Thursday, September 27, 2007

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!

Real Estate Search Engines Keep Growing

Daily Real Estate News September 24, 2007

Real Estate Search Engines Keep Growing

Housing search engine Web sites are enjoying a boom in business despite a slowing market.

Trulia.com is outpacing all but Google and Yahoo! search engines in sending traffic to real estate companies nationwide, the company said, basing its claim on data from Hitwise, which measures how people interact with Web sites.

Trulia says it sends an average of 11 percent of all the traffic being directed to major real estate firms, including Coldwell Banker Real Estate, Century 21 Real Estate, ERA Franchise Systems, Keller Williams Realty, Weichert, and others.

Meanwhile, Zillow.com announced that it has landed $30 million in additional investment from Legg Mason Capital Management to support an expansion of its staff of 155, including a 20-person national advertising sales team.

“We believe Zillow is well on its way toward becoming a market-leader in a huge, and untapped online category of online tools and information for homeowners," said Bill Miller, chief investment officer at Legg Mason.

— REALTOR® Magazine Online

Thursday, September 20, 2007

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!

Professional Inspector Provides Relief for the Anxious New-Home Buyer

By Benny L. Kass
Saturday, September 15, 2007
F04 The Washington Post

Q: We are considering buying a new home from a builder. We like the neighborhood, and the price on the house has been reduced. The builder is also throwing in a number of extras, including paying all of our closing costs. However, we don't know the reputation of this builder, and we'd like to have the home inspected before we go to closing. Is this possible?

A: I think it's a good idea, but builders often reject such arrangements for a number of reasons. Some builders claim that this will void their insurance policy and are afraid that someone will get hurt during the inspection. Other builders don't want their employees bothered by too many questions from the inspector, and other builders just say, "We will provide you with a house that has been approved by the county inspectors, so you do not have to worry."

But you are smart to worry. Frank Lesh, president of the American Society of Home Inspectors, said, "Even new homes have defects that only a professional can detect."

Keep in mind that in many counties, the government inspectors are busy and do not have time to carefully look at all aspects of the new home. Often, by the time the county inspector makes a site visit, your builder may already have put up the drywall, thereby covering up the electrical and plumbing systems.

I have been involved in a number of new-home warranty issues, many of which could have been avoided had the buyer been given the right to inspect the home as it was being built. In one case, the homeowner kept hearing pipes knocking every time the upstairs bathroom sink was turned on. The homeowner forced the developer to open the walls, at the developer's expense, and found that some of the pipes were not properly affixed to the wall. The building inspector hired by the homeowner determined that this was "water hammer."

In this case, the builder acknowledged that had there been a periodic inspection, the problem would have been detected earlier, at a significant cost savings to the builder.

ASHI recommends a three-pronged inspection: before pouring the foundation, before putting in insulation and drywall, and before the final walk-through.

Tell the builder that you want the right to have an inspector of your choice, and at your expense, conduct these inspections. Your sales contract should clearly spell this out.

Remember that a new home has many components, including the roof, the foundation, the electrical and plumbing systems, and the heating and air-conditioning systems. I recently heard of a situation in which a homeowner complained that a new house was not being adequately cooled. When a professional inspected the system, he discovered that the builder had made a mistake. A system designed for a smaller house had accidentally been installed.

Again, the developer had to spend a lot of money to correct the situation, money that could have been saved had there been periodic inspections.

It often amazes me that when consumers buy a new car, they inspect it carefully, even to the point of kicking the tires. But when they buy a new house, they are more concerned about how many bedrooms there will be and what size television they will be able to put in the family room.

If you do not have a referral for an inspector, you can find one by going to the Web site of either ASHI ( http://www.ashi.org/) or the National Association of Certified Home Inspectors ( http://www.nachi.org/).

When you contact a home inspector, inquire about his or her qualifications and background.

Many states have laws governing certification of home inspectors, and the full list of these state laws can be found on the ASHI Web site.

If you decide to hire an inspector, get a copy of the inspector's contract before you formally commit. Read it carefully, and make sure that the inspector will be doing the job you want.

There is one controversial provision in most home inspectors' contracts, called an "exculpatory clause." This states that should the inspector make a mistake and negligently fail to pick up problem areas in the house, your only remedy is to get a full refund of the contract price.

This clause has been upheld in Maryland. Recently, however, the D.C. Court of Appeals held that these exculpatory clauses will not be enforced "when a party to the contract attempts to avoid liability for intentional conduct of harm caused by 'reckless, wanton or gross behavior.' " ( Carlton v. Home Tech, decided June 15, 2006.) This was a modest fix, but unless you can prove that the inspector was engaged in such behavior, the exculpatory clause will be enforced.

While not every home inspector will agree to delete this clause, it certainly is worth trying.
Buying a new home creates significant anxiety among many home buyers. Why not get an inspector to relieve you of at least part of it?

Benny L. Kass is a Washington lawyer. For a free copy of the booklet "A Guide to Settlement on Your New Home," send a self-addressed, stamped envelope to Benny L. Kass, 1050 17th St. NW, Suite 1100, Washington, D.C. 20036. Readers may also send questions to him at that address or contact him through his Web site, http://www.kmklawyers.com/

Thursday, September 13, 2007

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!

Tuesday, September 11, 2007

State of the Market for First Time Homebuyers

Recently, one of our prospective first-time home buyers posed the following question: “To be honest with you, I'm feeling a little apprehensive right now about the market. I know that houses are getting to be more affordable, but I'm concerned that I will have trouble getting a mortgage, or at least, a mortgage that I could afford. Do you think it would be wise to wait until I have a bit more cash on hand and then start looking? What do you think?”

We asked one of our favorite lenders, Connie Echeverria at Bank of America, to answer this question. Her excellent answer is below:

Hello there,
I would be happy to answer any questions that you may have regarding the state of the market. You can call me anytime-info below…

However, I find the simplest way to sum up what is happening/happened is that banks that were lending money to buyers that could not really afford to buy are no longer being allowed to do so. And buyers that were put in homes above their price point are no longer able to pay their mortgages, and so those banks are going under, and foreclosures are up.

Bank of America invested in neighborhoods that needed tax infrastructure (Bank of America’s Community Commitment Program) and we diversified our assets (bought LaSalle , MBNA, sponsors NFL, charity organizations, playgrounds, universities) to such a degree, that we were actually able to stabilize the mortgage market by purchasing several billion worth of Countrywide stock (we lent them the original $75,000 to start the bank J), amongst other things.

Mind you, we were never into the exotic type of loans that many brokers used to qualify buyers, so now, when everyone’s regulations are changing, we seem very exotic, simply because ours have stayed the same. Really, we are just stable…and we deliver consistently across the board.

My advice to you would be the following:
If you are curious about whether or not you should buy a home, now or in the future, ask yourself whether or not researching that prospect would be a worthwhile investment of your time. There is no monetary investment; your buyer orientation with Kevin and Michael is free; your pre approval and dialogue with me is…free. At the end of it all, you will have more knowledge, experience and comfort with something that may seem foreign to you now. Why wouldn’t you learn something new and look at pretty places where you may one day want to live while empowering yourself with knowledge?

Lastly, EVERYONE will want to give you advice on this subject. However, if YOU are the one to do the leg work, and in the end make the decision that it is NOT the right time for you, no matter what anyone else’s argument may be, you will never feel as if you may have missed out on something. You will be certain you made the right choice for you AND you will be prepped for another choice at any time…just keep reading and brushing up on what is going on, and when you are ready…that’s it. win-win...my favorite scenario!

Best of luck to you,
Cheers,
Connie Echeverria
Mortgage Loan Officer
The Krista Ellis Group
Bank of America Mortgage
3 Bethesda Metro, Suite 950
Bethesda, MD 20814
301-571-1407 direct
301-571-1444 fax
202-285-3937 cell
Connie.Echeverria@BankofAmerica.com
Yo Hablo Espanol

Thursday, September 06, 2007

Feeling Nosy about DC? MD? VA?

Ok, I know you're probably not planning on moving this very second, but here's this week's list of interesting-looking listings that have just come on the market. Mind you, they may not actually be my personal listings --- just intriguing properties I've come across that week.

Feeling nosy about the District of Columbia?
Feeling nosy about Virginia?
Feeling nosy about Maryland?

If you know someone who might be interested in this list, please forward it on to him or her. And if there's a listing that you're curious about yourself, just let me know ... and I'll show it to you ... just for the hell of it ... no obligation ... *I promise*. Really. (One of the perks of being the friend of a real estate agent ought to be that you get to freely snoop around other peoples' homes!

Area Housing Price Gains Still Outpace National Average

Washington Business Journal - 12:48 PM EDT Thursday, August 30, 2007
by Jeff Clabaugh
Staff Reporter

A government report Thursday says housing price appreciation has slowed to the slowest pace in a decade, but price gains in the Washington area continue to outpace the national average.

The Office of Federal Housing Enterprise Oversight (OFHEO) says average prices of a single-family home last quarter were up 3.2 percent from year-ago prices. Maryland, D.C. and Virginia, all consistently in the top 10 for housing prices gains for years, have slipped further down the list in recent quarters.

In the second quarter, single family home prices in Virginia were up 3.7 percent from year ago levels, ranking 32nd in the nation for price gains. Maryland ranked 21 last quarter, with year-over-year price gains of 4.72 percent. The District ranks 24 with prices up 4.62 percent.

All three jurisdictions had quarterly price gains of less than 1 percent.

The Washington area ranked 201 out of cities for price gains, up 1.16 percent from a year ago. The OFHEO say Washington metro housing prices fell an average of 0.23 percent from the previous quarter.

Home prices in Utah surged 15.1 percent from year ago levels, ranking it top on the list of pricing changes. Nevada was at the bottom of the list, with a price decline of 1.45 percent over year ago levels.

In the Thick of A Resurgence On the Hill

Building Salvaged From Neglect
By Ruben Castaneda
Washington Post Staff Writer
Saturday, September 1, 2007; Page T05

Although she's lived in suburban Maryland for most of the past 20 years, Yvonne Johnson found herself spending more time in the District in recent years. So much time that she decided she may as well live there.

This spring, she moved into a three-story brick building on 15th Street SE in Capitol Hill.

It was a good choice, Johnson said. "I enjoy living in the city."
The Stadium-Armory Metro stop is a short walk away, and, though her job as a real estate agent is in Waldorf, the commute is relatively easy. "I'm going in the opposite direction of traffic . . . so it's a breeze," Johnson said.

Now, in her spare time, Johnson walks to such venerable Capitol Hill haunts as the Banana Cafe and Marty's, two of the many restaurants on Eighth Street SE. Johnson has become a regular at nearby Eastern Market and takes Metro whenever she can.
But life in and around Johnson's building wasn't always so pleasant.

In the late 1990s and the early part of this decade, the building was in disrepair, some of its 17 units were unoccupied, and others were occupied by squatters, said Joan Simon, who with her husband, Joel Simon, bought the building for about $500,000 at a foreclosure sale in December 2001.

Some of the people who lived in or hung around the building then sold drugs, Simon said. The front door was not secure and was often broken.

When she and her husband bought the building, the legal tenants received federal Section 8 vouchers and other help finding new homes, Joan Simon said.
Then the Simons went to work, spending hundreds of thousands of dollars to renovate the units and the building's common areas.
Among the new features: a secure front door, an intercom system, security cameras in the front and back entrances and in the hallways, and a fenced parking area behind the building with a remote-controlled gate.

Joan Simon updated the landscaping, planting shrubs, small trees and colorful flowers. The Simons reached out to D.C. police, who, she said, were responsive. "The police and I became best friends," Joan Simon said.

Their hard work paid off. By August 2002, the first new tenants had moved into the renovated building. By December of that year, the building was completely rented, the Simons said.

The building's comeback is part of a broader neighborhood resurgence; housing prices and rents have soared in Capitol Hill in recent years. Most of the other buildings on the block are rowhouses inhabited by families, and there's a new condominium building going up a few doors from the apartment building.

Joel Simon estimated that his building dates to the 1930s or 1940s. There are coin-operated washers and dryers in the basement, and there is no elevator. Although the kitchens in each of the units were modernized in the renovation, the apartments have a film-noir feel, with arched doorways, asymmetrical angles and hardwood floors.

Tenants said Yarmouth Management, which manages the building, is friendly and responsive whenever they call for service. Johnson said that when she moved in, the remote control for the gate around the parking lot wasn't working, and she called the management company. "They got on it right away, and by the next day it was done," she said.

Johnson and other tenants said they knew before they moved in that crime was a problem for some parts of Capitol Hill but that they feel secure in their building and haven't had any problems in the neighborhood.

Michael John Casey, an actor, moved into a one-bedroom unit with his fiancee in late April. "I've never felt any kind of danger since we've moved here," Casey said.

Casey praised the convenience of the neighborhood, noting that he can walk to Eastern Market, the restaurants and shops on Eighth Street SE, or a nearby Safeway in a matter of minutes. Casey said his fiancee, Colleen Delaney, an actress, walks to a theater group's rehearsal hall on Eighth Street.

Kathleen Barr, a lobbyist for a nonprofit group, lives in an efficiency in the building. She described the neighborhood as welcoming, noting that there is usually no shortage of quiet activity on the street, such as people walking their dogs or tending to their front yards. "I like the laid-back atmosphere," Barr said.