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The 2008 Guide To Loudoun County
2008-04-24 18:00:00
The folks over at LoudounExtra.com (Washington Post) just released "The Guide 2008 : Where We Live". It's an online guide to Loudoun County that covers everything from neighborhoods and attractions to schools and transportation. To check it out, click here. -Danilo
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Tax Rates May Be Eroding Loudoun's Appeal To Home Owners
2008-04-23 03:07:00
The Loudoun County Board of Supervisors recently approved a tax rate increase of 19 percent setting a tax rate of $1.14 per $100 in property value. Fairfax County announced today that the tax rate will only increase by 3 percent to 92 cents per $100 in property value. This means that Loudoun's tax rate is 20 percent higher than Fairfax's. Perhaps the Loudoun County Board of Supervisors raised the tax rate to help curb budget short-falls, something they perceive as important to Loudoun's short-term survival. But, by doing so, they may be eroding Loudoun's appeal to home owners, a serious long-term issue. Let's not forget that two of the big reasons Loudoun County grew so quickly were lower taxes and the ability to get more house for your money. At least one of those two is still true today - more house for your money. As for the other - not so much. With taxes being as high as they are, a huge chunk has been taken out of the overall appeal of Loudoun County. If people ...
More About: Home , Rates , Owners , Appeal

The Longer The Commute, The Harder Home Values Were Hit?
2008-04-22 00:01:00
National Public Radio (NPR) ran a story today that suggests that areas with longer commutes and the lack of a good mass transit system are getting harder hit than those areas closer in with a proper mass transit system. This story hits very close to those in Loudoun County considering the sharp decrease in home values and the proposed Dulles Rail project being dead in the water. To listen to and/or read the story, click here. Further Reading: "Update On Dulles Rail Project and Proffer System - Straight From Richmond" -Danilo
More About: Home , Commute , Values

HOA and Condo Associations Passing The Buck To Residents
2008-04-20 21:37:00
Many home owner and condo associations are running into issues collecting money due to people not being able to afford (or not wanting to pay) their monthly dues. Some home owners just turned in the keys, moved and can't even be found. So what are the home owner and condo associations doing as result of the lost revenue? They have to either lower expenses or replace the missing revenue. This could mean a cut in services or raising dues. Basically, they're passing the buck to the residents who are paying their dues every month like they're supposed to. So has anyone experienced any of the following because their HOA is having issues collecting dues? Cut services Raised dues Forced residents to do maintenance on their own Association went bankrupt -Danilo
More About: Condo , Buck , Associations , Passing

Equity, Basheer & Edgemoore Follow KB Homes Out The Door
2008-04-17 23:43:00
Yesterday, I found out that KB Homes was pulling out of their Martin's Chase community in Loudoun County. Today, a fellow Loudoun County real estate agent, Heather Elias reports on her blog, LoCo Real Estate Musings that Equity Homes and Basheer & Edgemoore are also on the way out the door."...I noticed that the inventory homes for Equity Homes, a builder with communities under construction in Purcellville and Round Hill, were now listed as owned by a trustee, including the model home at the Highlands in Round Hill. I did some digging but could only come up with a news article regarding the builder pulling out of a community in Westmoreland County, saying that they had ceased business operations." "...Basheer & Edgemoore, a luxury home builder working on a community called Park Meadows just outside of Leesburg, is now selling 3 to 9 acre lots within the community from $325,000. I’m not sure how many finished homes they have there, but they were certainly billing it as ...
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Real Estate Search Site for Mobile Phones
2008-04-16 23:06:00
If you ever want to search the MLS from a mobile phone, the best site to use is FranklyMLS.com. You don't have to be an agent to use it and it is faster than the one the MRIS built for agents.  Plus you can search using keywords like foreclosure, Broadlands, granite, etc. Here is a quick Youtube video on how it works.
More About: Mobile , Estate , Real Estate , Mobile Phones , Phones

KB Homes Pulls Out Of Loudoun County
2008-04-16 16:39:00
KB Homes is pulling out of it Martin's Chase community in Loudoun County , as well as the entire mid-Atlantic region due to poor market performance. KB Homes said the move will help it hold on to cash reserves and ride out the housing crash. The builder has 5 communities in the mid-Atlantic region including Martin's Chase. The Martin's Chase community is located between Belmont Ridge Rd and Evergreen Mills Rd just down the street from Brambleton. I called KB Homes this morning to get more information on what was going on with Martin's Chase. Here's what they told me: They are only selling the model homes and current inventory/spec homes. Inventory/spec homes are homes that are already under construction, but the buyer pulled out of their contract They will not be building any new homes from scratch They have closed their sales center All calls are being directed to their call center and their "Home Finder Center" According to the person on the phone, wheth...
More About: Loudoun County

Why A Final Walk-Through Inspection Is Important and What To Look For
2008-04-16 06:01:00
A final walk-through inspection is important to all buyers because it's your last chance to inspect the property before closing. The whole point of the walk-through inspection is to protect yourself and your future property from sellers that may not have lived up to the terms of the contract. If the seller has not, you want to know about it in advance of the closing so remedies (both monetary and otherwise) can be agreed upon before money changes hands. So what should you look for during a final walk-through inspection? First of all, what you're looking for during a final walk-through inspection is not at the same level as the initial professional home inspection. In a final walk-through, you simply want to make sure that the property is in the same condition as it was on the day you agreed to buy it. While a professional home inspection can take anywhere from 90 minutes to 3 hours, a final walk-through takes about 20 to 45 minutes depending on the size of the home. Turn on ...
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NVTA Mimics Google To Help Plead It's Case
2008-04-15 02:34:00
The Northern Virginia Transportation Authority (NVTA) seems to be mimicking Google in their latest tactic to gain support for congestion relief. Similar to Google driving around and videotaping streets across the country, the NVTA is asking residents to create orignial content videos of their commute and upload them to a special NVTA You Tube channel. The idea is to show legislators just how much traffic congestion affects residents' daily lives. Here is the NVTA press release:"Today, the Northern Virginia Transportation Authority is officially launching its 'Give Virginia’s Legislators a Piece of Your Commute' grassroots outreach effort.The effort is designed to encourage residents to share their personal commuting stories with legislators who just don’t 'get it.'The Authority is using free tools available on the internet to encourage residents to speak out and SHOW legislators how traffic and gridlock affect their everyday lives.  The Authority also wants t...
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Were Builders Cutting Corners During The Boom In Search Of More Profits?
2008-04-13 23:51:00
Two homes. Same builder. Same model. Both in Eastern Loudoun County. Yet, they have completely different levels of build quality. This is what buyers, other agents and I have been seeing more and more of recently. But why? It seems to be because most builders during the boom market earlier this decade were more concerned with making profits than ensuring the quality of their homes. With people lining up outside their front door hours before they've even opened, builders couldn't build homes fast enough. Cutting corners was inevitable. Now that it's been several years since the market has turned, we're starting to see more of the homes built during the boom market years come on the market for sale. As you go through them, the practice by the builder of cutting corners is becoming more evident. The quality of workmanship between a home built in 2003, 2004 and 2005 is many times lower than that of a home built before or after that time period.oFor example, I just went through ...
More About: Search , Builders , Profits , Corners , Boom

Update #2 To Grantor's Tax
2008-03-03 19:01:00
During my closing/settlement today, I spoke with the settlement attorney regarding the Grantor's Tax. He told me that the clerks of all the local courts in Northern Virginia said that sellers are still required to pay the new Grantor's Tax because the courts have not been told otherwise by the Virginia Attorney General. Once they hear from the Attorney General, they will let everyone know. So if you're settling in the near future, be prepared to pay the higher Grantor's Tax, but keep an eye out for what happens over the next few weeks.
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Update to Grantors Tax Refunds
2008-03-03 14:49:00
We gave instructions on how to get your money back if you paid the extra grantors tax in this post.  We have found out that there will be at least a ten day hold on processing these refunds due to an appeals process with the state of Virginia Supreme Court.  So don't try and get your money just yet.  We will keep you posted.
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Loudoun County Sees Drop In New Foreclosure/REO and Short-Sale Listings
2008-03-03 13:44:00
Some good news...Loudoun County saw a drop in the number of and percentage of new foreclosure/REO and short-sale listings last month (February 2008) from the previous month (January 2008). For the statistics, check out this post on Loudoun Foreclosure s (our other blog).
More About: Listings , Sale , Short

The Subprime Mortgage Situation Explained In 45 Slides
2008-03-02 19:22:00
Here is the subprime mortgage situation explained in 45 slides using stick figures. Warning: Profanity is used in the slide show. Hat tip to Jim over at RealCentralVA for sharing this with us.
More About: Mortgage , Subprime , Slides , Situation

How To Get A Refund On Your Grantor's Tax
2008-03-01 23:25:00
If you sold your home in Virginia after December 31, 2007 and paid the higher Grantor's Tax rate ($5 per $1000), you may request a refund on your Grantor's Tax of the difference between the old rate ($1 per $1000) and the new rate. The NVTA is currently handling the requests two ways - by phone (per locality) or by email. For the list of numbers for each locality, click here. If you wish to email the NVTA, here is their email: TheAuthority@thenovaauthority.org.

Capital Market Turmoil Finally Hits Virginia Homebuyer Loan Programs
2008-03-01 16:25:00
The Virginia Housing Development Authority has finally been affected by the prolonged turmoil in the capital markets.  Due to liquidity issues in the marketplace the VHDA has been unable to secure financing and will therefore have to cutback or eliminate altogether several of their Single Family Homeownership Loan Programs .  Here is the complete list of changes and the effective dates sent out in the newsletter by VAR.Flexible Alternative Loan ProgramsAll VHDA Flexible Alternative Loan Programs will be suspended and no new reservations accepted after March 31, 2008.VHDA will continue to assess the market and will consider re-activation of this program when long term resources are again available. Step Rate ProgramVHDA's Step Rate Program (including FHA,VA,RHS and Conventional) will be suspended effective April 1, 2008. This change applies to VHDA SPARC Step Rate loans also. The Step Rate program represents only a small portion of VHDA's overall loan production, however,...
More About: Market , Finally

Official Press Release From NVTA Regarding Today's Court Ruling
2008-03-01 02:12:00
As many of you know, the VA Supreme Court today ruled that the taxing powers given to the Northern Virginia Transportation Authority (NVTA) were unconstitutional. Well, here is the official press release from the NVTA on the matter:For Immediate Release February 29, 2008 Contact:  Kala Quintana        VIRGINIA SUPREME COURT SENDS TRANSPORTATION TAXES AND FEES BACK TO GENERAL ASSEMBLY  OVER $1BILLION IN TRANSPORTATION FUNDING IN JEOPARDY IF GENERAL ASSEMBLY FAILS TO ACTNORTHERN VIRGINIA – Today, the Virginia Supreme Court ruled that the General Assembly violated the constitution when it delegated the power to collect the seven taxes and fees under the Transportation Funding and Reform Act of 2007 (HB3202). As a result, Northern Virginia faces the loss of more than $300 million in annual revenue that was the centerpiece of the landmark 2007 transportation legislation. The Authority urges Governor Kaine and General Assembly leaders to act immediately...
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Grantor's Tax Update - Court Rules NVTA Taxing Powers Unconstitutional
2008-02-29 21:14:00
Today, the Virginia Supreme Court ruled unconstitutional the taxing powers given to the Northern Virginia Transportation Authority (NVTA). This gives serious doubt as to whether the Grantor's Tax will remain in effect. The Grantor's Tax was increased by 500% beginning January 1, 2008 as part of the NVTA's plan. Governor Tim Kaine and the Virginia General Assembly originally empowered the NVTA to collect specific taxes in Northern Virginia to spend on transportation improvements in the region. Part of these taxes included the "Grantor's Tax" paid by home owners when selling their homes. The NVTA went to an Arlington court to confirm its authority to sell bonds against the increased tax revenue that would be collected. Loudoun County immediately jumped in to oppose the NVTA. The case then made its way up to the Virginia Supreme Court, which heard arguments on January 8, 2008 and ruled on it today. Those who settled between January 1, 2008 and today can contact the NVT...
More About: Update , Rules , Powers , Unconstitutional

Wells Fargo Identifies Loudoun County As An "At Risk Market"
2008-02-29 20:46:00
Wells Fargo just named most of Northern Virginia including Loudoun County as an "At Risk Market ". In doing so, they will be limiting the number and types of loan products available and increasing the credit guidelines for borrowers in this area. This will affect buyers/borrowers by making it harder to obtain a loan. It may also affect current borrowers who have already been approved by Wells Fargo much in the same way Fannie Mae revaluated or even revoked already-approved loans waiting to close. With credit guidelines and interest rates increasing daily and loan products diminishing, it's getting harder and more expensive to buy a home by the day. If you're a buyer on the fence, you may want to think about getting down. If you're a seller with your home on the market or if you're on the fence on whether to sell now or wait, you may want to get extra aggressive with your marketing and price or put your home on the market now before it gets even harder for buyers to buy. ...
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Buyers - Using A Mortgage Broker May Leave You Dead In The Water
2008-02-29 16:29:00
If you are thinking about using a mortgage broker for financing or have already been approved through a mortgage broker, you may dead in the water and without a new home come settlement day. And to add insult to injury, you will most likely be in default and may lose your earnest money deposit. First of all...what is a mortgage broker? A mortgage broker is a company that does not lend their own money. Instead, they outsource the loan to direct lenders who actually have the money and fund the loan. Examples of direct lenders are Wells Fargo, First Horizon, National City, SunTrust and CitiMortgage . The part of the direct lender that deals with mortgage brokers, gives final loan approval and funds the loan is called the wholesale division. So why may using a mortgage broker leave you dead in the water come settlement day? Because more and more direct lenders are closing their wholesale divisions and not going through with funding broker's loans even if the loans have already been ...
More About: Leave , Water , Dead , Broker

Future Of Moorefield Station and Dulles Metrorail Uncertain
2008-01-25 23:09:00
The future of Moorefield Station and the new government center is uncertain due to the potentially bleak outlook of the Dulles Metrorail project, according to the Loudoun Times-Mirror. This comes after reports that the Federal Transit Administration said they will no longer fund the project over concerns regarding the areas' economic stability and the contractor chosen to build Moorefield Station. Loudoun County narrowed the site for the new 500K square foot government center to either Moorefield Station or one of two sites in Leesburg. The two Leesburg sites are The Village at Leesburg on Route 7 and Oaklawn, north of Leesburg Airport. With the latest news, those who favor Leesburg are rejoicing. Even if the metrorail project doesn't happen, Moorefield Station will be built. It'll just be on a smaller scale with up to 4 million square feet of commercial space and 3500 homes being eliminated. As far as the $240 million the county set aside for the project, it remains untouched.
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Announcement: New Year, New Broker
2008-01-22 15:00:00
Tony Arko and I, Danilo Bogdanovic, would like to formally announce our move from the CC Sells Team/Keller Williams Realty to Market Advantage Real Estate, LLC. After a great 4 years with the CC Sells Team/Keller Williams Realty, it was...
More About: New Year , Announcement , Broker , Year , Loudoun County

Fed Makes Huge Drop in Rates!!!
2008-01-22 14:58:00
In the face of a huge housing crisis that is threatening to drag down the entire economy, the Federal Reserver dropped the widely followed Fed Funds Rate .75. This puts the Fed Funds Rate at 3.5o%. The fear of a...
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Buyer Poll: Does The Number Of Photos Online Affect Your Interest In The Pr
2008-01-20 14:50:00
We often come across properties for sale that have only 1, if any, photos available. We are curious as to whether having only one picture (or none) affects a consumer's interest in the particular property or not. That leads us...
More About: Photos , Buyer , Poll , Online , Interest

Pulte Homes Cuts Staff and Pay Increases, Merges Metro Area Operations
2008-01-19 15:00:00
According to one source, Pulte Homes is merging their metro area operations including Baltimore and Northern Virginia into one in response to the current conditions of the local real estate market. Pulte just laid off (an undisclosed number of) employees...
More About: Metro , Area , Staff , Cuts

Loudoun County Sales - January 1-15
2008-01-17 20:01:00
There were 129 homes that went under contract in Loudoun County in the first half of January . That compares to 186 homes sold in the first half of January 2007. That represents a decrease of 30%. This year the average...
More About: Sales , Loudoun County

Should You Buy Or Rent In This Market?
2008-01-15 15:28:00
As Realtors® in Loudoun County, in the course of a normal week, we get asked this question at least once, if not two, three or four times... "With the real estate market being in the sad shape that it's in,...
More About: Market , Rent

Northern Virginia Transportation Authority Approves Six-Year Plan
2008-01-11 23:45:00
Here's the official press release from the Northern Virginia Transportation Authority regarding approval of their Six-Year Plan and John Mason being appointed Executive Director: -- PRESS RELEASE For Immediate Release January 11, 2008 NORTHERN VIRGINIA TRANSPORTATION AUTHORITY UNANIMOUSLY APPROVES SIX-YEAR...

5 Reasons Why Loudoun County Home Prices Will Not Go Up in 2008
2008-01-11 19:06:00
Here is a list of the forces that will keep home prices in Loudoun County suppressed during the coming year. These factors will prevent any appreciation in home values for the next twelve months. And without some offsetting factors that...
More About: Home , Reasons , Loudoun County , 2008

This is Why We Blog
2008-01-10 14:27:00
If you ever want to know why we write our blogs, read this comment left by a real estate customer. All the real estate bloggers that are also agents can only hope that real estate consumers will come to the...
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