You should be out looking for a house. ;-)

However, if not, check out the Sugarloaf craft festival at the Montgomery County Fairgrounds.

Here's a link to the website for info:

http://www.sugarloafcrafts.com/

I've gone to this show many times. Most of my art and gifts come from here. I only had a couple of free hours yesterday and could have used a couple more. I'm not sure I've ever seen quite this many artists there and lots of good stuff. The additional good news is that many of the vendors I spoke to said business had been good over the weekend. Another sign that people are starting to feel better about things. Anyway, some incredible art. Beautiful needlework pictures (not your Grandma's needlework....no offense Grandma) photography, jewelry and pottery. I bought a few holiday presents and some closing gifts.

Have fun!

FHA insured loans have zoomed up to 30% market share.

According to the Washington Post this morning an independent study found FHA insurance fund reserves are below mandated minimums. In order to bring reserves up to the minimum requirement there are several options the FHA might consider....higher downpayments, larger up front insurance charges, stricter standards and charges for low credit scores etc.

If you are an FHA buyer the time to secure your loan may be right now. Of course you'll need a home purchase contract to do that. So....go buy a house.

Well, the votes are in for Arlington's favorite businesses. When new people come into the area and ask about restaurants, The Lost Dog Cafe is always on my list of recommendations....apparently it's on other people's list too. I feel just a bit smug in that the N. Arlington location is walking distance to my house. This award may make the wait a little longer. Thank goodness they've expanded and added a new restaurant in South Arlington. The list of all the winners is below. I have been to almost all of these places and it's one of the reasons I love this area.

Also, the Lebanese Taverna, and the Thai restaurant in the same area are also excellent (IMHO).

Here are the all the results for the 2009 Abbie winners:

Arlington,Va has a very vibrant art and culture community.

Here's are a few examples:

There will be a "Fabulous Night of Tango" brought to you by National Chamber Ensemble at the Rosslyn Spectrum. 1611 N. Kent St. Tickets are available from $25.00

IMAGE/PROJECT AT THE ARLINGTON ARTS CENTER
November 20 - January 16, 2010
Opening Reception:   Friday, Nov. 20. 6 - 9 pm
3550 Wilson Boulevard, Arlington, VA 22201     703-248-6800

AAC's national juried show of photo and video work reflects the ways in which contemporary artists tend to approach photography and video: some  view photography as either a means for documenting or presenting cross-disciplinary projects, others as a tool for enquiry into the ways we perceive and live in the world.  Works were chosen by Guggenheim fellow and internationally recognized artist Taryn Simon.    

If you would like to get on the email list for regular updates on cultural events, click the link below and subscribe to the newsletter:

https://www.arlingtonva.us/subscriptions/subscribe.asp

Some months are good....some a little less. October 2009's numbers for 22205 were lower than 2008. These statistics come from the multiple listing system so they will not reflect any transactions that were not done through the MLS.

Total Sold Volume:

2008- $10,122,550

2009- $5,786,800

Change of (42.83%)

Average Sold price:

2008-$674,837

2009-$642,978

Change of (4.72%)

Median Sold price:

2008 $615,000

2009- $650,000

Total Units Sold

2008- 15

2009- 9

Average Days on Market

2008-42

2009-56

List price for solds:

2008- $722,823

2009- $680,078

One interesting note is that none of the properties sold had FHA buyers. One was cash, one was assumption, and seven were conventional. The price of homes in our zip code may be a bit of a stretch for alot of first time buyers many of whom are using FHA loans (very low down payments and forgiving of non-stellar credit) to purchase properties.

Lots of information has already been put out there about the extension on the first time buyer credit and the new $6500.00 for non-new buyers.

Questions still keep getting asked though so here are a few take aways:

For first time buyers, the tax credit is up to 10% of the purcharse price of the home up to $8000.00. Most of my buyers in the area I work in... Arlington,Va. Mclean,Va. Falls Church,Va, and Alexandria,Va will get the full credit based on the price of housing here. A first time buyer can have now have up to $125,000 in income and a married couple $225,000 to qualify for the credit. The income limits to qualify have increased under the extension. This is particulary important in the Northern Virgina market where there the cost of housing is high but so are the incomes (relative to other areas). If you earn between $145,000 or $245,000 resectively you'll qualify for some credit. After that you no longer qualify. If you keep the property for three years the credit does not have to be repaid. Under the extension homes under $800,000 qualify for the credit.

You must have a binding contract by April 30, 2010 and close by July 1, 2010.

For current home owners, if you've lived in your home for five years and you sell and purchase a new home under the same conditions outlined above, you'll qualify for A $6500.00 tax credit.

There's nothing but good news in here. With the extraordinarily low interest rates and these credits, plus realistic income limits for the Northern Virginia area, this should keep moving the housing market right along. Now we just need some new inventory to sell to excited buyers.

It's a great time to sell your home.

Jane Jensen

http://www.realvirginiahomes.com

Received this story from a friend. Thought it was funny and also a lesson in "working the system"

THE ITALIAN TOMATO GARDEN

An old Italian man lived alone in the country. He wanted to dig his
tomato garden, but it was very hard work as the ground was hard. His
only son, Vincent, who used to help him, was in prison. The old man
wrote a letter to his son and described his predicament

Dear Vincent,
I am feeling pretty bad because it looks like I won't be able to plant
my tomato garden this year. I'm just getting too old to be digging up a
gar den plot. I know if you were here my troubles would be over. I know
you would be happy to dig the plot for me.
Love, Dad

A few days later he received a letter from his son.

Dear Dad,
Don't dig up that garden. That's where I buried the bodies.
Love, Vinnie

At 4 a.m. the next morning, FBI agents
and local police arrived and dug up the entire area without finding any
bodies. They apologized to the old man and left. That same day the
old man received another letter from his son.

Dear Dad,
Go ahead and plant the tomatoes now. That's the best I could do under
the circumstances.
Love you,
Vinnie
Ciao

Well, I had my settlement last week on my first foreclosure transaction. I represented the buyer. I'm happy to say that things went pretty smootly. Lots of moving parts and lots of interaction with people you never see in real life but everyone in this case was pretty responsive.

I had heard so many horror stories that I went in with some trepidation but now that I have one under the belt and have seen how things can go when everyone stays on top of things, I ready for the next.

http://www.realvirginiahomes.com

There was a good article in the Washington Post Magazine this weekend about buying real estate. It followed a couple buying their first home. They were tense but realized this may be the bottom or at least it's close.

February was an extraordinarily busy month for me. A new condo listing I put on had four contracts within days, I ratified my first foreclosure sale (representing a buyer), ratified a $1M+ home and ratified another contract for a buyer. Tons of open house traffic too.

It's not just me either. I looked at the ratified contracts board in our office and they were running out of room to post new sales. Phew. What does this mean? I think it means things are starting to come together. The new tax credit that doesn't have to be paid back is motivating folks, interest rates are great, FHA is providing a great option for first time buyers, the high end sellers have come down enough so buyers aren't so tense and the foreclosures are too good to pass up.

Go buy a house.

Here's a link to an article about the new $8000.00 first time buyer credit.

Important notes are that you don't have to pay this one back, but you must buy before the end of 2009.

There are income caps so if you make over $75,000 as a single or $150,000 as a couple you'll need to consult a tax advisor. Good idea to do this anyway.

http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html