As this economy continues to spiral out of control and other stock market giants buy huge static corporations like Bear Stearns and record number of bankruptcies of small and medium sized business are being filed. Consumer debt and spending has reached well into the billion dollar mark and the resounding woes of the housing crisis continues to flood the airways, it is easy to become overwhelmed. However, there is light hovering at the end of the tunnel. In the Washington Area, one of the wealthiest in the nation, housing prices although not plummeting have stabilized allowing many would be renters to cash in as First Time Home Buyers.The correction of the real estate market has led to a series of wonderful changes allowing for affordable housing. FHA loan limits have risen from their traditional 362,000 to well over 729,750 in high cost area, homeowners are now allowed to give 6% closing help through the help of the Ameridream and other seller down payment assistance programs. Fannie Mae and Freddie Mac the institutions utilized to back conventional mortgages raised conventional conforming loans limits and houses are in much better condition than in times past with homeowners willing to do any and all necessary repairs (cosmetic and non cosmetic) in order to attract area buyers. Foreclosures are on the rise and not just for the savvy investor but are popping up all over our multiple listing service, giving homeowners and edge in getting a bargain in the market. This is a good time purchase real estate.  Across the region, the median cost of housing is down especially in Loudoun and Prince William Counties. These two counties saw phenomenal amounts of growth during our real estate boom of 2000 to 2005 and now are leading the area in foreclosure crisis. As the tide on the housing market takes shape many wonder, have we hit the bottom. They may wait it out to get the best deal. Remember that just like with the stock market or any investment when you think you are seeing the bottom it probably has already occurred and the best deals are gone.  The MRE Group would like to thank you for your continued support, and we hope to continue to remain your trusted choice in real estate and mortgage services. As always, if you have any home-related questions, or hear that any family, friends, or neighbors are interested in moving do not hesitate to contact us by phone or email. Thank You.
 

What, the MRE Group is in the News? 

Recently the Natalie Dean of the MRE Group had the wonderful privilege of helping one of the Real Estate staff writers of the Washington Informer. They wrote an interesting article on the benefits of performing a home inspection. You can read more on this story at the Washington Informer, pg 14. 

MRE Group Book of the Month Club 

In the February issue of the MRE Group newsletter, we promised to begin a book of the month club. We practice avid reading here at the Group and encourage it in all of our clients. Knowledge creates power, which in turn can stimulate growth and ultimately financial freedom. This month our book is recommend to us by our own Leslie Vinson, mortgage guru and spirited entrepreneur. The book, The Millionaire Next Door written by Thomas J. Stanley and William D. Danko, is a national best seller "that is changing people's lives and increasing their net worth".  Later in April, we will have a discussion on this book on our online blog.

Natalie Dean, Real Estate Consultant