Real Estate Information

Fairfax County and Alexandria (Virginia) residents have another foreclosure prevention resource.  McEnearney Associates Inc. real estate agent and Associate Broker Tamara Inzunza is serving the needs of homeowners and clients better by becoming a Certified Distressed Property Expert (CDPE). In any given market there is always a certain percentage of homes or homeowners who are distressed.  Under normal real estate market conditions there are 1% to 3% of homes in distress, in today's market, distressed properties can represent as many as 1 out of 10 homes on the market.

Because the distressed market has violently collided with the traditional Alexandria VA real estate market, it has become necessary that real estate agents become more prepared and more involved with helping homeowners prevent foreclosure.  With twelve years of real estate sales experience in Alexandria and the Northern Virginia area, Tamara Inzunza is one of less than 2,000 agents nationwide (out of over 1.2 million Realtors in the U.S.) who holds the CDPE designation.

"Most people have options when it comes to foreclosure, and sadly as many as 7 out of 10 homes go to foreclosure without any intervention," explains Inzunza.  That means that there was no effort made for a loan modification, refinance, forebearance, or any other alternative that may have proved successful.  Foreclosure can happen to any home owner, no matter what the income bracket, years of ownership, loan type, or property type.  When workers are laid off by the hundreds, or thousands, we see an increase in foreclosures in the under $400,000 price range.  When companies, businesses, and corporations go under, upper bracket homes can also become distressed.

Alexandria VA real estate in Kingstowne and Manchester Lakes has been more protected because of its location.  However, we are seeing more distressed properties including short sales and bank owned (REO) homes for sale in the current inventory. Alexandria homeowners can rely on a real estate agent with the CDPE designation to accurately explain the consequences of a foreclosure.  "We live in an area where a lot of the population is employed either by the military or government.  Most people don't know that if you have a top secret security clearance, a foreclosure can challenge your security clearance and you could lose your job.  In addition to that, you will likely have to disclose that you've previously lost a home to foreclosure when applying for any new job," says Inzunza.

Before just 'walking away' from a home in Kingstowne or Manchester Lakes, owners in distress should see if they qualify for an Alexandria short sale.  A short sale means NO FORECLOSURE on your credit report.  Even if a mortgage payment has been missed, and the bank has delived a notice of default, a successful short sale can stop the foreclosure process on your Alexandria VA home and save your credit.

The CDPE network is a close-knit network of agents across the country who share resources and information on foreclosure prevention strategies to help KEEP home owners in their home, and exhaust all resources to avoid foreclosure.  Tamara Inzunza can be reached by email at tinzunza@McEnearney.com.

 Most people have options when it comes to foreclosure. Very few people know exactly where to go or who to call...until now.

Alexandria Virginia Condos For Sale
No Car Needed At The Exchange At Van Dorn

Extremely low monthly condo fee of $250 includes a shuttle to the Van Dorn metro that runs every half hour during rush hours. Enjoy carefree living at The Exchange at Van Dorn. Come and see how affordable home ownership can be.  This third floor move-in ready unit at 4852 Eisenhower Avenue #341 is aggressively priced at $204,900 and you'll enjoy a gym, outdoor swimming pool, business center, lounge/party room, garage parking, and secured building entry. 

Save money by leaving your car at home and catching the shuttle. No more gym fees because a high-tech state-of-the-art gym is included. New kitchen appliances including gas stove, built-in microwave, and refrigerator with icemaker. Separate laundry room with full sized, side-by-side washer and dryer. The master bedroom has an oversized walk-in closet, and you'll enjoy tranquil courtyard views from the third floor balcony.

Conveniently located inside the Beltway, just before Kingstowne, and less than five miles from Old Town Alexandria.

If you're looking for real estate and condos for sale in Alexandria Virginia that are walking distance to metro, then contact me today for a showing.

In 2008, we were hammered with negative real estate news. Record foreclosures and record days on the market would make a lot of buyers think twice about investing in real estate. Always remember that real estate is local, and in December 2008, locally we did pretty good.

Here are the numbers to support how we did, for the month of December in the Northern Virginia area:

While December is often viewed as a slow month when it comes to real estate activity, the statistics show that area buyers were not slow in submitting offers on properties. Specifically in the condo market, in Arlington, 30 condos went under contract in December '07, whereas 47 condos went under contract in December '08. Likewise in Alexandria City, 21 condos went under contract in December '07, and 50 went under contract in December '08. And in Fairfax County, 81 went under contract in December '07 and 127 went under contract in December '08.

In all three areas (Arlington County, Alexandria City, and Fairfax County) there were 612 homes that went under contract in December '07, and 1117 in December '08, an increase of 82.52%.

Price is still the #1 determining factor when it comes to getting homes sold.  Lower priced condos are being absorbed in higher volumes than townhomes and single-family homes in our area. In Alexandria City, 7 homes under $100k were sold, 18 priced between $100,000-$199,999 sold; and 14 priced between $200,000-$299,999 sold. The remaining price points all sustained single-digit sales activity.

The year 2007 introduced short sales and bank foreclosures, and in 2008, a lot of these distressed properties were absorbed.  You should expect to see more short sales in 2009, and bank foreclosures that get sold quicker because the banks are catching on to working with agents to get homes sold.

As short sale specialists, we work with a team of agents and attorneys to negotiate with banks.  And to help non-distressed sellers, we offer a 131 Point Marketing Plan to get your home sold quickly.

We look forward to working with you in 2009 to help you with your real estate needs. Please continue to use our free tools to search the MLS for homes for sale, stay informed of homes sold in your neighborhood, get your home sold!

There are countless hardships that can turn home ownership from a joy into a burden. Get Help Here: www.SaveMyNovaHome.com

The loss of a job, medical bills, or an unexpected hike in monthly payments can all make a mortgage unaffordable. But ignoring the bills will not make them go away. It will only make things worse.

We specialize in helping Alexandria homeowners prevent foreclosure. If you are facing a financial hardship, your home may be approved for a short sale. We have the tools and resources to negotiate on your behalf to help you avoid foreclosure, save your credit, and make a new start.

Log on today to learn more about what options you have when it comes to stopping foreclosure. We'll help you determine if a short sale is the best option.

Your Christmas shopping days may be over, but if you're shopping for real estate in Alexandria VA and feel like your finances are spiraling out of control, here are eight wasy steps to whip your finances into shape and prepare yourself for home ownership.

1. Develop a family budget. Instead of pretending to be a drill sargeant and being unrealistically harsh on yourself, review what you've spent over the past six months and use that as your starting point.  It's human nature to want to prove that you're disciplined and start strong, and gradually go over your budget and ultimately give up.  You'd be surprised at how realizing how much you're wasting (for example on coffees, teas, muffins, movies, etc.) can be a better way to help you save more for a down payment for your new home in Kingstowne.
2. Reduce your debt. Lending guidelines are getting tighter and mortgage companies want assurance that you will make your payments on time.  If your credit cards are close to the limit, concentrate on paying them off.  Reduce the temptation to "save an extra 10% by opening an account" the next time a department store representative makes the offer. When qualifying for your new Kingstowne or Manchester Lakes home, a good rule of thumb is to have your total debt total no more than 36% of your total income.
3. Track your expenses. Become your own CFO, or chief financial officer.  Give yourself a title, and report to yourself monthly. There are tons of free downloads for you to simply plug in your numbers, and autocalculate and sort your expenses. Create a recurring appointment in your PDA or online calender to input your numbers from the previous month and review your totals. After just three months, you'll have your first quarterly report and you'll start to see trends that will help you adjust. 
4. Increase your income. Get qualified for your new Kingstowne or Manchester Lakes home quicker by bringing in more money. It may be necessary to take on a second, part-time job to get your income at a high-enough level to qualify for the home you want. 
5. Start saving for a downpayment. Although it’s possible to buy a home in Kingstowne or Manchester Lakes with no money down through a VA loan, or a VHDA loan, after January 1, the minimum down payment for an FHA loan will likely increase from 3% to 3.5%.  While the jury is still out on this change, plan for the higher down payment, and be prepared.
6. Create a house fund. Don’t just plan on saving whatever’s left toward a downpayment for your new Kingstowne home. Instead decide on a certain amount per month you want to save, then put it away as you pay your monthly bills. 
7. Keep your job. While you don’t need to be in the same job forever to qualify, having a job for less than two years may mean you have to pay a higher interest rate. With the tighter lending guidelines, a stable job history will increase your chances of obtaining a mortgage approval at a more competitive rate.
8. Establish and maintain your good credit rating. If you don't have any credit, get a credit card and pay off the balance in full each month.

For more information, visit HUD's new consumer dedicated website.

Are you ready to take advantage of the current housing market and buy a home for sale in Kingstowne or Manchester Lakes, or are you going to gamble and 'let it ride'?  I love going to Las Vegas, but I'm not a gambler.  I usually see at least two to three shows every time I go, because I like to see the performers do their thing, and I'd rather spend time enjoying the show and laughing with family and friends, than letting a slot machine eat up my hard earned money.

Nobody knows the exact date and time the national real estate market will fully rebound. Nobody knows the exact date and time when the house you buy in Kingstowne or Manchester Lakes today will be worth twice as much as you paid.  Nobody knows the exact date and time when Kingstowne and Manchester Lakes foreclosures will go back to being few and far between.

What we do know, is that waiting to buy real estate in Alexandria VA and gambling on both sales prices and interest rates is risky, and can be very costly.  Starting January 1, 2009, the required minimum down payment for all homes financed with an FHA loan will increase from 3.0% to 3.5%.  Couple an increased down payment with an increase in interest rates and you will be sucker punched into spending more for housing by not taking advantage of the window of opportunity that is already starting to close.

In the past sellers market, the demand for homes for sale in Alexandria VA was so great that the objective for many buyers was to find a suitable home.  Today, concentrate on finding the cheapest home in the best neighborhood.  Buyers right now have a royal flush when it comes to buying real estate in Kingstowne and Manchester Lakes:

• Ace - Lower interest rates
• King - Decreased competition among other buyers
• Queen - Sellers (and banks) have adjusted prices downward
• Jack - Power to negotiate favorable terms and not waive contingencies
• 10- Seller and lender contributions available in the form of closing costs paid, and down payment assistance such as VHDA and Alexandria City Housing programs

Click here to view our customized spreadsheet that shows how much waiting to buy a home can cost you.

Last night I was playing the board game "Sorry" with my family.  Everyone loves to draw the "Sorry" card and bump another player back to the start circle.  My kids especially love it when I'm the one who gets bumped.  If you're familiar with the game, you know that the only way to avoid getting bumped is to get your pawn into the "Safety Zone".

As I was heading to work this morning I was thinking of readers and visitors like you and I wanted to see if you could help me get other people into the "Safety Zone" for what is happening right now in the mortgage market and with Alexandria VA real estate.

The truth is that I've had to pinch myself a few times the last week to make sure that what was going on is real... rates have dropped to the lowest they've been in 46 years... heck, that's longer than some of us have been alive. This may be a perfect opportunity for someone you care about (or maybe even yourself) to buy a home in Alexandria VA at an incredible rate, or sell a home in Alexandria VA while buyers can get more affordable mortgages.

So right now I'm looking for someone who is currently renting in the Kingstowne or Manchester Lakes area, with a lease ending in February or March of 2009.  Or someone who is waiting for spring to sell their Alexandria VA home.

If you know someone who fits that description, please give me a call right now at 703-623-8759 or email me so we can discuss the best way to get us into conversation.  Let's see what we can do to help you or your friend, get into the "Safety Zone".