Saturday, July 31, 2010
Thursday, July 29, 2010
WASHINGTON DC HOUSING RECOVERY
Murray, Michael
Washington , D.C. Ahead in Housing Recovery
The Washington area housing market is in the recovery cycle, ahead of the rest of the nation, said Delta Associates, Alexandria , Va.
Mid-Year 2010 Trends in Housing, published by Delta Associates and MRIS, showed second quarter housing prices in the Washington metro were up from the first quarter and the same quarter 2009. The outer jurisdictions, including Loudon, Prince William and Frederick Counties outperformed the core and inner jurisdictions.
"Prices will likely gain traction through the remainder of 2010 facilitating further increases in transaction volume," Delta Associates said. "This is the third consecutive quarter prices have risen on a trailing 12-month basis."
Days-on-market continued declines compared to the first quarter and one year ago with properties in the outer jurisdictions showing the sharpest recovery. Across the Mid-Atlantic region, time-on-market is “very close to or below the region’s long-term average. Time on market is the lowest since 2006,” Delta Associates said.
The ratio of inventory to sales continued to decline in most jurisdictions from one year ago. The metro-wide ratio of 4.5 months’ worth of listings is below the normal, healthy standard of 6 months, signaling that demand is beginning to outpace supply.
The gap between buyer and seller pricing expectation is also closing, Delta Associates reported, with the average sales price in the second quarter at 95.2 percent of list price, the highest ratio in more than two years.
Friday, July 23, 2010
Thursday, July 22, 2010
Monday, July 12, 2010
PRE TOUR 1..COMMUTING ALONG THE I95 CORRIDOR
Pre Tour One...Commuting from the Woodbridge, Dumfries, Triangle areas of Prince William County (the I95 corridor).
"Commuting"...fear in the hearts of men (and women)!! Not to worry, I have all the options right here. So, take your choice and enjoy the trip. Virginia Rail Express is a comfortable. clean. easy way of getting to work or connecting to Metro to expand service. There are 3 convenient station in the Woodbridge, Dumfires, Triangle area and I have posted connections to information on the stations individually. For your convenience, I have also posted the station map and fare information separately.'
Lastly, I have posted a separate connection to the Metro interactive or printable station map for your ease in exploring routes. Please use these tools and see how 'close' Prince William County really is.
In additon to VRE, commuter bus run morning and evening fromconvenient park n ride locations to Capitol Hill Crystal City, Downtown DC, Ballston, Navy Yard, Tysons Corner and the Pentagon. Please refer to the separate post for schedules and maps.
I 95 does have an HOV lane which requires 3 riders and that's great if you're travelling with friends or associates BUT if you're not...don't worry..that's where Slug Lines come in to play.
What is Slugging?
Slugging is a term used to describe a unique form of commuting found in the Washington, DC area sometimes referred to as "Instant Carpooling" or "Casual Carpooling". It's unique because people commuting into the city stop to pickup other passengers even though they are total strangers! However, slugging is a very organized system with its own set of rules, proper etiquette, and specific pickup and drop-off locations. It has thousands of vehicles at its disposal, moves thousands of commuters daily, and the best part, it’s FREE! Not only is it free, but it gets people to and from work faster than the typical bus, metro, or train. I think you'll find that it is the most efficient, cost-effective form of commuting in the nation.
How the Slugging Works
The system of slugging is quite simple. A car needing additional passengers to meet the required 3- person high occupancy vehicle (HOV) minimum pulls up to one of the known slug lines. The driver usually positions the car so that the slugs are on the passenger side. The driver either displays a sign with the destination or simply lowers the passenger window, to call out the destination, such as "Pentagon," "L’Enfant Plaza," or "14th & New York." The slugs first in line for that particular destination then hop into the car, normally confirming the destination, and off they go.
No money is exchanged because of the mutual benefit: the car driver needs riders just as much as the slugs need a ride. Each party needs the other in order to survive. Normally, there is no conversation unless initiated by the driver; usually the only words exchanged are "Thank you" as the driver drops off the slugs at the destination.
There doesn’t need to be any discussion about the destination , such as giving directions, because the drop-off points are generally understood. "Rosslyn" means the Metro station in Rosslyn, not at some other point along the way. The "Pentagon" means the curb along Fern Street, not the North Parking Lot. However, there are a few places where the destination drop-off point is not understood; in these cases, the slug must state where he or she wishes to be dropped off. For example, at "Tackett’s Mill," the driver usually asks "New or Old Lot?" because the driver will take you to either. And there is Crystal City, where drivers drop off slugs anywhere between 12th Street and 23rd streets.
How Slugging Began
Slugging can trace its roots back to the Arab oil embargo of the 1970’s. During this era, gas prices soared, as it became apparent that the United States was dependent on foreign oil. In an attempt to reduce its dependence, the United States adopted a number of measures to curb gasoline consumption. Speed limits were reduced from 65+ m.p.h. to 55 m.p.h., car manufacturers were told to make cars more efficient, and high occupancy vehicle (HOV) lanes were constructed. These lanes were for vehicles with more than three occupants. The benefit for the government was twofold: reduced gasoline consumption as well as some environmental benefits.
The Shirley Highway
This is quoted from page 1 of "I-95/I-395 HOV RESTRICTION STUDY VOLUME I: SUMMARY REPORT", Feb 1999, at www.virginiadot.org/travel/resources/studynova-hov395Final.pdf :"History of HOV in Corridor""The Shirley Highway (I-395) component of the I-95/I-395 HOV facility was the first freeway HOV lane in the United States. Opened in 1969, it was originally a bus-only lane. The initial 4.8 mile reversible bus-only lane was extended and expanded into a 9 mile two-lane reversible facility in 1975 when it was opened to carpools and vanpools with four or more occupants (HOV 4+). In January 1989, the HOV requirement was reduced to HOV 3+. Since that time, the HOV facility has been extended further south on I-95 reaching its current limit just south of Route 234 in Dumfries in 1997. This facility, which carries 14 percent more persons during the morning HOV-restricted period (6:00 to 9:00) than the general purpose lanes and nearly 10 percent more persons during the evening HOV-restricted period (3:30 to 6:00), is recognized by the transportation community as the most successful HOV facility in the United States today."
When the HOV lanes on "The Shirley Highway" (I95/I395) were opened to carpools and vanpools in 1975, the first slug lines began to emerged. With these high occupancy lanes being strictly enforced, drivers had to abide by the HOV-4 rule (later changed to HOV-3) or pay stiff fines.
When a driver did not have enough passengers for the HOV, he would pull up to a line of commuters waiting for the bus and offer a ride to anybody in the line. Faced with waiting in the summer heat or winter cold for a bus that could be late or full to capacity, some commuters began opting for the car. Soon word began to spread as drivers found an easy solution to meeting the HOV requirements, and bus riders found a faster, cheaper alternative to the bus. I’m sure it took some time for the word to spread, but soon enough people knew which bus stops catered to the offers of free rides.
It is believed that slugging began with people waiting at bus stops on their way to the Pentagon (which was—and still—is a major transportation hub.
For locations and more information go to: http://slug-lines.com/Slugging/Map.asp
Hope this research helps. HAVE A GREAT COMMUTE!!
Virginia Rail Express, with 3 easy to get to stations is a quick, clean and comfortable way to get to work or to connect to the Metro system and expand your routing.
Saturday, July 10, 2010
AROUND THE COUNTY IN180 DAYS
OK..Here's the plan..Much like Julie trying to cook every recipe in Julia Child's Cookbook, I am going to take you on a tour of Prince William County, Virginia. If anyone is out there...let me know what YOU want to know and I'll get the information for you...In the meantime, wish me luck...there are a LOT of subdivisions in this county and I've got a lot of work to do. To start off, watch for upcoming series of blogs on commuting fromthe County...then we'll move into major subdivisions.
Friday, July 9, 2010
New Listing 7/10/10
Brand New Listing going on an noon Saturday, July 10. 13212 Delaney Road, Dale City. Siding, windows, garage doors have been replaced. Fresh paint and new carpet throughout. Open House Sunday 7/11 1-4. See ya there!!!Tuesday, July 6, 2010
What IS the difference between a "short Sale" and a "foreclosure"
What Is A Short Sale?
A short sale occurs when the borrower (homeowner) is no longer able to make their mortgage payment and owes more on their home loan than what the home is worth in the current market. The homeowner will list their home with a Realtor for the current market value and the lender will take less for the home than the amount of the borrower’s loan. When making an offer on a short sale, the seller is still involved in the process and will have to accept the offer as well. Once the offer is accepted by the homeowner, the offer will then need to be approved and accepted by the bank (lender).
Short sales, in most circumstances, are the first step to avoid foreclosure. Short sales are very complicated and the outcome is not guaranteed. The bank (lender) is not obligated to take a short sale and in most cases the process to get one approved can be very time consuming. A typical short sale can take anywhere from 3-6 months to close, but this can vary case by case.
Depending on your situation, short sales may or may not be the best option for you as a buyer or seller.
What Is A Foreclosure?
Foreclosure is what happens when the lender takes possession of the property.
When a home owner fails to make the payments on his/her mortgage and have not exercised other options, such as a short sale, the lender can begin foreclosure proceedings. When the lender takes possession of the house, the homeowner is no longer a party in the sale, as they would be in a short sale situation.
Foreclosures are not sold by Realtors. Foreclosure properties are auctioned at a Trustee Sale at the Court House in the County where the property resides. Foreclosure properties must be paid for in full, with a cashiers check at the time of the auction. I do not encourage buyers to consider buying a foreclosure property, unless he/she is an experienced investor.
Some of the problems that can occur when buying a foreclosure can be the following: Title problems, Superior loan pay offs, IRS liens, Tenants or owners still occupying the property, and/or structural problems. The price may seem good at auction (priced well below other houses in the neighborhood), but your costs and risks may come after you try to take title. This can be a very risky way to purchase property if you do not have experience in doing so.
What Is An REO?
REO stands for Real Estate Owned property. An REO is different from a foreclosure property in the sense that the bank tried to sell it at a foreclosure auction and was not successful in getting bids, the bank then becomes the owner of the property because the property was not bid on.
The bank will hire a REALTOR to list the property for sell. In order to list the property for sell as an REO, it is often that a number of tasks need to be done before the listing can go "active" on the market. Depending on the property and its condition, the bank may need to do evictions of current tenants, trash outs, cleaning/securing, and more. This is one big perk of buying an REO rather than a foreclosure property.
When making an offer on an REO property, your REALTOR is submitting the offer to the bank (lender) and it will need to be accepted by the bank. Unlike short sales, the wait time on an REO property to find out whether or not your offer has been accepted and you will or will not be opening escrow, is often anywhere from 72 hours to one week, but this can and will vary.
An REO may or may not be the best option or the best deal, this will vary case by case, but in general, it has been seen that when it comes to an REO, there is usually a lot of money to be made.
For more information, or if you have any questions, please feel free to call or email me anytime.
Lyndasells@Yahoo.com
703-930-7838
16 YEARS ON ANOTHER PLANET
OK..Here I am, 16 years as Real Estate Professional, Multi Multi Multi Millions in Sales, REALLY good with my clients, both sellers and buyers...I LIKE WHAT I DO and I'M GOOD AT IT!Now, the problem..someone changed all the rules! Don't get me wrong, I have a good website. I know how to set up a data base and broadcast e-mail and all those other technologically challenging aspects. But now suddenly I find myself propelled to a new world...keywords, blogging, podcasts. HELP..enough is enough. I feel like my Grandfather did when he gave up his team of horses for a tractor! BUT, nevertheless, here I am...trying to learn how to blog and hoping that, like E-Harmony or one of those couples matching sites, I will learn how to let some buyers and sellers out there know that I am a very good, honest, ethical, educated and professional Realtor who would represent them to her fullest ability. Who was it that said "The world is too much with me"?
But just in case anyone out there needs a good Realtor or wants to refer a friend of a friend to someone who they can trust to provide top quality service..give me a "poke". Whether it's homes for sale in Prince William County or other Northern Virginia real estate opportunities, I'd love to be "Your Friend in the Business".