Washington Area Home Prices Up!- Wash Biz Journal Reports

Washington home prices up 8.1%


Washington Business Journal - by Jeff Clabaugh

Date: Thursday, February 10, 2011, 10:46am EST .
Sales of existing homes jumped 15.4 percent in the final quarter of 2010, while prices rose in more than half of the nation's cities. The Washington market posted one of the biggest year-over-year gains in prices, according to the National Association of Realtors.
Existing home prices were higher in 78 markets, including ten with double-digit increases.

Read more: Washington home prices up 8.1%
Washington Business Journal

Extreme Home Staging Spotlights Human Props From NPR

by Carolyn Beeler
August 18, 2010

Bill Worthington calls himself a human prop. He seems more like an enthusiastic tour guide. Worthington is walking around his $1.5 million Princeton, N.J., home, like a proud owner.
"Look around the kitchen here," Worthington says. "It's essentially a brand-new kitchen, with high-end appliances, brand-new cabinetry ...
But he doesn't own the place, or even know the
owner. He was hired as a "house manager" to live in the property. He moved in with his own furniture and bought some new items to fill out the expansive white brick colonial. He pays a monthly fee of $1,500 to live in the house, a fraction of what the mortgage or rent on the property would be.
"I'm living high on the hog for not a lot of money," he says.
The catch: He has to keep it immaculate. The house must be ready to show prospective buyers at a moment's notice. He can't leave any toothbrushes out in the bathroom, shoes in the entryway, or dishes waiting to be washed in the sink.

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MSNBC REPORTS: Homeowners Refinancing are Opting for Shorter Mortgage Lengths

Refinancing homeowners are going short
By Bill Briggs
Many customers take 30-year loans down to 15 or 20

After being blindsided by a job loss last spring, sales exec Ren Chirakos didn’t need his new MBA degree to calculate the scary numbers: The math got simple real fast.
Zero income + new COBRA bills + a house payment = something had to give in the Chirakos family budget. The answer: refinancing his 30-year home loan to a shorter mortgage that tapped into the trend of ever-shrinking interest rates.
“I needed to keep my house,” said Chirakos, who since has found work at a different company in Cuyahoga, Ohio. His wife is a stay-home mom who cares for their two daughters. “It forces you to look at 'OK, where is our money going?' You start looking for ways to shave fixed expenses. It really gives you cause to think.”
Chirakos was paying 5.375 percent on a 30-year loan before he became a victim of downsizing at toolmaker Snap-on Inc. As rates sank and slipped over the summer, he watched and waited. Then he pounced, locking in a 20-year, fixed-rate loan at 4.3 percent and slashing $140 off the monthly bill for his $220,000 home. With excellent credit and little debt, the re-fi cost him $900, so will pay for itself in about six months. “Every little bit helps,” he said.
For many refinancing homeowners, going shorter is suddenly more appealing. Fixed mortgages of 15 and 20 years are quickly gaining fans among those who previously held 30-year loans, balloon mortgages and adjustable rates, according to a new report from mortgage giant Freddie Mac. The number of fixed-rate, 15- and 20-year loans are at their highest level since 2004, the government-controlled company said.
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Washington post Reports: Stairs can pose a problem as you get older, so take steps now to ease the climb

Options for Aging Homeowners In Homes With Lots of Steps

By Maryann Haggerty

Special to The Washington Post
Saturday, August 14, 2010

Eventually, the 17 steps became too much for Karl Schwengel.
Schwengel, 79, a retired business manager for a D.C. nonprofit association, has lived in his two-story Capitol Hill townhouse since 1969. Over time, his health has deteriorated, so about two years ago, he had a stair lift installed.
"It's marvelous," he said. "I couldn't imagine going down those 17 steps or up those 17 steps. It's not fast, thank goodness, but it does get between floors."
As the U.S. population ages -- or just thinks about how the knees can be the first thing to go -- more homeowners may need to contemplate what steps to take about steps.
Buyer preferences vary by region. While ranch houses are popular in many parts of the Sun Belt, the default in the D.C. region is a two-story Colonial. Some buyers, especially those with children, prefer two-story houses because they separate public and private areas. However, older buyers overwhelmingly would choose one-story living, according to a consumer preference survey by the National Association of Home Builders. While 52 percent of all buyers said they would prefer a single-story house, that number climbs to 79 percent among buyers 55 and older.CLICK HERE FOR FULL ARTICLE

MSNBC Reports: Mortgage rates drop to New Record low, Again

Mortgage Rates Keep on Dropping

U.S. mortgage rates sank to the lowest level in decades this week, pushed down by the weak economy and the Federal Reserve's move to help lift the recovery by purchasing government debt.

Mortgage buyer Freddie Mac says the average rate for 30-year fixed loans this week was 4.44 percent, down from 4.49 percent last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The average rate on the 15-year fixed loan dropped to 3.92 percent, down from 3.95 percent last week and the lowest on record.
Rates have fallen since spring and the government's July jobs report has investors worried about the United States slipping back into recession. They are shifting more money into the safety of Treasury bonds, lowering their yields. Mortgage rates tend to track those yields.
And the Federal Reserve is pushing those yields down even further. The central bank said Tuesday it would buy Treasurys to help aid the recovery, using the proceeds from debt and mortgage-backed securities it bought from Fannie Mae and Freddie Mac. CLICK HERE FOR FULL ARTICLE

Realty Times - Avoid Common First-Time Buyer Mistakes

Avoid Common First-Time Buyer Mistakes

by Carla Hill

If you are in the market to buy your first home, you may have already realized that the process involves many different levels of knowledge and understanding. Chances are many steps of the process are completely foreign to you.
By arming yourself with an arsenal of important questions, as well as with a team of professionals, you are sure to avoid some of the most common first-time homebuyer mistakes.
1. Hire the Right Agent. Personalities and experience levels range greatly, just as with any profession. Consider interviewing several local agents before deciding on which one to hire. Do you want a new agent who is sweet, patient, and ready to answer lots of questions? Or would you prefer a seasoned agent who gets you the best deal, but has less than stellar people skills? The choice is entirely yours, neither one being better than the other, but will make a big difference on how you feel about the process.
2. Interrogate the Lender. There's no need to play good cop, bad cop. This simply means you need to ask every question that comes to mind. In the wake of the predatory lending storm, its important to be sure you understand exactly what your mortgage will entail. Be sure to compare rates with other lenders to be sure you are getting the best rate. You can also ask for par pricing, which is the rate without points.

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Washington Post reports: Loudon County's Impressive Suburban Appeal

Where We Live: Lansdowne on the Potomac, in Virginia's Loudoun County

 

By Amy Reinink

Special to The Washington Post
Saturday, July 31, 2010

Large houses and carefully landscaped medians and common areas distinguish Lansdowne on the Potomac. (Photos By Amy Reinink For The Washington Post) 

 

The first thing house hunters typically notice about Lansdowne on the Potomac is the neighborhood's aesthetic: the manicured lawns, the landscaped common areas, the decorative street signs and the manmade waterfall near the entrance.

This Story

• Proximity, no; amenities, yes
• Lansdowne on the Potomac

Next, they notice the amenities, such as the 30,000-square-foot Potomac Club, which boasts indoor and outdoor pools, exercise and aerobics rooms, a business center and meeting rooms, and a ballroom.
Then they may notice the proximity to the Potomac River, the ease of accessing commuter roads such as Route 7 and the family-friendly environment.
 

NBC washington reports: Columbia Height's Million Dollar Makeover

Million-Dollar Makeover in Columbia Heights

Park Road is the latest Columbia Heights strip to get a commercial makeover.

 

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New York Times monthly feature: What You Get for $580,000

Property Values

What You Get for ... $580,000

The living and dining area has concrete floors and views over White Rock Creek.

By MIKE POWELL

Published: July 27, 2010

CLICK HERE for full Article

MSNBC Reports: Mortgage rates drop to New Record low

Mortgage rates set new low again

National average for a 30-year fixed loan is at 4.54 percent

 

Mortgage rates dropped to the lowest level on record for the fifth time in six weeks, making homebuying and refinancing the most attractive in decades for those who can get loans.

Freddie Mac says the average rate for 30-year fixed loans this week was 4.54 percent, down from 4.56 last week. That's the lowest since Freddie Mac began tracking rates in 1971.
The last time home loan rates were lower was during the 1950s, when most mortgages lasted just 20 or 25 years.
The rate on the 15-year fixed loan dropped to 4 percent, down from 4.03 percent last week and the lowest on record.
Rates have fallen since the spring. Yields on U.S. Treasury bonds have dropped as jittery investors seek safer investments. Mortgage rates tend to track yields on Treasurys.

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MSNBC Real estate Video Report: Beware Of Co-Signing a Loan

Co-Signing a Loan can be very bad news...

Visit msnbc.com for breaking news, world news, and news about the economy

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Local Family wins "Living Like Mad Men" Competition -Washington post

With Silver Spring home, family wins Washington Post's Mad Men Look contest

By Elizabeth Razzi

Special to The Washington Post
Saturday, July 24, 2010

"It's the first time in our lives we've been hip. And it came to us -- we didn't go to it," said Melissa Talley, 51, winner of The Post's Mad Men Look contest.
Clck here for full Article

NBC Washington Reports: More Help For Homeowners in Trouble

Homeowners Hope for Mortgage Help

Thousands of struggling homeowners, hoping to get a break on their mortgage payments, started lining up outside the Washington Convention Center early Friday morning.

They were waiting for the start of the Save The Dream tour. The Neighborhood Assistance Corporation of America has brought together lenders, financial counselors and homeowners in danger of losing their houses.
Over the next week, many homeowners will be able to negotiate lower interest rates. Some may also be able to lower the principal on their homes.Click Here for Full Article

HGTV's Bang for your Buck

About This Show

Granite countertops or a custom, mosaic backsplash? Hardwood floors or stone tiles? We are bombarded with so many beautiful home renovation ideas, not only is it difficult to decide what we want, but it's hard to determine which choices provide the greatest return on investment. Bang For Your Buck has the concrete answers on remodeling value and how to get the most out of any renovation budget.

Click here for full episode

Northrop Grumman Makes Its Choice

Corporate Giant Brings New offices to Falls Church

After months and months of persuasion, flirtation and secrecy, aerospace giant Northrop Grumman has selected a site just inside the Beltway on Arlington Boulevard to plop its headquarters.

Faint hopes that the 300 high-rolling execs would move to a spot served by Metro turned out to be a pipe dream. The location is in the curl of a vast interchange but close to neither rail lines nor a community for the headquarters to serve.

It will be across the “street” from a Raytheon complex, though. Maybe they can have mixers.

 Click Here for Full Article

New Listing! 2406 St. Albert Terrace, Olney Maryland

Beautiful Manor Oaks Townhome
2406 ST ALBERT TER
olney, MD 20832
Price: $ 449,000

MLS #: MC7384643

 Click HERE for HD virtual Tour

NBC washington reports: Historic Georgetown mansion for sale

Home SWEET Home
Got a few million bucks to spare? Why not splurge on a mansion?
By ANDY SALSMAN
 
 

Realtors say this is the best time in years to buy a new house, so we thought we’d pass on details about a little abode in the Georgetown area.
Its views of the Potomac are stunning! And if that doesn’t tickle your fancy, maybe its five bedrooms and nine full bathrooms will.
What’s the asking price, you ask? Well, you may want to sit down for that. Ready? It's going for $19.5 million.
Still interested?
Click here for full article

Are Energy Star Certifications on Appliances Legitimate?

U.S. agencies try to restore faith in Energy Star appliance testing

By Sonja Ryst
Washington Post Staff Writer
Saturday, July 10, 2010

When you buy something with an Energy Star label on it, are you getting ripped off for trying to be green?
The Environmental Protection Agency and Department of Energy have been fighting to end such worries in recent months. They are taking steps to reassure consumers that the blue and white stamp really means what it says, namely that the product is highly energy-efficient, and they are revamping the way they certify products that bear the label.
This comes after the Government Accountability Office flayed the Energy Star certification process because manufacturers could exploit it. GAO investigators said in March that they set up Web sites, mailboxes and cellphones for four bogus manufacturing companies and then used that contact information on Energy Star commitment forms. The bogus companies received Energy Star partnership status within two weeks. When the GAO investigators filled out forms describing 20 bogus products, 15 qualified for Energy Star labels, including a gas-powered clock radio and a feather duster attached to a space heater.
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Washington Business Journal Reports: Refinances are up?

Wednesday, July 7, 2010, 12:19pm EDT  |  Modified: Wednesday, July 7, 2010, 2:45pm

Mortgage refinancing jumps to highest in a year

 Washington Business Journal - by Jeff Clabaugh

The number of applications to refinance an existing mortgage jumped to the highest level in more than a year last week, even as home sales slow, according to the D.C.-based Mortgage Bankers Association.
The trade group’s weekly report says overall mortgage applications rose 6.7 percent last week. Applications for purchases fell 2 percent from the previous week, while applications for refinancing rose 9.2 percent. Refinance applications reached the highest level since May 15, 2009, the Mortgage Bankers Association said.

Read more: Mortgage refinancing jumps to highest in a year - Washington Business Journal

Washington Business Journal Reports : DC Home Price Gains Best in the Country

D.C.-area home price gains in April best in U.S.
Washington Business Journal - by Tucker Echols
Read more: D.C.-area home price gains in April best in U.S. - Washington Business Journal

The Washington area led the nation in home price gains in April.
Median prices in the Washington market rose 2.4 percent in April compared with March, the best gain of the 20 markets surveyed in the S&P/Case Shiller Home Price Index. Nationally, prices rose 0.9 percent compared with March.
The Washington area also surpassed most markets in annual gains. Median home prices in the area rose 7.3 percent in April 2010, compared to one year before. Only four cities in the index posted better annual gains, led by San Francisco where prices advanced 18 percent in the last year.
The S&P/Case-Shiller survey of 20 major U.S. cities uses the “repeat sales pricing technique” to measure housing markets. This methodology collects data on individual single-family home resales and uses the re-sold sale prices to calculate price declines or gains.
Read more: D.C.-area home price gains in April best in U.S. - Washington Business Journal