On Tuesday July 27, 2010 Dina El Boghdady’s article regarding the DC metropolitan area’s housing market was published in The Washington Post. The article discusses how the housing market in the greater metropolitan DC area has been insulated from the downturn in the overall real estate market nationally. Click on the link to view her article.
In March 14, 2010 edition of The Washington Post’s Prince William County Extra the following article “Plunge in Home Values Levels Off” by Jennifer Buske discusses that our home values have leveled off and are beginning now to rise again in 2010. Western Prince William County has fared better than other parts of the county. Check out the article at: http://www.washingtonpost.com/wp-dyn/content/article/2010/03/12/AR2010031204423.html
This article explains the intricacies of title insurance which is a very important component of a home purchase. Many buyers do not understand title insurance and the necessity of it. This article published in October ‘09 Northern Virginia Association of Realtor’s Update Magazine offers some very valuable information regarding why title insurance is necessary for every homeowner.
The following article was published in NVAR’s Update Magazine, September 2009 issue. This article discusses the trend in real estate sales for 2009 as compared to 2008 in Northern Virginia. There is invaluable information provided in this article, particularly regarding Condo sales that is important to know. Now is a great time to buy! Get in on the deals NOW before interest rates begin to tick up and prices begin to rise!
The following is a link to an article by Diana Orlick of CNBC that discusses investors being able to take advantage of re-financing their investment properties’ mortgages under the same guidelines as primary residences in the Home Affordability and Stability Plan. Only re-financing qualifies – NO loan modifications on investment loans. Anyone upside down on an investment property should contact their lender who holds that mortgage to see if they qualify and can reduce their payment by lowering their interest rate.
Below is a link from National Association of Realtors (NAR) Government Affairs department regarding detailed information about the $8K 1st time home buyer tax credit. Here’s a real life scenario of how this tax credit is working for 1st time home buyers or those who have not owned a home for the last 3 years.
I just had a 1st time home buyer (23 years old) purchase his first home in Prince William County, VA. Cost of this almost 2400 sq. ft. townhouse was $217,000. He put up 3.5% as a down payment for FHA financing ($7595) with a fixed rate of 5% for 30 year loan. He received 3% in closing cost assistance from the seller ($6510). He put an earnest money deposit of $5000 down on the home when he contracted. He brought another $4000 to the settlement table when he closed (5000+4000=$9000). He qualified for the $8K tax credit from Uncle Sam that he’ll receive when he does his amended 2008 tax return. He owed very little in Federal or VA State Income taxes for 2008 so he gets the entire benefit of the $8K. His salary also is within the guidelines. So his total outlay of cash to purchase this home is $1000!
His total mortgage payment (including principal, interest, taxes, insurance and HOA dues) is less than what he paid in rent (when taking into consideration his monthly tax savings for home ownership). He has two guys living with him helping him pay his mortgage. He intends to put the rent money down as further principle payments on his mortgage and own this home outright in 10 years. Then he intends to keep it for an investment property and gain monthly rental income on this property. He’s smiling all the way to the bank! The tax credit is only good until December 1, 2009. Take advantage of it while you can!!!
To learn more about how this tax credit can benefit you, click on the link below. Call me at 703-608-6342 or email me at Cathy@CathysHomeTeam to see how this can be a reality for you!
With affordable home prices, fantastic interest rates now, and a strong rental market . . . now is the time to consider buying an investment property.
Smart investors know to buy low and sell high. Smart investors also know that real estate investments are typically long-term investments.
See attached article with real life examples of investors in positive cash flow on their investment properties in Northern Virginia.
Northern Virginia has a strong rental market with government/military workers coming in and out of the area constantly. I typically rent properties in Northern Virginia in 30 days — 60 days on the outside.
Enjoy the article and call me if you have any questions.