Archive for March, 2009
Latest Local Housing Data
March 31st, 2009 categories: Market Trends, Real Estate News, Relocating
The latest housing inventory numbers for the local area are:
FAUQUIER COUNTY and the CITY OF FREDERICKSBURG
SPOTSYLVANIA and STAFFORD COUNTIES
Days on Market (DOM) numbers have remained fairly consistent as we head into Spring. With buying season in full swing, next month’s indications should give us a better picture of what’s in store for this year.
| Discussion: No Comments »
HOME Relief for the TROOPS
March 30th, 2009 categories: Finance, Real Estate News, Relocating
Have you heard of the Housing Assistance Program (HAP)? Most of us haven’t. Why would we?
HAP is a Department of Defense (DoD) program to assist federal personnel who are stationed near an installation scheduled for closure or realignment, who, no fault of their own, are unable to sell their homes under reasonable terms and conditions. The good news is, the program has expanded.
The newly signed American Recovery and Reinvestment Act of 2009 expands the HAP program. Not only does it cover personnel impacted by the Base Closure and Realignment Commission (BRAC), but now has expended to include:
1) Service members and Defense Department and Coast Guard civilians injured, wounded or ill in the line of duty during a deployment, with at least a 30 percent disability rating determined by defense or Veterans Affairs officials, who have relocated or will relocate for medical treatment or due to medical retirement.
2) Surviving spouses of service members and Defense Department and Coast Guard civilians killed in the line of duty during a deployment, or who died from an injury or illness incurred in the line of duty during a deployment. Survivors must relocate within two years of the death to qualify.
3) Service members under PCS orders to a duty station outside a 50-mile radius of their current station. The primary residence must have been purchased by the owner before July 1, 2006, and sold between July 1, 2006, and Sept. 30, 2012. The reassignment must have been ordered between Feb. 1, 2006, and Sept. 30, 2012. Defense officials can designate earlier end dates.
4) Service members and civilians who must sell their homes to relocate because of 2005 Base Closure and Realignment Commission actions during the current housing market crisis, without tying the decline in home values to BRAC. Under current law, the Homeowners Assistance Program assists BRAC homeowners only when it can be shown that declining market value in an area is a direct result of a BRAC-related action.
For many military personnel, this additional coverage is a sight for sore eyes. Those who purchased during the home price run up that went amok from 2003 to its zenith in the summer of 2005, and, are now due to rotate again, are between a rock and a hard place. In most locations, home values have fallen precipitously since 2005. Additionally, many home prices have decreased 35% or more. Financially, selling is not an option. Instead, many home owners have decided to rent out their homes. Sometimes to the tune of a loss of $500 - $800 dollars a month. But, how long can any member of our military afford to lose that kind of money?
For uniformed personnel, if you haven’t already, take the time to learn about what the Housing Assistance Program has to offer. According to the U.S Army Corps of Engineers contact I talked to last week, the program should be off the ground during the next month or so. If you’re not in the market to sell your home, you probably know someone else in uniform who is. Pass the word. Let them know where to find out about the program. This is a good place to start:
For more information about benefits, eligibility, programs and application procedures, contact:
Homeowners Assistance Program
Attn: RE-AH
P.O. Box 889
Savannah, GA 31402-0889
800-861-8144
The program is being administered through the regional U.S. Corps of Engineers regional offices. Already, they are being flooded with applications for the program. Packages are being accepted and processed in the order received. They will begin processing the packages as soon as the Office of the Secretary of Defense (OSD) gives the go ahead, which is expected in late April or early May. So, in other words, RUN, and don’t walk to the nearest regional office if you’re interested in participating in HAP!
| Discussion: No Comments »
Homes By The Numbers
March 13th, 2009 categories: Market Trends, Real Estate News, Relocating
Our local newspaper, the Free Lance Star (FLS), provided us with housing figures this week. First, on Wednesday, it reported the median sales price for the Fredericksburg area had fallen to the lowest level since April, 2003. February sales figures indicated the median sales price dropped to $190,000. RealtyTrac provides current tracking data for foreclosure properties nationwide. Below is a snapshot of the latest picture of Virginia foreclosures.
Yesterday, the FLS followed up with news that Spotsylvania was #1 last month. First in Virginia in the rate of foreclosures, by county. Again, the figures were drawn from RealtyTrac. As the article reported, Stafford County wasn’t far behind, finishing fourth in the state’s foreclosure rate.
While many see the foreclosure numbers as bad news, for those in the market to purchase a home, the news couldn’t be more welcome. There are a couple of obvious attractions for buyers:
1) Coupled with low mortgage rates, depressed home prices provide a market ripe for the picking.
2) For first time homebuyers ( to qualify for “first time” status, you only need not to have owned a principal residence for three years before buying a house), you also benefit from the recent stimulus package’s first time homebuyer’s tax credit.
According to the Metropolitan Regional Information Systems sales data, Spotsylvania home sales increased approximately 40 percent from January to February of this year. Some of the increase may be attributed to the move towards the traditional Spring buying season. But, an increase in the number of foreclosed homes, and the lower prices that accompany them, contributed as well.
While many lenders have taken steps to halt foreclosures, according to RealtyTrac, the number of U.S. homes threatened with losing their homes rose 30 percent in February from last year’s levels. So, from all appearances, it doesn’t appear as if our economic Humpty Dumpty will find himself in one piece anytime soon. And, while buyers may not feel home sellers’ pain, they can certainly benefit from it.
| Discussion: No Comments »
Spend It Well
March 9th, 2009 categories: Market Trends, Real Estate News, Relocating
“We’re all going to earn a little bit more money, but none of us is going to get any more time.”
Art Moody
For many of us, the warm afternoons and cool mornings that accompany Spring also bring with them a new beginning. In the real estate market, we’ve just stepped into our prime time, or most active buying and marketing period of the year. And, thus far, it only comes around once a year. The question we have to ask is, “Are we ready”?
As we, as Realtors, meet with our clients, are we prepared to assist them, cousel them, advise them, encourage them, and lead them to a positive solution? While many things have remained the same in the past year, many aspects have also changed. With the abundance of Foreclosed and Short Sale properties entering the market, the ground has certainly shifted. As a result, properties values are drifted lower. Financial options have changed as well.
Have you had a chance to look at the Obama Administration’s new Making Home Affordable Program? Have your clients? If not, have you informed them of the options available in this package, or other home owner loan modification plans? How about buyers? How do the market changes affect them? What is your plan for counseling them?
Over the years, I’ve rooted for many sports teams and individuals. As a fan, there are few things more rewarding than cheering for a team that has all the parts needed to do well. Not just one or two superstars, but a team of complimentary members that perform each of their roles well, but working together, are even better. Their synergy allows them to perform at an even higher level as a team working toward a common goal (victory), than their individual, separate efforts by themselves. Unfortunately, while the team may have an excellent record year after year, often, they fail to achieve the ultimate objective, the championship. In considering this, some of the teams that come to mind include the Buffalo Bills of the 90s, the New York Yankees (2001-2007), and more recently, the Dallas Cowboys. Each of these teams appeared to have the best athletes money could buy, but couldn’t “close” the deal. They each had the top athletes in the prime of their career, but couldn’t climb that last step. Was it a lack of focus? Preparation?
While many armchair quarterbacks have speculated as to why each of them failed to win their respective championships, frequently, the “why” of failure is anything but simple. What we do know is, our prime time, or season when we’re at our best, is finite. In other words, it won’t last forever. So, it is vitally important to make the most of it. Spend the time wisely. Prepare yourself. If others, like clients, are depending upon you, do your best to make sure they’re prepared as well.
Most of us aren’t as organized as we’d like to be. However, in our attempts to achieve goals, we ‘d be well served to remember Benjamin Franklin’s words:
“By failing to prepare, you are preparing to fail.”
| Discussion: 3 Comments »
When It Doesn’t Quack Like a Duck
March 4th, 2009 categories: Real Estate News
While March is upon us, the area is currently experiencing a cold spell. Schools are closed, and many government offices and businesses have taken the past two days off. All because of a little cold…and snow…and ice. Have you ever seen Virginia drivers trying to handle ice? It ain’t pretty!
Most of us are wondering, what ever happened to global warming? While the weathermen frequently seem to overstate their case, this time they were right on the mark. We were told we’d have seven inches, and Stafford and Spotsylvania counties got about seven inches. The brunt of the snowfall descended on Sunday evening and Monday morning. Of course, my high schooler was beside himself with joy at the prospect of additional school days off. Since it appears that it requires all the road clearing vehicles just to take care of the major county roads, many side roads aren’t safe for the county school buses to travel on when there’s snowfall. And, that’s probably good school board policy.
According to the weather channel, temperatures should be warming up next week. The big yellow school buses will be back on the roads, and the roads should be clear. So, it looks like Spring is right around the corner. Then again, maybe I’d better pull out the good old Farmer’s Almanac to double check.
| Discussion: No Comments »
Does Your Doctor Make House Calls?
March 1st, 2009 categories: Real Estate News
Life is full of regrets. However, my years in uniform aren’t one of them.
Military health care has taken its share of criticism over the years, but, it has always been there when needed. Unexpected hospital visits have been challenging to say the least. Like most families, every now and then, someone in the family has a minor emergency (you know, cut, scrape, broken ankle….skateboard mishap) that requires immediate medical attention. Often, these occur after normal business hours, or more often than not, on a weekend. Unfortunately, as a military retiree, we don’t have the option of the base hospital/clinic to turn to any longer. So, for emergencies, until recently, the closest local hospital was the only local hospital, Mary Washington Hospital in Fredericksburg.
Friday morning, the new Stafford Hospital Center opened its doors. It just so happens that its first patient, Mary Grey, 75 years of age, was already in the parking lot awaiting the opening of the doors for entry. According to Mrs. Grey, she was having abdominal pains and waited for the opening instead of driving the fifteen miles to the nearest hospital. Located on Route 1, just South of Interstate 95, Exit 140, the new North Stafford facility is part of the Medicorp Health System, just like its neighbor to the South, Mary Washington.
The 100-bed facility, offering all the services of any fully equipped medical facility, is just the first of two scheduled to open within the next two years. The other, the Spotsylvania Regional Medical Center, currently under construction, will be located a couple of minutes South of Fredericksburg’s Massaponax exit. The 140-bed, acute care facility is scheduled to open its doors in June, 2010.
For those of us making the drive to Mary Washington Hospital for years for emergency care, the new kids on the block are just what the doctor ordered.
| Discussion: No Comments »
