Chasing Lions with Lucille Ryan

Late last winter, Lucille Ryan, an agent from our Tysons Regional Office came to us with an idea. Lucille is a top-producing Real Estate agent, and has been for many years. However, her idea had nothing to do with Real Estate. Before I share what her idea was, let me tell you a little about Lucille. Lucille is just a wonderful lady. She is very active in her community, volunteers at the local hospital, is very well respected by her peers in the Real Estate community.

Simply put, Lucille is just a great human being.

Now on to the idea. Lucille was raising money for an organization called “Chasing Lions,” a non-profit organization dedicated to assisting orphans and children in Burkina Faso. Lucille was able to garner tremendous support for this cause; I personally donated, and I know many others at Avery-Hess donated to this wonderful charity. This morning, Lucille sent me an absolutely heart-warming e-mail she received from her daughter regarding her efforts in the Chasing Lions project. Here it is:

Guess what, Mom?! There’s a new baby girl in the orphanage here and they just named her Lucille in your honor!!! Here’s what my friend Sherilynn (the one w/the closest contacts to the orphanage manager and whom I nominated for the State Dept award, which she won, in December) said:

“Today Patricia (orphanage manager) called me on her way to action social (Dept of Social Services). She was going to pick up a baby and wanted to know what to name the baby. So, i told her in honor of past donors who have really helped the the orphanage, if it’s a boy call him Ryan, if it’s a girl call her Lucille. So, we now have 5 day old Lucille living at the orphanage. Patricia said she’s beautiful (her mother wanted to kill her because she already had 2 other children ??? boy with that kind of reasoning you and i would have never made it ). She’s safe now, with a beautiful name!”

Congratulations )
Love,
me

What a beautiful story.

I, for one, am honored to work with a lady like Lucille, who reminds us everyday that there is much more to life than just Real Estate.

To learn more about Chasing lions, or to donate, click here or visit: http://web.mac.com/alekosher/iWeb/Chasing%20Lions/HOME%20Chasing%20Lions.html

Fairfax County Market Continuing To Show Increased Stability

For those waiting those waiting to buy a home “At the bottom of the market”, it would appear, in my opinion, that the bottom of the market has come and gone!  While we are not seeing price appreciation at this time, we ARE seeing:  Multiple contracts on homes priced less than $400,000, bidding wars, homes going for more than list price, and a quicker sale than we have seen over the last few years.  I have reports of one property even having 32 offers on it! 

Here are the latest Fairfax County Statistics, for the month of March:

                                                   2009                2008             % Change

Average Sold Price                 $378,347         $466,378         -18.88%

Total Units Sold                      $1,040             929                  11.95%

Average Days On Market       92                    118                  -22.03%

Active Listings                        6,105               8,016               -23.84%

Throughout NOVA, housing inventory is running at the lowest level in 3 years, and only seems to be decreasing at this time. 

What does this mean?  If you’re a buyer, it’s time!  Great rates, an $8,000 tax credit (consult IRS for details!), and a stable market!  If you are a seller, the buyers are out there and with a home in good condition and priced properly, you will get an offer! 

It’s a great time to buy or sell real estate!

Things That Make You Go… Hmmm!!!!

In the early ’90’s Arsenio Hall’s Late Night TV show had a segment called “Things that make you go Hmmm.” Last week at our company awards luncheon our Marketing Director presented a video that made us all go WOW!! It was filled with some amazing statistics and global information. I thought I’d do more searching and found some more interesting stuff. I’ve concluded, if you are a young person learn all you can about technology, learn to speak Chinese, and buy real estate.

In China, if you are 1 in a million, there are 1300 others just like you. China will soon be the #1 English speaking country in the world. 25% of India’s population with the highest IQ’s is greater than the entire population of the U.S. They have more Honors kids than we have kids. We’re preparing students for jobs that don’t yet exist, using technologies that haven’t been invented to solve problems we don’t even know are problems yet.  Technological information doubles every 2 years. For students beginning a 4 year degree program, 1/2 of what they learn in their first year will be outdated in their 3rd year. There are over 200 million registered users on MySpace. If MySpace were a country it would be the 5th largest in the world, just ahead of Japan. One week worth of the NY Times contains more information than a person would likely come across in a lifetime in the 18th century. By 2013 a supercomputer will be built that exceeds the computation capabilities of the human brain. By 2049 a $1000 computer will exceed the computation capabilities of the entire human species. In the time it took you to read this 67 babies were born in the U.S.; 274 in China; and 395 in India. 694,000 songs were illegally downloaded.

If you’re on Facebook you can find the aforementioned video on my wall. If this stuff doesn’t make your head spin you’re not paying attention. Don’t be left behind.

Waiting for Rock Bottom – When to Buy A Home

Everybody looks at their purchase of real estate as an investment. There are shows dedicated to telling you how great the tax advantages are of owning property and writing off mortgages as opposed to paying rent. Naturally, when an investments value falls, so does interest in that asset. I assert that waiting to see the bottom means you lose out on the best part- owning a home!

Buyers need to appreciate many of the non-monetary values of owning as oppsed to renting: planting your own garden, painting the house colors YOU like, learning how to fix clogged toilets and pipes yourself to save money and learn a new skill, or even add your own personal improvements around the home. It requires moving beyond the investment aspect of home ownership and really feeling like you are enjoying a part of your life.

Pretend this piece of real estate is like your car. You bought because you wanted it and you maintain because you want to keep it for a long time. As long as you qualify for a mortgage- go for it! Feels what millions of American families feel everyday- pride in ownership! Make a little piece of Maryland, Virginia, or DC yours to keep for as long as you like, and make your impression on the neighborhood.

Stability Comes to the Market

As the overall economy in the Washington, DC Metro Area continues to climb out of recession due to an expectation of rapid growth in local federal spending, the local real estate market is a prime beneficiary of those expectations.Since real estate and the overly aggressive lending to the asset class led the economy into recession, it makes sense that more prudent lending combined with lower sales prices are going to lead it back out.

The demise of mortgage brokers as a credible source of mortgage financing, (few banks will fund their loans anymore due to the fraud and high default rates), means that buyers getting loans today are truly qualified and able to make those payments.

The majority of sales I am reviewing as Manager of Avery-Hess’ Centreville Office are to first time owner occupant buyers. Most of the sales I have reviewed are to buyers who were already in the market when the $8,000 Homebuyer Tax Credit was approved. The credit just made the for icing on the cake to make a good deal even more attractive. The fact that there are so many owner occupant buyers in the market is good for neighborhoods and communities, as a lack of additional foreclosures will bring needed stability to the neighborhoods of our Nation’s Capital.

Under $400,000 is now “Hot as a Firecracker.”

Search For your Firecracker of a Home: www.averyhess.com

Turn Those Tax Day Blues into Green

So you woke up this morning in a cold sweat. Oh man, it’s tax day. If you owe money to the IRS it’s pay day, but you’re not the one getting paid. You’re writing the check. How can you get out of this dreadful situation? Oh, I know, I know……..buy a house. If you are renting right now you are making a mortgage payment. Unfortunately it’s not yours, it’s your landlord’s. And guess what, the landlord is getting all the tax deductions. He should be sending you thank you notes every month.

Meet Ima Homeowner. She bought a new home on January 1, 2008. The sales price was $200,000. She financed the purchase using FHA and rolled her upfront mortgage insurance premium into her loan, which totaled $196,377.50. She had good credit and was able to get a 5% interest rate. During the first year she paid $9,753.08 in interest. In addition her property taxes were $2500. Her total tax deduction is $12,253.08 (interest and property tax) Her tax bracket is 30% so her tax savings for the first year is $3675.92, or $306.33 a month. In addition, discount points, even if they are paid by the seller, are deductible in the first year of ownership. Two (2) points were paid on her loan, or $3927.55. That increases her total deduction to $16,180.63 and at a 30% tax bracket her savings increases to $4854.19 or $404.52 monthly. There’s no magic, no sleight of hand. It’s really that simple to turn your blues to green.

Don’t wait any longer. Now’s the time to free yourself from the burden of rent. Consult with a professional Realtor today. Get off that path to continued debt and on the the road to financial independence. You know you can do it. We’re all pulling for you.