And now a refreshing change from data …

Despite the recent focus in this blog on numbers, I’m actually a pretty visual person.  I like to look at things, and remember them better if I see them – which I why I preview a lot of homes because nothing is quite the same as seeing them in person.

I especially appreciate symmetry and color and pattern.

So today I’d like to pass along my recent interest in designer David Hicks. The reason this designer came to my awareness was his wallpaper.  I was looking around for mid-century design elements when I stumbled on these patterns.  I especially like the geometric design.

Now other than some of his designs I don’t know a lot about this designer, so maybe I should read the newly published book by his son.  That book has caused renewed attention to his father, something it seems David Hicks enjoyed while in the prime of his career during the 1960s – 1970s.

Thank goodness I’m not a reporter

because I’m sure I’ve already been out-scooped with the news about the extension of the home buyers tax credit.

The Homebuyer Tax Credit has not only been extended, but it has also been expanded to include current homeowners.

The following are features of the new bill:

• Deadline for current credit is November 30, 2009.
• Deadline for new and improved credit is April 30, 2010, as long as the home is under contract by that date; the deal must close within 60 days.

The eligibility for and amount of new credit is as follows:

• $8,000 for first-time homebuyers (those who have not owned a home in the last three years).
• Up to $6,500 credit for homeowners who have lived in the home they are selling, or have sold, as a principal residence for five consecutive years in the past eight.
• Buyers with income exceeding $125,000 for single and $225,000 for married couples are not eligible.
• Homes valued at more than $800,000 are also ineligible.

I’m often a skeptic about such things, but hey, in Arlington Virginia you CAN actually find a home priced under $800,000, so that’s a decent cut-off for us here, and the income levels are also pretty good.

This could really be something people use, how about that!

Formatting Issues Explained

Ok, ok, I admit it, I’ve been messing around with the formatting of this blog.  Thanks for hanging in there with me.  I do like change, but this format adjustment was driven by my desire to integrate my blog and website into a more cohesive unit.

But (as you may noticed) many of the new formats I tested just were not very readable.  And if I’m going to spend time writing and posting entries to this blog – admittedly some entries being shorter than others — I’d to at least try to make it readable from a font perspective, if not from a  literary perspective.

I also wanted this blog to be easy to read when it appears framed in my more traditional website.  Other formats worked better than this one does, but they were not as appealing in the stand-alone format.  So when this blog loads into the framed page of my website you can read it, but not the widgets on the sidebar.  Oh well.  Something has to give.  Close to perfect is better than nothing at all.

Oops, but now I’ll have to test this all on a PC, instead of my lovely Mac.

All of which is to say, I prefer working on real estate to website issues any day.

Thanks for your patience!

 

Calling all data geeks

Honestly, most people should take Zillow estimates with a grain of salt – they can often be inaccurate and incomplete, and really don’t reflect what’s happening at a very local level.  BUT, sometimes Zillow has some interesting data. This chart (via link) from Zillow, for instance, is actually pretty good at providing home buyers and sellers with an idea of the value of their real estate depending on Arlington Virginia neighborhood.  And neighborhood is oh so important.  When they say all real estate is local, they mean it.  Whoever “they” are, they are right about that.

Zillow Home Value Index

More Arlington Home Values

If the chart doesn’t work, just scroll down to the table below it.  That’s actually better data to use anyway.

Good News for Home Buyers in the DC area

More financial mortgage news…  For the last few years, jumbo loans (loan amounts above $729,750) have carried extremely high interest rates, in the 8-9% range.  With such a large mortgage amount, and a significantly higher interest rate for jumbo loans as compared to conforming lans, it has been very difficult for many home buyers to obtain a jumbo loan.  These interest rates were higher for borrowing such a large amount because there were very few investors in the secondary market willing to take on the risk of buying these loans.

We are starting to see things change.  Effective immediately, the pricing has significantly improved on jumbo loans for a mortgage amount up to $1,500,000. These are the changes, starting today:

• The minimum credit score is 720, this used to be 740.

• Minimum Down Payment:  20%

• Maximum Loan Amount:  $1,500,000

• Reserves:  There are post-closing liquidity requirements depending on LTV (Loan to Value) and loan amount.  Now the requirement is for the buyer to have up to 20% in reserves

For instance, you can now get an interest rate of 5.65% (with 1 point, that is a fee of 1%of the loan amount) for a total mortgage loan up to $1.5 million.  Just a few months ago, this loan interest rate would have been a few percentage points higher.

Used to be I told most people that the market was great for homes priced below $1million  in our Arlington Virginia market (assuming it was a nice home) but really slow for homes priced above $1million.  I may be changing my tune over the next few weeks.

This news is definitely a treat for home buyers who wish to purchase a more expensive home.

Mortgage Loan Limit: trick or treat?

Legislation has made it through both the House and the Senate to that will maintain the existing loan limits for Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) through Dec. 31, 2010. An extension of the current loan limits (which had been due to expire Dec. 31, 2009) was included in the continuing resolution (HR 2996) that passed the House of Representatives and the United States Senate yesterday, on Oct. 29. While this has NOT been signed into law yet it HAS passed both legislative bodies, So there would be no reason for the President not to sign this.

In this area, the loan amount for FHA loans is capped at 729,7500.

So, the fact that it’s tough to find an affordable home for purchase in North Arlington, and you really need this limit to stay in place, and now you can at least get an FHA loan for the foreseeable future — I see this as a treat, but can also understand that some buyers would consider it a trick, to keep home prices stabilized.

Cast Your Vote for Your Favorite Arlington County Businesses!

One of the best things about living in Arlington County, Virginia — besides being so close to the Nation’s Capitol — is that there is so much to do and it’s all so convenient to get to.  Last year, the county initiated the People’s Choice ABBIES to encourage people to nominate and then vote for their favorite Arlington County businesses.  This awards program is a way to support the Arlington business community, especially the small retail stores and restaurants that help shape the character of Arlington’s urban villages.

Take a look at the list of last year’s winners if you’re looking for some ideas for a new restaurant or shop to visit, and you might just find a new “regular” favorite.  Personally, I can vouch for Delhi Dhaba, Murky Coffee, and Whitlow’s.  Just looking at this list gives me renewed incentive to go out there and explore some new territory in my backyard.

1. Arlington’s Best “Bargain” Restaurant

   Delhi Dhaba

2. Arlington’s Best Coffee Shop

   Murky Coffee

3. Arlington’s Best Customer Service

   PetMAC Marketplace and Adoption Center

4. Arlington’s Best Date Restaurant

   Carlyle

5. Arlington’s Best Family Friendly Restaurant

   Whitlow’s on Wilson Bar & Grill

6. Arlington’s Best “Great Neighbor” Business

   The Java Shack

7. Arlington’s Best “Green Business”

   Whole Foods Market

8. Arlington’s Best Happy Hour

   Whitlow’s on Wilson Bar & Grill

9. Arlington’s Best Live Music Venue

   IOTA Club & Cafe

10. Arlington’s Best Neighborhood Bar

    Whitlow’s on Wilson Bar & Grill

11. Arlington’s Best New Business

    Saffron Dance

12. Arlington’s Best Performing Arts Venue

    Signature Theatre

13. Arlington’s Best Place to Dance the Night Away

    Clarendon Ballroom

14. Arlington’s Best Place to Find an Unusual Gift

    Le Village Marché

15. Arlington’s Best Place to Work Out

    Saffron Dance

16. Arlington’s Best Post Theater Spot

    Busboys and Poets

17. Arlington’s Best Power Lunch

    Harry’s Tap Room

18. Arlington’s Best Vintage/Thrift Shop

    Goodwill of Greater Washington (S. Glebe)

19. Arlington’s Best Visual Arts Venue

    Arlington Arts Center

20. Arlington’s Best Window Display

    Crate&Barrel

So, cast your vote for your favorite restaurants, shops, businesses, and places for fun!  The deadline for votes is Nov. 6, and winners will be announced Nov. 17.

Open House Tomorrow, Rain or Shine, 1-4 pm. Hope to see you!

Really nice condo for sale at The Westlee, a terrific building in North Arlington.  The Westlee was built in 2006, and this is the only unit currently for sale in the building — two others recently went under contract.  Take a look at these beautiful photos and you can see why The Westlee is a very desirable building to buy into.  It especially appeals to home buyers looking for that nice, new contemporary look but also desiring a little peace and quiet away from the “frat group” atmosphere that can sometimes take over Clarendon.  Here is a floorplan for the home.

Cash really is king

Say goodbye mortgage, hello cash.  More and more of my clients are paying for their home purchase with cash.  Yes, you read correctly.  Cash, and this being the DC metropolitan area, plenty of it.  So the next time you find yourself in a bidding war, please be forewarned that one of your competitors may be offering a cash purchase.

Now, there are a number of different elements in the deal, and while some are more important that others, it’s the whole picture that counts.  And that’s where a trusted real estate advisor should be able to help.

Arlington VA crime report

I always get asked about crime in this area, especially as it relates to different Arlington neighborhoods.  Here’s a resource that I recommend often to my buyer clients, and it’s been awhile since I’ve highlighted the Arlington County Crime Report here in this blog.  I sign up for the weekly report, and you can too.