Real Estate Information

This Thanksgiving, I completed a 5 mile run—my personal best! I ran in the 33rd Annual Alexandria Turkey Trot, which took place in the Del-Ray neighborhood at 10 AM. This past year I’ve really gotten into running and took part in 2 5-K runs; one was the George Washington Parkway Classic and the other was the inaugural Crystal City Twilighter. When I first started running, I never thought that I would ever run 5 miles.  

 

The weather was perfect for the Turkey Trot—blue sky, sun, warm temperature by November standards—what more could you want?? It’s a great route too! You get to see the eclectic mix of houses that make up Del Ray’s tree-lined streets and the many unique shops and businesses on Main Street. There were even residents outside their houses tailgating! I have to say it’s a wonderful feeling to have people along the route cheering you on.

This time I even had company for the race—at the last minute Tom decided to run with me--talk about being spontaneous! We parted ways at about the 3 mile mark, so I finished first, but he finished not too long after me! Great job Tom! I had an amazing sense of accomplishment; I ran 5 miles and felt good afterwards. Next stop…10-K!

 

Check out the Del Ray Business Association for information on many of the shops, restaurants and service providers that make up this distinctive neighborhood: http://www.visitdelray.com/

 

Susan Hall

Listing Manager

Tom & Cindy and Associates

1.         Just this week, the National Foundation for Credit Counseling (NFCC) reported that the calls for housing guidance it is getting are setting new records each week. The most recent data show those requests up 63 percent year over year.

2          This areas market is neither better nor worse than any other, however, homes continue to sell in our area when the listing agent has been direct and candid with the seller regarding price and condition. By passing along market statistics, including showing a declining market, sellers can be prepared for what are "realistic" offers in today's market which include discounted prices plus closing assistance and higher commissions. This upfront approach prepares sellers in the beginning so there are less surprises when offers come in.

3          According to HUD, 4.3 percent of all Prince William mortgages are in foreclosure, compared with the statewide rate of 3.1 percent. The Fairfax County rate is 2.3 percent.

4.         New-home starts in October were the lowest since at least 1959, when the government began keeping data.

5.         Programs such as “Hope for Homeowners” that were passed by Congress have done little to help homeowners soon to be foreclosed on.  The lenders holding the notes are unwilling to re-negotiate the terms of the loans in most cases.  The projected 400,000 who were to be helped will actually be about 13,000 by year end.

6.         In Greater Northern Virginia the number of homes sold in October this year showed a 29% increase over home sales in October a year ago. The absorption rate for October 2008 is higher than last year’s with a 6.04-month supply of homes.

7.         A major portion of the total inventory on the market continues to be “Short Sales”.  These homes are taking on average 4-6 months to close, if ever, after a contract has been received by the sellers.  Most agents are reluctant to show these homes to their buyers actively looking to purchase because of the uncertainty of ever being able to get the banks decision to accept the sale.

8.         The stock market has been up 6 of the last 7 days, the government is
talking about lowering the mortgage rates to 4.5% soon. Home prices in
this area have begun to stabilize.

9.         Average conforming loan rate 5.75 with 0 points.

10.        Average Days on Market in N. Virginia for October ‘08 = 94

11.        Light, sweet crude went down to settle at $47.78 a barrel on the New York Mercantile Exchange

Last Wednesday the 19th, we had our office Thanksgiving lunch. Everyone brought a dish to share, so we had tons of food. We had everything from turkey, stuffing, corn bread pudding, green bean casserole, cranberries, mashed potatoes and more! There were chocolate chip cookies and pies for dessert. It was a great time to relax and enjoy the company of co-workers.  We'll have to make it a yearly tradition!

Here is George carving the turkey!

And Joyce, smiling as usual!

Jim and Cathie, sharing a laugh!

Here at Tom & Cindy and Associates, we've really enjoyed being a part of the enormously successful Toys for Tots campaign that the US Marines do each year. Year after year it's so nice to see our clients and total strangers come into our office and drop off presents that bring joy to underprivileged children. We will again match the value of new unwrapped toys up to $1000. Last year's national Toys for Tots Campaign raised 16.7 million toys benefiting nearly 7.5 million children in need. We'd love to have you join us. Our real estate office is located at 7027 A Manchester Blvd. Alexandria, Va 22310

1.         Lower home prices are luring some buyers back into the U.S. housing market, but foreclosures and a weakening economy are likely to keep downward pressure on prices for at least another year, economists say.

2          RealtyTrac reported that U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier, reaching the highest on record. A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the quarter, the most since records began in January 2005.

3          According to HUD, 4.3 percent of all Prince William mortgages are in foreclosure, compared with the statewide rate of 3.1 percent. The Fairfax County rate is 2.3 percent.

4.         Even as prices have moderated on homes in our area, buyers may have difficulty obtaining financing at attractive terms due to the problems in the national credit market.

5.         The FDIC chairman has argued that the extensive set of financial rescue strategies deployed in recent weeks needs to do more to get at what she called the "root cause" of the crisis -- millions of households heading for default on their mortgages and potentially foreclosure on their homes.

6.         In Greater Northern Virginia the number of homes sold in September this year showed a 53% increase over home sales in September a year ago. The absorption rate for September 2008 is slightly higher than last year’s with a 5.52-month supply of homes.

7.         A major portion of the total inventory on the market continues to be “Short Sales”.  These homes are taking on average 4-6 months to close, if ever, after a contract has been received by the sellers.  Most agents are reluctant to show these homes to their buyers actively looking to purchase because of the uncertainty of ever being able to get the banks decision to accept the sale.

8.         Inventory levels continue to decline as we move closer to the end of 2008.  The availability to find a good home, at a reasonable price that is not a “short sale” is becoming increasingly difficult.

9.         Average conforming loan rate 6.25 with 0 points.

10.       Average Days on Market in N. Virginia for September '08 = 93

11.       Light, sweet crude went up to settle at $71.77 a barrel on the New York Mercantile Exchange

On December 6th, 2008 we will be doing our quarterly Adopt a Highway clean-up in the Landsdowne and Amberleigh communities in Alexandria. For almost 4 years now, Tom & Cindy and Associates has been doing this in some of the communities that we do a lot of work in. It is a nice way of our team getting together for some exercise on Saturday morning and giving back to areas that have shown us great support over the years. We have put application in to VDOT (Virginia Department of Transportation) for some other stretches of roads to expand the amount of clean up that we will do. If any of the residents of these communities want to come out and say hi or walk with us, we'd love to see you.

We just got back from a fun little long-weekend getaway. My friends Andy, Lisa, and my girlfriend Susan and I went to Southern California. The real purpose of the trip was to go to the restaurant that my client and friend Andy Brooks and his wife Jayme opened in Ventura. It is called "Brooks". Andy used to be the head chef for a popular restaurant in Washington, D.C. called "DC Coast". Andy Miller (the Andy who went with us) and I used to go to DC Coast all the time, but never met the chef. Then one day, I got a phone call from a Realtor in California. She knew Tom & Cindy and Associates does a lot of work in Alexandria Virginia. She had a referral to give to us. It turned out to be Jayme, Andy Brook's then girlfriend, now wife. Long story short, we became good friends. I went to their wedding and always told Andy that I'd love to help him if he ever opened a restaurant. Well, I didn't figure that the restaurant would be in California. Jayme and Andy wanted to get back home to the west coast and he scouted locations for a restaurant for a while. Then one day he called and had found a great location in Ventura just a block up from the water and a block off the historic street. I'm like every investor, filled with hope and crossed fingers.

So, we flew into LAX early Thursday and since Susan hadn't been there, we decided to play tourist Thursday, Friday, and Saturday morning before going to the restaurant Saturday night. We went to the Getty Museum, Santa Monica Pier, Rodeo Drive, the Hollywood walk of fame, Beverly Hills, Venice Beach, the mansions of Bel Air, and even Sprinkles, a little gourmet cupcake store that has people lining up outside the door to get their great treats.

Saturday afternoon we pulled into Ventura, found the restaurant, and Jayme and Andy saw us pull up and came out for some hugs and photos. Our meal later was incredible. We started out with a couple of wonderful bottles of Champagne at the bar. Then we moved to our table. Andy told us to order off the menu and he would give us samples of other dishes and some special things he had up his sleeve. Everything was beyond delicious. Totally fresh and simple, yet bold and innovative at the same time. Lisa and Andy Miller have been all over the world and Lisa is quite the cook herself. As she said, "this was one for the rocking chair" which she says when there is a memory of a trip that she'll look back on for the rest of her life.

I just wanted to thank Andy, Jayme, and everyone that was at the restaurant when we came in. We eat out a lot, and travel all over, but our time at Brooks was one of the most enjoyable we’ve ever had. The food, the service and the atmosphere were world-class in every way. Jayme is so welcoming and friendly and Andy really rolled out the red carpet for us. Each dish was spectacular and the wines blew us away. Wish we’d had more time to catch up, but, until next time, thanks for treating us so well!

I won't try to be a restaurant reviewer-----just remember if you are ever in Ventura------go there. You'll be happy you did. Their website is www.restaurantBrooks.com

Here is an update that George Flood, one of our most experienced agents compiled:

 

  ?          Weekly Market Update – 23 October 2008

 

 

1.         The real estate market is doing better in some areas over the same time last year according to the Northern Virginia Association of Realtors latest report.

2          RealtyTrac reported that U.S. foreclosure filings increased 71 percent in the third quarter from a year earlier, reaching the highest on record. A total of 765,558 U.S. properties got a default notice, were warned of a pending auction or were foreclosed on in the quarter, the most since records began in January 2005.

3          According to HUD, 4.3 percent of all Prince William mortgages are in foreclosure, compared with the statewide rate of 3.1 percent. The Fairfax County rate is 2.3 percent.

4.         Even as prices have moderated on homes in our area, buyers may have difficulty obtaining financing at attractive terms due to the problems in the national credit market.

5.         The FDIC chairman has argued that the extensive set of financial rescue strategies deployed in recent weeks needs to do more to get at what she called the "root cause" of the crisis -- millions of households heading for default on their mortgages and potentially foreclosure on their homes.

6.         In Greater Northern Virginia the number of homes sold in September this year showed a 53% increase over home sales in September a year ago. The absorption rate for September 2008 is slightly higher than last year’s with a 5.52-month supply of homes.

7.         A major portion of the total inventory on the market continues to be “Short Sales”.  These homes are taking on average 4-6 months to close, if ever, after a contract has been received by the sellers.  Most agents are reluctant to show these homes to their buyers actively looking to purchase because of the uncertainty of ever being able to get the banks decision to accept the sale.

8.         Average conforming loan rate 6.125 with 0 points.

9.         Average Days on Market in N. Virginia for September ‘08 = 93

10.       Light, sweet crude went down to settle at $65.90 a barrel on the New York Mercantile Exchange

 

This is a quick little info from Jon Wolford, the broker of our office and the Springfield office:

Hi Guys,

 

I just ran MRIS and here is what I found:

 

Fairfax County & City, Falls Church, Alexandria and Arlington

 

Contracts ratified:

 

June 25, 2008 thru July 24, 2008 ………. 1890

June 25, 2007 thru July 24, 2007 ………. 1667

                                                             223 additional contracts reported to MRIS this year compared to last year same period

  Up 13.4% from last year – that’s good!!

 

 

Prince William County, Manassas & Manassas Park

 

Contracts ratified:

 

July 25, 2008 thru July 24, 2008 ……….  1,190

June 25, 2007 thru July 24, 2007 ……….  476

714          (additional contracts reported to MRIS this year as compared to same period last year)

Up 150% from last year – that’s great!!!  I ran this twice as it was so hard to believe!