Every thought about selling homes in Virginia?

September 16, 2011

Have you every thought about becoming licensed to sell real estate in Virginia? We have an upcoming real estate licensing course beginning September 26th! The course will run Monday, Wednesday and Friday from 9-5. You COULD BE selling homes by the end of October! This 60 hour course meets the requirements of the Virginia Real Estate Board. In at little as 2 ½ weeks we will have you prepared to take that next exciting step in your future! Call 703-497-7788 for more info and to sign up!

Prudential Carruthers REALTORS in Lake Ridge

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Posted by Jim Evans

Do you believe in Real Estate social media now???

February 12, 2011

After the change in the government in Egypt, how can anyone suggest that Facebook, Twitter and other social media sites have not had an impact on the way we communicate and deliver the news of this moment. A ground swell of the mass population rose and let the world know what they thought from their smart phones and other internet enabled devices.
Unlike when I grew up and you waited for the evening news, today words and thoughts spread like wild fire! A thought goes across the bow of the world like a rocket! Suppressive governments are aware and are trying with futility to shut down this type of free speech.
According to Navigation Arts based on a report in The Foreign affairs; social media has these amazing results the past few years.
• Jan 17th, 2001 – “Go 2 EDSA. Wear Blk” a text forwarded to millions (seven, to be exact) of Filipinos to protest the setting aside of evidence in the trial of President Joseph Estrada. The result was a massive demonstration of millions of Filipinos and the eventual overturn of that ruling, which resulted in the end of the Estrada rule.
• 2004, Spain – Text messages organized a protest, ousting then Prime Minister Jose Maria Aznar who had inaccurately blamed Basque separatists for the Madrid transit bombings.
• 2009, Moldova – The communist party lost power due to massive protests organized on Facebook, Twitter, and through text messages after a fraudulent election.
• Boston Globe’s 2002 expose of sexual abuse in the Catholic Church went viral. Lawsuits rained down on the Church.
• 2006, Belarus – Protests arranged partly by email against President Aleksandr Lukashenko’s alleged vote rigging swelled and faltered.
• 2010, Thailand – Protesters occupied downtown Bangkok until the Thai government dispersed the crowed, killing dozens.
Now in 2011, Egypt’s Hosni Mubarak steps down during an uprising in the civilian population. We know now that a tide once started is very difficult to stop – especially when a country can’t truly stop Social Media just by turning off Facebook and Twitter within its borders.
If this the way people communicate today, and can even change the way they live, how can it not be good for business? Anyone who is out there still resistant to using social media to reach their following, soon may be out of business. Real estate agents are resisting while their buyers and sellers are constantly  engaged in social media and are finding their agents there as well. Anything that can change a country can certainly help improve your business.

Happy Networking!

Jim Evans

Prudential Carruthers REALTORS

703-501-5960

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Posted by Jim Evans

Housing Market Stats

September 14, 2010

Prince William County’s inventory continues to remain tight as lack of inventory puts pressure on an upward pricing trend.

Sellers are receiving offers at or above list price at the time of sale.

The median sales price continues its upward trend.

Time on the market also continues to decrease as the demand stays much higher in the DC suburbs than in many parts of the Country.

Continue to follow this data by following this blog.

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Posted by Jim Evans

Northern Virginia Real Estate Market May 2010

June 10, 2010

Activity continued to increase in May

Number of Homes sold

Buyers were expected to slow down in May and there was some signs of that. However, closings continued to rise as purchasers that ratified contracts in April were clambering to cash in on the $8000 Federal Tax credit. We saw similar results throughout northern Virginia.

Sold Homes in Prince William County

There was a bit more leveling off in Prince William County, as the inventory remained extremely low! Home buyers were competing with as many as 10-15 offers and prices were beginning to get bid up. With the low pricing in the County, many would-be purchasers were better off waiting until the tax credit expiration, where their savings could be substantially greater than $8000.

Average sold price No. Virginia

The average sold price remained relatively flat in all Northern Virginia areas. This is no surprise given the current economic circumstances.

Average sold price Prince William

Time on the market continued to drop as first time buyer activity lead the way. If there is “Shadow” inventory waiting in the wings as is expected, the line should level off as that inventory becomes available. Shadow inventory refers to foreclosed homes that the banks have yet to put on the market for sale. Many lenders are saying that they have caught their breath now and will be releasing soon.

The real test of the sustainability of our marketplace and home values will take place after June, when the last of the tax credit recipients must close. There remain a lot of “if’s” in today’s real estate market. The two certainties are that homes prices in areas like Prince William have become an incredible value and interest rates have remained amazingly low for an extended period of time now. Something is gonna give. That is why smart investors have already moved in and made their move!

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Posted by Jim Evans

Prince William County April 2010 Market Stats

May 11, 2010

Time on the market stayed in check during April as buyers rushed to try to take advantage of the Federal tax credit. This tax credit expired at the end of April.Days on the market

The median and average sales price continued it’s uptick during April. The shortage of inventory is having an immense pressure on the housing cost in our area. With the assumption that interest rates will rise in the future, buyers are still bidding up prices to get their best investment NOW!

Median Sales price

The number of homes sold continued to increase in Prince William County during April. The number of sold homes equaled that of 2006. Likely due to the tax credit that expired.

We will keep a close eye on activity post tax credit. It appears that during the first 10 days of May that buyers not concerned. They appear to be more concerned about today’s low prices and interest rate.  As always, they are savvy purchasers!

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Posted by Jim Evans

Are REALTORS all about the green?

March 17, 2010

OK, so it is Saint Patrick’s Day and a little green is on everyone’s mind during this economic downturn. As I was knotting up with my green tie today, I pondered the question that many people often ask. Is my agent worth the commission? These questions were magnified during the housing boom years of 2002 through 2005. It is feast or famine for those of us in the real estate business. We are like squirrels storing away our nuts for the certain oncoming winter. It has been winter for some time now and I can honestly say that REALTORS© have really stepped up for the American homeowner. When considering your representation, whether buying or selling, you should ask yourself these four things.

  1. Do I want the best in service, knowledge and negotiation working for me?
  2. Is my agent a full time REALTOR© that is up to the minute in their education?
  3. Is this one of the largest financial decisions that I will ever make?
  4. In a difficult housing market, do I want someone who understands the complexities of short selling, foreclosures and more, at my side?

Most people have heard the saying “Penny wise and pound foolish”. REALTORS© who have toughed it out the past few years have gone through extensive training to help distressed homeowners get out of difficult situations. We have invested much time and money in keeping our neighbors in their homes. We have exerted much energy figuring out how to get through to the banks and convincing them to do the right things. Most agents have spent countless hours helping people figure out how to modify their loans, and have never taken a fee for this public service. I know of several cases where due to a real estate agent’s efforts, a foreclosure has been stopped or even reversed. We are all in this together and if our knowledge can benefit our neighbors, so be it. We have lobbied the government for tax credits which continue to prop up the housing market. We have been the voice of the people when it comes to keeping mortgage interest deductions. We know all to well, that families are more secure by homeownership. Long term wealth and savings is created by real estate values, as long as supply and demand remain at reasonable levels.  We are dedicated to the preservation of affordability and the stability that homeownership brings. I hope that today finds you well. I hope that you see equity in your future. I hope that you will call on a professional when needed. So, lift your green beverage up in a toast! This housing market would have been much more severe without REALTORS©. After all the dust settles on this economy, homeownership will still be a large part of the American dream.

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Posted by Jim Evans

Prince William County Housing Stats – Feb 2010

March 10, 2010

For February, the sold units remain at very low levels. This shortage of inventory is having a positive impact on time on the market as well as pricing. Below are the statistics from MRIS, the local MLS system.

The volume of sales in Prince William fell by 26% from the prior February.

The average sold price rose 24.9% from $195K to $215K, suggesting both an improvement in competition as well as condition of the types of homes currently being sold.

The average days on the market decreased by over 40% in the past year. In 2009 it was 93 days, this February it has sunk to 44 days. It was back in 2005 when we last saw such quick sales. Home sellers are seeing multiple contracts on well priced homes.

 

Sellers received 100% of their sales price as a result this month. This does not, of course account for seller concessions which seem to be pretty standard in today’s marketplace. It seems to be an outstanding time to make a move if you have equity or even if you need to short sale and get out of an unsustainable debt. The question still remains about how the local area will respond to the expiration of the Federal tax credits at the end of April.

Jim Evans
Prudential Carruthers Realtors

Homes in Northern Virginia       Meet the Team      What’s my Home worth?

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Posted by Jim Evans

Short sale buyers seek closure

February 23, 2010

 It may be a long process to buy or sell a home short, make sure your agent know the intricate ins and outs.

By Benny Kass, Tuesday, February 23, 2010.

Inman News

DEAR BENNY: Almost six months ago, we made an offer to buy a condominium, under a short-sale arrangement. Our real estate agent called it a clean deal, as we are paying cash and all closing costs.

Our agent has called the listing agent and I have called the bank that holds the current mortgage (although they say they cannot discuss this with me for legal reasons) to try to learn why we cannot get an answer to our offer. My wife and I are anxious because we want to resolve this one way or the other. Didn’t our president get a new law enacted that is forcing the banks to respond promptly? We need some help, and the bank is dragging its feet. –Bob

DEAR BOB: Although the federal government is attempting to get lenders to shorten the time they have in which to respond to short-sale proposals, there currently is no federal law on this subject.

However, on Nov. 30, 2009, the Department of the Treasury issued guidelines that lenders are encouraged to follow. It is a complex process. Homeowners who are underwater can request that their lender preapprove short-sale terms. Although it is not clear how long the lender (or the servicer of the mortgage) has to respond, once the lender determines the amount it will be willing to accept from a short sale, the borrower has 120 days in which to find a buyer for the property.

When the homeowner enters into a sales contract with a potential buyer, and assuming that the lender has already preapproved the terms and conditions for a short sale, the lender must approve or disapprove the short sale within 10 business days after receiving the sales contract.

Accordingly, if you are a homeowner in financial trouble, talk with a real estate agent to start the preapproval process. This will take the most time, so you should begin this as soon as possible. There is a lot of paperwork involved that has to be presented to the lender.

The Treasury directive requires that once the short sale takes place, the homeowner/seller must be fully released from future liability. This has been a real problem in the past, since many lenders — after allowing a short sale — were still going after their borrowers for the deficiency — the difference between the net sales proceeds and the outstanding balance of the loan.

You can access this directive from the Web site of the Home Affordable Modification Program. Although lenders are encouraged to follow the guidelines now, technically they do not take effect until April 5, 2010, and will sunset Dec. 31, 2012.

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Posted by Jim Evans

Realty Times – Military Personnel Receive Federal Help on Short Sales

December 28, 2009

Members of the military who find themselves in a short-sale situation now have a new tool via the Homeowners Assistance Program (HAP) through the Department of Defense (DoD).

 

Congress expanded HAP when they passed the American Recovery and Reinvestment Act of 2009; and now nearly every military personnel involved in a short sale can get financial help through HAP if they find themselves upside down when they must sell because of a mandatory permanent transfer.

The HAP website (http://hap.usace.army.mil) contains several brochures for military personnel and for real estate professionals to help understand the expanded guidelines for those using the program.

Authorized under Section 1013 of the Demonstration Cities and Metropolitan Development Act of 1966, HAP is a law that is managed by the U.S. Army Corps of Engineers “to assist eligible homeowners who face financial loss when selling their primary residence homes in areas where real estate values have declined because of a base closure or realignment announcement.” The American Recovery and Reinvestment Act expands the legislation temporarily for DoD employees caught up in the mortgage crisis. Those who can apply for assistance include:

  • service members and DOD employees who are wounded, injured or become ill when deployed;
  • surviving spouses of service members or DOD employees killed or died of wounds while deployed;
  • service members and civilian employees assigned to BRAC 05 organizations; and
  • service members required to permanently relocate during the home mortgage crisis.The assistance is limited to employees who were reassigned within about a 5-and-a-half year period between 2006 and 2012 and the house being considered must have been the applicant’s primary residence. Some of the criteria for eligibility include:
  • Permanent reassignment requires move of more than 50 miles.
  • Reassignment ordered between 1 February 2006 and 30 September 2012.
  • Property purchased (or contract to purchase signed) before 1 July 2006.
  • Property was the primary residence of the owner
  • Owner has not previously received these benefit payments.An online brochure, which can be printed via a PDF file, is available here.This next paragraph is very important for purchasers of houses where the HAP program is being used.

    The execution of this program requires the assignment of the contract to the Department of Defense, via the U.S. Army Corps of Engineers. In essence, the seller conveys the house over to the USACE and then the purchaser buys the house from the USACE all at the same time at the same settlement or escrow table. Your state laws may require a few differences, but this is how it’s executed on the ground level.

    Many Realtor contracts contain paragraphs that will not allow the assignment of a contract, so military sellers using HAP may need to strike this paragraph to allow the contract to go through without any hiccups.

    An “assigned” contract is one where one party in a sales contract can assign their interests over to a third party before settlement. It would say something like: “this contract is between ‘Mr. and Mrs. Seller’ and ‘Mr. and Mrs. Buyer and/or assigns.’”

    With this language, it allows Mr. and Mrs. Buyer to slip in Mr. and Mrs. Buyer-2 at some point in the performance of the contract. It’s legal, and is usually used via a pre-foreclosure contract where one party is finding houses for sale and selling them to a secondary buyer once they get the terms of the contract in place.

    Thus, in the use of the DoD’s HAP program, the purchaser needs to understand that at the end of their contract, before they go to settlement, the seller will no longer be Mr. and Mrs. Seller, but the U.S. Army Corps of Engineers.

    For details on how the HAP program works, visit here.

    Published: December 28, 2009

    • Posted via web from Jim’s posterous

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    November local housing stats are in « Northern Virginia Real Estate

    December 11, 2009

    November local housing stats are in

    December 11, 2009 by Jim Evans | Edit

    Home sales in Northern Virginia have remained on pretty much a flat line the past few months. With inventory dwindling and prices returning, the spring market should bring much more robust activity. From November 2008 – November 2009, in Prince William County the average sold price increased $30,000 or 14.4%. Fairfax County had no measurable change. Of course, prices are 56% less in Prince William as a result of soaring foreclosures the past few years. This current trend of price improvements should help be aided by the tax credits that are due to expire in April 2010. Affordabilty is at an all time high. That is, if you can find a home that does not have multiple offers immediately after being listed.

    Graphs are courtesy of MRIS.

    Posted in Uncategorized | 1 Comment

    One Response

    via jim4realestate.wordpress.com

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