The Next Chapter of Your Life May Include the Word "Dream" In the Title

This morning, I got a little email "love" that made me feel all warm and fuzzy.

I sold a home for some neighbors here in Leesburg last spring.  Now they are building their dream home in SC.

I hate getting close to people just as they move out of the area....I miss them so.

But it is thrilling to be able to help launch people into the next chapter of their lives. Even better when the title of that chapter includes the word DREAM!

Congrats John & Claudia - have a fabulous 2011!

As for the rest of you reading this... are you ready to move to the next chapter of your life?  Maybe I can help.  Give me a call!

Vicky, Ofc: 703.669.3142
Keller Williams Realty, Leesburg

Because It Is The Thought That Counts!

I just received an email from a client.  I sold an investment home they owned a couple of months ago.  She sent me a lovely card with the kindest words and a gift certificate for dinner out with my family.  I sent an email wishing her and her family happy holidays, thanking her for the gift and card, and asked if she'd like to get together after the first of the year. 

In her response, she mentioned that she was still getting e-cards from her prior property manager..(they parted on less than ideal terms).... "it's nice to know we're still in this thoughts"... she commented sarcastically.  She's not fooled.  She knows that she's in an email list he has that he sends those things to... well, that his assistant sends them to.  He probably doesn't even know he is still sending those things to her.  He may not know he is sending them to anyone.

I look at these automatic email campaigns, and I know that some agents will get your business because they track your email and spam you to death, and I might miss out on your business because I don't.  But, you want to know why I don't?  Because, to me, it is the thought that counts.  Really.  When I send something to you, it is to YOU.  If you're a Facebook Friend my comments are general in nature.  If you have "Liked" my business on Facebook, I send out tips and tidbits there that are for the "likers"... and are general in nature.  But when I am calling you, emailing you, writing you... I am contacting YOU. 

My daughter once described my job to someone.  She said, "My mommy sells houses, helps people and makes new friends."  I love it.  I think all the time about putting that on a business card, but I don't want to cheapen the sentiment.  I do, however, try to approach my business like that EVERY DAY.

So, if you are a "substance over style" kind of person... If you're looking for a REALTOR that truly cares, maybe you should call me..... we might just get along really well.  But if you like mindless emails sent automatically by some server that doesn't have a clue if you are even a real person... well, shoot me an email.  I can provide a list of agents to you that can stick you in their ever precious database.

Vicky Chrisner

Keller Williams Realty

Leesburg, VA

703.669.3142

http://www.vickychrisner.com/

Painting the Town Red

Hey, there Lo Co Home Sellers! 

New in 2011, Keller Williams Realty will be painting Loudoun County RED once a month.

It is our plan to hold as many of our listings open on the same day each month as possible, literally painting the town(s) with our red signs.  Imagine the number of showings on your home when that many homes are held open on the same day!

Your home deserves to get the most attention as possible.  This is just one of MANY ways we work to do that.  Call me and find out more.

And friends, January is typically a strong month for real estate sales.  Our first "Paint the Town Red" day is January 9th.  Let's make sure your home is on the tour route that day.  Call me now.

Vicky Chrisner

Keller Williams Realty, Leesburg, VA
703.669.3142
http://www.vickychrisner.com/

A New Convenience for My Clients and Customers

I am very excited to announce that now my clients and customers will have the ability to approve contracts and other documents via email using DocuSign!  It can even be done on your phone!

No more juggling schedules to try to meet with the REALTOR, no more printing, signing, and faxing or scanning.  That's right!  Just review the information and click a few buttons.  Imagine selling your house without leaving your business meeting or your daughter's recital! 

Finally, a Loudoun County/Dulles Area REALTOR(R) that understands YOUR needs!

Vicky Chrisner
Keller Williams Realty
http://www.vickychrisner.com/
703.669.3142

At Home In Loudoun

Are you at home in Loudoun? I am, and it's a beautiful place to be! Maybe you'd like to join me, but haven’t made it to Lo Co yet?

I’d love to help you with your relocation – long distance or local – to Loudoun County, my home sweet home.. and hopefully soon to be yours.

Check out some of the open houses we’re having this weekend! Whether you’re looking for a Townhome in Sycamore Hill, or a Single Family Home in River Creek, or something in between, we’ve gotcha covered with 15 open houses this fabulous fall weekend.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-126835978-329

If none of these are quite what you had in mind… or if you’ve got other things to do this weekend, please contact me for a private tour!

Vicky Chrisner,

Keller Williams, Leesburg

703-669-3142

October 17th Open Houses in Lo Co

Just beginning your home search? Well, let me help you out. Real estate agents are holding homes open today all over Loudoun County. They'd love for you to stop in and say hi.

Below you'll find a link with the homes we're holding open today, with a variety of home styles and price points available for your choosing. Here, you can find anything from a 3 bedroom condo in Sterling priced at $215,000 to a gorgeous fice bedroom home in River Creek Land Bay overlooking the Potomac and the 15th hole priced at a little more than $1.3m.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-126305013-901

No matter what kind of home you're looking for, we've gotcha covered!  If you don't see something here that is just right for you, follow the link below to search the MLS for free... and call me for a personal tour!

http://www.vickychrisner.com/

Open Houses October 3rd in Loudoun County

Just beginning your home search?  Well, let me help you out.  Check out some of our open houses on October 3rd, 2010 in Loudoun County.  Just click on the link below!

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-124982188-309

And, please, if you're in the area, stop by and see me at 47037 Berwick Court in the Cascades area of Sterling, Virginia.  I'd love to meet you!

Can't find the home you're looking for?  Search the MLS for free at the web site below and call me for a personal tour!

http://www.vickychrisner.com/

REOs in 2010

In the Dulles/Loudoun areas, REOs remain part of our marketplace, although the number has dimished severely since 2008 when I last posted a series on REOS. 

As the market has changed; industry practices have evolved, and things are easier.  For that reason, I am updating and reposting information on REOs.

WHAT IS AN REO? REO means Real Estate Owned; the phrase is used interchangeably with "foreclosure" or "bank owned".  All of those terms mean it is a property that is owned by a financial institute generally after it has been foreclosed upon.

Now that you know what we're talking about, let's take a glimpse back into 2008.  If you were trying to buy a property in 2008, you were likely looking at an REO.... and this will give you an idea of what those buyers were finding in the marketplace:

The video is funny, but it doesn't feel nice when that buyer is you. 

The good news is that things have gotten better.  In the beginning, a few agents were handling all the REOs, and no one was used to having them in the marketplace, so everyone was inexperienced.  Now, there are less REOs in our marketplace, and there are many agents are handling the work load, and now they are experienced as are the bank reps (asset managers) handling the accounts for the banks.  Ahh.  Much better.

Check out these posts to see what's going on in the market place today.  It's MUCH quicker than the series done in 2008.

2:REOs in 2010:Fact vs. Fiction

3:REOs in 2010-The Great House Hunt-Looking Back

4:REOs in 2010-Making Your Offer

I hope this update will help you to know what to expect when you're navigating the ever changing marketplace.

=========================

Are you looking to buy a home in the Dulles or Loudoun Area?  Whether you're thinking of buying a bank owned home, a short sale, new construction, a custom home... it doesn't matter.  I have the experience that makes a difference.  Call me.  I can help!

Vicky Chrisner

Keller Williams

703-669-3142

http://www.vickychrisner.com/

4: REOs in 2010, Making Your Offer

REOs in 2010, Making Your Offer (Part 4 of a Series)

So you want to make an offer on a property that is bank owned?  Great.  Many things are the same as buying a traditional resale home.  And, there are a few differences.  Here are a few highlights!

IMPORTANCE OF A BUYERS AGENT:  A buyers agent is critical when you're buying an REO.  Here's the thing that people just don't understand:  A listing agent represents the seller.  A buyers agent represents YOU.  They tell you about options, help you access and interpret information, and guide you through the process.  A listing agent can be very nice to you as a buyers, even helpful.  It is very possible that the transaction will work out well for you and you will never know that you didn't get a very good deal or that you were taking high risks during the process.  Ignorance can truly be bliss.  But, you need to trust me on this, a good agent will bring huge value to your transaction for you in reduced risks and more money in your pocket.  And, there's no up side to NOT using a buyers agent. In most cases, listing agents prefer you have your own agent, as do the sellers and it will not save you any money, time or frustration by 'cutting out the middle man'. If banks didn't want a 'middle man' they wouldn't hire one, and actively seek out a second (buyers agent).

PRICE:  Banks are going to price similarly to traditional sellers, except without any emotion.  So they will be pricing where they honestly believe the property will sell.  This is not a game for them.  Within a few weeks to a month (depending on the market activity level), if they've had no other offers, they will be willing to consider a price lower than their asking price.  The longer the property is on the market without receiving offers and without adjusting the price, the more likely that they will consider a lower price. 

FINANCING:  No, you do not need to make a cash offer. However, banks do prefer cash offers and will sometimes even sell at a bit of a discount if there is no financing contingency.  How much discount?  Well that depends on how difficult they believe that property is to finance.  In 2008 loans were hard to get.  Now, money is flowing again, and creditworthy individuals with a downpayment are getting fiancing without too much difficulty.  Selling banks continue to dislike FHA or VA loans, but in some submarkets there is no way to avoid them. Some selling banks will even give "preference" to buyers using FHA or VA loans (believe me when I say there is a hidden agenda for this, it is not from the goodness of their heart), but it may benefit you and if you luck into that situation, enjoy!

DEADLINES AND TIMELINES:  In 2008, when I wrote about this, I talked to you about ridiculous behavior from banks-I wanted you to know what to expect.  But since then things have gotten better.  Banks respond much quicker, they are more reasonable, and the personnel involved have a reasonable work load and good systems.  In other words, they are no longer crazed lunatics, nor are their agents...generally speaking.  Every once in a while I bump into another crazy one (refer to the video in the first post of this series).  So, in this case, it doesn't hurt to understand what "used to the norm" in the marketplace.  To set some expectations for today's market, here are some quick tidbits:

-Especially if the home is a "fixer upper", but in any case where a property is priced really competitively, banks prefer to sell to people buying with cash.  You might think "yeah, right", but a lot of investors are buying with cash.  If the home you're looking for is a great deal, and a fixxer upper, then cash is certainly king and in many cases, the banks continue to sell at a discount to those buying with cash.  Not buying with cash?  Banks will look more favorably on offers with larger down payments, and those not asking for seller paid closing costs. 
-Expect the selling bank to require you sign their addendum which has language to protect them and sells the house "as is".  Read it and understand it.  Make sure you agree to the terms before you sign it. The terms may or may not be negotiable.  A buyer's agent that understands the marketplace can advise you.

-Despite buying a property "as is" you can usually do a home inspection.  Depending on the sub market and your contract, you may be able to ask for some limited home repairs based on the inspection - usually this will only be approved if it is likely to be a condition of your financing/appraisal, or something significant you would not have been able to anticipate when you wrote the offer originally.

-Banks do still take a bit longer to respond on some offers.  Consider padding the timelines in your offer, or make the timelines contingent on you receiving information from them (i.e. home inspection will be 10 days from ratification, financing contingency for 25 days from ratification, and closing 35 days from ratification) rather than building in specific dates.  This way, you steer clear of only getting 2 days to do your inspection.

-At least in Virginia, you do not have to use the seller's suggested title company.  You can, and might consider it if they are offering you a financial incentive to do so, but I do have a slight preference for using the title company your agent recommends.  That is only because your agent knows what to expect from them and there's an open line of communication so that if there are any "issues" your agent will know in advance and have an opportunity to solve the problem before it's a problem.  And, if they need a favor for you, your agent is more likely to get that favor from a company they regularly do business with.

A RATIFIED CONTRACT? 

Really?  You've ratified your contract?  It's so exciting!  You're well on your way to being a homeowner.  Once your contract is ratified, this becomes an almost "regular" transaction.  Just make sure you understand your contract, that the utilities are on before you go to do the home inspection, check and double check that you're on top of things and you can close on time, since many of these contracts have built in "per diem" penalty fees if you don't close on time.

Congratulations..... and good luck in your new home!

3: REOs in 2010, The Great House Hunt-Looking Back

The Great House Hunt-Looking Back (Part 3 of a Series)

In 2008 I wrote a post and told you that showing homes, particularly REOs was giving "House Hunting" a new meaning.  (Think Wild African Safari) 

I have stories about walking into pitch black basements which were missing the bottom stairs and flooded by about 12-18 inches of water; holes in rooves, animals in or outside the house (both abandoned pets or wild animals, dead or alive).  It was quite an adventure.

Here's the good news....it's a million times better.  Homes are not sitting on the market that long, especially bank owned homes.  Agents have a lighter work load and to keep their bank clients happy they are required to manage the properties well.  Banks are doing repairs on homes that need them.  Now, looking at REOs is not too different from looking at any other resales, and my profession feels good again. 

So, are you ready to go house hunting?  In 2010, I am happy to report, you can leave your rifle at home!

2: REOs in 2010, Fact vs. Fiction

REOS ARE ALWAYS A GREAT DEAL-Fact or Fiction?  (Part 2 of a Series)

In 2008, I told you that while they "should" be a great deal, the only properties that were selling were the "great deals" and the result is that foreclosures were the norm.  No one was buying properties for retail price, and so most of the sales in 2008 were REO purchases.  Were they a great deal?    I don't know, if a "great deal" is getting a better price then most people, no, they weren't a great deal.  If getting a great deal meant buying at or near the bottom of the market, then yes, maybe they were a great deal then.

Now, buyers are no longer blood hungry, they are again paying "retail" for homes (although retail today is much less than it was in 2006), as the marketplace has again redefined "value".  Value is not always the lowest price.  As a result, traditional sales and new home sales are again setting the market value in most sub-markets. 

Banks are now avoiding foreclosures if they can, and approving short sales.  So we simply don't see too many REOs in most submarkets.  When we do, they are available at a slightly discounted price compared to similar properties being sold as a traditional resale; but as I will talk about later, their condition is generally better than those we saw in 2008, so again, the value is comparable to a traditional sale.

BANKS DON'T WANT THE PROPERTIES, SO THEY'LL GIVE THEM AWAY-Fact or Fiction?

It's true... banks don't want to own actual real estate.  That is why they have finally figured out that it is in their best interest to approve a short sale before they foreclose on a property.  However, when they do foreclose, they now have a system and staff with a couple of years worth of experience under their belt.  The staff members are equipped with tools and procedures to help them sell the property for the highest possible price.  Again, like I said earlier, there may be a slight discount, but it depends on the submarket. 

Helping to determining Fair Market Value for any property you're considering buying, REO or not, is an important part of the role your buyer's agent will play in your purchase.  Don't be penny wise and pound foolish.  Pay for a good agent if you must.  They will save you far more than they cost you.

Keller Williams Ranks #1 in Customer Satisfaction

Keller Williams Realty takes it again: "Highest in Overall Satisfaction for Home Buyers Among National Full Service Real Estate Firms"... THREE years in a row!

Thanks, JD Power and Associates! 

Thinking of buying a home? If you'd like the right balance of competency, professionalism, integrity and personalized service, Keller Williams has an associate in your area!

Moving to the Dulles area (Northern Virginia...Fairfax/Loudoun counties)? I'd love to help!

Vicky Chrisner

703-669-3142

VChrisner@KW.com

Search for homes for free:

http://www.vickychrisner.com/


Click to see the full press release by Keller Williams Realty

Keller Williams Stomps Out the Competition (Again)

Ever wonder who the top brokerages are in your area?  How can you, as a comsumer, really know? 

Well... each month, our office pays for independently prepared reports that rank brokerage offices based on business volume (closed sales and listings). 

In late 2004 and early 2005, our Leesburg office was finally starting to make headway and was battling it out for the top brokerage in Leesburg.  Since about mid 2005, I don't remember a month that our office hasn't ranked #1 in Leesburg.

I don't mind giving up the top rank in the county to our sister office "Loudoun Gateway".  After all, they combined two offices (Sterling and Ashburn) to move to the new office space located between Sterling and Ashburn... and if you're combining two offices I would hope it would pull you to the top spot.  Our Leesburg office is second only to them.

Want to see the reports yourself... I have stored them on Google Docs and will give you access.  Click here to see the most recent reports.  And, if you're interested in seeing them as they come out, I try to post them on my recently launched personal Real Estate Facebook "fan" page....follow this link and "like" THE REAL ESTATE WHISPERER to keep up to date on new real estate related information.

Interested in enough to ask me what our secret is?  Give me a call!  Secrets are for sharing, and I am happy to share them with you!

Vicky Chrisner

Keller Williams

Leesburg, VA

703-669-3142

www.VickyChrisner.com

Update: Will the 'Closing' Deadline for the Home Buyer Tax Credit Be Extended?

A quick update:  National Association of REALTORS is putting pressure on the federal government to extend the closing deadline so that buyers who ratified a contract for a home purchase by April 30th, 2010 but who can not close by the current deadline (June 30th) can still receive the tax credit if they were otherwise qualified.  This measure passed the House today, and could go to the Senate for a vote as early as tomorrow.  Stay tuned for more information as this story develops.

New Laws about Alternative Septic Systems

There are new laws - "Emergency Laws" - in effect now in the state of Virginia which regulate the maintenance and legal operation of so called "alternative septic systems". 

Alternative septic systems are anything that are not "conventional" systems.  Some common types include: Advantex, Delta Whitewater, Puraflo, Eco-flow and Sandfilter.  If you have one of these types of system (available only for the past 20 years), then these laws DO apply to you. 

Under these new regulations, HOMEOWNERS:

• Must maintain an Operations and Maintenance Manual.
• Must maintain a relationship with a licensed operator.  In most cases this means that you have to have a service contract, unless you are or you directly employ a licensed operator.
• Assure that the licensed operator visits, collects samples and makes adjustments as needed for proper maintenance of system and to be in compliance with the regulations.
• Make these records available to anyone who purchases the property.

In addition, if you have an "alternative" system in Loudoun County, you are required to have have an annual "1067" inspection.  The inspector must be approved by Loudoun County to conduct such an inspection (see link below of approved inspectors). 

The costs of a maintenance contract and the various inspections vary depending on your system, but shouldn't be more than a few hundred dollars a year. In most cases it will still be less expensive than paying a public utility for sewage services.

A note about contractors:

Please note that all contractors are not equal.  In Virginia, there are separate licenses issued for installers and operators.  Although one may carry both licenses, not all do.  Further, Loudoun has specifically provided a list of approved inspectors to be in compliance with their law... approved inspectors may or may not also be licensed operators or installers.  Personally, I suggest one stop shopping... hire someone that is a licensed 1067 inspector, a licensed operator and even a licensed installer, in case you need a new tank or drainage lines.  In my opinion, this will usually offer more seamless service and overall better maintenance.  Companies that can offer you all relevant services may even offer you discounts on larger repairs that fall outside of the normal maintenance realm.  On local company that offers this "one stop shopping" with licensed operators and installers and are approved to conduct 1067 inspections for Loudoun, is http://www.ses-company.com/.

Additional References:

Virginia Health Department

List of Licensed Operators in Virginia

Loudoun's list of "approved" 1067 Inspectors

View your Septic Records Online (Loudoun Co only)

Real Estate News This Week

"As goes the real estate market, so goes the economy" - this is what economists say, and recent years have truly supported that sentiment.... in fact, if the real estate market in America collapses, so does the whole US economy...and then the global economy. 

So, no matter whether you're a property owner, buyer, seller, renter, investor, if you have stocks, a 401K or IRA or simply have a job-or want one... it makes sense for you to stay in tune with the major headlines impacting our real estate market.  Here's a quick glimpse of this week's headlines:

The Washington Post reported this week that mortgage rates officially hit their lowest point EVER, with the 30 year fixed offering rates as low as 4.69%!  (SEE ARTICLE) It may be time to refinance, or re-visit the idea of moving into a new home!  Be sure to contact me for all of your real estate needs, or for a referral to a trusted lender.  If you're already in the market, be sure to check out our earlier post listing open houses this weekend!   Also, if you're thinking about buying, you don't want to miss the post from earlier this week on the 4 Cs of lending - how lenders review your loan application and determine your creditworthiness.

Fannie Mae is cracking down on strategic defaulters...the message being:  If you need to get out of a mortgage, you need to be working with a REALTOR to do a short sale.  (SEE ARTICLE) Those choosing to walk away may have some surprises in store for them.  If you're in a situation where you think you need to consider a short sale or other alternatives, I might be able to help... VChrisner@KW.com.

Our federal government, at the urging of the National Association of REALTORS has been toying with the idea of extending that home buyer tax credit.  Even though I think that NAR is a great organization and does a lot of important work on Capital Hill, this is one movement I just can't support.  In any case, as of Friday, it has't passed... we'll have to see how this plays itself out.  The movement does have momentum.  Stay tuned.

HousingWatch.com is predicting a housing shortage by 2015 in the Washington DC region.  What do they think that means for pricing?  They think that means we'll be back to 2005 pricing... but most economists and local REALTORS don't agree with that blanket statement.  I don't.  But, check out their article anyway (CLICK HERE)

Forbes.com published a really cool "migration" map...showing the migration patters of...AMERICANS!  Click on your county and see where people are coming from and going to! (SEE MAP)

Are you thinking of selling?  Here are a couple things you might want to check out:
Order a Market Snapshot (works anywhere in Northern Virginia, but you do need to enter your address, some info about your home and your correct email) - a report showing nearby comparable homes that have sold and that are on the market will be sent to you, automatically, in minutes...and it will be updated monthly and sent to you.  (No bulk emails, promise!) 

Are you in Leesburg or Loudoun?  Check out the independently prepared and audited reports showing the top brokerages in the area... You probably guessed why I am posting it, of course my office is #1 - again - for the umpteenth time.  If you want to sell, hire the best. 
Call or email me today: 703-669-3142  VChrisner@KW.com

 * * * * * * * *

Information on these subjects and links to the source reports are available on the Facebook fan page for "The Real Estate Whisperer"-become a fan today to be among the first to here about breaking news. 

To schedule a time to discuss your personal real estate situation, contact me today:

Vicky Chrisner

Keller Williams, Leesburg

Ofc: 703-669-3142

VChrisner@KW.com

Open Houses the Weekend of June 26 & 27

Looking for a new home in Loudoun?
Check out any of these open houses this weekend!
(Prices starting at only $151,000!)


http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-115247265-571

Don't see a home that is for you?
Shop online and stop using real estate web sites with outdated information! Go to http://www.vickychrisner.com/  - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use.
Great houses, but weekends are so busy!
For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com !
Would LOVE to buy - if we could sell first!
Order an automated Market Snapshot HERE - and find out what houses the sales activity in your neighborhood is like!  Or EMAIL ME to set up a time for a personal consultation.  You want an agent that will get you exposure, right?  Call me.

Lo Co Sells Properties with Delinquent Real Estate Taxes

PUBLIC NOTICE:  Loudoun County is offering for sale properties with delinquent real estate taxes on Friday, July 23, 2010 at the Courthouse Steps.  If you'd like more information about how these auctions work, please feel free to send me an email or call me.

Vicky Chrisner

Keller Williams Realty

Ofc: 703-669-3142

VChrisner@KW.com

The Four Cs of Lending

If you've recently gotten engaged or married, you probably can recite the principles you learned about the "4-Cs" as it relates to diamonds... and yet, when it comes to learning about the "4-Cs of Lending", most people pay far too little attention.  Well, if you're thinking about refinancing or buying a new home, this post is for you....

The 4-Cs of Lending:

Capacity - Do you have the ability to pay back the loan?  Here lenders look at your income and debts.

Credit/Character - Do you have a record of paying back your other debts on time?  This is where your credit report comes into play.

Collateral - Whatcha got?  With mortgages and home loans, this is the house that you'll be using to secure the loan.  With a car loan, the car is your collateral; with a secured credit card, you may have money in the bank that is used as collateral - it is whatever you're promising to give the bank if you don't pay your loan back as agreed.  With home loans, lenders look at the condition and value of the property and it's use...and value to you.  Primary homes are better collateral to a lender than an investment property - let's face it, we're all more likely to pay for the "roof over our head" than a place that we own but never personally use.

Cash - Never under estimate the value of cash.  With home loans, lenders look not only at your "reserves" (the money you have available to you should you get into financial trouble), but also the equity you have in your home (if you're refinancing) or the amount of your downpayment (if you're buying).  They want to make sure you have "skin in the game" - that if you lose the home to foreclosure, you are losing your own cash, too.

Take a look at this great chart which shows how lenders review loan applications and see how you rate - JUST CLICK HERE.  This chart comes to us courtesy of:

Marc Aymard

Sales Manager; Mortgage Loan Officer

Bank of America Home Loans

2936 Chain Bridge Road, Ste 300

Oakton, VA 22124

703-728-1759 - Mobile

703-319-5672 - Office

866-923-5409 - Fax

marc.aymard@bankofamerica.com

Open Houses June 19 & 20

Looking for a new home in Loudoun? Check out any of these open houses this weekend!

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=6931961783&p=DE-114641294-564

Don't see a home that is for you?

Shop online and stop using real estate web sites with outdated information!  Go to http://www.vickychrisner.com/ - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use.

Great houses, but weekends are so busy!  For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com!

It's a Grand Old Flag! (Flags and HOAs - New Law)

The Virginia Homeowner Alliance wants you to know there is a new law in Virginia that provides further protection to assure your federally granted right to fly the American flag!  HOAs should pay attention!

"This law specifically gives Virginians who live in homeowners associations the right to fly the American flag in accordance with federal law. It also restricts the kinds of rules homeowners associations can enforce against flag displays. The rules are limited to size, placement, and duration of the display of the flag. If the association wants to enforce its rules against a homeowner, it must prove that the flag display harms its interests."

Happy Flag Day!

Open Houses The Weekend of June 12th & 13th

Looking for a new home in Loudoun?
Check out any of these open houses this weekend!

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=37253050636

Don't see a home that is for you? 
Shop online and stop using real estate web sites with outdated information!Go to http://www.vickychrisner.com/ - click on Home Search - this is a live link to the local Multiple Listing Service that real estate agents use. 

Great houses, but weekends are so busy!
For a personal tour of these or other homes on your schedule, contact Vicky Chrisner, Keller Williams 703-669-3142 VChrisner@KW.com!


And, if you're in the market to buy, be sure and check out our previous post on Mortgage Rates!

Mortgate Rates Reach For New All Time Lows!

If there's one thing we've all learned for sure, it's that we truly are in a Global economy.  Unrest, like the continuing financial problems in Europe, affect investor mentality across the world.  Here in the US, investors are looking toward US Treasury Bonds as safer investment options.  This pattern is sending mortgage rates lower and lower, with the 15 year fixed rate reaching 4.2% - a new all time low.  The 30 year rate is about 4.79%.  Some think it's possible rates could drop further, and perhaps bring the 30 year fixed to a new all time low (lowest on record for 30 year fixed is 4.71%).

For those thinking of buying, selling, or refinancing, here's what it means - borrowing money has never been so cheap.  Now is the time to do it. 

Refinance if you're in at a higher mortgage rate - why not make your home more affordable to live in? 

Buy - If you're thinking of buying, don't put it off.  You can afford more home now than you could a year ago.  For every 1% increase in your interest rate, you qualify to pay 10% less for a home.  Let's say today you have your eye on a home that is $500,000.  If rates increase 1%, and you want the same mortgage payment, you'll have to find a home that costs you no more than $450,000.

Sell - Values have been climbing recently, and buyers have buying power now.  It's a great time to sell.  If (perhaps we should say WHEN) rates increase, it could potentially put further downward pressure on prices for those sellers that really need to sell... and if that is not you, you could be in your home for a long while waiting to "ride out" the storm.  And, in case you're still in denial, we're not likely to see conditions like we did back in 2005, and if we do, it is not going to be anytime in the near future.

For a private consultation about buying or selling, please contact me directly:

http://www.vickychrisner.com/

703-669-3142

Loudoun's Open Houses this weekend.....

Check out these 17 open houses this weekend all around Loudoun....

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=36607833318


For a personalized open house list, please send me your search criteria (vchrisner@kw.com) and I am happy to provide it via email each week.

If you'd like to search for homes for sale online, use the Home Search option on my web site ~ it's a direct link to the MLS.

More interested in what the house next door is selling for?  Click here to order an automated market snapshot giving you details on the home sales in your area.

Call me for ALL your local real estate needs....

Vicky Chrisner

703-669-3142

VChrisner@kw.com

www.VickyChrisner.com

Bye Bye Tax Credit.... Now What?

Well, bye bye tax credit!  That's right, if you're waking up without a ratified contract for your new home this morning, you've missed the opportunity to take advantage of the federal home buyer tax credit.  As it turns out, it seems that buyers in the (local) market have been less focused on this than I'd have expected.  So, if you're a buyer in the market place, perhaps hoping to find less bidding wars in the market place now that it's May, you could be disappointed.  The buyers I have been working with have thought that the tax credit would be "nice" but it was not the underlying reason for their purchase decision.  I've not talked to a single buyer who would choose a home they didn't like or overpay for a home just to ensure that tax credit.  So, how will the market do in May?  Time will tell, but all signs point to a strengthening economy, local job growth, and an improving housing market....in other words, the bidding wars will continue.

Yes, I said improving housing market.  You read that right.  The more reports we see, the better the numbers look:

• 
  
  Washington Examiner: Area Housing Market Shows Signs of Rebound
• 
  
  Loudoun Times: Home Sales, Foreclosures Pick Up
• 
  
  Delta Associates Report/MRIS for the 1st quarter 
• 
  
  Northern Virginia Market Watch

But, better than reading someone else's opinion of the market reports, check them out for yourself.  Aprils reports begin to come out in 1-2 weeks (usually around the 10th of the month) after all the data has been compiled.  You can view the reports at: http://www.mris.com/reports/stats/index.cfm where you can run statistical reports for your zip code and for your county, commentaries begin to be published shortly thereafter.

My Two Cents: As my business has steadily been picking up since the snows melted,  I feel certain that the compiled data will show that my business is not an anomoly and that activity overall is high. 

While foreclosures and short sales continue to dominate some submarkets, I am seeing a dramatically notable return to "traditional" sales due to relocation and personal changes, and more new home sales.  I attribute this to homeowners finally getting "real" about their pricing; and buyers getting sick of the distress home sale market place.

The exception: The high end market.  It continues to be very slow.  We've not seen as many distress sales in this market segment because these homeowners typically have more financial cushion and can withstand financial losses for longer.  However, that won't continue forever, they are not immune.  The industry expects to soon see more distress sales in the high end market place, and with that, price corrections to rebalance activity levels.

My recommendations for the high end market: 

For sellers:  For sellers with a home in that "high end" market, the issue is price. Some homes in that segment are selling and if you want yours to be one of them, take a fresh look at your pricing strategy. Buyers are price, and more importantly value, sensitive. They want to make sure they are buying at a level where they will not lose more value in the next year. Be the first to correct your price~your comps aren't doing it yet, and so there is less competition and it is easier to look like the best value in the market place. Don't wait, you'll end up leaving even more money on the table, especially once you'll be forced to compete with distress sales... and trust me, those banks WILL sell the homes; they are not emotionally tied to the price or the house.  When the home next to yours is a trashed foreclosure, and is the only thing that has sold in your neighborhood in a year, it does not bode well for your home's value... and that is coming.

For buyers:  Look, look, and look again... and maybe even wait to buy.  As those sellers move from "wanting" to sell to "needing" to sell, their prices will come down.  Better values are on the horizon in the high end market place.

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Looking for a home? 

Check out these 17 Open Houses in Loudoun this weekend!

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For updates like this and more, 'like' "The Real Estate Whisperer" on Facebook; or contact me for a personal consultation about how all of this impacts YOU:

Vicky Chrisner

703-669-3142

VChrisner@KW.com

http://www.vickychrisner.com/

Weekly Real Estate Headlines (April 25)

Hello, fans!  Thanks for giving up a few minutes to scan through the real estate news from the week....

Most people know that this week included "Earth Day"; but we'll come back to that.  First, the non-Earth Day related real estate news....

Tick Tock, the deadline for taking advantage of those home buyer tax credits is quickly approaching... if you're looking for home, think strategically: "Snatch The Last Chance At The Tax Credit".

Also, buyers, enjoy this list of Open Houses in Loudoun this weekend (Rain or Shine): http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=36478860534

Does the brokerage matter? or just the agent? Check out this post for some food for thought: http://therealestatewhisperer.blogspot.com/2010/04/does-brokerage-matter.html

So, bank to the 'Earth Day' thing I mentioned earlier.  Why talk about that in a real estate blog?  Well, Earth Day is not about fairs and festivals (even though there are some great ones locally and I encourage you to check them out)... it is actually about (get this) REAL ESTATE.  

Earth Day = Protect the Environment = Protect Our Real Estate

You see, contaminated land has limited uses. Killing off of species of one kind or another in a particular area will impact the local eco system and the local economy... thus impacting real estate values.   Water quality is a huge issue in property values and suitability of land. So, as a REALTOR, this is something I care about a great deal....and I hope that you do, too.

Along that line, I'd like to encourage you to personally 'Take Five'... Join in the EPA initiative 'Take Five' and pledge to take five actions to help protect our environment.  It's easier than you'd think!

And, because (believe it or not) REALTOR Associations are constantly looking out for you, our REALTOR Take Action group wants to tell you about how NAR is protecting the rights of property owners by negotiating changes in the proposed bills for The Clean Energy and Security Act.

Without NAR looking out for you, onerous requirements such as a federal energy audits & energy efficiency labels may have been required on resale properties, the EPA may have been charged with regulating YOUR personal home!  Check out this article for more information. 

That's some real heavy stuff.. so I want to end on a light note (it is the weekend after all)....read on:

You may consider all this 'Earth Day'/environmental stuff mumbo jumbo... and I can respect that.   Besides, if we junk up this place, there are always other place to live, right?  Read this post and take a peak at the alternatives to living here, on Earth: "Mother Earth: Today Is Your Day".   

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Do you have real estate needs? 

If it is real estate related... I can help!

Vicky Chrisner

Ofc 703-669-3142

http://www.vickychrisner.com/

Snatching the last chance at the Tax Credit

Tick, Tock, Tick, Tock... a few of you are still trying to get into contracts by April 30th to lock in that magic home buyers tax credit.... but are you finding it's hard?  I bet you are.  Many price ranges in the Northern Virginia area are really, really competitive.  So, what are you going to do?

Well, my experience is that few buyers put in 'back up' contracts on houses they like....I guess they don't like being second best.  Fair enough, I guess.  But, in this case, if you're trying to lock in that tax credit, you might want to re-consider.

If you're in a ratified contract (make sure you know exactly what this means) by April 30th, and proceed to settlement by June 30th, and you otherwise qualify, then you should be able to get your tax credit. 

I am recommending that my buyer clients consider taking second position in a back up contract (carefully worded) for a home they would like to buy, and then continuing to look for something that is more readily available.  If you find something else, great, you can withdraw that 'back up' contract.  But, If something on that primary contract falls apart (and they do fall apart more often than sellers or agents would like), you'll be assured the opportunity to buy that home you liked before it is marketed again to the open public. 

Plus, if you ratify a back up contract by April 30th, and then the 'primary contract' falls apart in May, and you buy that house and settle by June 30th... guess what?  It may be the 'trick' that puts an extra few thousand dollars in your pocket. 

It is much better than saying to that listing agent "call me if something falls apart"... if it falls apart in May, and you didn't have a ratified contract in APRIL, you may have just left money on the table.

Be strategic all about all aspects of your real estate transaction, and make sure you've hired a buyers agent who is advising you of strategies to save you every penny possible. 

****

PLEASE NOTE: I am not a tax advisor, this is real estate advise and not tax advise.  Before relying on the information contained in this post, be sure to check with your professional tax advisor or CPA, or contact the IRS for confirmation.

****

Need real estate assistance? I can help!

Vicky Chrisner

http://www.vickychrisner.com/

Ofc: 703-669-3142

On Facebook: Look for "The Real Estate Whisperer"

Mother Earth: Today is Your Day!

Happy Earth Day!

Today serves as a reminder that our Earth is good to us, and we should be good to our planet.... She is, after all, "Mother Earth".

Sure, it's easy to abuse her without thinking... and she's slow to anger, but the signs are there.   You can only push a mother so far before she loses it... and some of us kids have noticed a change.  Her temples are throbbing and her face is turning red and she's got "that look"... you know the one. 

There are holes in her ozone, greenhouse gases are causing hot flashes, and we're melting her icebergs.... Mother Earth is getting angry.  I, for one, do not want to see her unleash all her fury.   And just like any mom, she will punish us ALL for what only a few do.  Not cool.   What are you thinking?  We should just run away from home?  Really?  Have you thought that through?  Where will we go?  It's not like we can ruin this world and move next door.  Have you been to the neighbors' places?

It' goes without saying that we can't live on the sun... We all need our rest and we'd never be able to sleep with all that light.

Admittedly, from Mercury's marketing pieces, you might thing it's the "Hottest Scene in the Solar System"...but not so!  And when the lights go out.... brrrr... the temps vary from nearly 300 degrees BELOW zero to about 800 degrees ABOVE zero.  NOT my cup of tea.

Talk about a "long day"! One day on Venus is 243 Earth Days; and thanks to the greenhouse effects of layers of carbon dioxide in the atmosphere the 'otherwise' cozy 150 degree weather, the surface is nearly 900 degrees!  Venus used to have water (or so they think)... but you can't even go swimming there anymore~all the water boiled away!

Mars is major borefest.... NASA assures us if there are martians they are ameobas or something... no fun there, and I hear they have even cancelled the live music festivals on the weekends because of the economy.  Scientists believe there IS a frozen sea on the planet... and it is thought that it was last liquid about 5 millions years ago.  How long can you freeze fish anyway?  That is not going to be good when it thaws.  Imagine the stench.

Jupiter's known as a "gas planet" ... That means not much of a solid surface, aka no place to sit down.  Oh, they think it probably has a solid core, but who knows because you can't get there. Ever wonder about those visual "bands" we see in the pictures of the planet?  Pretty, I know, but apparently caused by the winds.  You see the wind blows in adjacent bands, moving in opposite directions...so you'll be flying all over the place!  Each band is thought to be made of varying chemical compositions ~ thus the different colors.  I get the feeling this is one of those places that looks better from the outside.

Saturn's atmosphere is 25% helium.  Really?  How could we take anything seriously if everyone was talking in that "helium voice"; and can you imagine Gangster Rap sung in those kinds of voices?  On that planet, I suspect listening to sad country songs would actually make us laugh!  What would you do if you need a good cry?  I heard Saturn's rings are made of ice, so we could skate on them...which sounds awesome, but apparently there's no bus service back to town, and with the helium atmosphere I am not sure we'd ever get back on foot.  I don't want to get stuck on a thin layer of ice just floating in space!

Uranus... OK, let's be honest, I can NOT live in a place called Your-Anus. I can't.  I know I should be more adult than that, but well...I am not moving there, so go on without me.

Neptune is one place I do not think I could "weather".  There is a hurricane that has been raging for over 400 years... did you know that? Crazy stuff... it's known as the Great Red Spot.  And, the planet has the highest sustained wind speeds in the solar system, with recorded wind speeds of 1300mph.  With winds like that, even a whole spray can of "Aqua Net" can't keep your hair in place!

Pluto... Honestly, I was considering moving to Pluto, but it's been annexed or something... there's not a government in place anymore, it doesn't even stay in a proper orbit (sometimes moving close to the sun than Neptune, which is completely inappropriate) and it's been taken off the planet map entirely!  I hear the place is really going down hill.

So you see, we better enjoy what we've got and take care of her.  After all, it's pretty nice place.

This Earth Day, what can you pledge to do to help make Mother Earth Happy?    We're all in this together, and Mother Earth does love her children, so if we can each just do a little, I am sure she'll feel much happier.

*****

Does the Brokerage Matter?

When you're choosing a Real Estate agent, as a buyers agent or to list your home, does the brokerage matter?

Well, to the customer/client, the primary concern should be the agent himself....your comfort and trust in your agent is KEY to having a successful transaction.

But, to the agent, the brokerage matters, or should, and here's why... and how it translates to you, the client:

A brokerage needs to:

-Make doing business profitable for the agent:  Believe it or not, the huge amount you see on your closing statement does not usually funnel directly in your agent's pocket.  The brokerage takes a cut, sometimes a big one, in the form of a commission split and/or fees to the agent.  The better the agent gets paid, the more incentive they have to keep YOU happy.
-Have supervision and training:  Lots of it!  Things are changing daily in the real estate market - they always have.  And, a brokerage needs to be proactive in educating their agents (who are running around trying to take care of you needs, show you houses, print your brochures, etc) about legislative and industry changes... before the lack of that knowledge gets that agent, and his clients, in trouble.
-Provide resources: All brokerages are making money off the activities of their agents, in exchange, the agent should get resources... Things like... bulk pricing for adverting, use of fancy equipment to produce quality marketing materials, time efficient tools for advertising, reporting, etc... to ensure the bulk of his time is spent on you, and relationships with industry providers like title/closing companies, attorneys, lenders, home warranty companies.. so that when you need something for your transaction, it's readily available to you.  All of this is important.
-Have values and culture:  This may sound like I am being "warm and fuzzy" but don't you want to do business with an agent who wants to do business with people who have values like 'integrity'?, who works in an environment where other knowledgeable agents will share their experiences freely so that all agents can use their collective knowledge for the collective good of their clients?  It translates to a much smoother transaction for you when your agent has a support system.
-Are Finacially Solid: In times of economic uncertainty, this is something you can really underestimate .... I can recall a time in my career where agents would come to work and there would be chains around the front doors announcing an overnight closing of the business.  Can you imagine?  What happens then to your transaction?  To the money the agent is planning to be paid to pay his bills?  Do you think your agent will be able to focus on you and your transaction when his entire livelihood and even his ability to do business that day, maybe threatened by something like this.  Because of laws and rules, if the agent is not associated with a brokerage, even for a day, then he may not be able to sell your house or  market your house, until it is resolved.  What's worse?  Yes, there are stories of funds being embezzled by brokerages, funds of their clients, funds of their agents.  Be forewarned... before you select a fly by night, online agency that operates out of someone's basement, think twice.

So, yes, I think that choosing an agent who has wisely chosen their brokerage affiliation is an important component of determining what agent you're going to hire.

I am proud to say that in all of these, Keller Williams leads the way.  Recently, KW was in the news as a stand out business, one that has remained profitable despite hardships to the industry.  Why?  Well, check out this article and perhaps you'll see what I've been trying to tell you: http://www.entrepreneur.com/magazine/entrepreneur/2010/may/206000.html

* * * * *

Looking for real estate help?

Vicky Chrisner

Ofc 7036693142

http://www.vickychrisner.com/

Real Estate News This Week

The week started out with "National Open House Weekend", the first ever initiated by the National Association of REALTORS.  High actively levels were reported by every agent I talked to!  I held one listing open on Saturday and one on Sunday, and am pleased to tell you that as a direct result of the Open House Activities, I am currently negotiating a contract on one of the listings!

The week was somewhat slow as news bites go... or maybe I was just distracted... too busy doing work, not enough time to talk or read about it....  But there were a few headlines I saw that I wanted to share:

Mortgage Deduction Appreciation Day:  April 15th, otherwise known as tax day, is known in the Real Estate World as
Mortgage Deduction Appreciation Day.  Along those lines, here's a story from the National Association of REALTORS about the threat of changing laws regarding that deduction: http://www.realtor.org/government_affairs/mortgage_interest_deduction/

Thanks to all who took action to ensure Congress renewed the Flood Insurance program!  Can you imagine having a home in a flood plain and suddenly being unable to obtain insurance?  Read the story Here: http://www.realtoractioncenter.com/

A friend of mine is doing a blog series on "Living Small" which is the newest architectural trend... (although is examples are of the extreme).  It's fun and quirky... check out his latest post: http://livingsmallus.blogspot.com/2010/04/more-tiny-houses-taliesin-shelters.html

That's just about it.... Below you can find a link to Open Houses in Loudoun.  Check them out!

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=36347835998

Thinking of buying?  Search online for homes for sale at http://www.vickychrisner.com/

Thinking of selling?  Order an automated Market Snapshot for the Loudoun area by clicking here.

Don't for get - to lock in your option to claim the first time home buyer tax credit, you must be under contract by 4/30... and buyers, if you're currently looking and losing in negotiations, consider being a "back up".  Later, you might be glad you did.

Have other real estate questions?

Vicky Chrisner

http://www.vickychrisner.com/

7036693142

National Open House Weekend!

Celebrate the first ever National Open House Weekend ~

Coordinated by the National Association of REALTORS!

Courtesy of "The Real Estate Whisperer", check out this list of fabulous OPEN HOUSES IN LOUDOUN this weekend!

Saturday (14 houses open):

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=36207027601

Sunday (30 houses open):

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=36207034318

Thinking of moving in the near future? Fan "The Real Estate Whisperer" to get this list every weekend!

Or, for a personal list of homes that are open each weekend, email your selection criteria to vchrisner@kw.com!

FHA Moves into the 21st Century!

Thanks to efforts by DocuSign, the National Association of REALTORS, the staff at FHA and many others, the real estate/lending industry has taken a major step......

Today, April 8, 2010, the Federal Housing Administration (FHA) issued a mortgagee letter permitting the use of e-signed documents! (The letter can be found on HUD.GOV website.)

What a break through! With real estate contracts usually being 20-30 pages long, this is going to really save a lot of trees... no more printing, signing, faxing/scanning; with the parties on the other sides having do the same, sometimes multiple times.

Sometimes my files end up 2 inches thick filled with printed copies of offers/contracts that don't even get ratified.  I know I have been keeping files half electronic, half paper but with this step, my office will be focusing on having all records be 100% electronic.....and I am sure I am not the only one.

But forget about the records and the green aspect... the convenience level for customers, clients and agents is HUGE.   Clients no longer have to worry about making time to see their agent in person, or alternatively to have a printer, and paper, and a scanner available to approve a simple contract change!  This will save time, money and resources! 

It's rare that I would say something like this, but today, I must say....

Hip, hip Hooray for the FHA!!!