Home Buyer Quiz Time!

Don’t Panic

photo courtesy of Mig_R

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No algebra required

Just a few simple questions to help you determine whether or not a move might be the right thing for you:

• Are all of your closets seriously jammed to the point of being unable to open?
• Is your home “finished” and it’s time for the next project?
• Have you been renting for too long?
• Are you getting a spouse, or getting rid of one?
• Is baby #1, 2, or 3 (etc) on the way?
• Do you long for a garage/flat lot/more urban/more suburban lifestyle?
• Are you tired of colonial and ready to switch out for contemporary (or visa versa)
• Do you need or want a solid long-term investment?

How about you?

Obviously some of these reasons are more pressing than others, but they are all actual motivations that home buyers have. How about you? Call or email me if you’re ready to start looking :)  In the meantime, check out my links to specific Arlington zip codes so you can start to familiarize yourself with the home buying landscape in Arlington.

Some August Fun

Lucky August Residents

Click on the photo for more info about Water Mine Park in Fairfax

 

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For those of you still here

August in the DC area is notorious for being vacant. People are gone, East Coast beaches are full, weather is hot, nobody wants to work.  I used to love staying here in August, loafing about the office while most were away.

Alas, with kids now, those days are past. If I didn’t do something with these kids, preferably get them out of town, I’d go nuts. So we’re at the beach, joining the swarms who leave DC to visit the Outer Banks. But in my absence, I leave you with a list of local public pools that are tons of fun, and most likely not that crowded, since everyone is here with me in Duck.

Some Public (and Private) Pools to Visit in Arlington

Pretty amazing to me, there are not a lot of public pools in Arlington.  The one I go to most often is Upton Hill.  But, here’s the thing — some of the private pools will sell August memberships for non-members.  While it may even be too late for that to make financial sense, you might try to calling to see if something could be worked out.  Or, check with friends and neighbors and politely offer to buy the ice cream at the snack bar if they bring you along!

 

 

Upton Hill Regional Park

 - www.nvrpa.org - (703) 237-4953 - 8 reviews  

Arlington Forest Club Inc

 - (703) 527-3882 - more  

Wakefield Swimming Pool

 - www.arlingtondance.org - (703) 578-3063 - more  

Yorktown Swimming Pool

 - yhspatriot.yorktown.arlington.k12.va.us - (703) 536-9739 - more  

Washington-Lee Swimming Pool

 - www.co.arlington.va.us - (703) 228-6262 - more  

Overlee Community Pool

 - maps.google.com - (703) 532-8624 - more  

Arlington Forest Club

 - maps.google.com - (703) 527-1782 - more  

Chesterbrook Swim & Tennis Membership

 - www.chesterbrookclub.com - (703) 241-8508 - more  

Dominion Hills Area Recreation Assn Inc

 - www.dominionhills.org - (703) 533-7550 - more  

Fairlington Mews Pool

 - maps.google.com - (703) 379-7665 - more

 

QUACK!

So .. I’m off to Duck, North Carolina today.  Where we will be staying a stone’s throw away from any number of Arlington families that are friends.  Wasn’t planned that way.  Just that the Outer Banks is a pretty popular destination.  So popular, in fact, that another real estate agent I’ve been dealing with is staying in neighboring town at the same time.  At least if something needs to be negotiated we can do it in person….

HAVE FUN! See you later!

(fear not, I blog remotely too)

Looking for a safe haven

Home buyers are always looking for information about the neighborhood they might be buying into. There are a number of great resources out there to help them get familiar with the neighborhood.  Your agent should be one of them, but of course there are other places to get the scoop.

The county is a great resource, and you can get on their email lists for all sorts of email newsletters that are informative and very well done. For a home buyer, one of the best you can subscribe to reports on crime. Not a nice subject, but one I get asked about all the time. On this matter, it’s really best to get the info straight from the horses mouth.

Of course, taking a few hours to walk around, visit the grocery store, bookstore, library is also an excellent idea.  Non-virtual of course, but still.

Looking for a condo in Arlington or nearby? Read this.

Three Common Mistakes

photo courtesy of artzy.viva

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Learn from others

I work with many first time buyers who look at condos, and I see the same mistakes over and over. Here are three:

• Not using an agent for new construction (or registering without an agent and then being denied the chance for representation later.) No question, builders use their own contracts and represent their own best interest. An agent can tell you what’s common practice in a contract, and what’s not. They frequently are also privy to other sales (both new and resales) and can advise accordingly. Similarly, focusing only on new construction can be a pricey mistake–often there are much better values with units just slightly older. Think of it as the “new car premium.”

• Forgetting to look at entry-level townhouses — often you can find a small townhouse (without the high monthly fee) slightly further from the metro for the same monthly payment. $300 “buys” a lot of mortgage each month. With a condo, you often pay for amenities you won’t use.

• Making assumptions about the state of the market. All real estate is local. All real estate is local. And to clarify, local means not only Arlington, not only Ballston, but even down to individual buildings. Some have held their value incredibly well. Others not so much. The best way to really get a feel is to pick individual buildings you can see yourself living in, and then study the statistics on those.

Because it’s August in Arlington

Here’s a little good cheer for you, I recently spotted this duplex on a walk through Rosslyn —

I like how the tree separates the two halfs of this Duplex.

From another angle you can get a better sense of the colors:

They say that paint can really have an impact. They ain’t kidding!

Support Your Local Arlington Businesses

Sweet Perfection

Treat Yourself

As you’re exploring Open Houses today, you might consider stopping by a local institution: Pastries by Randolph. Delicious AND beautiful treats. This review says it better than I could!

Check it out

Pastries by Randolph
4500 Lee Highway
Arlington, Virginia
(703) 243-0070

Foreclosure update for Arlington, Falls Church, and McLean

Will this ever end?

photo courtesy of Tonyc67

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Yes, but not today or tomorrow

I’ve written about foreclosures and short sales before, but it’s a good thing to revisit this from time to time. They are not going away anytime real soon. Unfortunately, we cannot wish them away, but given time this too will play itself out

Today’s MLS search produces 26 foreclosures/REOs/short sales in Arlington and close-in Falls Church and McLean. They currently range in price from $109,000 to $1,899,000 — from small condo to large lux house. Bad business decisions and/or bad luck runs across the entire spectrum of the real estate market. You can find these foreclosures/REOs/short sales in a wide variety of neighborhoods:

• Columbia Pike
• Timberlane Village Condos in Falls Church
• The Balmoral in Arlington 22207
• The Carlton in Arlington 22204
• Fort Barnard Heights in Arlington 22206
• Arlington Court in 22204
• Vermont Gardens in 22207
• Columbia Forest in 22204
• Glen Carlin in 22204
• Arlington Forest in 22204
• Barcroft in 22204
• Claremont in 22206
• Pimmit Hills in Falls Church 22043
• Ashton Heights in Arlington 22201
• West Langley in McLean 22101
• Country Club in Arlington 22207
• Broyhill Langley Estates in McLean 22101

Know what you’re getting into

More and more agents are getting familiar with how to deal with these types of sales, and with a knowledgeable agent on both ends of the deal it can be a relatively smooth transaction. The most important thing is that the buyer understands completely what they are getting into. I can help with that!

Search for Foreclosures

You can do a search here for all foreclosures in the area (and not just Long and Foster listings, though it may appear that way).

The Work Ethic

Real estate can be one *** complicated process. I recently had an acquaintance tell me that he now understands just how complex a transaction can be, and he had no clue about how hard agents have to work to bring a deal to closing.

That’s because he hired a cut-rate agent who had some major communication difficulties. It’s hard to work through a negotiation when communication issues get in the way. This acquaintence ended up doing a lot of the transaction himself, and said the next time he’d use someone else (me).

So, like all things, you do get what you pay for.

The Famous Arlington Fair Begins

You Gotta Go

photo courtesy of Asmythie

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What and When

Arlington ’s Largest Annual Multi-day Event, The Arlington County Fair / August 6 - 10, 2008

Where

Thomas Jefferson Community Center
3501 2nd Street South
Arlington, VA

Parking can be tight. Shuttles are running to and from the Ballston Metro stop at the Metro side of North Stafford Street across from the International House of Pancakes (IHOP).

More What

• Opening ceremonies
• Midway Rides and Games provided by Cole Shows Amusement
• Competitive Exhibits and Awards Programs
• Entertainment
• Famous Racing Pigs
• (200+) Vendor displays and exhibits
• Sponsor Promotions
• Arlington County Police K-9 demonstrations
• Petting Zoo
• Pony Rides
• Family, Kids and Seniors Events and Activities
• Rock Climbing Wall
• Traditional and Diverse foods
• Picnic Area

What Time Exactly?

Indoor Hours of Operation:

Thursday, August 7 - 7:00 PM to 10:00 PM
Friday, August 8 - 10:00 AM to 9:00 PM
Saturday, August 9 - 10:00 AM to 9:00 PM
Sunday, August 10 - 11:00 AM to 5:00 PM

Outdoor Hours of Operation:

Wednesday, August 6th: 5:00 pm - 10:00 pm
Thursday, August 7th: 5:00 pm - 10:00 pm
Friday, August 8th: 10:00 am - 10:00 pm
Saturday, August 9th: 10:00 am - 10:00 pm
Sunday, August 10th:11:00 am - 10:00 pm

No Need for Who or How

Just go! It may be small and “down and dirty” but it’s a tradition and can be lots of fun if you remember that it is a county fair, even if it is located in a very urban county.

Down Payment Assistance Programs

The New Housing Reform Act

photo courtesy of Storm Crypt

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Just One Part of the Complicated Legislation

With the constant changes in the world of home mortgage financing, and the upcoming passage of the Housing Reform Act, there is a lot of discussion about the elimination of the down payment assistance programs.

As it now stands, the new law eliminates any down payment assistance programs that include “interested parties” to the transaction.

Several members of congress are attempting to draft amendments to the law. These members (Barney Frank, Maxine Waters, etc) are proposing to allow some restricted use of DAP (or DPA as some call them) programs that would have FICO requirements and risk based MIP (mortage insurance) and more.

A number of lobbyists say it is extremely unlikely that these amendments would pass. Even if the house approves, it is believed the senate will kill it or that the President will veto it. The current read is that the odds are very low for any overturning of this provision eliminating Down Payment Assistance Programs, but but you never know for sure until the bitter end, and even then things change.

How This Might Affect You

So clearly the key thing to determine here is who is an “interested party.” I’m thinking it probably means Mom or Dad, and could likely include the seller, who currently would be able to assist a home-buyer with a loan to cover that downpayment, if they wanted to.

Better act quickly if you’re counting on getting some down payment assistance for your first time home purchase!

This new law is effective October 1st.