Archive for the 'Local Real Esate Sales Numbers & Things' Category
Great First Step Mr. President: Here’s 3 More Things You Can Do.
February 19th, 2009 Categories: Buyers, Local Real Esate Sales Numbers & Things, Mortgages & Loans, Real Estate News, Sellers
Yesterday, President Obama announced his first step to stop the hemorrhaging of the housing market. It’s a good first step. (For the full speech, click here) After eight years of leaders who were throwing money at a problem, by either lowering interest rates or giving cash to bankers, a plan that has some real action is welcomed. This new approach is going to take a little getting used to. But bring it on.
One thing this plan isn’t going to do it save everyone. As it should be. The public is suffering from bail-out overload. The general public doesn’t want to help someone they think caused the problem in the first place. So before you pass judgment, read the goal of President Obama’s actions.
Why This Plan Will Help
If you bought a home after 2005 & possible 2004 after this year is out, you are upside down on your mortgage- meaning that you owe more on your mortgage than you can sell your house for if you were to put it up for sale. So– if you have a 3–1, 5–1 or 7–1 ARM– it will be almost impossible for you to refinance your mortgage if your short term interest rate is getting ready to mature. This plan will help you.
It’s aimed at people who are current on their mortgage, lost value in their home & need to refinance.
There are other parts of President Obama’s plan, but guidelines will be issues in early March- so stay tuned for what happens next.
Why This Plan Won’t Solve Everyone’s Problems
The plan is not targeted to people who who invested in a risky market & lost; or, to people who have jumbo loans outside the FHA limits. Many people aren’t going to get a free ride when they find out the limits on any loan adjustments they are offered.
This is a complicated problem & everyone isn’t going to like the results. We have to focus on solutions that make sense in the long term while curbing the short term crisis.
Foreclosures & short sales aren’t going to evaporate from the market overnight. We drove up housing prices to a place where the average buyer couldn’t afford to buy their first home. We had artificial housing prices driven by artificial mortgages. We have taken the artificial mortgages off the market. We are experiencing a free market that is adjusting the artificial housing prices. I worry that in our attempt to stop the foreclosure madness, housing prices won’t fall back to an affordable level for average people. The president’s plan may get to that affordable level– but at a slower rate. This plan won’t have any impact in the market for at least another 6 months. It won’t be until next year until the real estate market gets back on its feet. Will this program be the catalyst? I hope so.
Now that President Obama has taken the first step to stabilize the housing market, there are 3 more things he can do to advance the housing market for some marginal growth during the next four years. Keep in mind– the actions that President Obama has taken over his first month in office were to stabilize an economy in a free fall; his next step is to introduce policies at advance that economy.
Three Steps President Obama Can Take To Advance The Housing Market
As someone who works in this housing market everyday– I see first hand the issues people who are trying to buy a new home face. These are not people who are trying to game the market, or expect buy a new home & have 40% equity in their home in 3 years. These are regular people who are first time buyers, people who need more space because they are recently married or have increased their family size. While the rest of the world is in crisis– there are people around us who are just trying to live their lives.
A few years ago, these same people could have gotten a mortgage with little or no money down; they have good jobs & therefore were & still are good risks; they could sell their current smaller home to buy a larger one. Now the rules of the game have changed & they need some direction on how to play it. So these are my ideas.
1. Make It Easier For People To Buy Short Sale & Foreclosed Homes
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This Just In: VA Supreme Court To Northern Virginia: No New Taxes!!
February 29th, 2008 Categories: Around Arlington County, Local Real Esate Sales Numbers & Things, Outside The Beltway, Sellers
Today the Virginia Supreme Court ruled that the Northern Virginia Transportation Authority is unconstitutional. You can read the entire decision here.
The NVTA was created by the Virginia General Assembly earlier this year, to levy taxes for Northern Virginia transportation projects. I wrote about these increases in more detail back on July.
In an unanimous opinion, the court said that legislators improperly delegated taxing powers to the unelected members of the NVTA.
This decisions affects the recent increase in the grantors/transfer tax homeowners pay when they sell their homes, in addition to some other taxes that were increased in in January to help pay for the $300 million needed in bonds to finance planned transportation projects.
Itâ
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Arlington County Plans to Raise Your Property Tax: Time To Have Your Say
February 27th, 2008 Categories: Around Arlington County, Local Real Esate Sales Numbers & Things, Sellers
Mark your calendars for public hearing at the county.
WHEN: March 27, 2008 (Budget) March 29, 2008 (Tax rate)
TIME: 7 PM, scheduled (could be sooner if other agenda items end quickly)
WHERE: Room 307 #1 Courthouse Plaza, 2100 Clarendon BLVD.
What Are The Countyâ
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Is America Depressed?
January 23rd, 2008 Categories: Local Real Esate Sales Numbers & Things, Mortgages & Loans
I turned on the
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5 Reasons Why Bankers Should Never Sell Real Estate
January 8th, 2008 Categories: Buyers, Local Real Esate Sales Numbers & Things, Mortgages & Loans
The first week of 2008 has come and gone and I find myself busy with work. Which surprises me because itâ
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3Q07 Arlington Sales: 1,831 Reasons Why Arlington Beats the National Trend
November 20th, 2007 Categories: Around Arlington County, Ballston, Buyers, Clarendon, Columbia Pike, Courthouse, Crystal City, East Falls Church, Local Real Esate Sales Numbers & Things, Nauck, Pentagon City, Real Estate News, Rossyln, Sellers, Shirlington, Virginia Square
I havenâ
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Let’s Take a Real Look At Interest Rates
November 13th, 2007 Categories: Buyers, Local Real Esate Sales Numbers & Things, Mortgages & Loans, Real Estate News
A few days ago I wrote a post on the history of interest rates over the last 30 years. I talked about trends and fluctuations. The chart from that post showed the trends in mortgage interest rates over the past 30 years have been in a steady decline and are now leveling of.
While itâ
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You May Qualify To Save $600 on Your Arlington County Property Taxes
July 25th, 2007 Categories: Around Arlington County, Local Real Esate Sales Numbers & Things, Real Estate News
The Arlington County Board is continuing its Grant Programs for another year- saving certain property owners some money on their annual property taxes. There are two different programs and you may qualify for either one but not both.
With the recent raise in property taxes over the past 5 years, this is a great program for those who qualify.
The Homeowner Grant Program
The Homeowner Grant Program provides a $600 grant plus $75 for each dependent if you qualify. Homeowners are eligible if:
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- Combined household income does not exceed $77,407
- Assets do not exceed $340,000 (doe not include your home & retirement accounts)
- All owners reside in the home as their sole residence, and
- They own and live in their Arlington home as of December 31st 2006.
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The Tax grant is not automatic and you have to apply by filing an application by DECEMBER 31, 2007.
The Real Estate Tax Relief Program
The Real Estate Tax Relief Program reduces or eliminates payment of real estate taxes for homeowners who are 65 or older or permanently disabled. Homeowners may qualify if:
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All homeowners (excluding spouse) are 65 or older or permanently disabled
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Household income does not exceed $95,515
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Assets do not exceed $540,000 (doe not include your home)
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All owners reside in the home as their sole residence, and
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They own and live in their Arlington home as of December 31st, 1006.
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The tax relief is also not automatic and you must apply by filing an application by AUGUST 15, 2007.
For more information, you can contact Arlingtonâ
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Selling Your Home in Virginia Is Going To Get More Expensive
July 16th, 2007 Categories: Commuting, Local Real Esate Sales Numbers & Things, Real Estate News, Sellers
Last week the Northern Virginia Transportation Authority (NVTA) voted to increase seven taxes in Northern Virginia to raise $300 million in tax revenues for local transportation projects.
The most important tax for residents selling their home is an increase in the Grantorâ
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