

Do you agree with the majority of folks who still think home ownership is a great investment?

John Scully wrote, "The future belongs to those who see possibilities before they become obvious."

That is how Rugers de Vink must have thought when he saw the countryside and foothills at Delaplane, Virginia.  After my visit and tour of RVD Vineyards, I realize we all must keep our dreams alive and not underestimate their power.                        

                                     "McDonald's founder, Ray Kroc, pictured his empire long before it existed, and he saw how to get there. He invented the company motto — 'Quality, service, cleanliness and value' — and kept repeating it to employees for the rest of his life!"

A few friends and I thought the Labor Day weekend should be spent tasting some good wine. We decided to head to Delaplane to visit a not so well-known vineyard. We never imagined the tour would be the highlight of our weekend.    

Don't miss my Youtube Video at RDV Vineyards.  When you decide to take a tour at RDV, please say hello to Alexandra. 

She will be returning to France after spending several months here as an intern.  Why, you might ask would someone come to Virignia when they have some of the most outstanding vineyards in all the world at their front door?  I will let her tell you her reasons.  Please enjoy the Video and let me know what you think of this vineyard. 

Rdv Vineyards began with the vision of Rutger de Vink in Bordeaux and culminated in the foothills of Virginia.  Glimpse inside of this soon to be great vineyard, make your way out to Delaplane, and taste the sensational wine here at Rdv.  Our tour ended with a tasting of Friends and Family; however most of us purchased Rdv or Rendezvous                      .

Feel free to look around on MY YOUTUBE Channel.  I love feedback!

   I love The Patch, their reporting and stores are perfect for someone like me who needs information fast.  Check out Leesburg Patch, Ashburn Patch, Herndon Patch, and Reston Patch,  and Chantilly Patch just for starters.

I found this tidbit of information there and something I felt I needed to be shared.  Business seems to be booming and our local real estate market has less than 4 months of inventory.  Buyers in certain price-ranges are feeling a little frustrated since they are up against multiple contracts and not in a great position to bargain.  My listngs have sold on average in less than 27 days so my sellers are extremely pleased to be able to move on with their lives.

As Long & Foster's Relocation Specialist, I find many folks moving here from out- of-state. sticker shock does occur and the fact that our market is not like their home town makes them a little on edge when they first arrive and begin looking.  Our rental market is even worse, no inventory there, either!

LEESBURG PATCH posted this article recently, very promising!!!

"Towns include: Leesburg
Job growth (2000-2010): 75.3%

With one of the nation's highest concentrations of high-tech firms, Loudoun County has been dubbed the "Silicon Valley of the East." Anchoring one end of the Dulles Technology Corridor, the area is home to marquee names like Verizon Business, AOL and Verisign.

The region was once little more than farmland and bedroom communities for D.C.-area professionals. Now it's home to more than 9,000 firms employing more than 130,000 people, and business continues to grow. Chalk that expansion up to a decades-long effort by local leaders to beef up infrastructure. Its proximity to the nation's capital, the Pentagon and Dulles International Airport doesn't hurt either.

You don't have to work in government or high tech to find new opportunities here. Mil-Tek, a company in the recycling industry, recently moved its headquarters to the area, and is expected to bring in 200 jobs. Moving company JK Moving Services is expanding to add 140 jobs."

By the way, Leesburg was also voted as the number 4 top small towns to live, reported by Money Magazine. Check this out! 

MONEY MAGAZINE

I felt the need to repost this article I read in Keeping Matter Current.  The opportunity to present my Listing Presentation to a seller, who like so many sellers want to over-price their homes, led me to this article.

   Please Listen, Mr. Seller!

Posted By Ken H. Johnson On July 20, 2011 In For Sellers,Pricing

The Research 

Are there any negative effects from changing the listing price of a property?  This question haunts Brokers/Agents as well as sellers of property every day.  At present, there does not seem to be a consensus answer to this question within the professional real estate community.  Fortunately, this question was scientifically investigated by John R. Knight. Unfortunately, few know the results of Professor Knight’s research.

In Knight, the impact of changing a property’s listing price is investigated.  Additionally, the types of property that are most likely to experience a price change are also estimated.  The findings from this research indicate that, on average, properties which experience a listing price change take longer to sell and suffer a price discount greater than similar properties.  Furthermore, bigger price changes are found to experience even longer marketing times and greater price discounts.  Finally, as for which properties are most likely to experience a price change, Knight finds that the greater the initial markup; the higher the likelihood that any given property will experience a listing price change. 

Implications for Practice

Sellers as well as Brokers/Agents should therefore be aware of the critical necessity of getting the price correct from the start.  Sellers wanting to over list will ultimately take longer to sell and will sell their property for less, on average, according to Knight.  Brokers/Agents’ desire to take a listing and get the price right later will ultimately lead to their working harder according to Knight, and they are not doing their sellers any favors.  Thus, an initial and detailed analysis of the proper price is much more critical than many originally thought.  

"Interestingly, I have found in my own research that the direction (up or down) of the listing price change does not matter.  A listing price increase and decrease both lead to similar results found in Knight’s work – longer marketing times and lower prices.  Therefore, get the price right from the beginning.  It is best for all."

Now, let's price that $1,200,000 Home at the right price-$900,000 range and get it sold, otherwise, the ball keeps rolling and you can never be ahead!

I make every attempt to build relationships with not only my clients and business associates, but also those who are family and friends.  Yes, I use text messaging, Facebook, Twitter, and other social media, but like we all know, nothing replaces the old fashion way of relating to people- face to face communication!

Friday, I set at the front desk at our Long & Foster office on phone duty.  Yes, we still do this and yes, I have gotten many new clients by just taking a 2 hour shift at the desk.  I learn by all these experiences, how to answer a phone, and establish a rapport with someone who just wants to get information, no need for other help.  I learn to connect on a very basic level, something many of the younger generation is not learning very well.

Our communication process is in constant change as it has been through the centuries.  I am reminded of this when I read some old letters of past relatives.  They did not have a phone, a car, or other speedy ways to see each other; they relied on the written word to maintain friendships.

Today, we rely on technology to keep us in touch with one another.  However, we must understand that now more than ever, we must remember to remain human when we use all this stuff to further our relationships. That smiling icon     is not a substitute for a real smile; hearing the non-verbal parts of our speech communication like tone, body language, and inflection can never substituted.  We are more than the sum of our messages.  I recall my children asking me to speak to their friends gently when discussing things over the phone.  I realize even my speech can come across to them as sounding like scolding.  My facial expressions would show I am showing concern, not anger.

So think about this next time you send an email, text message, or any type of communication process, there is and never will be any substitute to FACE-TO -FACE TIME. While much has been done to improve speed of service, quality still remains uniquely human.

You will not want to miss showing this home, it has some of the best features and is located in Potomac Crossing.  Access to Potomac Crossing was once unbearable simply because you had to use Rt. 15 North.  Soon to open, Battlefield Parkway will take you directly from Rt. 7 and drop you right into Potomac Station, what a breeze this will be.

Take a look at my Virtual Tour and send to anyone who is looking to purchase in this area.  Yes, we are a short sale, but don't let that stop you!  Professionally Negotiated, Maria Paloma at RGS has made the short sale experience easy and stress free.

Media Room and Lower Level Wet Bar, just what you have always wanted!

Big Screen and Seating areas, just like the big guys!

Kitchen to die for, Fireplace, Plantation Shudders, Expansive Deck and Patio for outside entertaining!

I'd love to show you this property or any others which will meet your needs. This home is Priced To Sell!

Call me now, 703-618-1218

ThisSpotsForYou.com

NEWS YOU CAN USE! If you're not ready to get off the fence, think twice, and read this!

Great information once again provided by The KCM Crew on July 5, 2011 ·

We have reached the midway point of the year. Today, we want to look back over the first six months and give you what we believe were the five items that have had the biggest impact on the real estate industry so far this year.

The Government Wants Out of the Mortgage Business

From the original outline of the Dodd-Frank regulations to the talk of closing Fannie Mae and Freddie Mac to the proposed Quality Residential Mortgage (QRM) guidelines, the government has made it very clear that they want to dramatically limit their involvement in the mortgage industry. What will come of this? Will private industry step up and fill the void created? What will be the increased cost to the consumer? Only time will tell.

Despite Early Headlines, Sales are Increasing

Headlines earlier in the year announced the total collapse of the housing market. To those in the know, it was obvious that comparing sales numbers in the first four months of this year to the same period last year made absolutely no sense. The largest tax credit ever given to home buyers expired on April 30, 2010. Large numbers of transactions were dragged forward last year so buyers could take advantage of the credit. Pending home sales (transactions going into contract) on the other hand have done quite nicely and many institutions (ex. Fannie Mae, Freddie Mac, NAR and Moody's Analytics) are projecting good sales numbers throughout the rest of the year.

Amid Warnings of a ‘Double-Dip', Prices Began to Stabilize

Prices continued to retreat for the first few months of the year and brought the bears out. Some called for another major fall in prices (15-20%) and almost all recalculated their projections to show continued depreciation. Just as these new projections were made available, some pricing indices announced that values actually increased (though by a rather minimal percentage). Again, those with the best understanding of the market were quick to explain...

Foreclosures Were Delayed Longer Than Originally Projected

Distressed properties (foreclosures and short sales) have a major impact on the values of all properties in an area. Because of paperwork challenges, the flow of these properties to the market was virtually shut off. At the beginning of the year, most experts believed the banks would correct these challenges by the end of the first quarter. That didn't happen and therefore many of these properties were delayed coming to the market. This is a major reason why prices seemed to recover: there were fewer discounted properties available for sale. Most now believe that the banks are within 60-90 days of releasing this inventory and that prices will again begin to soften.

Main Stream Media Begins to Announce "Now Is the Time to Buy!"

With prices and interest rates at historic lows and the chance that mortgages will become more costly as the private sector steps in, many in the main stream media are announcing that buying a home now makes sense. In the last 45 days, the Wall Street Journal, Forbes Magazine, National Public Radio (NPR) and CBS Money Watch have all ran articles calling for the readership to consider buying now!

A tree-lined lane leads to this Stunning Brick Colonial with Timeless Elegance. Views are incrediable! Nature surrounds you on this nearly 12 acre property!

Take a Virtual Tour to see the entire property.

I have several clients who just remodeled their bathrooms and kitchens.  Before doing anything, I suggested they look at some websites and search for some new ideas to possibly do to green their home. No, I did not suggest avocado green for their appliances, but green as in "eco-friendly."

    Let's get thinking GREEN!

So, what can you do to "Green" your Kitchen? The GoodLife Team wrote a wonderful article about this very topic.  I just had to pass it on!  Thanks to The Goodlife Team for helping to keep us in the loop and greening our country!

"There are actually quite a few ways to be kind to the environment without sacrificing aesthetics or comfort. Take a look at a few ideas from www.kitchenremodeling.net.

1. Energy-efficient Appliances. Today, you can find energy-efficient models for all of your kitchen appliances. Look for the http://www.energystar.gov rating or other certified efficient choices. Also, look for rebates as this may enable you to purchase a more expensive energy-efficient model for a similar net price as a less-efficient version.
2. Energy-efficient Lighting. Look for ways to increase the natural light into your kitchen in order to cut down on electricity requirements. When you choose your lighting, keep in mind that compact florecents (CFLs) use a fraction of the electricity as incandescent bulbs. Although they are more expensive, they are advertised to last 8 times as long and cut down on your utility bills. http://en.wikipedia.org/wiki/Compact_fluorescent_lamp
3. Green Cabinets. No, we are not talking color here. Today, there are many cabinet choices made out of renewable resources and recycled materials. Look for LEED-certified construction and consider FSC-certified woods, NAUF plywoods, or bamboo as a few choices. And, use low VOC glues, adhesives and finishes in order to have non-toxic cabinetry that optimizes indoor air quality. Here is a local company committed to green: http://www.houseandearth.com/blog/eco-friendly-green-cabinetry-everything-you-want-out-cabinetry-just-healthier
4. Green Products. Don't sacrifice design and modern style for sustainability. Today's green products are being designed with aesthetics in mind. Green products may include: bamboo, cork, concrete, recycled glass tiles, plant-based carpet, recycled patterned linoleum. Cork is a fun choice for flooring today: http://www.corkfloor.com/. Oh, and don't forget to keep those green products sparkling with non-toxic, green cleaners.
5. Non-toxic Materials. Use hypo-allergenic materials that are not toxic and will therefore not harm the indoor air quality of your home. Look for low-toxicity finishes and water or plant-based adhesives and finishes that avoid synthetic formaldehyde resins. Choose paints that have low-VOC or no-VOC (volatile organic compounds).
6. Green Contractors. This is key. Choose a contractor who is as passionate and committed to green as you are. Choosing a contractor that is not familiar with Green Construction will thwart your best intentions. "

I will be happy to give you the names of contractors who are part of my Home Service Connection Team!

Look for me on Facebook Loudoun Real Estate Spots!