Northern Virginia Real Estate - Fairfax County

As the real estate market improves in Northern VA, there are multiple opportunities to invest in bank foreclosed properties that are rapidly coming on the market as well as short sales and other distressed properties. Land is also an affordable commodity today and builders are looking for money to invest. IRAs are a great source for private banking when traditional lenders won't lend.

Historically, real estate has given many Americans a stable investment vehicle that provides both income and appreciation. One of the greatest tools available to real estate investors is government-sponsored retirement plans, such as IRAs and 401(k)s, which can provide generous tax-advantages to their investment. Here are some facts:

IRS Regulations Allow Clients to Invest Retirement Funds in Real Estate

Few clients realize that they have the option to self-direct their IRAs and other retirement plans into real estate and other alternative assets falling within IRS regulations. This creates a great opportunity for investing in real estate in Northern Virginia and other areas.. This is a new investment strategy and investors benefit from portfolio diversification and the tax-advantages provided by the plan’s tax-deferred or tax-free status.

 Additional advantages include:

• The power of compound interest
• A reduction of taxable income
• Asset protection
• Estate planning

 The list of real estate related investments that one can make varies by custodian but generally includes:

• Raw land
• Residential property
• Commercial property
• Tax liens certificates
• Mobile homes
• Real estate notes
• Second mortgages
• Real estate purchase options

I have the expertise in working with Equity Trust Company to link real estate investors with private funding. There are enormous opportunities available today to invest in real estate. If you are an real estate investor or a private lender with money to lend, please call me!

The real estate market trends are improving! Visit www.fairfaxva-home-search.com to search homes for sale in Reston VA and Fairfax County. This home search site is updated daily with new Reston homes for sale and properties that come on the market in the Reston area. Often, homes are sold within days of coming on the market. That is why it's valuable to have the full, updated homes and property data on this website. Along with the ability to view Reston homes for sale, you'll also get the following when you sign up.

Visit www.fairfaxva-home-search.com to find homes for sale in Fairfax County. This site is updated daily with new Fairfax homes for sale and properties that come on the market in the Fairfax area. Often, homes are sold within days of coming on the market. That is why it's valuable to have the full, updated homes and property data on this website. Along with the ability to view Fairfax homes for sale, you'll also get the following when you sign up.

 Search for homes in Fairfax County and Oakton VA on www.fairfaxva-home-search.com. This site is updated daily with new Oakton homes for sale and properties that come on the market in the Oakton area. Often, homes are sold within days of coming on the market. That is why it's valuable to have the full, updated homes and property data on this website. Along with the ability to view Oakton homes for sale, you'll also get the following when you sign up.

 Neighborhood Info

Wikipedia: At or in this place: Stop here for a rest. →

For access to Vienna VA home listings, visit www.fairfaxva-home-search.com. This site is updated daily with new Vienna homes for sale and properties that come on the market in the Vienna area. Often, homes are sold within days of coming on the market. That is why it's valuable to have the full, updated homes and property data on this website. Along with the ability to view Vienna homes for sale, you'll also get the following when you sign up.

Median household income: $103,010

Fairfax County is one of the largest counties in terms of population to make the list (1,081,726 residents in 2010), but it is also notable for its real estate. Fairfax is one of only two counties on the list to break the half-million mark in home values. Coming in at $507,800 for the median value of an owner-occupied home, the county truly has some spectacular real estate.

Langley (headquarters of the CIA) is within the county and the US Government is a short commute away in Washington DC. The unemployment rate in the county has been astoundingly low historically, hitting 1.4% in 1999, when the national rate was 4.3%.

Median household income: $94,986

Living in Arlington isn't cheap, so you'd better be making at least the median household income to live in this county, which sits just outside Washington, D.C.

Arlington may not be the richest, but it does set a high for real-estate values. The median value of an owner-occupied home in Arlington County is $571,700 -- almost $70,000 more than any other county on our list.

This county also stands out as the most educated on our list: 70.1% of residents hold a bachelor's degree or higher.

Median household income: $94,317

With just 128,961 residents, Stafford County is one of the smallest-population areas on the list and is a bedroom community for jobs in Northern Virginia and Washington DC The county's unemployment rate is just less than 5%, much better than the national average of 8.3%. The county is situated between Richmond and the Washington Metropolitan Area.

Median household income: $92,655

Prince William County has seen its median household income increase from 2009, even as the national average declined.

Prince William is near Washington, D.C. What makes it stand out from the rest, though, is the 43.2% population boom it has seen in the past decade. The area is home to many historical sites, including Manassas National Battlefield Park, where two Civil War battles took place.

The number of residential properties for sale in the Washington Metropolitan Area (Northern Virginia, Maryland, and DC)  in January was down more than 25 percent from a year ago; meanwhile the number of contracts signed to buy a house or condominium was up 4.6 percent, according to the Metropolitan Regional Information Systems Inc. (MRIS)

The RealEstate Business Intelligence reports for the Washington Metropolitan Area and Fairfax County VA  indicate that the shortage of supply will continue to put upward pressure on pricing. There were 10,095 active listings in January 2012, representing a three-month supply at the current sales pace, down 25.3 percent from January 2011 when there were 13,510 active listings. There have been multiple offers on many listings due to lack of supply and demandfor more housing.

Inventory in the Washington Metropolitan real estate market was the lowest in seven years last month.

The number of foreclosed properties on the market in the Washington Metropolitan Area was down 67.2 percent from January 2011, according to MRIS data.

The average price of a residential property sold in January was up 1.4 percent from a year earlier to $396,823, led by a 17.2 percent jump in median prices of properties sold in Arlington.

Merriam-Webster: that definition: the person, thing, or idea indicated, mentioned, or understood from the situation. →

The Donald is coming to Town again! The Donald has been selected by the GSA  to redevelop the Old Post Office building in downtown D.C. with plans to convert the historic site at 12th Street and Pennsylvania Avenue NW into a 250-room luxury hotel.

In addition to the hotel rooms, Trump’s plan also includes “world renowned" restaurants, a spa and conference facilities. Construction  is expected to start in 2014 and to be completed by 2016.

This valuable property has been sitting empty in downtown D.C. for over a decade so this is great news!

The Donald has often stated that the Washington Metropolitan Area is one of the best areas in the country to develop because of the enormous growth in the area, the Federal Government, and the number of businesses moving their headquarters here. His previous purchases include the Lowes Island Golf Course in Loudoun County in 2009 with plans to renovate, expand, and improve the golf course.

Are you behind in your mortgage payments, or concerned that you soon might be?

Have you received a preforeclosure letter from your lender?

First of all, don't be ashamed. Millions of homeowners are in your situation – many times through no fault of their own. A job loss, a serious illness or other circumstances can put you in danger of foreclosure.

The economic downturn has led to many homeowners being "under water" in their loans, meaning they owe more than their home is worth, making it impossible to refinance.

If you've become one of those millions, don't panic. Foreclosure, and its accompanying effect on your credit, is not inevitable. There are many options out there, and your circumstances may make one of those options feasible and desirable for you.

To keep your options alive, you need to communicate with your lender. Many homeowners have lost their homes to foreclosure without ever contacting their lender.

This would also be a good time to consult with a tax advisor and a RE/MAX Allegiance agent. Many of the RE/MAX Allegiance agents are specifically trained to work with distressed properties, and will be able to help you explore foreclosure options.

Many lenders would rather not foreclose. They take a large financial hit on a foreclosure. So in many cases, they'll consider viable alternatives. Some of these alternatives may keep you in your home.

Loan Modification

While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit.

Your lender may be willing to modify the terms of the loan, whether it's reducing the principal, lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package, the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.

Short Sales

This is the fastest-growing foreclosure alternative. Many lenders will allow a Short Sale, when the home sells for less than the amount of the loan. This is attractive for lenders because they lose less money than in a foreclosure. Also, Short Sales generally take less time than foreclosures, so the banks don't have to carry the properties on their books as liabilities.

And it's attractive for homeowners because the impact on their credit is far less than in a foreclosure. You may be able to buy another home in as little as two to three years after a Short Sale, compared with a typical seven-year wait after a foreclosure.

Short Sales are paperwork-intensive, and there are many, many details involved. If you're considering this option, it's critical to work with a trained real estate agent who knows all the steps required to successfully complete a Short Sale.

RE/MAX leads the real estate industry in agents who've completed the Certified Distressed Property Expert (CDPE) course or other specialized training. I have earned by CDPE designation through extensive training and keep current on changes in the industry. I have successfully negotiated short sales and loan modifications with many lenders for homeowners.

Foreclosure (Cash for Keys)

One of the biggest problems in foreclosures is that homeowners sometimes physically damage the property, or even sell some of the fixtures, before leaving. Needless to say, this is not a good idea. It may expose the homeowners to financial and legal liability. It also makes the properties much more difficult to sell.

To prevent this, some lenders offer a program called "Cash for Keys." The homeowners receive a check for vacating the property within a certain time period and leaving it in good condition. If you have no alternative other than foreclosure, you should ask the bank about this option.

Tips From HUD

 The U.S. Department of Housing and Urban Development has 10 tips for avoiding foreclosure:

• Don't ignore the problem.
• Contact your lender as soon as you realize you have a problem.
• Open and respond to all mail from your lender.
• Know your mortgage rights.
• Understand foreclosure prevention options.
• Contact a HUD-approved housing counselor.
• Prioritize your spending.
• Use your assets.
• Avoid foreclosure prevention companies.
• Don't lose your house to foreclosure recovery scams.

There may be another option to save you and your home from foreclosure. Short sales allow you to avoid foreclosure and salvage your credit. Contact me for a confidential discussion!  I will give you an honest recommendation based on your current situation! 

June Rodgers - 703-281-3830 or 571-748-8666 - junerodgers@remax.net

Many economists expect the housing crisis to end this year, according to a report released on Tuesday by Capital Economics.. One of the reasons: loosening credit.

Banks are now lending amounts up to 3.5 times borrower earnings. This is up from a low during the crisis of 3.2 times borrower earnings.

Banks are also loosening loan-to-value ratios (LTV) which is the clearest sign yet of an improvement in mortgage credit conditions. In contrast to a low of 74 percent reached in mid-2010, banks are now lending at 82 percent LTV.

With loosening credit conditions, steep drops in foreclosures and short sales in Northern Virginia and the Washington DC Metro area, record-low interest rates and pent-up buyer demand, this could finally be the right time to buy!