RealAstute Real Estate Blog

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2011-12-07T12:52:00.000-05:00

The top 6 (unexpected) things that can cost you money when you sell your house

2011-12-07T10:49:00.001-05:00

When you list your home for sale, your first priority as a seller is to make your home available to as many qualified buyers as possible. Any obstacles you put in place that impede that goal will cost you money in the long run. There are only so many hours that buyers and their agents can spend each week looking at homes. To maximize their time, a buyer’s agent will run a list of properties that are available in a given neighborhood in her buyer’s price range and then begin weeding out properties that 1) are difficult to show; 2) are ugly in the online photos; or 3) appear to be less of a bargain compared to others in the same price range.

As a seller, you want to be in the very first batch of properties the agent will show to her clients. If you’re not, you may not get a second chance with that buyer. If a buyer or agent has eliminated your property from the first batch of listings, they will only come back to your house if the buyer doesn’t find a property he or she likes. Being in the first batch raises your likelihood for a sale.

So, in no particular order, here are the top six (unexpected, and possibly controversial) things that can cost you money when you put your home on the market:

Your dog (or cat). I know you love your dog. I know your dog is part of your family. I know that you love your dog more than you love most people. But dogs cost sellers money. First, if your home can’t be shown unless you’re available to take the dog for a walk, for instance, that limits when buyers and their agents can visit. Second, some buyers (and agents) are simply afraid of dogs and other pets. And third, some buyers are allergic to pet dander and will steer clear of homes with obvious pets.
Your baby. Yep, I said it. Out loud. I know, you love your baby as much as (or more than) your dog. But, babies can cost their parents money when selling a home. If your baby is on a sleep schedule that interferes with daytime or early evening showings, you’re going to limit the number of buyers who will consider your home. Buyers don’t care about your time. They only care about their time. If the property can’t be seen at a time that’s convenient to them, that home ceases to exist from their perspective. Will they make an appointment to come at another time? Perhaps. But only if they don’t find another property to buy first.
Listing-agent only showings. Yes, I know that no agent knows your house better than your listing agent. And I’m sure that your listing agent could sell the hell out of your house to my buyers if given the opportunity. But, I don’t want to have to schedule my showing around your listing agent’s calendar (and, I’ll let you in on a little secret —- neither does your listing agent). If the property has been properly marketed, a good buyer agent can sell your home to the right buyer. Trust me.
24-hour notice. Just like with babies and dogs above, making buyers and their agents give you 24-hour notice before they can see your property will eliminate showings. And the thing is, you won’t know you didn’t make the cut, because those buyer agents simply won’t call for an appointment. Often, buyer agents don’t pull listings they want to show their clients until the day of those showings —- to make sure they have the freshest MLS data available. If a buyer agent pulls your listing from the MLS and sees that it requires 24 hours’ notice, your property often goes to the bottom of the pile. Will those buyers come back to your property on another outing? Possibly. But is it worth the risk?
Tenants. No matter how lovely your tenants and no matter how amicable your relationship up to this point, putting your home on the market is a pain in your tenant’s backside. Yes, I know, you’ve taken your listing agent’s advice and offered your tenants a break on the rent to mitigate the inconvenience. Still, who has the bigger incentive to sell your house, you or your tenants? Tenants often don’t keep the property in showing condition, and they often won’t allow buyer agents that they perceive as rude or pushy to see the home. Additionally, in many parts of the country, tenants have very strong rights during the sales cycle. In those jurisdictions (I happen to practice in one of them), educated buyers understand that an unhappy tenant can legally scuttle a deal —- and will steer clear of any property with a tenant in place.
Bad photos. Before buyers ever jump in the car to go take a look at property with their agent, they’ve been scouring the internet for months, scoping out neighborhoods, checking crime statistics, and looking at hundreds, possibly thousands, of listings. In a market where buyers have lots of inventory from which to choose, buyers and their agents look for ways to winnow down the selection. One of the ways they do this, for good or ill, is by judging the quality of a listing’s online photos. If those photos are not of professional quality (good lighting, in focus, staged properly), they reflect badly on the listing. The prettiest house can be done in by an agent too cheap to spring for good photography. Again, you won’t know why you’re not getting showings. Agents aren’t going to call you and say, “We’re not coming to view your home because the online pics are hideous.”

Eliminate these six obstacles and you’ll be on your way to having your property sold!

"What happens to my earnest money deposit if I walk away after the home inspection?"

2011-03-04T13:05:00.004-05:00

How walkable is your neighborhood?

2010-05-10T13:15:00.004-05:00

A neighborhood that is built to accommodate access to local amenities without the reliance on vehicles of transportation contributes to its degree of walkability. Providing health, environmental and economic benefits, walkability is an imprtant factor for many when deciding which community to settle in. A town that is easy to meneuver also gives residents the opportunity to increase their social interactions, become more invilved in local issues and reduce crime as more people walk around and watch over their communities.

Curious about your neighborhood's walkability quotient? Check out http://www.walkscore.com/

Cheers,

Kevin

Homebuyer Tax Credits in DC: It's Not the End!

2010-05-05T13:21:00.004-05:00

While the Federal first and repeat buyer credits have gone away, the District of Columbia retains its $5000 first-time buyer credit until the end of 2010. The DC credit reduces the buyer's federal taxes. The credit cannot be used as a down payment. It is a valuable incentive for buyers who qualify to continue to shop and purchase in DC. For more information, please visit http://www.dc.gov/ and http://www.irs.ustreas.gov/.

Thinking of renovating your (older) home? Read this!

2010-04-21T13:00:00.003-05:00

New EPA Lead Paint Laws Effect Remodeling Projects

The US Environmental Protection Agency (EPA) is implementing new lead paint laws that go into effect tomorrow. The new lead paint laws require any renovation work performed on houses built before 1978 to be performed by a certified contractor. The new law is raising questions from home owners and contractors. Contractors will be required to provide home owners the "Renovate Right" brochure, which contains information about the new law.

The new lead paint law involves training and certification of remodelers, safe work-site practices, verification and record keeping. It’s very important to understand that the new law pertains to projects on any house built before 1978, with a few exceptions as follows:

The home or child-occupied facility was built after 1978.
The repairs are minor, with interior work disturbing less than six sq. ft. or exteriors disturbing less than 20 sq. ft.
The homeowner may also opt out by signing a waiver if there are no children under age six frequently visiting the property, no one in the home is pregnant, or the property is not a child-occupied facility.
If the house or components test lead free by a Certified Risk Assessor, Lead Inspector, or Certified Renovator.

What Does the New Law Mean To You?

You’re probably wondering what this new law might mean to you and your next remodeling project. The obvious answer is a healthier home for you, your family and people that perform renovations to your home. The other obvious answer is an increased cost for contractors to adhere to the new rules --- which ultimately means an increased cost to you.

Small contractors may choose to steer clear of and avoid older home renovations. A certain number of small replacement window contractors may go out of business or stop providing inexpensive window replacement services.

If you hire a contractor to do a renovation in your home that was built prior to 1978, be sure you hire a certified contractor. You should ask to see your contractors RRP certification prior to hiring them. (Contractors performing work without the certification face penalties of up to $37,500 per day.)

Built to last

2010-04-06T15:08:00.005-05:00

The future of real estate looks bright. The long-term outlook for the housing market is very promising, thanks to the presence of the Echo Boomers --- the children of the Baby Boomers. The sheer size of this generation now reaching adulthood, combined with the increasing life expectancy of past generations, should keep household growth on track in the United States. Over time, the pent-up demand for housing and today's low levels of home building are expected to reduce the vacancy inventory, bringing housing markets into balance.

Built to last
Stemming from the most basic human need for shelter, the real estate industry is fundamentally built to last. The state of the housing market is impacted by many factors including mortgage rates and the volatility of other investment options. However, it is the limited supply along with the growing population that drives the need for housing.

The next surge in demand will be stimulated when Echo Boomers join the Baby Boom generation as active participants in the housing industry, reinvigorating the real estate market with opportunity and validating the purchase of a home as a lucrative investment.

How the media reports and distorts the housing market

2010-03-13T09:50:00.005-05:00

Thinking of buying a short sale or foreclosure? Read this.

2010-02-25T21:26:00.006-05:00

One of the first things many of our new buyers say to us in our initial meetings is: “We want to buy a short sale” or “I’ve heard you can get a good deal on a foreclosure.” Our first instinct is to roll our eyes and pat them on their arm, all the while thinking about how naïve and helpless they look sitting across the table --- all wide-eyed and salivating over the inevitable steal they’re going to be getting in this “buyer’s market.” So begins the process of educating them about the process of actually buying a short sale or foreclosure.

Suffice it to say: Buying a short sale or foreclosure is not for the faint of heart.

To say the least.

Really.

We're not just saying that.

Yes, you can get a great deal on a short sale or foreclosure (note, we didn’t say “steal”), but there are many hurdles to clear before you’ll get the keys to your new home. With a bit of input from our broker, Marj Rosner, we’ve put together a list of things for you to think about before you head out to start looking at short sales and foreclosures.

Many of these distressed properties are going to be sold in “as-is” condition, as of the time you view them. Banks do not typically make any repairs, and short-sale sellers often do not have the funds to make repairs. Further, if the bank is selling the property through foreclosure, there will not be any property condition disclosures. We advise our clients to inspect any property carefully before making an offer. Consider investing the money in a home inspection in advance; it may cost a bit (usually a few hundred dollars), but is worth it if you end up purchasing the property. Sometimes the seller and/or the bank will treat for termites if an infestation is discovered, but more often than not, it will be the responsibility of the purchaser to treat an infestation or damage. If your lender requires such repairs, be prepared to cough up the money for these repairs before you actually own the property.

Utilities may or may not be on when you view prospective properties. Between October and April, most vacant properties are winterized, so do not attempt to use any appliances. Keep your flashlight handy! In the event that you do have a home inspection, tell your inspector prior to the inspection if the utilities are not on, and/or you will need to make arrangements with the listing agent to have utilities turned on --- usually at your expense. Invariably, there will be a fee for de-winterizing and re-winterizing the property before and after the inspection. Oh, and you’ll also need to do this before your pre-settlement walk-through inspection too.

The bank and/or the listing agent may request that your earnest money deposit be placed with the listing agent’s broker. They may also request that you settle at a title company of their choosing. This can be disastrous. What if the listing broker mishandles your deposit? What if the seller’s title company does not adequately research the chain of title? Occasionally, these “requests” are really “requirements.” If we think it’s feasible, we recommend some pushback at this juncture. You may want to consider selecting a settlement/title company to represent your interest; and you can write your earnest money deposit to that organization. It is also important to select your settlement company early for several other reasons. First, once your offer is accepted, or occasionally before it is accepted, many banks want to see an estimated HUD-1 settlement statement at the offering/acceptance price before approving the sale. Your settlement company is usually the best place to get an accurate estimated HUD-1. Second, your settlement company will perform an independent title search of the property’s chain of ownership so as to provide you with assurance that there are no outstanding liens or encumbrances on the property and to provide you a valid title insurance policy.

At the time you submit an offer through your agent, you should be prepared to provide proof of funds and/or a letter of approval from a lender, along with a photocopy of your earnest money deposit Check. Many banks will not process an offer without this information. Please make certain the name, address, phone, and fax of the lending institution are clearly legible on the letter.

Most of the banks approving short sales and foreclosures are out of town, in different parts of the country and in different time zones. At best, you will need to wait several days for a response. In some cases, the wait is weeks. Occasionally, you will wait for several (or many) months for approval (last year, we had a buyer who waited NINE MONTHS for a response!). Some buyers ask us to put a written deadline in their offer. Don’t bother. Most lenders simply ignore such deadlines. The time you’ll wait for a response varies greatly depending on which bank or banks are involved. Also, you should understand that, in many cases, there is not just one lien holder, but several, and that all of these lending institutions must approve a sale. We can’t stress the following enough (so we’ll “shout” it for you): “IF YOU HAVE A RIGID TIME DEADLINE BY WHICH YOU NEED TO MOVE, THINK SERIOUSLY BEFORE ENTERING INTO A CONTRACT ON A SHORT SALE OR FORECLOSURE.” If you’re trying to take advantage of the $8000 tax credit and need to settle by June, good luck. If you want to be in your new home before your baby is born, good luck. You will have very little control over the timing of the process. No amount of calling these banks, cajoling asset managers, dropping off doughnuts (as one client did), threatening or screaming will speed this process up. We encourage massive doses of patience!

Although it is counter to anything you have ever been told, many banks do in fact negotiate verbally. Be prepared to hear that your offer is accepted but you may receive no accompanying paperwork whatsoever. It can be days or weeks before you will see anything in writing. This can be a tense time. (Additionally, banks almost never accept offers contingent upon the sale or settlement of another property. Expect such offers to be rejected or ignored entirely.) You and your agent may feel frustrated by the absence of responses/information. This is nearly always a function of the bank(s)’ procedures and is not an excuse to abuse either your agent or the listing agent!

Settlement and title issues DO occur with short-sale and foreclosure properties. These can delay any time frame. We advise you to have a back-up plan if settlement does not occur according to the schedule in the contract.

While this list is by no means exhaustive, we hope that it gives you a glimpse of what the process of buying a short sale or foreclosure. Like we said, these properties can be good deals. Only you can decide if you have the temperament to make it through the process!

Today's RealtorRant: Learn how to leave a content VM!

2010-02-11T14:55:00.004-05:00

Hey, all. Kevin here.

I haven't posted in a while and wanted to get back into the swim of blogging.

This week, with all the snow, our team has been working remotely from our individual homes, and I've been giving some thought to one of my biggest pet peeves. Agents who either don't know how --- or can't be bothered --- to leave an effective voice mail message.

Because we've been trapped at our houses this week, we've each been using our cell phones to communicate with the outside world. Now, if you know much about me at all, you'll know that I'm not a huge fan of the phone. It's a necessary evil of this business. Until the time when we use Twitter to negotiate contracts (I hope that day is coming soon!) though, we need our cell phones.

I rarely answer a call on my cell unless it's one that I recognize. That means I often need to respond to voice mail messages from folks who call me. Most of the time, this is fine. If a person has left a decent content message, I can retrieve whatever information I need to respond to his or her call efficiently.

However, my least favorite type of voice mail message is what I call the "Call Me" message. This is when someone calls and leaves a message that basically says, "Hey, this is Agent Fulana, please give me a call at XXX-555-1234."

Perhaps it's not rational, but this kind of message drives me to distraction.

First, I have no idea why you're calling; second, because I have no idea why you're calling, I may not be able to efficiently help you when I do call you back; and third, if I call you back and YOU can't answer, I've wasted time in returning the call in the first place. Now, we have to continue this round-and-round game.

Tag, you're it.

So, here's an article to assist all those Realtors who need to learn this skill:

How to Leave the Perfect the Perfect Voice Mail.

You're welcome.

Feeling Nosy about DC? VA? MD?

2009-11-20T15:41:00.001-05:00

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 this 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!)

Join us for an Open House – 1732 Girard Street NE

2009-11-20T15:38:00.002-05:00

OPEN SUNDAY 2-4 pm

Listed at $325,000

Light and bright! Move right into this totally renovated and beautiful townhouse with a lovely view of the park. New everything! Recessed lighting, handsome hardwood floors, new high-end kitchen & bath including granite counters and tile floors. The finished basement is a haven with lots of light and a full bath. Large backyard. Block from library and close to METRO. Welcome home! See more at www.1732GirardStNE.com.

Feeling Nosy about DC? VA? MD?

2009-11-12T12:42:00.001-05:00

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

Make Hyattsville Home!

2009-11-12T12:36:00.003-05:00

The Hyattsville Mayor and City Council recently adopted a new stimulus program for new home purchases within the City of Hyattsville.

Eligible homeowners who purchase a home after October 1, 2009 may apply for a $1,000 payment. Homeowners must close on their property and receive their Prince George's County Tax ID number before applying.

Current funding is set at $20,000.

If you have recently purchased a home in the City of Hyattsville, please download the application by clicking HERE.

For more information, contact the City's Finance Department at 301/985-5000 or via email.

If you are interested in looking at homes in Hyattsville, the RealAstute.com Home Team is ready to help you. Just drop us a line at Hyattsville@RealAstute.com and our team will be happy to send you listings and assist you in the buying process!

Feeling Nosy about DC? VA? MD?

2009-11-06T15:35:00.001-05:00

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

Join us for an Open House - Fort Dupont Street SE

2009-11-06T15:31:00.003-05:00

OPEN SUNDAY 1-3 pm: 1507 Fort Dupont Street SE

Listed at $249,900

This beautiful renovation is back on market after the 1st buyer lost financing -- their loss is your gain! Light-filled 3 bed/1.5 bath semi-detached renovated head (new roof!) to toe (basement rec room). Open floor plan downstairs features open living room/dining room w/ recessed lights, beautiful moldings & gleaming hardwoods. Granite counters, stainless steel appliances, ceramic tile backsplash & floor in chef's kitchen. Lush landscaping & a 2 car off street parking in rear! See more at http://www.FortDupontHomes.com.

First Time Buyer Credit Extended!

2009-11-06T15:24:00.002-05:00

The first time buyer credit has been extended - read the full article below!

President Obama Signs Extension of First Time Buyer Credit (From CNN.com)

Tax break for buying a home

The legislation also will extend the $8,000 homebuyer tax credit to contracts signed by April 30 and closed by June 30. The controversial credit, which many say has boosted home sales in recent months, was set to expire after Nov. 30.

The bill also creates a $6,500 credit for those who buy a home after living in their current house at least five years. That measure will apply to contracts signed by April 30 and closed by June 30. The current credit defines a first-time homebuyer as someone who has not owned a residence within the past three years.

The credit will be available only for the purchase of principal residences priced at $800,000 or less.

The bill will raise the adjusted gross income cap to $125,000 for single filers and $225,000 for joint filers. The amount of the credit currently begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

"It's gonna put people back to work, the home builders, put people in the real estate business," said Sen. Chris Dodd, D-Conn. "The kind of jobs that can make a difference."

The extension will cost $10.8 billion over 10 years, according to the Joint Committee on Taxation.

Through mid-September, 1.4 million tax returns had qualified for the credit, according to the IRS. Some portion of those returns, which the IRS couldn't specify, represents buyers who took advantage of an earlier version of the tax credit, which was only worth $7,500 and has to be repaid over time.

By the end of November, the credit will have been used by 1.8 million homebuyers, at least 355,000 of whom would not have bought a house without the tax break, according to estimates by the National Association of Realtors.

"The data on the present home buyer tax credit show that the credit has had its intended impact -- sales have jumped in recent months to a projected 5.1 million for the year and housing inventory has been trimmed, thus stabilizing home prices noticeably," said Ron Phipps, the association's first vice president, in Senate testimony last month.

The credit, however, has also posed many problems. Critics say it's a waste of money because most of those claiming the credit would have bought homes anyway.

It's also been the target of fraud. Some 74,000 people claimed more than $500 million in credits even though they may not be first-time homeowners, according to Treasury officials. And more than 580 children, including some as young as 4-years-old, have claimed the credit.

"Some key controls were missing to prevent an individual from erroneously or fraudulently claiming the credit and receiving an erroneous refund of up to $8,000," said J. Russell George, Treasury inspector general for tax administration, before a House subcommittee last month.

Great news!

Feeling Nosy about DC? VA? MD?

2009-10-29T15:24:00.001-05:00

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

Want to GO GREEN? Save the Date!

2009-10-29T15:00:00.003-05:00

The Office of the People’s Counsel for the District of Columbia is hosting it's FALL 2009 ENERGY EFFICIENCY EXPO!

When: Saturday, November 14, 2009,
10:00 a.m. to 4:00 p.m.
Where: Walter E. Washington Convention Center, Rooms 146 A, B, & C
801 Mount Vernon Place, NW, Washington, DC
Click Here for More Information

It's a great place to get the latest and greatest tips and tools for going green!

Feeling Nosy about DC? VA? MD?

2009-10-23T17:37:00.000-05:00

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

Funny - How to Buy a Bank Owned Property

2009-10-23T17:36:00.001-05:00

Feeling Nosy about DC? VA? MD?

2009-10-15T13:49:00.001-05:00

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

Hot NEW Price in Arlington!

2009-10-15T13:45:00.004-05:00

Open House: 1600 N Oak Street, Unit 1553, Silver Spring, MD

Hot NEW price: $475,000

Open Sunday 10/18 2-4 PM

Move right into this immaculate two bedroom, two bath condo! Lovingly maintained and thoughtfully updated, this spacious unit has all the features you could want: fabulous location (moments to the Rosslyn METRO, as well as to the many dining and shopping opportunities of Courthouse/Clarendon and Georgetown); two master suites with private bathrooms; all appliances less than five years old; washer and dryer in the unit; lots of closet space (and additional storage in the building); a high floor with great light; an all weather balcony; a separate dining area; and ENCLOSED PARKING! Additionally, the full service building offers amenities galore: pool, tennis courts, and upgraded gym facilities; 24 hour security; and dry cleaning and convenience store located on premises.

Feeling Nosy about DC? VA? MD?

2009-10-08T13:58:00.001-05:00

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

Exciting New Rental Property

2009-10-08T13:34:00.002-05:00

New Rental: 1954 Columbia Rd Unit #411 NW Washington, D.C.
Offered at: $2,600

Spread out in this immaculate 2 Bedroom and 2 Bath with a den. Updated kitchen with granite counters and stainless steel appliances that opens to a spacious living room. Hardwoods throughout plus lots of light! Classic Kalorama building with front desk concierge and stunning roof deck. Walk just 5 blocks to Dupont Circle or 8 blocks to U St Metro! Available November 1st, 2009. Section 8 welcome.

Feeling Nosy about DC? VA? MD?

2009-10-02T16:20:00.001-05:00

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

Fabulous New Listings

2009-10-02T16:14:00.006-05:00

New Listing: 863 Adrian St SE Washington, DC
Offered at: $179,000

Welcome home to this immaculately maintained two-bedroom townhome on a quiet, tree lined street near Fort Dupont Park-a 376 acre wooded park. This light,bright home features central air-conditioning,new windows,and a finished basement with high ceilings and tons of extra storage. Large fenced in back yard. NOT a short sale NOT a foreclosure! Real owner who will respond quickly! Move-in Ready!

Open House: 1220 Blair Mill Rd #904 Silver Spring, MD
Offered at: $349,000
Open Sunday 10/04 1-3 PM

The Mica Condominium: This spacious 2 bedroom/1 bathroom condo features handsome hardwoods, an upscale kitchen with stainless-steel appliances and granite countertops, stunning views, and washer/dryer in the unit. One garage parking spot conveys. The Mica's amenities include an outdoor swimming pool, an updated gym, and a media room. Short distance from METRO. Pets allowed. Condo fee includes all electric, gas, and water!

Feeling Nosy about DC? MD? VA?

2009-09-25T16:43:00.001-05:00

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

Great New Listings from Around the Region

2009-09-25T16:25:00.008-05:00

The RealAstute.com Home Team is pleased to present our newest listings, a great selection from around the region!

In DC:

Mount Pleasant: 3441 Oakwood Terrace NW for $625,000
http://www.3441OakwoodTerraceNW.com

This charming Victorian features a large entrance parlor and separate living and dining rooms. Spread out into the three ample bedrooms on the upper level. This vintage home has all the old-world elegance you could want, from high ceilings, pocket door, crown moldings, original fireplaces, and a fully functional in-law suite in the basement with sep entrance. And, to top it off, Oakwood Terrace is a rare DC cul-de-sac! Walk to Columbia Heights METRO. OPEN SUN 9/27 from 2-4 pm.

Fort Dupont Park: 4045 Ely Place SE for $259,000
http://www.4045ElyPlaceSE.com

Totally renovated and beautiful! This house has 3 bedrooms and 1.5 bathrooms and sits on a hill with lovely tree-top views. New everything! Recessed lighting, new floors, new high-end kitchen and bath including granite counters and tile floors. Basement is re-done and a haven with lots of light and a renovated half bath. Large backyard with sitting area and mature shade tree. Spacious, modern, inviting. You have to see it to believe it!
In Virginia:

Arlington/Rosslyn: 1600 N Oak Street, Unit 1553 for $499,000
http://www.TheBelvedere.net

Immaculate 2 bedroom/ 2 bathroom condo at The Belvedere is lovingly maintained and thoughtfully updated. All the features you could want including fabulous location. Walk to Rosslyn METRO, shops and dining. Minutes to Courthouse, Clarendon & Georgetown. All appliances less than 5 years old. Washer/Dryer are in unit, and there a separate dining area. Full-service building offers pool, tennis, enclosed parking, gym and 24 hour security. Truly the best of Rosslyn.

In Maryland:

Silver Spring: 1220 Blair Mill Road, Unit 904 for $349,000
http://www.TheMicaCondominium.com

This spacious 2 bedroom/1 bathroom condo at The Mica features handsome hardwoods, an upscale kitchen with stainless-steel appliances and granite countertops, stunning views, and a washer/dryer in the unit. One underground garage parking spot conveys too! The Mica's amenities include an outdoor swimming pool, an updated gym, and a media room. Pets welcomed. Condo fee includes all electric, gas, and water! Easy stroll to METRO! OPEN Sunday, October 4th from 1-3 pm.

Feeling Nosy about DC? VA? MD?

2009-09-18T18:18:00.000-05:00

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

Feeling Nosy about DC? MD? VA?

2009-09-10T17:25:00.001-05:00

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

Don't Miss It - Taste of Friendship Heights

2009-09-10T17:19:00.003-05:00

This Saturday from noon to 5 pm is the annual Taste of Friendship Heights. Learn more about this exciting event at www.tasteoffriendshipheights.com.

Feeling Nosy about DC? MD? VA?

2009-09-03T16:06:00.002-05:00

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

NAR Reports Pending Sales are up 6th Month in a Row

2009-09-03T15:21:00.003-05:00

On Tuesday, September 1, 2009, the National Association of Realtors (NAR) released new data showing a 6th month of in a row pending sales are up again. In July, pending sales are up 3.2%. Here is a good video from the NAR discussing this new data:

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2009-08-27T13:39:00.000-05:00

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Common Questions About an FHA-Insured Loan

2009-08-27T13:08:00.003-05:00

From the FHA Website:

Why choose an FHA-insured loan?

There are lots of good reasons to choose an FHA-insured loan, especially if one or more of the following apply to you:

-You're a first-time home buyer.
-You don't have a lot of money to put down on a house.
-You want to keep your monthly payments as low as possible.
-You're worried about your monthly payments going up.
-You're worried about qualifying for a loan.
-You don't have perfect credit.

If any of these things describe you, then an FHA-insured loan may be right for you. Why? FHA-insured loans offer many benefits and a level of security that you won't find in other loans including:

Low cost: FHA-insured loans have competitive interest rates because the federal government insures the loans for lenders.

Smaller down payment: FHA-insured loans have a low 3.5% down payment and the money can come from a family member, employer or charitable organization as a gift.

Easier qualification: Because FHA insures your mortgage, lenders may be more willing to give you loan terms that make it easier for you to qualify.

Less than perfect credit: You don't have to have perfect credit to get an FHA-insured mortgage. In fact, even if you have had credit problems, such as a bankruptcy, it's easier for you to qualify for an FHA-insured loan than a conventional loan.

More protection to keep your home: The FHA has been helping people since 1934. Should you encounter hard times after buying your home, the FHA has many options to keep you in your home and avoid foreclosure.

FHA insures loans for lenders against defaults - it does not lend money or set interest rates. For the best interest rate and terms on a mortgage, you should compare mortgages from several different lenders. An FHA-approved lender can help you start the loan application process.

You may use an FHA-insured mortgage to purchase or refinance a new or existing 1- to 4-unit home, a condominium or a manufactured or mobile home (provided it is on a permanent foundation).

What kinds of insured loans does FHA offer?
Fixed-rate loans - Most FHA-insured loans are fixed-rate mortgages (loans). The advantage of a fixed-rate mortgage is that your interest rate stays the same during the loan period, so you know exactly how much your monthly payment will be.

Adjustable rate loans - First-time home buyers can be a little stretched financially. With FHA's adjustable rate mortgage (ARM), the initial interest rate and monthly payments are low, but these may change during the life of the loan. FHA uses the 1-Year Constant Maturity Treasury Index (CMT) to calculate the changes in interest rates. An index is a measure of interest rate changes that determine how much the interest rate on an ARM will change over time.

The maximum amount that the interest rate on your loan may increase or decrease in any one year is 1 or 2 percentage points, depending upon the type of ARM you choose. Over the life of the loan, the maximum interest rate change is 5 or 6 percentage points from the initial rate. The advantage of selecting an ARM is that you may be able to expand your house-hunting value range because your initial interest rate will be low, as will your payment. Click for a more in-depth explanation…

Purchase/Rehabilitation loans - Sometimes you might see a home you'd like to buy, but it needs a lot of work. FHA has a loan for rehabilitating and repairing single-family properties called the SF Rehabilitation Loan program (203k). You can get one loan which combines the mortgage and the cost of repairs. The mortgage amount is based on the projected value of the property with the work completed. The advantage of this loan is that you can buy a home that needs a lot of work, but have only one mortgage payment, and you can complete the repairs after buying the home.
Read more about these loans.

Indian Reservations and Other Restricted Lands - A family who purchases a home under this program can apply for financing through an FHA-approved lending institution such as a bank, savings and loan, or a mortgage company. To qualify, the borrower must meet standard FHA credit qualifications. An eligible borrower can receive approximately 97% financing and use a gift for the down payment. Closing cost can be financed; covered by a gift, grant or secondary financing; or paid by the seller without reduction in value.

How do FHA-insured loans compare to subprime loans?
Subprime loans are loans designed for home buyers who don't have a strong credit history or can't qualify for a regular or prime loan. Lenders charge a high interest rate on subprime loans because the risk that a home buyer may not make their payments is high. Because FHA insures the lender against this risk, the interest rates on FHA-insured loans are generally among the lowest in the market. Most subprime loans carry interest rates at least 3 percentage points higher than an FHA-insured loan. On a $100,000 mortgage, the monthly payment for a subprime loan would be over $200 a month higher than an FHA-insured loan.

The majority of subprime loans are also ARMs, where the interest rate can change a lot and greatly increase your monthly payments. Most FHA-insured loans are fixed-rate loans where the mortgage payment always stays the same. If you have an FHA-insured ARM loan, the rate can't go up by more than one or two points in a year. The fees that lenders charge their borrowers for processing a subprime loan are also generally higher than on an FHA-insured loan.

Most subprime loans carry a heavy prepayment penalty that you must pay if you want to refinance your loan to a lower interest rate. These penalties can cost you hundreds or even thousands of dollars. There is never a prepayment penalty on an FHA-insured loan. You can refinance at any time and not worry about paying any penalties.

Unfortunately, because they don't know these facts, many homebuyers who could qualify to buy a home with a fixed-rate FHA-insured loan only apply for subprime loans. Check out an FHA-insured loan before settling for a subprime loan!

How do FHA-insured loans compare to conventional loans?
Conventional loans usually require a larger down payment than FHA and if you have less than perfect credit you may not qualify for an affordable mortgage with a low interest rate . The best thing to do is compare the cost of the conventional loan to an FHA-insured loan line-by-line. What are the fees for each? What is the interest rate? How much is the mortgage insurance? How much down payment is required? For some borrowers, a conventional loan may be less expensive. For many others, getting an FHA-insured loan is the way to go.

Do you have to buy mortgage insurance on an FHA-insured loan?
Yes - as you will with most loans.

The Housing and Economic Recovery Act of 2008 provides for a one-year moratorium on the implementation of FHA’s risk-based premiums beginning October 1, 2008. Consequently, effective with new FHA case number assignments on or after that date, FHA will no longer base its mortgage insurance premiums on a combination of credit bureau score and loan-to-value ratio. The new premiums (upfront and annual) to be implemented for all loans for which a case number is assigned on or after October 1, 2008, are described below. Mortgagee Letter 2008-16 is rescinded in its entirety. Please note that certain parts of that mortgagee letter are retained and reiterated in the guidance that follows.

Upfront Premiums: FHA will charge an upfront premium in an amount equal to the following percentages of the mortgage:

• Purchase Money Mortgages and Full-Credit Qualifying Refinances = 1.75 Percent

• Streamline Refinances (all types) = 1.50 Percent

• FHASecure (Delinquent Mortgagors) = 3.00 Percent.

Annual Premiums: An annual premium, shown in Mortgagee Letter 2008-22, to be remitted on a monthly basis, will also be charged based on the initial loan-to-value ratio and length of the mortgage (except for FHASecure delinquent mortgages)

Most loans require mortgage insurance when your down payment is less than 20% of the sales price. On conventional and subprime loans, mortgage insurance is provided by private companies. Whether private mortgage insurance is less than, equal to, or more than an FHA-insured loan’s insurance will depend upon the loan program and your qualifications.

Compare the cost of FHA to subprime and conventional types of loans over the life of your loan. Then compare how much each one costs monthly. With the protection and value you get from FHA - it's a very good deal.

Information taken from the FHA website:
http://portal.hud.gov/portal/page/portal/FHA_Home/consumers/fha_loans

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2009-08-21T13:52:00.000-05:00

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Rain Barrel Instructional Video

2009-08-21T13:47:00.001-05:00

During these hot summer months it can take a lot of water to keep your lawn and garden looking good. Water is not cheap! One way to cut costs for watering your yard is to use a rain barrel. You can buy rain barrels at home and garden stores for $100 or more, or you can make them yourself. Today when I was at Community Forklift I bought two industrial barrels for just $15. I am planning to convert these barrels into rain barrels this weekend. You can follow the instructions on this simple video from HGTV to make your own rain barrel as well.

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2009-08-13T10:46:00.001-05:00

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Common Question from Real Clients

2009-08-13T10:12:00.002-05:00

What findings from a home inspection should raise serious red flags? I am looking to buy a fixer-upper, so I expect that there will be a number of issues with the house, but what are the things that, if they come up, I should run from the deal because they are going to be too much hassle to fix or are indicative of larger issues with the home?

Red flags are relative to the buyer and their budget. Typically the biggest budget busters are structural issues or water related issues, and often these go hand in hand.

In this market many of the “fixer-upper” houses are short sales and foreclosures where routine maintenance and even major repairs have been delayed far too long. What a buyer needs to understand is that the initial home inspection may only be scratching the surface and that experts in different fields may be able to shed more light on the situation.

My team routinely arranges for structural engineers, waterproofing experts, contractors, and others to evaluate the initial finding of the home inspector and estimate the cost to mitigate such problems. The biggest mistake a buyer can make is not investigating red flags to their fullest extent. To just walk away from a deal, or to just accept the initial findings without additional information would be foolish in my opinion.

A good agent is able to help their buyer line up the right experts to educate their buyer about the problem and potential repair costs. The agent can then help their client make the decision that makes sense for that buyer based on their desires and budget.

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2009-08-06T11:25:00.001-05:00

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Frank Lloyd Wright's Kentuck Knob

2009-08-06T10:22:00.003-05:00

Two years ago my wife and I visited FLW's Falling Water in western Pennsylvania and just last week we returned to the region to visit another FLW masterpiece at Kentuck Knob .

Both houses are well worth the time and money to visit if you are ever in the Laurel Highlands of Pennsylvania, just outside of Pittsburgh and about 3.5 hours from the DC region. As a lover of houses, architecture and design I was particularly interested, but even if you are just a casual observer of architecture, you will enjoy a visit to these homes.

One unique bit of info that we learned on the tour of Kentuck Knob is that the family that commissioned FLW to design the home desperately wanted a garage but FLW thought garages were just places to store junk and would only design a carport into the plans for the house, see picture below.

I thought this was fascinating for two reasons. First, I totally agree that garages are a place to store junk. All you have to do is come to Brookland and see mine for a prime example! Second, I love that FLW is able to tell his client what they can and cannot do with the house they are paying him to design. It would be as if someone hired me as their Realtor and then when they liked a house I told them no because of my personal beliefs about the neighborhood, location, condition, etc. FLW must have been a real character, and at this point in his career I guess if people didn't like his suggestions it really didn't matter to him since it was his way or the highway!

Anyhow, a visit to either of these houses is well worth your time. I am happy to share more info about the houses and the area if you plan to take a trip that way, just email me at Michael@RealAstute.com.

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2009-07-30T13:30:00.001-05:00

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District Properties with Unpaid Taxes to be Sold at Public Auction in September

2009-07-30T10:58:00.005-05:00

(Washington, DC) - The District of Columbia Office of Tax and Revenue (OTR) announced today that it is advertising for sale at public auction more than 5200 commercial and residential real property tax liens, for unpaid property taxes for the 2008 tax year. The sale runs from 8:30 am to noon and 1 pm to 4 pm September 9-11, at the 941 North Capitol Street, NE, 4th Floor, Training Room A, Washington, DC 20002.

A list of all properties by parcel, square, suffix, and lot number, with the name of the owner of record and the unpaid tax amount, will be advertised:

July 22: The Current Newspapers
July 23: The Washington Post, The Washington Times and The Washington Informer.

To register, prospective bidders must make a deposit of at least 20 percent of their total bid and a $150 Tax Sale fee will be added to each property at the time of the sale. Purchasers are also required to complete Form FR-500, Combined Business Tax Registration Application, prior to registering. The form can be found on OTR’s Web site at www.taxpayerservi cecenter.com under “Tax Forms/Publications.”

OTR will conduct four free public seminars to explain the Tax Sale procedures to prospective bidders. The seminars will be conducted at 941 North Capitol Street, NE, Washington, DC, on the 4th floor, on the following dates:

August 19: 10 am to Noon and 2 pm to 4 pm
August 20: 10 am to Noon and 2 pm to 4 pm.

Property owners with unpaid taxes have until the date of the auction to pay the taxes due to avoid having their properties sold. To pay or inquire about the status of a delinquent property, call the OTR Customer Service Center at (202) 727-4TAX (4829) or visit the Customer Service Walk-In Center at 941 North Capitol Street, NE, on the 1st floor.

For more information on the Tax Sale process, visit the Real Property Service Center (www.taxpayerservicecenter.com) under “Tax Sale.”

Last year, 1,366 liens were sold, and a total of $21.3 million in delinquent tax revenue was collected.

Click HERE for a PDF of the complete list of properties.

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2009-07-16T16:43:00.001-05:00

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Coming Up Short, More And More

2009-07-16T16:39:00.002-05:00

More and more lenders are starting to allow their borrowers to sell their homes for less than what they are worth in what's called a "short sale". This can mean great deals for those of you that are looking, and a sigh of relief for some sellers.

To read the full article in the Washington Post by Renae Merle, click here.

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2009-07-10T10:23:00.000-05:00

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Potomac Greens Creating a Sense of Community

2009-07-10T10:13:00.002-05:00

Between the wine-and-cheese block parties, casual mixers and Easter egg hunt, this neighborhood has built a sense of community for those that live here. Residents share a real camaraderie and genuinely care about the future of the subdivision.

To read the full article written by Amy Reinink in The Washington Post, click here.

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2009-07-02T14:49:00.002-05:00

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Fab in Fort Dupont Park!

2009-07-02T14:38:00.003-05:00

Check Out our Great New Listing!

1507 Fort Dupont ST SE
Washington, DC 20020

3 Bedrooms | 1.5 Bathrooms

This light-filled 3 bedroom/1.5 bathroom semi-detached mid-century modern home has been renovated from head (new roof!) to toe (basement rec room!). Open floor plan downstairs features living/dining room with recessed lights, beautiful moldings and gleaming hardwoods. Granite counters, stainless steel appliances, ceramic tile backsplash and floors in the chef's kitchen. Upstairs 3 good sized bedrooms and a renovated full bath with granite and ceramic. Basement is a carpeted and ready to be your fun TV room, an office or even a 4th bedroom, plus there is a half bath and washer/dryer down there! Well landscaped yard with parking pad out back. Ready for your pickiest buyer!

For more information, please visit www.BestFortDupont.com

Please feel free to contact me at Michael@RealAstute.com or 202-369-9821 with any questions!

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2009-06-25T15:15:00.000-05:00

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Lance Armstrong Selling His Texas Estate

2009-06-25T14:26:00.004-05:00

Lance Armstrong cuts the price on his estate in Dripping Springs, Texas from $12 million to $10.5 million. Built in 2003, the 4,241-square-foot home has five bedrooms, five bathrooms and an infinity-edge pool. The 447-acre property includes seven miles of hike-and-bike trails and 1,886 feet of frontage on the Pedernales River.

You can follow Lance on Twitter here.

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2009-06-18T14:57:00.000-05:00

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Carpenter Bees

2009-06-18T14:45:00.004-05:00

Have you ever wondered why we recommend having a "Termite and Wood Boring Insects" inspection when you purchase a home? It’s because these types of pests can do real damage to homes if they are left untreated. Carpenter Bees are one of the many types of wood boring insects that inspectors look for when surveying a property for infestation. Our friends at US Inspect have a wonderful section on their website called “Resources for you” which goes into great detail about different insects that can cause damage to the home. For Carpenter Bees they say:

The carpenter bee (Xylocopa spp.) hollows out wood to create nests called galleries. The carpenter bee does not live in the nest but stays in the nest to rear their young. The nest opening is a perfect half-inch circle. The nest itself may extend anywhere from four (4) inches (for a new nest with one bee) to 10 feet (for older nests with several bees). Carpenter bees generally nest in weathered or unpainted wood. They lay their eggs in the nest and seal them with a chewed wood pulp plug. The bees then emerge from the hole in the Spring.

Treatment
To properly eliminate a carpenter bee infestation, the proper chemicals or dust must be injected directly into the exit hole. The opening is then sealed by gluing a half-inch dowel into the opening and painting the surface. To prevent an infestation of carpenter bees, it is important to paint or stain any bare wood surfaces. Once the chemical or dust is introduced into the exit hole, the hole must be glued with a 1/2 inch dowel and painted over. To prevent an infestation of Carpenter bees, it is important to paint or stain a home's bare wood surfaces.

For more information about termite and wood boring insect inspections, visit www.USInspect.com or contact our team at Info@RealAstute.com. Be sure you don’t buy a house without the right inspections!

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2009-06-12T13:57:00.001-05:00

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Hill Residents Hear Hine Proposals

2009-06-12T13:53:00.004-05:00

The Washington Business Journal published a great article on four development teams that were in the running for developing the Hine Jr. High School property.

Click here to read the full article!

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2009-06-05T16:38:00.001-05:00

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Christian Science Church, Maples House Top Endangered List

2009-06-05T16:35:00.003-05:00

Washington Business Journal - by Marc Leh

From the highly publicized Christian Science Church downtown to the little known Maples house on Capitol Hill, the D.C. Preservation League is back again with its list of most endangered historic properties in D.C.

Rebecca Miller, executive director of the D.C. Preservation League, announced the list Tuesday at the site of an on the list, the Maples, 619 D St. SE near Eastern Market. The D.C. nonprofit has published the list annually since 1996, hoping to draw attention to Washington’ historic and cultural landmarks most threatened by ill-advised alteration, demolition through neglect or abandonment.

The Maples, one of Capitol Hill’s oldest residences, was built between 1795 and 1798 for William Duncanson, personal friend to George Washington and Thomas Jefferson. Although the property has gone through periods of neglect and prosperity during its 135-year history, recent developers hope to restore it to its former state. Friendship House, as it’s affectionately called, once served as the home of Francis Scott Key, Sen. John Clayton, and Major Augustus Nicholson.

Another of this year’s entries, the Third Church of Christ Scientist, 900 16th St., NW, is particularly endangered, given the recent decision by Planning Director Harriet Tregoning, acting as the mayor’s agent, to allow the church to proceed with demolition so it can build a new one. Built in 1971, the complex was designed by I.M. Pei partner Araldo Cassutta. While church’s “brutalistic” concrete design has its champions and critics, it has been cited for architectural excellence by various publications, including Architecture magazine. The church’s efforts to raze the building has ignited passions on both sides.

The other properties on the list are:

The Foundry Branch Trolley trestle (crossing Foundry Branch of Potomac River in Glover Archbold Park, just north of Canal Road NW). This line, constructed in 1900, was used by Washingtonians to access the Glen Echo Amusement Park in southern Maryland. All tracks have been removed from the former trolley line, but the right-of-way still serves as a trail along the Potomac River overlooking D.C.’s Palisades neighborhood.

The Barney Circle neighborhood — bounded by Potomac Avenue, 17th Street, Kentucky Avenue and Pennsylvania Avenue SE just east of Capitol Hill — was developed to provide affordable housing for people moving to Washington following World War I. As housing prices and rents have increased in recent years, developers have moved to build larger houses there.

Mead’s Row, 1305-1331 H St. NE, comprises row houses with two living levels above retail storefront shops. A proposal to build a new parking lot for H Street’s up-and-coming restaurant/bar scene threatens these unique properties.

The Superintendent’s House, 5211 Little Falls Road NW, a two-story Civil War-era home, and the adjacent Dalecarlia Reservoir are National Historic Landmarks. The Washington Aqueduct, owner of the property, recently proposed to demolish the building. DCPL officials have encouraged the aqueduct to either rehabilitate the building or lease it to a user who would better maintain it.

Three of the structures are repeats from last year: the church, the Foundry Branch Trolley trestle and the Barney Circle neighborhood.

Miller said preservation needs to be a community effort. “It’s not as productive to have preservation put down on someone as it is to have it percolate from the residents,” she said.

Row Homes in Barney Circle

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2009-05-29T16:25:00.001-05:00

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Some Good News on Previously Owned Homes Sales

2009-05-29T16:23:00.001-05:00

Sales of previously owned homes rose more than expected in April, though the pace of sales remains below year ago levels.

The National Association of Realtors says existing home sales rose 2.9 percent from March to an annual pace of 4.68 million units. The biggest jump in sales last month was the market for condos and coops, up 6.4 percent from March.

"Most of the sales are taking place in lower price ranges and activity is beginning to pick up in the midprice ranges, but high-end home sales remain sluggish," said NAR chief economist Lawrence Yun. "The Federal Reserve needs to help restore liquidity for the jumbo mortgage market by buying these loans under the TALF program."

The number of first time buyers declined to 40 percent in April, a sign that NAR says indicates more repeat buyers are getting back into the market. And the number of people actively looking for a home to buy is up 14 percent from a year ago.

Foreclosure sales get some of the credit for the increase in existing sales. But so do other factors working in favor of the housing market.

Mortgage rates remain historically low, with the average rate on a 30 year fixed-rate mortgage below 5 percent for 10 straight weeks, according to Freddie Mac (NYSE: FRE).

The NAR also believes the $8,000 first-time homebuyer tax credit will lift sales this spring.

Even so, there are a lot of homes for sale out there. NAR figures show the number of existing home currently on the market nationwide rose 8.8 percent in April to 3.97 million. That represents a 10.2 month supply, NAR says.

Source: National Association of Realtors

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2009-05-22T09:30:00.000-05:00

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Green Building Institute

2009-05-22T09:27:00.002-05:00

Are you interested in classes on how to make your building or home more eco-friendly, incorporating things like rain barrels and solar energy? Then you need to check out the Green Building Institute at www.GreenBuildingInstitute.org.

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2009-05-14T13:34:00.001-05:00

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Signs of Recovery!

2009-05-14T13:01:00.002-05:00

The Washington area's housing market showed signs of recovery in the First Quarter 2009 with home sales up 15%. Learn more about the Mid-Atlantic real estate market with this special video commentary created especially for consumers by MRIS and Delta Associates. Check out this video to learn more.

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2009-05-07T13:01:00.001-05:00

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Capitol Hill Restoration Society Annual House and Garden Tour This Weekend!

2009-05-07T12:56:00.003-05:00

52nd Annual House and Garden Tour

Saturday, May 9th between 4 and 8 p.m.
Sunday, May 10th between 11 a.m. and 5 p.m.

Tickets are $30 on Tour days.

On Saturday from 4 - 7 and on Sunday from 11 to 4 tickets may be purchased with cash or check in front of Hill's Kitchen on D Street on the south side of the Eastern Market Metro Plaza.

The Capitol Hill Restoration Society (CHRS) will host its 52nd Annual House and Garden Tour on May 9th and 10th, 2009. Highlighting the Barrack’s Row neighborhood, the Tour is planned to include homes and gardens south of Pennsylvania Avenue between 1st and 15th Streets, SE. The event will include a candle light tour of homes from 4pm-8pm on Saturday, May 9th and will continue from 11am-5pm on Mother’s Day, Sunday May 10th. An extra hour has been added to the Saturday night tour in order to allow plenty of time for participants to appreciate The Home of the Commandants’ at Marine Barracks Washington, which will be open to Tour goers on Saturday only. The stately Commandant’s house, completed in 1806, is the oldest continuously occupied public building in Washington, D.C. Its location (at present-day 801 G St., SE) was chosen personally by President Jefferson and Lieutenant Colonel William Ward Burrows, the second Commandant of the United States Marine Corps.

CHRS is the oldest and largest civic organization on Capitol Hill. Founded in 1955, this volunteer driven group is dedicated to preserving the historic residential character of the nation’s Capitol. 52 years ago, CHRS started the house and garden tour tradition to highlight Capitol Hill landmarks and to raise funds to support projects to preserve the neighborhood’s historic character and to enhance its livability through efforts in planning, zoning, traffic management, and public safety.

Learn more about the tour and the organization at www.chrs.org.

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2009-04-30T15:54:00.000-05:00

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Composting the Easy Way with Wooden Shipping Pallets!

2009-04-30T15:25:00.002-05:00

Now that spring has arrived and people are able to get back in their yards I have been asked about everything from composting to rain barrels to bird feeders. Today I want to talk about a cheap and easy way to create a compost bin out of 5 wooden shipping pallets. If you are interested you can click HERE for a 2 page instruction manual provided by Montgomery County's Department of Environmental Protection. Click Here to learn more about that department.

Not sure where to get wooden shipping pallets? You can buy them for just a few bucks each at Community Forklift. Check out Community Forklift at http://www.CommunityForklift.com.

Rain Garden and Worm Composting Workshop
Sunday, May 17, 2:30 to 5:30 p.m.

Learn what rain gardens are, how they are maintained, and why we need more. Then, find out about composting indoors with worms! The Montgomery County Department of Environmental Protection will discuss how to successfully set up and maintain worm bins for turning your food scraps into black gold for your garden. Advance registration is required. More information HERE.

Please feel free to contact me at Michael@RealAstute.com or 202-369-9821 with any questions!

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2009-04-23T15:56:00.000-05:00

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Math Smiles on Move-Up Buyers

2009-04-23T15:50:00.005-05:00

Moving up in today's dismal housing market can be a financially shrewd maneuver, real estate agents across the country are telling their clients. MSNBC.com's Mike Stuckey reports on the topic - to view the full article, CLICK HERE.

As always, if you are thinking of buying or selling or just want to talk about market conditions, please feel free to contact me at Michael@RealAstute.com or 202-369-9821.

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2009-04-16T12:51:00.001-05:00

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Thinking of Refinancing, Visit MakingHomeAffordable.gov

2009-04-16T11:20:00.004-05:00

Many of our clients have been calling and emailing our team to ask if we have information about President Obama's plan to help homeowners with less than 20% equity refinance their homes. The government has set up a very helpful website to get you started if you have been asking that very question. Visit www.MakingHomeAffordable.gov and follow the easy to use questionnaire to see if you may be able to refinance and take advantage of record low rates, regardless of your home's equity.

As always, if you are thinking of buying or selling or just want to talk about market conditions, please feel free to contact me at Michael@RealAstute.com or 202-369-9821.

Feeling Nosy about DC? MD? VA?

2009-04-09T15:38:00.000-05:00

Feeling nosy about the District of Columbia?
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Today's Economy is Good News for State Projects and Programs

2009-04-09T14:21:00.005-05:00

Many construction firms are so eager for work in this economy that the state is finding more bids and lower prices are rolling in for projects.

This is GOOD news for residents, as state and local governments are able to complete more projects than originally anticipated, and FOR LESS!

This means more community improvements, roadways, etc.!

Read the full article by Eric M. Weiss, Washington Post Staff Writer HERE.

Feeling Nosy about DC? MD? VA?

2009-04-02T14:49:00.001-05:00

Feeling nosy about the District of Columbia?
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Save the Date! Free First Time Home Buyer Seminar

2009-04-02T14:47:00.000-05:00

Contact Michael@RealAstute.com for more detailed information!

Feeling Nosy about DC? MD? VA?

2009-03-26T15:37:00.001-05:00

Feeling nosy about the District of Columbia?
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Finally Some Good News!

2009-03-26T15:30:00.003-05:00

Hey, did you hear? We finally got some good news in the real estate biz! New-home sales rose in February for the first time in seven months! This is of course fueling speculation of “THE BOTTOM” and when we will hit. It is hard to tell, it sure feels like a bottom to those of us in the biz. No doubt, with interest rates so low and prices down so significantly, it is a GREAT time for be a buyer. I found a good piece in the Wall Street Journal where some economists try to determine if we have hit bottom yet:

Wall Street Journal
March 25, 2009, 1:35 PM ET
Economists React: ‘Has Housing Hit Bottom?’

Has housing hit bottom? It is much too soon to make this call. Recent housing numbers were influenced by weather. December and January were colder than normal in the Northeast and Midwest, and February was warmer than normal in the Northeast, and about normal in the Midwest. Temperature swings will swing the housing numbers, and the seasonal adjustment factors will augment these swings. On top of this, February was the eighth driest February in the 1895—2009 period, according to the National Climatic Data Center, the government agency within NOAA that monitors climate. Drier than normal weather during the winter months can also make the housing numbers spike. One key statistic pointing to “better-times-ahead,” however, bears watching. Last week, the Census Bureau reported that single-family housing permits (which are not influenced by weather as much as other housing numbers) increased 11.2% in February, but today, it revised this increase to 16.1%. Until we get another two positive readings on single-family housing permits, at best we can say that housing has likely hit an inflection point. An inflection means that the market is shrinking, but not in collapse. –Patrick Newport, IHS Global Insight
Sales remain incredibly weak, but, as with the existing sales numbers, we are prepared to hazard the view that the post-Lehman meltdown is now over and the market is stabilizing. That’s not the same as a recovery, but it is better than continued declines in sales. –Ian Shepherdson, High Frequency Economics
Overall, this report is better than we had anticipated, continuing a pattern of the February housing data exceeding expectations (recall that existing home sales bounced by 5% and housing starts climbed by 22%). To be sure, the improved data last month followed months of horrendous housing data, as activity fell off of a cliff following last fall’s financial upheaval. The pickup in February also came on the heels of an especially weak January performance, suggesting that the January-February swing may have reflected in part a weather effect. Still, the fact that starts, permits, and home sales rebounded in February despite still-challenging economic conditions suggests that, at the very least, the pace of decline in housing demand may be abating. It is clearly far too early to call a bottom in the housing market, especially given the deterioration in the labor market, but the February data have allayed some fears that the housing market would continue to freefall. –Omair Sharif, RBS Greenwich Capital
Even with the number of homes available for sale down another 2.9%, a twenty-second consecutive decline to a seven-year low, the months” supply of unsold new homes only moderated to 12.2 months from the record high 12.9 months hit in January. Around 5 to 6 months of supply would be consistent with a balanced market, so inventories are still completely out of hand heading into the crucial spring selling season. There’s little chance that the marginal bounce off the prior record low in single-family housing starts in February (the larger gain in overall starts was almost entirely in the volatile multi-family component) can be extended with inventories so bloated. –Ted Wieseman, Morgan Stanley
New home sales in February staged their largest increase in over a year, increasing 4.7% to an annual rate of 337,000. Price concessions may be an important factor bringing buyers to the market last month; both median single-family home prices and average single-family home sales prices were down by record amounts in February. Almost half of homes sold last month were under $200,000; in the same month last year only 33% of homes sold were in this price range. –Michael Feroli, J.P. Morgan Chase
The rebound in the number of U.S. new home sales may just be monthly volatility rather than a sign that housing activity has stabilized. New home sales fell by a huge 13.2% in January meaning that the 4.7% rise in February is nothing to get too excited about. Sales are still a frightening 75% below their peak. Admittedly, the figures do suggest that the rebound in February’s existing home sales (figures were released on Monday) was not solely due to a surge in sales of repossessed properties –Paul Dales, Capital Economics
Federal Reserve Chairman Ben Bernanke talked about early signs of some “green shoots” appearing in the economy in his recent 60 Minutes interview. This week we are seeing some further positive notes in form of better-than-expected new and existing homes sales and durable goods orders for the month of February. These, and other positive, or even “less bad”, signs are a welcome change of tune following the severe economic downdrafts extending from autumn 2008 into early 2009. However, just as green shoots can get buried by springtime snows, the small upside surprises that we have seen may yet be overwhelmed by ongoing downward momentum in business investment, labor markets, durable goods consumption, and export markets. The U.S. economy remains many months away from stability and is even farther away from sustained growth. –Robert A. Dye, PNC
Only a small rise in sales after 6 consecutive monthly declines cumulating to -36%. Sales of previously-owned homes appear to be bottoming (again! After Sep-Nov downdraft), and the Mortgage Bankers Association index of mortgage applications for home purchase has stabilized in recent weeks. Nonetheless, one month’s increase in sales in newly-built homes is not enough to call a trough in this series. –Alan Levenson, T. Rowe Price

Compiled by Phil Izzo
Contact Michael@RealAstute.com for more detailed information!

Feeling Nosy about DC? MD? VA?

2009-03-19T14:56:00.001-05:00

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

Save the Date! Free First Time Home Buyer Seminar

2009-03-19T14:53:00.003-05:00

Contact Michael@RealAstute.com for more detailed information!

Feeling Nosy about DC? MD? VA?

2009-03-12T15:47:00.000-05:00

Feeling nosy about the District of Columbia?
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$8000 Tax Credit for First Time Home Buyers

2009-03-12T15:40:00.003-05:00

Contact Michael@RealAstute.com for more detailed information!

Feeling Nosy about DC? MD? VA?

2009-03-06T16:58:00.001-05:00

Feeling nosy about the District of Columbia?
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Free First Time Home Buyer Seminar

2009-03-06T16:50:00.008-05:00

Who do you know who is interested in buying a house or condo in the greater Washington DC area? Or maybe you want to learn more about the $8000 first time buyer credit?

Learn it all at our Spring First Time Buyer Seminar on Saturday, April 4th from 10 am to noon at our office at 4400 Jenifer Street NW, Washington, DC 20015 at the Friendship Heights Metro.

Please visit www.RealAstute.com to RSVP!

Contact Michael@RealAstute.com for more detailed information!

Feeling Nosy about DC? MD? VA?

2009-02-26T17:55:00.001-05:00

Feeling nosy about the District of Columbia?
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Another Big Condo Auction in Rockville

2009-02-26T17:40:00.002-05:00

It appears "The Fitz at Rockville Town Center" has decided to auction their final 40 unsold units. There is a great website which gives details on floor plans, minimum bids for specific units and more. Visit www.TheFitzatRockville.com for more information, you will need a password, just use the word "auction" if you don't want to register yourself. The auction is scheduled for Saturday, February 28th at 1 pm at the Bethesda Marriott and they have several times before then when you can get out and see the units and the complex for yourself. The Fitz is located at 501 Hungerford Drive, Rockville, MD, 20850.

If you are interested in my experiences with real estate auctions, please feel free to contact me at Michael@RealAstute.com.

Feeling Nosy about DC? MD? VA?

2009-02-19T17:52:00.001-05:00

Feeling nosy about the District of Columbia?
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$8000 First Time Home Buyer Tax Credit

2009-02-19T17:26:00.006-05:00

As most of you have heard, a new stimulus bill was recently passed. Included in the bill was an $8,000 tax credit to first time home buyers who qualify. Read some specifics below (provided by NAR).

According to NAR, this new bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

To learn more about the differences between this years credit and last years, click here or on the image below to view the full size chart.

As always, if you have any questions, please feel free to contact me (Michael@RealAstute.com).

Feeling Nosy about DC? MD? VA?

2009-02-12T17:34:00.001-05:00

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Changes to Home Buyer Tax Credit in Final Stimulus Bill

2009-02-12T17:07:00.004-05:00

It appears a deal has been reached on the Stimulus Bill. While the compromise does not go as far with the Home Buyer Credit as the Senate Amendment, it is still a great opportunity for first time home buyers. Here are the details as we understand them to this point:

a. The tax credit does not have to be repaid.

b. The size of the credit is $7,500.

c. There will be income limits ($75,000 for an individual; $150,000 for a couple).

d. First-time home buyers only.

e. Tax credit expires in September 2009 (probably the 1st of September) and we are trying to confirm that it is retroactive to January 1, so people do not have to wait for the President to sign the bill to close.

So if you are sitting on the fence and thinking of becoming a first time buyer, this may be just the incentive you need! Let me know if you want to learn more about buying by contacting me at Michael@RealAstute.com.

Feeling Nosy about DC? MD? VA?

2009-02-06T16:20:00.000-05:00

Feeling nosy about the District of Columbia?
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Home Buyer Incentives to Expand with Stimulus

2009-02-06T16:13:00.002-05:00

On Thursday the Senate passed an amendment to the stimulus package being debated in Congress that would greatly enhance the current Homebuyer Tax Credit.

Specifically, it would increase the credit to $15,000 and if the homeowner does not sell the house for the first two years of ownership there would be NO repayment.

I have a great chart which shows the current Homebuyer Tax Credit as well as the proposed changes, click HERE to see the chart.

Of course this is not law unless it is included in the final stimulus package signed by the President, so stay tuned!

Feeling Nosy about DC? MD? VA?

2009-01-29T15:22:00.001-05:00

Feeling nosy about the District of Columbia?
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Forbes Names DC World's Best Place for Real Estate Buys

2009-01-29T15:08:00.002-05:00

More good news about the DC housing market. Forbes is calling DC the single best place in the WORLD to buy both commercial and residential real estate. It is nice to see some good news about the DC market at a time when so much of the real estate news is bad.

Click HERE to read the full story.

Feeling Nosy about DC? MD? VA?

2009-01-22T14:55:00.001-05:00

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

DC Government Auctioning 30+ Properties

2009-01-22T14:51:00.002-05:00

Auction Details:
The DC Government is planning to auction over 30 homes from all parts of the city on Friday, January 30th at 2 pm at One Judiciary Square. The city hired Alex Cooper Auctioneers to conduct the auction, you can learn more about the auction and see the properties scheduled for auction HERE.

Seminar:
Prior to the auction on Thursday, January 29th at noon Alex Cooper Auctioneers will host a seminar to educate potential buyers about the auction process. You can learn more about the seminar HERE.

As many of you know, I have participated in several real estate auctions and I would be delighted to run comps or walk anyone through the process and lessons I have learned. Just drop me a line at Michael@RealAstute.com.

Feeling Nosy about DC? MD? VA?

2009-01-15T16:22:00.000-05:00

Feeling nosy about the District of Columbia?
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Should Every Seller Get Their Home Appraised?

2009-01-15T15:48:00.004-05:00

Michael was recently quoted on the "Urban Turf" Real Estate Blog which discusses the need for sellers to have appraisals prior to listing their homes. Below is the text of the article:

Reality Check: Should Every Seller Get Their Home Appraised?

by Mark Wellborn

In an interview with the Washington Business Journal in early December, Long & Foster’s new president Dave Stevens noted that in order to manage sellers’ (sometimes unrealistic) expectations in the current climate, agents are encouraging their clients to get an appraisal before they put their home on the market “to give them a reality check.” We talked to a few area brokers and found out that there are varying schools of thought on this type of reality check.

Michael Dillon of DC’s RealAstute.com Home Team told UrbanTurf that his team started doing appraisals about two years ago when he felt like the market was starting to shift and sellers were being unrealistic about the value of their home.

“We decided that we needed some help in reining in sellers’ expectations,” Dillon said. “I can tell a seller that their house is not worth as much as they think it is until I am blue in the face but it helps to have a third party telling them as well.”

Dillon noted that there is only backlash from a seller if the appraisal numbers come back significantly lower than what they were expecting. If that happens, he sits down with the seller and explains that if the home is put on the market for much more than its appraised value, there is a good chance that there will be a price reduction down the road. This can often be a more expensive proposition than if the home was priced accurately when it first hit the market. If the seller insists on keeping the price high, Dillon goes with the price on the condition that he can lower it after a certain number of days.

“These days we won’t take a listing if the seller refuses to have it appraised,” Dillon said. “And most of the time, sellers are willing to do it. It is not as bad as it was a year or so ago when people were unwilling to wake up to the new realities of the market.”

Not all brokers are as wildly in favor of appraisals as Dillon.

“Managing the seller’s expectations is always key,” James Edwards of Edwards Realty told UrbanTurf. “Though truthfully, I put little faith in appraisers.”

Edwards’ qualm with appraisers is that when the market was going up, he believes that they would “appraise the house for just about any price.” This had the effect of property prices in some areas doubling in just a couple of years. Edwards thinks that this was because the appraised values were largely being made up.

“Now that prices are falling and the true value of a property is anyone’s guess, I tend not to rely on appraisers,” Edwards said. “They cost money, and as an agent, I’m going to prepare a Comparative Market Analysis (CMA) for the seller anyway which pulls from the same data.”

Edwards noted that his CMA is geared towards finding a price at which the house might actually sell, whereas an appraisal might come up with entirely different numbers that don’t exactly reflect the true market price of the house.

“If the appraiser comes back with a higher value than your CMA, then as an agent, you’ve just shot yourself in the foot and cost your client $350 to boot,” Edwards told UrbanTurf.

Regardless of where you might stand when it comes to appraisals, it sounds like the trend has not caught on across the area just yet. Dave Stevens estimated that just about ten percent of sellers are getting their home appraised before they put it on the market. However, if the state of the market remains uncertain, it will likely become a crucial part of a seller’s preparation.

Feeling Nosy about DC? MD? VA?

2009-01-09T09:54:00.001-05:00

Feeling nosy about the District of Columbia?
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Calling all future HGTV Stars!

2009-01-09T09:47:00.002-05:00

It is that time of year again -- time for you to star on HGTV! Last year we had one of our listings featured on an episode of "Designed to Sell". Our sellers had a blast and got some great upgrades for their house that really added value and helped the house sell. That episode is set to air in the coming months. We will be sure to let folks know when we have the exact date.

This year they are asking if we might have sellers interested in being featured in an episode of their hit series "Get It Sold".

The producer recently sent us an email saying:

We are currently casting DC area homeowners for our last few episodes of our 6th season and I wanted to make sure you and your homeowners were aware of the opportunity.

Below, please see a few casting requirements to keep in mind. Please feel free to share this information with any colleagues or homeowners who may be interested our show.

So you are fully informed here are a few specific casting requirements to keep in mind when recommending this opportunity to homeowners. We’re looking for:

Fun & energetic homeowners willing and able to participate in the staging process (Outgoing personalities are a MUST)

Homes on the market or recently removed with intentions of re-listing immediately

Occupied properties that need minor updates that don’t include any major construction projects (no vacant homes or sparsely furnished homes)

Homes located in the Washington, DC metropolitan area (preferably no further than 30 minutes from downtown DC)

Listings under $1,000,000

Homes with cats cannot be considered

Make sure any interested candidates apply as soon as possible, as spots are limited. I look forward to hearing from homeowners that meet our initial casting requirements soon!

If you are interested, just email Michael at Michael@RealAsute.com and we will get you in touch with the producers!