Choice Mortgage Moment – Why Buy Instead of Rent? [video]

Don Metcalf of Choice Mortgage answers the common question between buying and renting a home. Choice Mortgage Servicing, LLC is an affiliate of Wells Fargo Home Mortgage (Equal Housing Lender).

Click here to learn if buying or renting is right for you.

Search for homes in all of the DC Metro: www.averyhess.com

What will the iPad mean for Real Estate in the DC Metro?

Last week, Apple announced its entry into the tablet race with its touch-device, the iPad. Besides having a questionable name, I am unsure about how effective of a tool this will be for Real Estate agents, and more specifically, Real Estate agents in the DC Metro area.

I admit it – when it was first announced, I was ecstatic at the possibilities. Paperless transactions. The ability to map out a route for tours, research the MLS for your clients, answer emails, write offers and submit contracts – all from one small device!

WOW.

And then I researched it. And came away unimpressed.

Don’t get me wrong, the iPad is a wonderful device, and has a lot of great uses for folks who want to do one thing, easily. But for Real Estate, I don’t think it is a good match, and here’s why:

1. No support of Flash. And all of us here in the DC Metro require flash to upload our listings and data into Keystone.
2. Does not multitask. No explanation needed here – have you ever met a good Real Estate agent who isn’t the master of multi-tasking? What if you need to access the MLS, send an email, and take notes for your client simultaneously? Impossible with the iPad.
3. No camera. Again, how can any portable device be created in this day and age without a built-in camera? Big drawback again for Real Estate. Has a killer photo app pre-loaded, but how do you get the photos on the device? How do you take pictures of your listings with the device?
4. No HDMI output. Not a big deal, but still would have been nice.
5. No USB slots. BIG drawback – with no camera, how do you get photos loaded onto the device? Connect to a printer? Keyboard?
6. Closed app interface.The iPad will only run apps from the iTunes store. How do you write contracts, integrate docusign? Impossible unless these companies create an app for these things.

With a slew of similar devices slated to be released in the coming months, the iPad is NOT a must-buy for Real Estate professionals. Hang tight as other similar devices are released by Microsoft…

…and others in the coming months. These devices will almost certainly have the outputs and functionality needed for a powerhouse Real Estate workhorse.

Search for Homes in the DC Metro: www.averyhess.com

Manassas Park, VA Market Report – 2/3/10

Manassas Park City is located in Northern Virginia, and is nestled in between Manassas City and Prince William County.  It is a mixture of old post World War II homes and new homes. Manassas Park is strategically located close to Virginia Route 28 and the Prince William Parkway, which makes it an easy commute to Fairfax, Woodbridge, and points west of Prince William County.

• New listings: 18
• Closed sales: 15
• Average sold price: $140,000
• Average days on market: 73

The month of December had 18 new listings compared to 53 in 2008. For all of 2009 there were only 473 total listings, a decrease of 50% from the previous year. There were 15 homes sold in 2009 compared to 49 in 2008, down almost 70%. Only 431 homes sold in all of 2009, also down from 507 in 2008. Average sale price fell 14% to $140,000 for 2009.

Manassas Park is an independent city with its own police department, government structure, parks, and events.  It’s a full service town that includes retail shopping, dining, business and industry, in addition to residential housing.  Manassas Park has its own school system that includes elementary through grade 12.

There is also a new town center, gated condominiums, as well as single family homes and town homes.  Manassas Park City is also accessible by rail with its own stop along the Virginia Railway Express.

Market data and commentary provided by Steve Mayes, Managing Broker, Avery-Hess, Realtors.

Search for homes in Manassas Park, and all the DC Metro: www.averyhess.com

Germantown, MD Market Report – 2/2/10

Germantown is located on the northern end of Montgomery County. Part of its popularity is due to its proximity to many major north-south commuter routes into Washington, DC and Northern Virginia. Montgomery County’s public bus system also serves Germantown, along with surrounding areas.

The following conditions reflect the market in Germantown, Maryland during December:

• Homes for sale: 375
• Closed sales: 81
• Average sales price: $277,968
• Average days on market: 67

Compared to last year’s statistics, the market has stabilized and is continuing to improve. Average sales price, at $277,968 now, is one percent higher than the same period one year ago. First-time buyers and investors still make up the majority of the buyers in the Germantown market over the past few months.

In addition, the total number of homes for sale on the market is down by one-third from last year and the time it takes to sell a house has increased by eight days, or about 11%. Combined with today’s low interest rates, this has created a buyer frenzy on some of the lower priced listings. The recent upgrading of the classification of the DC area real estate market makes it easier to obtain financing.

Some of my favorite restaurants in the Germanton area are Carrabbas, Red Robin, and Long Horn Steakhouse. I like them because they are within walking distance to the Regal movie theater.

Market data and commentary provided by David Hess, Executive Vice President and Managing Broker.

Search for homes in Germantown, and all of the DC Metro: www.averyhess.com

Caroline County, VA Year-End Market Report – 2/1/10

Caroline County had some very significant changes between the year 2008 and 2009.  I know last year was a very difficult year in Caroline for many homeowners, as one of the biggest obstacles to buying and selling was receiving an appraisal that supported a contract’s sales price.  At the beginning of last year, homes took a long time to sell and the process appeared daunting.  On the other hand, Caroline County reported steady job creation in 2009 and hopefully that will continue into this year.

The following year-in-review statistics prove that 2010 should start writing its story on a new page.

In Caroline County, closed sales increased 45.5% and the average days on market decreased 53.3%,  which is great news.  Homes that are priced right, in good condition, and in a good location are starting to sell much quicker.  The percentage of original sales price increased 9.6%, meaning sellers are receiving much better offers.

You must be under contract by April 30, 2010 and close by June 30, 2010 to receive the Federal Tax Credits for first-time homebuyers and move-up buyers.  The phone is ringing again and houses are being shown left and right.  2010 is off to a great start.

Market data and commentary by Amy Cherry Taylor, Business Manager and Realtor at Avery-Hess, Realtors.

Search for homes in Caroline, and the all of the DC Metro: www.averyhess.com