Blogging Real Estate in Nova

Where are the Best Schools?

20 Aug 2010 at 14:23

Chuck

“Where are the best schools” is an often-asked question when sellers move into a new area. Having your neighborhood feed into the “the best school” is important for both your children and your wallet! I have found strong demand for homes that feed into the better schools. When a Realtor is asked by a buyer where the top schools are in the area most Realtors will point clients to the Internet (aka wild west of information). Agents do not do because they don’t know where the schools are its just that the liability is so great. Being accused of “steering” clients into a neighborhood is a fast ticket to a lawsuit and having your license revoked! Having said this, I AM NOT SUGGESTING WHICH SCHOOL ARE BEST. My goal here is to simply put the information that I’ve gathered from the many sources I use into one blog and let you make your own judgements.

So, here we go!

I have scrubbed the web and found both free and cost school ranking systems. I picked three Elementary schools in my market area (Disclosure HERE: one of which my son attends). Having lived in and around Loudoun County for over 20 years I am very familiar with each of the three schools and the neighborhoods that feed into each school. I’ve also sold houses that feed into each of these schools.

The three elementary schools that I will use to test out the school ranking websites are Catotian Elementary, Evergreen Meadows Elementary and Sycolin Elementary. All of which are a few miles apart and located in Leesburg Va( Loudoun County).

The government website:

I have found that Virginia loves to give you information like, class room make up, teachers higher learning achievement, SOL pass percentage, number of fights there are each year etc etc..What the Virginia site does not do is rank its school’s by performance. You will not find anywhere in this huge data base a school ranking. I’m sure its just an oversight….

Virginia releases an annual report card on each school and school district. Again, lots of info but no snapshot ranking system.

The free websites:

Two of the biggest free websites are Great Schools and School Digger.

Great Schools: I found this site less informative of the two sites. It gives each school a ranking from 1 -10(10 being the highest and best score). The site also allows for public comment. I found the comments not helpful and very suspicious at best.

School Digger: I thought this site was the better of the two free sites. It ranked schools based on total number of schools in the system. The site also featured lots information broken down many way different ways.

The pay sites: One the biggest pay sites available is PSK12.com. I found that the material found on this website are the same as could be found either on the government website or the free sites. The only advantage I found with this website is that it has few advertisers and is cleaner in appearance and presentation. If this is worth money to you, spend away.

So, how did my test subject schools do compared to where I thought they would rank? Overall, I found the schools ranked inline with my expectations with only a few surprises.

The test schools:

Great Schools School Digger

Catoctin Elementary: 3 889 out of 1119

Evergreen Meadows : 7 309 out of 1119

Sycolin Creek : 7 95 out of 1119

Adequate Yearly Progress (AYP) years

Catoctin Elementry : 08′ Made AYP ’09 Did Not Make ’10 Did not Make

Evergreen Meadows: 08′Made AYP ’09 Made AYP ’10 Made AYP

Sycolin Creek: ’08 Made AYP ’09 Made AYP ’10 Made AYP

**** Quick note here: Loudoun County as a whole did not met AYP as a county****

Want more information on SOL’s as well as other schools in Loudoun County? Click here! Want to find great homes near great schools then call or email me for a free list.

Take care,

Chuck

Serving all of your Ashburn, Chantilly, Fairfax, Herndon, Reston, Leesburg, Mclean and Loudoun County area Real Estate needs!

FHA Refinance of Borrowers in Negative Equity Positions

17 Aug 2010 at 14:31

Chuck

CDPE- Short Sale Info

No Comments

Here it is at last, your chance to refinance your underwater mortgage. The long-awaited FHA rules that will allow homeowners that are underwater to refinance their homes.

If your house is underwater and your interest rate is above 6 percent, you should definitely consider this refinance opportunity when it becomes available. Even if you have a good interest rate, the write-down of your first and/or second mortgage may make this deal worth considering.

You must be current on your mortgage to qualify for this FHA refinance opportunity. Also your lender or investor must be willing to write off at least 10 percent of the original first lien on the mortgage. The new program will be available starting September 7, 2010 and you will have until December 31, 2012 to finalize a refinance deal.

Your participation in this refinance program must be voluntary and you must have the consent of lien holders. In other words, if your lender refuses to participate, you won’t be able to take advantage of this refinance program.

For your loan to qualify, you must meet these conditions: –Your mortgage must be in a negative equity position; –You must be current on the mortgage to be refinanced; –You must occupy the subject property (1-4 units) as your primary residence; –You must qualify for the new loan under standard FHA underwriting and your FICO score must be greater than or equal to 500; –Your existing loan must not be a FHA-insured loan; –The existing first lien holder must write off at least 10 percent of the unpaid principal balance; –The refinanced FHA-insured first mortgage must have a loan-to-value ratio of no more than 97.75 percent; –If you have other subordinate mortgages (such as an equity line) they must be re-subordinated and the new loan may not have a combined loan-to-value ratio greater than 115 percent; –Your total monthly mortgage payment, including the first and any subordinate mortgage(s), cannot be greater than 31 percent of gross monthly income and total debt, including all recurring debts, cannot be greater than 50 percent of gross monthly income; and –You cannot use the new FHA mortgage to pay off existing debt obligations in order to qualify for the new loan.

If you’re already undergone a loan modification, you may still qualify for these new FHA loans. Anyone whose loan was modified under the Making Home Affordable Modification Program (HAMP) may still be eligible beginning the month following the date the modification was permanent. If you were modified using a non-HAMP loan, you must make three on time monthly payments on the new modified mortgage and be current on the loan.

Need more information on this refi program or other programs contact:

Val Hall

Vhall@embracehomeloans.com

(703) 309-2005

Need information on the Short Sale process? Call or email me for a free confidential, no hassle appointment.

Take care,

Chuck

Serving all of your Ashburn, Chantilly, Fairfax, Herndon, Reston,

Leesburg, Mclean and Loudoun County area Real Estate needs!

2010 Mid–Year Housing Report for the Northern Va DC Metro Area

29 Jul 2010 at 20:53

Chuck

Road to Recovery

No Comments

The latest 2010 Mid Year housing report from MRIS paints a very rosy outlook for the DC metro and Northern Va real estate markets. Here are a few of the highlights from this quarters housing report:

Inventory—The number of units for sale (single family, townhouses, and condos) continue to be very low. Currently the Washington DC area has less then 5 months worth of units. In some areas like Loudoun County, Fairfax County, and Falls Church have less then 4.5% months of inventory. Six months is widely considered a health housing market.
Prices— We continue to see steady price increases across the board. The Washington DC region on a whole is up 4.7% over the last 12 months. Low inventory numbers of course drives pricing (low supply’s means higher prices)
New housing starts—- This number I think really speaks to the story of how bad our economy was leading up to the recovery. Our region is currently at 10-year + lows for housing starts. In 2000, we had over 150,000 new housing starts planned while this year we have 20,000 so far planned. This could be due to tight lending by banks for new homes starts and/or builders still not having enough confidence to begin new projects.
Days on Market— The 1^st question I normally get from home owners when I list their house is “How long will it take”. With inventory levels down the time on market has dramatically been reduced. Currently our area’s average has been around 43 days from listing to contract. A few years ago in Loudoun County the average DOM was as high as 131 days!
Unemployment— The DC area is leading the nation out of the “Great Recession” thanks in large part to a robust jobs market. Our current unemployment rate is 6% vs. the national average of 9.7%. As we all know our area is extremely lucky to have a very busy government sector. The Loudoun/ Dulles corridor is also fast becoming an IT hub.
Interest Rates— I’m sure everyone by now has heard about the mind-blowing interest rates floating around. I’ve heard of client getting 4.15% 15-year loans! This will literally save you hundreds of dollars a month in mortgage payments.

Overall, I think (I THINK… my opinion here.) we at least in the Washington DC metro area have started to turn the corner. The big unknown of course is exactly how much of these numbers were inflated because of the $8,000 tax credit. Some anecdotal evidence has started showing some slow down in foot traffic since the expiration of the tax credit. There also seems to be a lot of rumors about a double dip recession. I’m not quiet sure I see any evidence of that.

I was once told that if ask four economists there opinions on the direction of the economy that you would get five different opinions. The joke was funnier in good times….

Need help navigating the housing market? Want more detailed information on your neighborhood or area? Email me directly.

Take care,

Chuck

Serving all of your Ashburn, Chantilly,Fairfax,Herndon, Reston, Leesburg, Mclean and Loudoun County area Real Estate needs!

How to Buy a Foreclosure or Short Sale in Fairfax and Loudoun County

21 Jul 2010 at 15:58

Chuck

CDPE- Short Sale Info

No Comments

Research- This begins way before there is a sign on the lawn. In most cases savvy investors begin prospecting for foreclosures and short sales in the public announcements section of their local paper. Do a drive by of any houses that are in default. See if the property is vacant as well as the condition of the outside. ***Hint here** If it looks rough on the outside you can beat it’s going to be rough on the inside. Go to the courthouse steps and see if the bank had to buy back the mortgage note. Just as a side note here; I highly discourage first time investors from buying houses on the courthouse steps unless they are extremely experienced.

Get help!- When buying a foreclosure in most cases the Realtors commission is already built into the foreclosure and short sale price. This means that if you are buying a foreclosure or short sale the lender in most cases is paying your Realtors commission. Find an experienced foreclosure or short sale Realtor specialist. An experienced agent can guide your through all the pit falls and save you time and money!

Have a plan “B”— Always have a back up plan before buying that foreclosure or short sale. Write down the “what if’s”. What if your foreclosure flip doesn’t sell in 30 days or 60 days? What happens if you have to rent it out for a couple of years? What are the rentals comps like?

Show the money—- Have your financing in order before you start looking. Half the challenge of buying an investment property is having a solid offer ready to go. If you are borrowing money from a lender you should have a pre approval letter ready to go. If you are buying using cash, CD’s or other investment tools you need to have a copy of funds on file and ready to go.

Put in on paper—- Now that you found that perfect investment its time to put it on paper. I suggest you have a contract pre-written with all the addendums ready to go. Just leave the price, property address and signatures off. Once you find a property you want to just fill in those few blanks and (very important) scan into a PDF doc and send!

Finally, investing in Real Estate is nothing like those show on TV. It takes a lot of knowledge and hard work to be a success( a little luck is also very helpful!). If you are serious about investing in Real Estate start by finding a good Realtor who can walk you through the process. It’s like having an Ace in the hole!

Take care,

Chuck

Serving all of your Ashburn, Chantilly,Fairfax,Herndon, Reston, Leesburg, Mclean and Loudoun County area Real Estate needs!

Is Your New Home a Lemon?

27 Jun 2010 at 15:31

Chuck

Rants

No Comments

You’ve done your homework, you checked out the schools, neighborhood, traffic patterns; you have even Googled your neighbors. When you move in however, you start noticing that your home is well…. not up snuff. First its just minor stuff, nail pops, trim work, closet door not fitting right, maybe a wrong fixture or two. As you start living in your home you notice more and more problems some major. You then talk to your new neighbors and find out that they too have been having quality issues. Now the very real thought that maybe just maybe you just brought the biggest most expensive lemon on earth! A real stinker!

How do you get the builder to make things right or better yet avoid this from happening in the first place? Let’s start with my suggestions on how to avoid a Lemon House:

A. Hire a knowledgeable professional Realtor! Many buyers think that they don’t need a Buyer’s Realtor when buying a new home. This is absolutely WRONG. The sales agent welcoming you at the model home does not work for you. He is only going to tell you what it takes to sell homes. A buyers Realtor will represent you the buyer. Plus (big plus here), a buyers Realtor doesn’t cost the buyer a thing (yep ZERO out of pocket). The seller pays the Buyer agents fees. Let’s review; doesn’t cost you a thing, could save you thousands of dollars and possibly save you from buying a Lemon House? Sounds like a no brainer to me.

B. Visit your home site. Swing by your new home site early and often. Bring a camera and take lots of pics during the construction. Talk to the actual guy’s swing the hammers. They will give you insights no else can give you. You will also become a face to the house and not just another unit and deadline. I stop by my new construction homes 2 to 3 times a week and almost daily when the house goes under roof. The builder will ask that for insurance reasons you not go inside your house without a builder’s rep. In this case I would make appointments with the sales rep at least once a week.

C. Google… lots of Googling. Type in your builders name into a Google search and see what pops up. Many buyers are taking their frustrations with builders to the web in blogs and the web. Here are just a few quick links I found:

Okay, so you decided you don’t need a Realtor and brought that investment without any help. How do you make the builder make things right:

A. Builders like to send out quality surveys as soon as you move in. This increases the chance that you will send these surveys in while you are still in the honeymoon phase. Hold on to these surveys for a couple months and make sure your builder knows this.

B. Find out the name and contact info of all the quality assurance people at your first meeting with the sales rep of the development. I keep a handy list of names and numbers of all the builders I work with. Amazingly helpful.

C. Builders like for homeowners to make a list of defects before they come out and fix things. I suggest keeping a running list and email, faxing or hand delivering the list to the builder every week. Things that are not fixed in a week I highlight and put at the top of my list.

D. Builder still not fixing items you want addressed: Take all those pics and documentation and start writing letters. First to the builders CEO, then FTC, Better Business Bureau, and your Attorney General. Only the loudest and most persistent homeowners will stand a chance of making the builder do the right thing.

E. Finally, and only as a last resort take your complaints on-line. If you are right and you have the documentation( and pics) to provide it there is no bigger soapbox then the Internet.

In conclusion, hiring the right local Realtor, just like builders hiring the right subcontractors can make all the difference in the world!

Need the right local Realtor for your next home purchase? Call or email me!

Take care,

Chuck

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Do You Know Your Neighborhoods Walk-Ability Score?

04 Jun 2010 at 15:43

Chuck

Neighborhood Spotlight

No Comments

Do you know your neighborhoods Walk Ability Score? Do you know what a Walk-Ability score is? Why should you care about Walk – Ability?

Let’s start at what a “Walk Ability” score is and why it’s so important in today’s Northern Va real estate market. “Walk Ability” scores look at things such as public transportation, grocery store locations, libraries, hospitals, doctor’s offices, dinning and shopping locations as compared to where you live. The more amenities you have near to where you live the better your score. For example, if you lived in the town of Leesburg, VA your score would be 98 out of 100. This is an excellent and well-deserved score considering the many different shopping, dinning, public transportation, and school option available to you within just a few miles (reasonable walking or biking distance). Where as a town in a more rural setting would not have as many of the same amenities and would require a trip in the family car to reach the same type of services that Leesburg, Va has available.

So, why is this important and why should you care? The bottom-line is “TREND”. Back in the mid 1990’s thru early 2000 many families had no issues with living 45 minutes and more from work. A new term was coined for these types of neighborhoods ”Ex-burbs”. As a Realtor I spent a great deal of time taking families out to Purcellville, Berryville, Middleburg and Hamilton all in search of the perfect house with lots of land. That trend has completely been reversed. Smaller homes that are closer to work and amenities are the new norm in home buying. Much of this can be directly attributed to the spike in gas prices as well as the dreaded Northern VA traffic jams.

What does this mean for your bottom-line? For the most part the further away your home is to a major work center, shopping center, and schools the longer you can expect your home to stay on the market and less you will get for your home in comparison to a more walkable neighborhood.

Checkout your neighborhoods Walk- Ability score on the side bar. Just type in your address →→→

Want information on some great neighborhoods with high Walk- Ability scores?

Call or email me for a FREE list of homes for sale that fit your needs!

Take care,

Chuck

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Why Are Home Loan Modifications a Joke?

23 May 2010 at 12:00

Chuck

CDPE- Short Sale Info

2 Comments

Home loan modifications are a joke in your town! As a licensed Real Estate Broker working in the Northern Va area I have spent a good deal of time over the last 4 years working with distressed homeowners. Over and over again, I hear the same horror stories from homeowners who are stuck between a rock and a hard place because of their lenders incompetence. Here is the autonomy of a failed home loan modification:

You fall behind 30 days, your lender or servicing company contacts you and tells you how much they want to work with you to save your home (this is of course all scripted and recorded). They tell you that they have several programs including a Federal Program to make your house more affordable. They exhort the benefits of reducing your interest rate and “forbearance” of your overdue monthly payments. Like many homeowners you see this as a lifeline and you being the paperwork process. This is when the wheels begin to fall off the wagon. At first your lender asks for basic income documents, then they ask for a breakdown of every daily expenditures under the sun. If you are lucky, they will only ask for this information 3 times (the lender tends to lose paperwork like you lose your socks in a dryer). Once you have given the lender everything they have asked for including simples of DNA as well as a birth certificate( remember this was the same bank that only needed you to fog up a mirror to get the same loan) everything goes quite. For months you hear nothing. You still get mortgage statements every month showing that you are behind and in jeopardy of foreclosure. Then the occasional mailings from Realtors, credit companies and people promising to you help (for a small fee) start to trickle in. This tips you off that your problem is no longer a personal matter and that the lender is not laughing with you but at you. You also notice that the lender is still dinging your credit report every month like clockwork. When you reach out to the lender you get a nice person telling you that your loan modification is still under review. This eases your nervousness a little as you start to notice more and more threaten letters from the same lender telling you everything is okay. Then one day (usually 3 to 4 months from your application for a loan modification) you get a certified letter from a law firm telling you that your house will be foreclosed on within the next few weeks. You franticly call the lender who promises to approve or disapprove your application before the foreclosure date. Your throat becomes dry and you notice that you are now sweating because this is the first time the lender has told you that you could be “disapproved” for the loan modification. In which case you will have to pay all back payments, late fees, and now attorney fees before your house goes on the court house steps.
So what are the “Do’s” and “Don’t’s” for homeowners facing this situation?

Do’s Do apply for a modification. My brothers favorite saying about playing the lottery is; “you can’t win if you don’t play”. Give it a shot it might be your lucky day.

Do contact your lender early and often during the process. This will not guarantee quicker servicing but at least you’ll stay up to date.

Do speak with a LOCAL non-profit housing counselor

Do reach out to a Real Estate attorney if you can afford one

Do look up a “LOCAL” real estate professionals with a strong track record of helping distressed homeowners (I would Google “short sale, CDPE (certified distressed property expert and your location)

Do keep track of every conversation you have with the lender including the name and number of the person you are speaking with. I have found that lenders have funny memory’s at times…

Do come up with a plan B even if you have no plans on losing your home to the lender. I normally help my clients by showing them rentals in the area and talking them through all the issues involved with credit, Short Sale or a foreclosure might have on them. I also spend a lot of time just talking with them about the situation and what they can expect. There is nothing more personal then your home!

Don’ts

Don’t pay anyone upfront fees to help you save your home. These are most likely scams prying on distressed homeowners

Don’t buy into anyone promising to save your home! No one can guarantee this to you.

Don’t WALK AWAY from your home. Even if you are hopelessly upside down and have no desire to go through the process you can still come out with a little cash (up to $3,000), a manageable credit record and even a couple months of free rent if you play your cards right. Contact your LOCAL CDPE certified Realtor.

Don’t panic! I have helped hundreds of homeowners since this crisis’ started 4 years ago and I am here to tell you that YOU are not alone. Just don’t panic So, why are Home Loan Modifications a cruel joke you say? Because we are not too big to fail!

Need help? Call or email me for a confidential appointment.

Chuck

Btw, here are some interesting links that talk about the mess we call the housing industry.

Bloomberg News

NBC News Scams

Why do Bank want to foreclose on your home

NYT

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Red Cedar a Pulte Home Community; Neighborhood Spotlight Leesburg Va

14 May 2010 at 14:11

Chuck

Red Cedar a Pulte Home Community; Neighborhood Spotlight Leesburg Va

1 Comment

It is very rare that I can honestly say that one neighborhood has a little something for everyone. Looking for an upscale Townhouse, check; how’s about a nice neo-traditional single family home with lots of house and not much yard, check; a house with a decent yard maybe? Check and double check! You can have a yard from a quarter acre to 8-10 acres (currently there is a 34 acre site on sale). What about price? Red Cedar has homes starting in the $400,000’s and going up to the $2 million range.

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Here is a quick run down of Red Cedar

Pros:

Over 1,300 acres of rolling Loudoun countryside with lots of sidewalks and trails
Lots of different floor plans and housing types (town homes to estate homes)
Great amenities (pool, open area, town center)
Very close to schools, shopping, and commuter routes (Brambleton and Downtown Lessburg are just a few miles away).
Well known and respected home builder. Pulte isn’t walking away from this community any time soon!

Cons:

HUGE neighborhood. This is a mega big community with lots of different housing types and styles. You will get lost!
HOA fees are a little high at $150 per month.
Pulte is still building new homes in the neighborhood. This could mean some challenges if you have to sell quickly( less then 2 years).
Only one builder in the neighborhood (could be a pro or con)

What’s the final verdict you say? The Red Cedar community in Leesburg is I think one of the nicer laid out neighborhoods in the area. I believe the lower priced homes in Red Cedar are a good value especially for those buyers who really want a community with tons of amenities.

Want to know more about Red Cedar? Are there other neighborhoods you saw that you would like me to research for you? Drop me an email or give me ring!

Take Care,

Chuck

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Is the New HAFA Program good for you part II

20 Apr 2010 at 14:04

Chuck

CDPE- Short Sale Info

4 Comments

Is the New HAFA Program good for you?

Need more information on Short Sales in your area? Call me for a confidential interview today!

Chuck Rifae

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!

Oaklawn in Leesburg a Pulte Community

11 Apr 2010 at 03:45

Chuck

Neighborhood Spotlight: Oaklawn

2 Comments

The new Oaklawn project is a 165 acre mixed use project that will bring both urban low maintenance town homes and a walkable feel to Leesburg. The project which is very similar the Goose Creek project just a few miles away in Ashburn tries to combine both a residential feel and commercial development to one development.

Pulte has several models available currently. They include the Strafford, Silverbrook, and Tyler. All of the models offer either a one car or two car attached or detached garage and range in base price from the $329,000 to $399,000. The community will also offer a pool, tot lots, tennis court and trails throughout the neighborhood.

So, what are the pros and cons of this development? Here’s my take (or option…)

Pros:

I’m a huge fan of the walk ability factor. I live only a few miles away from Oaklawn and enjoy being able to ride my bike to W&OD trail. I also like all the downtown Leesburg activities.
Pulte is building the town homes in a very unique ( uhm.. )fashion? The bold colors really make the project standout( this could be a plus or minus at resell time?). I also like the brick and hardiplank being used in the construction of the town homes.
As always lots of sidewalks and paths are always a plus!

Cons (no project is ever perfect for everyone):

Very, very tight living. You are giving up lots personal space to live at Oaklawn. The Townhouses are for the most part built back to back and front to front with little greenery in-between for privacy. This is of course just fine if you have lived in an urban setting like Georgetown or Alexandria.
Parking, parking, parking. This always comes up as an issue when I talk to buyers and sellers who live in town home communities. I think this neighborhood will be no different.
The Plane, the Plane! You better like planes if you want to live at Oaklawn. Leesburg Airport is not some small regional airport that has the occasional turboprop fly in. Planes fly in and out at all hours of the day and night. I’ve seen everything from Gulfstream’s to a B-52 Bomber, to a helicopters and light experimental planes land at the airport. I personally love planes and enjoy naming them as they fly in and out with my son. Our personal favorites are the WWII planes that call Leesburg home. Also, there are several flying schools that teach out of the Airport. There is nothing like watching a new student pilot try to land in heavy winds. Again, you better like planes or its going to get old quick and Leesburg Airport is NOT going anywhere anytime soon!

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If you are thinking of Oaklawn you might also want to checkout Brambleton, South Riding, and Greene Mill Preserve. For resells checkout Tavistock Farms, Greenway Farms and Potomac Station.

Want more information of these communities or others in the area? Call or email me!

Take care,

Chuck

Serving all of your Ashburn, Leesburg, Mclean and Loudoun County area Real Estate needs!