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Keep yourself up to date with the Northern Virginia Real Estate market and other local Northern Virginia information. Have a question or thinking about buying or selling home call Ritu Desai at Samson Properties at 703-625-4949 or email me at Info@eNOVAHomes.com.

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November 2014 Market Update: DC Metro Contract Activity Increases+Price Gain

DC Metro Overview

Mild increase in contract activity

The November performance of the Washington DC Metro Area housing market continued to follow the patterns seen through most of 2014. Closed sales decreased 1.0 percent from November 2013. While this is a milder increase than in prior months, housing performance in November 2013 was affected by the shutdown of the Federal government in October 2013. Between November 2013 and November 2014, the region’s decrease in closed sales was driven by three jurisdictions: Alexandria City (-11.9 percent), Fairfax County (-9.2 percent) and Montgomery County (-2.3 percent). For the region as a whole, not all property segments had fewer closed sales than last year, and single-family detached home sales increased by 6.3 percent.

The number of contracts signed in November also increased from 2013, rising 1.2 percent. This is the first year-over-year increase for new pending contracts in 12 months and may indicate relatively better performance next month. Active listings continue to rise, but new listings decreased from the prior year for the first time in nine months. All property segments had fewer new listings than last year. The median sales price increased by 1.3 percent, driven by increases in condo properties (+6.0 percent) and townhomes (+0.6 percent). The median sales price of single-family detached homes decreased slightly, by 0.1 percent.

- See more at: http://mrisblog.com/blog/rbi-november-2014-update/#sthash.EqeVgoE2.dpuf

DC Metro Overview

Mild increase in contract activity

The November performance of the Washington DC Metro Area housing market continued to follow the patterns seen through most of 2014. Closed sales decreased 1.0 percent from November 2013. While this is a milder increase than in prior months, housing performance in November 2013 was affected by the shutdown of the Federal government in October 2013. Between November 2013 and November 2014, the region’s decrease in closed sales was driven by three jurisdictions: Alexandria City (-11.9 percent), Fairfax County (-9.2 percent) and Montgomery County (-2.3 percent). For the region as a whole, not all property segments had fewer closed sales than last year, and single-family detached home sales increased by 6.3 percent.

The number of contracts signed in November also increased from 2013, rising 1.2 percent. This is the first year-over-year increase for new pending contracts in 12 months and may indicate relatively better performance next month. Active listings continue to rise, but new listings decreased from the prior year for the first time in nine months. All property segments had fewer new listings than last year. The median sales price increased by 1.3 percent, driven by increases in condo properties (+6.0 percent) and townhomes (+0.6 percent). The median sales price of single-family detached homes decreased slightly, by 0.1 percent.

CLOSED SALES

Decrease in total closes sales from last year; increase for single-family homes. In the Washington DC Metro, there were 3,036 closed sales in November. Closed sales decreased 1.0 percent, or by 32 sales, marking the 11th month in a row of year-over-year declines. However, single-family detached home sales increased 6.3 percent, or by 88 sales, from this time last year. This is the first year-over-year increase for the property segment since December 2013, though it was the only property segment to increase. The number of closed sales of condo properties decreased 4.5 percent, or by 39 sales. Townhomes had the sharpest decrease in closed sales and fell 10.4 percent, or by 84 sales from last year. As compared to last month, the number of sales decreased 19.8 percent, which is a sharper decline than the 10-year average October-to-November change of -6.0 percent.

PRICES

Increase in median sales price for all property segments; highest November-level overall median sales price in eight years. As compared to last year, the median sales price for the region rose 1.3 percent to $405,000. This is the highest November-level since 2006, when the median sales price was also $405,000. Condo properties had the highest growth, rising 6.0 percent. Townhomes had a median sales price that was 0.6 percent higher than last year. The median sales price for single-family detached homes decreased 0.1 percent, or by $500, from last year.

Of the jurisdictions, Arlington County had the highest growth in median sale price and rose 18.4 percent from November 2013. Three jurisdictions had year-over-year decreases in median sales price: Falls Church City (-4.0), Alexandria City (-3.2 percent) and Montgomery County (-1.0 percent).

 

 

INVENTORY

First year-over-year dip in new listings in nine months; though inventory remains higher than last year.  Active listings reached their highest November-total since 2011.  There were 10,017 active listings month’s end, which is 21.0 percent more than this time last year.  Active listings have now increased from the prior year for 14 months in a row but are 61.3 percent lower than their 2007 peak.  Active listings for townhomes had the largest growth from last year, rising 29.5 percent.  Active listings for condo properties rose 23.9 percent from last year.  There were 5,461 active listings for single-family detached homes, 17.1 percent more than this time last year.

New listings decreased from the prior year for the first time since February 2014, falling 5.1 percent compared to the number listed last November.  New listings decreased for all property segments.  New listings of single-family detached homes had the sharpest decline, falling 7.8 percent.  New listings for townhomes decreased 3.3 percent and new listings for condo properties decreased 2.3 percent.  At 28 days, the median days-on-market increased by eight days from November 2013.  Despite the increase, it remains lower than the 10-year average November-level of 38 days.

 

The following market highlights for the Washington, D.C. Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI) and is based on November 2014 MRIS housing data.

The following market highlights for the Washington, D.C. Metro and Baltimore, MD Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI) and is based on November 2014 MRIS housing data - See more at: http://mrisblog.com/blog/rbi-november-2014-update/#sthash.EqeVgoE2.dpuf
The following market highlights for the Washington, D.C. Metro and Baltimore, MD Metro Area housing markets have been prepared by RealEstate Business Intelligence (RBI) and is based on November 2014 MRIS housing data - See more at: http://mrisblog.com/blog/rbi-november-2014-update/#sthash.EqeVgoE2.dpuf
Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
2015 Low /No Downpayment Mortgage Options for Virginia Home Buyers

Many of Northern Virginia resident prefer to buy a home rather than rent. Purely because the high rents in the Northern Virginia area when compared to mortgage after tax incentives makes sense in many of the cases.

So if you are a Northern Virginia resident thinking about purchasing a home speak to local lenders. There are various options that may be right for your and some are very attractive with low downpayment.




Here are few of the options for Northern Virginia home buyers in 2015:

Freddie Mac launched Home Possible Advantage:

Under this program you can put as little as 3% down. To find out complete details of the program click here.

 

Fannie Mae & Federal Housing Finance Agency (FHFA):
Similar to the Freddie Mac program they are offering low downpayment options to encourage home ownership.  Some of these programs have income limitation.
To find out about about Fannie Mae program click here.
For Federal Housing Finance Agency programs click here

 

Navy Federal First time home buyer Program:

This unique program is for the first time home buyer. With zero downpayment and finance up to 106%. You will have to be a member of the Navy Federal to take advantage of this program. To find out the details of the program click here.


Other Credit Unions:

There are other credit unions like Apple Credit Union, PenFed Credit Union , local Virginia credit unions, NASA etc that do offer time to time an incentive or a program to promote housing. Contact your credit union to find out if they do have any programs.

 

Traditional Banks:

Buying a home mortgage should not be limited to the government backing program. Hence there are various banks that offer first hime buyer programs that offers low downpayment options. Example BB&T - Chip Program, Wells Fargo LIFT programs and other local banks have similar programs.

 

Veteran Loans:
Veteran’s Affairs mortgage loans are available to veterans, current members of the military and their spouses. These loans don’t require a down payment or mortgage insurance, although there is a funding fee that can be wrapped into the loan.

USDA Rural Development loans:
 

Rural Development loans through the United States Department of Agriculture are available to buyers who meet credit and income requirements. You must be able to afford payments on the loan and yet have a low or moderate income. In addition, the property you are purchasing must be located within an area designated as eligible for these no-down-payment loans. There are only handful of location in the Northern Virginia are that qualify for the USDA loans.

State and local homebuyer programs: 

Most states have programs to encourage homeownership. Generally these programs have income limitations and require you to take a home-buyer class.  In Virginia we have Virginia Housing Development Authority (VHDA_)

Apart from VHDA program local counties like Arlington, Alexandria, Fairfax, Loudoun & Prince William have programs for the home buyers.

 

Bottom line: There are options available however if these options or home ownership is right for you or not should be decided by YOU after understanding your financial health.

Thinking of buying your first home in the Northern Virginia area of Fairfax, Loudoun & Prince William team up with Ritu Desai at Samson Properties 703-625-4949.

 

Photo courtesy of http://www.freedigitalphotos.net/

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
What are the local Residential Real Estate tax rates in the Northern Virginia Counties?2014 Guide

Northern Virginia real estate market has been a huge sources for local taxes for providing local amenities to the residents.

Every July 1st residential real estate tax rate gets revised by the local jurisdiction in the Northern Virginia area.

 

 

 

Here is the updated real estate tax rate for 2014-2015 in the Northern Virginia counties

 

City of Alexandria - $1.043 per $100 assessed value. 

Arlington County - $0.996 per $100 assessed value.


City of Fairfax
- $1.04  per $100 of assessed value.


Fairfax County - $1.090 per $100 assessed value.


City of Falls Church - $1.13 per $100 assessed value.


Town of Herndon- $0.265 + Fairfax County tax


Loudoun County-  $1.16 per $100 assessed value.


Prince William County - $1.1480 per $100 assessed value.


 Town of Vienna- $0.2288 + Fairfax County Tax per $100 assessed value.

 

Related Read- When are real estate/property tax bill due in Virginia?

 

POSTED BY

  
                              
Associate Broker 
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties 
Cell - 703-625-4949 
Email - info@eNOVAHomes.com 
Web: www.eNOVAHOMES.com
 


 
2014- Must See Holiday Lights in DC Metro area- Things to do with kids in Northern Virginia

Holiday lights and glitter bring a unique joy. With winter & holidays approaching here are few events that you can go to in the evenings and enjoy the holiday spirit:

 

 

 

Zoo lights at the National Zoo- By the far the most popular event for family in the DC metro area. The National Zoo presents a ZooLights 2010 - Holiday Lights at the National Zoodisplay of thousands of sparkling lights featuring sculptures of many of the Zoo’s most popular animals, including giant pandas, Asian elephants, gibbons, a sea lion, an octopus, and a Komodo dragon. Visitors at ZooLights will enjoy winter-themed crafts, ice sculpting demonstrations, choral groups, and storytellers. Visitors can warm up inside the animal houses and enjoy nocturnal animals. The Small Mammal House, Great Ape House, Reptile Discover Center, Think Tank, and Kid’s Farm will be open every night. Holiday treats will be available for sale including hot chocolate, donuts, and kettle corn. Families can take a photo with costume characters, or do some holiday shopping at one of the eco-friendly gift shops.

 


Dates and Times
November 25 2014 - January 1 2015
Closed Dec. 24, 25
Hours: 5-9 p.m.
Admission is Free. However you have to pay for the parking. 
Address - 3001 Connecticut Ave., NW, Washington, DC.

 


15th Annunal Alexandria Holiday Boat Parade of LightsThe Alexandria Holiday Boat Parade of Lights is a favorite holiday celebration in both Old Town Alexandria and Washington, DC. Festively decorated pleasure boats light up the sky along the Potomac River including 50 powerboats, sailboats and the District's fireboat, the John Glenn spouting water 70 feet into the air. The brightly lit boats are creatively decorated as they compete in categories such as "Best in Show," "Best Thinking Outside the Christmas Box," and "Hardiest Souls." Washington Harbour and Old Town Alexandria Marina.

 

Date and Time:

 

December 6th, 2014
Addmission is Free!

Events starts at 5:30 PM onwards.

Address: Alexandria Marina, Behind the Torpedo Factory

 

 

 

Bull Run Christmas Lights- From comfort of your car drive through a 2.5-mile holiday light show at Bull Run Regional Park featuring penguins, snowmen, candy canes, jumping deer, Santa’s workshop, Frosty the Snowman, tin soldiers, elves and Santa. The seasonal event will include more than 40,000 animated lights set to music! After viewing the lights you can visit the Winter Wonderland Holiday Village that includes amusement rides, an ice skating rink, entertainment, shopping, contests, food, and more
Dates and Hours
Festival of Lights: November 19th, 2014 - January 4, 2015.
Hours: Monday - Thursday & Sunday: 5:30 to 9:30 p.m., 
Fridays, Saturdays & holidays: 5:30 to 10 p.m. 

Admission is $15 on weekday per car & $20 per car on weekends and holidays

 

Address7700 Bull Run Drive Centreville, VA 2012


Meadowlark Gardens - Meadowlark Gardens is hosting a new Christmas light display called a “Winter Walk of Lights.” The walking tour includes 500,000 LED lights and unique animated displays with a nature theme such as a bubbling stream, jumping fish, deer, dragonflies, plus seasonal displays including a Gingerbread Village and a pumpkin patch. Be sure to dress for the weather and wear good walking shoes. The garden path is about half a mile long.

 

Dates and Hours

November 14, 2014 - January 4, 2015
5:30 to 10 p.m., seven days a week

Address 9750 Meadowlark Gardens Court, Vienna, Virginia. 

 

If you have any of your local favorite spot please feel free to share.

Ritu Desai @ Samson Properties is a local Northern Virginia Real Estate Agent serving Fairfax & Loudoun county for over a decade!

POSTED BY

  
                              
Associate Broker 
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties 
Cell - 703-625-4949 
Email - info@eNOVAHomes.com 
Web: www.eNOVAHOMES.com
 


 
Coming Soon- New Construction 2 Car Garage Town Homes in Loudoun County Cascades, Sterling VA 20165
http://actvra.in/4rgS

Builders do amazing job in finding land to built new homes. Personally,  I have been living in the Cascades/Lowes Island Potomac Falls area for past 15 years and did not think there is any land remaining for new construction in the area. So wrong!

About New Construction in Cascades:

If you are driving up or down Cascades Parkway around the corner from the Fire Station & Horizon Elementary the sign is up now for to be built homes by MI Homes.

MI Homes will be building under community name OverLook at Cascades. They will offer 3 & 4 Bedroom town homes with 2 rear car garages.  The builder is planning to start selling early 2015. Pricing is anticipate to start in $500K. 

Housing Market in Cascades:

If you don't want to wait for new construction there are plenty of resale homes in and around the Cascades.

For high $500K to $1M+ you can get a single family homes.

High $300K to Low $400 will get you a 1 car garage town home.

While mid to High $400K will offer 2 car garage town homes. 

 

Being local bit information about the area. Cascades is surrounded by beautiful landscape of Algokian Parkway. Some hilly terrain offers view of mountains especially this time of the year where the leaves are changing colors. Park offers a golf course, amazing walking trails, summer water park, various fields, picnic pavilions and other fine

Ample of Park & Ride at various shopping center offered by Loudoun Transit.

Regal Movie theater which will be moving to ever expanding Dulles Mall. Apart from the Dulles Mall I always tell people new to the area we are about 10 minutes to Reston, 20 minutes to Tyson's and we all the daily amenities with in 5 miles of the area. Can't beat that!

If you are planninng to buy or sell your home in the Cascades area of Potomac Falls, Sterling VA team up with Ritu Desai and Samson Properties.

 

 

 

POSTED BY

  
                              
Associate Broker 
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties 
Cell - 703-625-4949 
Email - info@eNOVAHomes.com 
Web: www.eNOVAHOMES.com
 


 
2014--Hot Places for Ice Rink in Northern Virginia Area

Need to burn off all the calories from the delicious food you will eat at the holiday parties or have fun family night out?  Well make the most of the winter wonder this season. This year try to hit outdoors and may be learn how to ice skating or spend an evening at one of these great Northern Virginia Ice Rink  facilities for a fun evening.

 

 NEW this Year- Tyson's Corner Ice Rink- Opening this Nov. 2014. 6,500 square foot ice rink plus holiday music and other events will be happening at the mall.

 

 Mount Vernon Ice Rink:  Fairfax County's only publicly-owned indoor ice arena is designed for year-round use. It includes a warming room, coaches room, skate rental area, skate sharpening services, hockey team locker rooms, as well as an NHL official size rink. Apart from this the facility offers classes, birthday parties and other services. 

Located at 2017 Bellview Blvd, Alexandria, Virginia.

 

Pentagon Row Ice Rink:  Open from late Oct. to mid March. This is an outdoor facility that host classes, birthday party or for family fun night skating at this facility.

Located at 1201 South Joyce Street, Arlington, Virginia

Kettler Capital Iceple:  Open year round, it includes public programs include lessons, hockey, skating, birthday parties and more.

Located at 627 North Glebe Road, Arlington, Virginia

Reston Town Center Ice Rink : Open from late October through mid March. The outdoor Pavilion is converted into a fun ice skating facility. I have personally skated at this facility and it is lot of fun. Skates rental facility is located next to Clydes restaurant. 

Located  at 1818 Discovery Street, Reston, Virginia

Fairfax Ice Arena: Yet another privately owned year-round ice skating facility. It offers lessons, public skating, hockey, pro-shop and much more.

Located at 3779 Pickett Road, Fairfax, Virginia.

Ashburn Ice House: Only Loudoun county facility that offer ice skating year around. It is open for public skating and has two NHL size ice rinks, video arcade, restaurant, and pro shop. I have attend birthday party at this facility and it is huge indoor facility.

Located at 21595 Smiths Switch Rd. Ashburn, Virginia

Harris Pavilion Ice Rink:  Open from late Oct. to Mid Nov. The outdoor pavilion is converted into an open-air ice-skating rink in the heart of Old Town.

Located at 9201 Center Street Manassas, Virginia.

 

Do you have a local favorite ice rink place to share? Please share in the comment section.

 

Ritu Desai @Samson Properties is a local Northern Virginia Real Estate agent serving Fairx & Loudoun County for over a decade.

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
How is the Housing Market in Loudoun County Virginia-Oct 2014 Real Estate Market Report

Housing market in the Northern Virginia area has seen some very extreme ride through out 2014.

  • Beginning of the year, winter was harsh so market was dead.
  • Spring market sound promising!
  • While Summer market was a dead beat market.
  • Now we are in fall market has been sluggish but improved over summer housing market.

    What will end of this year bring?
    That will be interesting since inventory is still high, buyer pool has shrunk and holidays are around the corner. Interest rate are still lingering around low 4%. Unemployment in Northern Virginia remains strong.

October market in the Loudoun county area was no different to the overall real estate cycle in the Northern Virginia area. We had slight improvement this past month. Builders/new construction in Loudoun county are facing similar sluggish market. There are communities that are selling and have wait list while some builders are starving to make a deal!!

Resale market in the Loudoun county area have been hit hard. Home sellers/local real estate agents are reporting  no or hand full showings in this month.

Here is a snapshot of the numbers from past Oct. 2014 compared to Oct. 2013.

 

 

 

If you are thinking of buying, selling or renting your residential home in the Northern Virginia area of Loudoun, Fairfax & Prince William team up with your real estate agent Ritu Desai @Samson Properties.

Source:RBI

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
New Home Construction Choices of Single Family Homes in Ashburn 20147 Loudoun County

Many of the home buyers in the Loudoun county area have opted to buy single family home in the Ashburn area. Here is a list of choices of new construction that a home buyers has in Loudoun county Ashburn 20147 zip code.

 

One Loudoun- Known for its walkability to the newest town center in the area. The community offers The Club at One Loudoun, the community recreation facility which will include half-court basketball, meeting rooms, an outdoor multipurpose court, tennis courts, and an Olympic outdoor pool facility. Apart from community amenities it offers near by 100 acres of parks and trails, extensive outdoor amenities, and a ballpark.   The downtown showcases a relaxing plaza with interactive fountain, movie theater, fine restaurants and shopping.

HOA dues are approx. $200 per month.

There are 2 builders that offer fine collection of homes:

Miller & Smith- Are you looking for true contemporary homes. Then look no futher. Check out Miller & Smith’s New Downtown Collection.

The homes have rear car garages approx. sq. ft. of 2600-2700 on 2 levels. Priced from low $600K. They have 2 floor plans to choose from Greenwich & Tribeca.

 

Camberley Homes- Which is part of the Winchester Home collection. At One Loudoun Camberley Homes offers 3 series of homes in different section of the community.

One Loudoun Brooklyn Series- Priced from high $600K the collection offers homes style Logan Square and Roxbury. Side load/shared driveway space. Approx. 3500 sq. ft. (Logan) on 2 level and Roxbury almost 3700 on 2 levels.

One Loudoun Chicago Series- Priced from high $600K the collection offers home style Dorchester with read car garages. Approx. 3200 sq. ft on 2 level.

One Loudoun Manhattan Series- Most expensive base price (Almost $700) of the 3 collections of series of homes in the neighborhood. This collection offers 2 homes styles Lincoln Park and Evanston. The homes have rear car garages & approx sq. ft on Lincoln Park is 3685 on 2 levels and Evanston is 3846.

Belmont Estate- Built by Richmond America, Belmont Estate is located right off Deerview Drive and Gloucester Parkway Ashburn, VA 20147. The builder is selling the homes off the community site. Amenities including a playground, volleyball court and direct access to the Washington and Old Dominion Trail. HOA dues are approx. $101 per month.

Starting at mid $600 the community offers 3 distinct floor plans: Dixon, Davidson and Danika. Smallest home is approx. 3100 sq. ft. and largest floor plan is approx. 3700 sq. ft. on 2 levels.

 

Thinking of purchasing a new construction in Loudoun County or in Northern Virginia area? Team up with Ritu Desai at Samson Properties for guidances and representation throughout your new home purchaser.

 

Related Reading blogs:

New Construction OR Resale Home - Which is the best deal for Virginia home buyer?

What is Lot Premium that New Home Builders Charge in Northern Virginia

5 Must Read Pro Tips While Your New Home is Under Construction
55+ Community New Home Construction in Ashburn Virginia 20147/20148

How do I get out of my New home Construction Contract in Northern Virginia?

Photo courtesy of http://www.freedigitalphotos.net/

 

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
When should a Borrower Pay Points?
Many of the Northern Virginia home buyers or home owners refinancing face the question whether paying discount point, origination point or buying down points make sense.  Understanding what your savings are in long and short term compared to cost of buying the rate down will help you make a better decision.
Original content by John Meussner NMLS #138061 TMSNMLS 2764

When Should a Borrower Pay Points?

 

 

     "Points".  One of the most oft-spoken terms when speaking with borrowers about their mortgage application.  Also one of the most misunderstood concepts that borrowers have with the mortgage industry.  I blame the media for this.  I also blame lenders & loan officers for not effectively communicating just how much has changed in our industry over the past few years.  I also blame Realtors & financial advisors for not fully understanding the concept yet still offering advice, advice that often gets stuck in a borrowers head & leads them to make poor financial decisions.  Let's break it down and see if I can explain "points", when they're necessary, and when they should be avoided (it would come as a surprise to most that the answer to 'when they should be avoided' is NOT "always")

 

 

     A "point" in the mortgage industry, on its most basic level is easy to understand.  Quite simply, 1 point is equal to 1% of a borrowers loan amount.  A half point?  Half a percent.  On a $100,000 loan, 1 point is $1,000.  On a $500,000 loan amount, 1 point is $5,000.  Simple enough, right?

 

 

     Where things get a little confusing is how points are applied.  Some points are pure profit for the lender.  Some points are part of a long term planning strategy for borrowers.  All points are not created equal.

 

 

     Since the implementation of the Dodd-Frank act, points no longer directly affect an individual loan officer's compensation since that compensation is now a fixed % of each loan, but points still affect lender's rate sheets and how pricing is offered to consumers.  They're still very much a part of important discussions when it comes to how a mortgage fits into a borrowers financial plan.  Find a lender that offers rates much lower than anyone else?  Chances are, you're paying that lender points to afford them the luxury of those low rates.  Find a lender with incredibly low fees and lender credits?  Chances are there are points padded into their interest rates.

 

 

     The majority of lenders these days deal primarily with discount points, so that's where I'll keep my focus.  A discount point is a fee that buys down a borrower's rate.  Though rates and spreads vary each day, in a typical scenario, the amount a rate is decreased is usually .25 for 1 point.  So if the market is offering a rate of 4.25%, a borrower could likely get a 4% by paying somewhere around 1% of their loan amount as an up front fee at closing.  This is not a symbiotic relationship so cost/amount saved can vary greatly.

 

 

When should discount points be paid?

  When planning long term, discount points can be a real benefit.  For example, take someone buying their 'forever home' with a 30 year fixed rate loan.  Just for this example, let's say it's a $300,000 loan.  For 0 points, they can get a 4.5%.  For 1 point, they can get a 4.25%.  The discount point in this scenario is $3000 and the monthly savings is only $45/month, BUT, long term, the amount of interest paid for the lower rate offers a savings of nearly $16,000.

 

 Is $13,000 over 30 years (the total savings taking the $3000 up front into account) going to be a life changer?  Maybe not, but what about the person that does this on 4 or 5 properties?  Those savings add up in the grand scheme of financial planning.

 

When spreads are low between rates, borrowers can also take advantage and pay discount points.  Sometimes the bond market brings about rate sheets where buying down a rate with discount points doesn't cost as much as usual.  For example, it might only cost a half point to get a .25 reduction to rate.  Many times it makes sense to buy the rate down in this situation.  When this opportunity arises is usually just dumb luck when rates are in the midst of large fluctuations and volatility (some lenders will be uncertain on which rate to price most competitively, and the result can be several rates priced competitively).

 

 When points are being used to avoid PMI.  I often use this strategy when using the LPMI program to avoid a costly monthly burden for borrowers, while also avoiding the permanency of a higher rate that comes along with most LPMI programs.

 

When should you avoid points?

 Any time a loan is short term, paying points doesn't make sense (unless it's the LPMI scenario above and the numbers work out, a good Loan Officer will be able to help with the numbers). 

 In many cases, it makes more sense in a short-term situation to take a higher interest rate and have closing costs paid for by the lender...but that's another blog for another day.

 The "point" is, when beginning to shop for a mortgage, borrowers should avoid 2 thoughts - "I want the lowest rate" and "I'm not paying any points".  Points are no longer used by lenders to gouge customers like they were in the past.  Points play a role in financial planning and obtaining the best mortgage, and should always be discussed with your lender.  Maybe the lowest rate is best for you, or a loan with no points, but maybe a couple discount points could save you a ton in the long run, or a higher rate will benefit you most.  Work with your trusted loan officer, and you just might be surprised at which options work best with your plans.

John Meussner

NMLS# 138061

Visit My Website!
Town home for Rent inStone Ridge Aldie VA 20105-Breath Taking Water View*2 Car Garage*Gourmet Kitchen

Ritu Desai & Samson Properties Presents New Listing...

MLS # LO8497025

Address: 25121 SWEETSPIRE SQ, ALDIE, VA 20105

Year Built: 2008

List Price: $2100

HOA: Stone Ridge- South

Community Amenities Include: Basket Ball court, Out door pools, Tennis Court, Walking/Jogging trails, Playground, Fitness Center, Community Center, Business Center with WIFI, Library, Concerts & community fine events.


Schools:
Elementary School ARCOLA
Middle School MERCER
High School -JOHN CHAMPE

   Special Features

 

 

** Beautiful First time available home for RENT.
** Three Finished levels town home has three level extensions.
** Home offers, three bedrooms, two and half baths and a two-car garage.
**Open floor plan.
**10 feet ceiling on main level.
**Neutral flooring and paint along with tons of recesses lights through out the home.
**Gourmet kitchen with granite countertops, beautiful back splash, ample of 42” maple cabinets, cook top with down draft venting outside, microwave-oven combo, double bowl stainless steel sink and a pantry.
** Large dining room off kitchen with hardwood flooring & an elegant chandelier
**Cozy family room off kitchen with French door leading to deck.
** Over sized living room with walls of windows.
** Convenient powder room on main level.
** Master suite with his & her closet space, sitting room with backyard views. Private luxurious bath with spa shower, dual vanity and a water closet.
** Much desired laundry closet on bedroom level.
** Large secondary bedroom with second full bath of upper level hallway.
** Fully finished recreation room offers fine carpet, cozy gas burning fireplace, storage & door leading to beautiful backyard.
** Enjoy breath taking water view from the deck.
** Walk out level with patio & fully fenced backyard.

 Rental Details:
Pets Case by case
Available Jan. 1st 2015
No Smokers Allowed.
Application Fee $55 per applicant.
 
Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
2014- My Favorite Indian Restaurants in DC Metro Area-Diwali Celebration
http://actvra.in/4qnL

Diwali is celebrated by many Indians around the world.  It marks victory over evil and for many Hindus it is also beginning of New Year for many Indian.
Living and working in DC Metro area, I feel blessed that I can be part of so many beautiful cultures and many people can be part of my culture.

 If you wish to be part of the celebration or just love Indian food here are  my top 5 recommendation for 2012 Indian restaurants in and around DC/Va area

Rasika: Spice up your evening at this beautiful, romantic and the most highly rated Indian restaurant on any food reviewer site in DC metro area. They have now two location in DCPenn Quarter & West End.

 

Haandi:It is one of my favorite place for authentic Indian food. It is a very small restaurant but you will fall in love with the customer service and food. Located in Falls Church Virginia (food was better at this location). Bethesda location is closed as of August.They are hoping to find a new location in Maryland soon.

 

Bollywood Bistro: If you don't want to drive to DC to try Rasika, go to this Fairfax, Virginia Indian Restaurant. You will become a loyal fan to his place. Again not a huge restaurant but a warm cozy place where the highlight is delicious curries!

Bombay Tandoor: Owners bring love and passion to this Indian restaurant located in Vienna Virginia. From all of the above I feel this one is the best family friendly Indian restaurant in the DC metro area. They do rent the place out for events and close the restaurant so check before you plan your evening to dine at this restaurant.

Amma: This will not make the list of most fancy or ambiance place to eat out. But it you want to skip a Burger King or McDonald  to try something quick bit of spicy food, then try this Vegetarian Indian fast food place in Vienna Virginia.

Apart from the above mentioned here are few I have enjoyed authentic Indian food at:

Balti Indian Restaurant- Located in Sterling Virginia My kids truly enjoy tandoori food at this restaurant.
 
Rangoli - Located in South Riding/Chantilly area. I eat at this restaurant after really long time and I was surprised how good the food was.

Saffron: This open sometime back in Ashburn. I had a pleasure to eat lunch buffet at the restaurant. The food and service was really good. It is more South Indian food over North India. But if you live in Loudoun county it may be worth a try.
 

To all my fellow friends blog readers, AR member, friends & Family

Wishing you and your family a very Happy Diwali and a Prosperous New Year !!

May this Diwali be as bright as ever.

 

 

 

Best Regards

 

Ritu Desai

New Fairfax County Police Tool To Search Crime in Fairfax County area
http://actvra.in/4pFB

Don't we all love when we get our hands on something really cool!! Here is a new tool from Fairfax County that residents can use to pinpoint crime in their neighborhoods as recent as the day before. As a Realtor® in the Fairfax County we can use it for personal safety.

 

To use the system, simply go to online to Police Events, where you can enter a Location, Date Range and Event Types (types of crimes). Locations can be specific, such as an address, a school or a ZIP code. There are 16 different types of crimes to choose from (including peeping incidents, noise violations and burglaries or you can just select “all”). You can choose a date or a date range.

I tested the site with few addresses and schools. It is pretty neat how the results come up with the details about the incident. The site is mobile friendly!!

Hope this keeps up the resident with lot of good information on finger tip.

 

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
2014 Top Halloween Events in Northern Virginia
http://actvra.in/4pMF

Here is a list from Virginia.org website for list of Halloween events across the Northern Virginia area. Do note some of the events are not scaredy cats, so pick and choose according to your comfort level for paranormal intrigue.

Experience thrills at scream parks, haunted houses, graveyards, enchanted woods and ghostly battlefields when you spend your Halloween in Virginia!

 

 

Centreville - Cox Farms' Fields of Fear™ is the haunted night-time destination you and your friends have been looking for!  When darkness falls on the farm... our fields fill with creatures of the night. Featuring: Dark Side Hayride's Zombie Zoo, The Firegrounds/Midway bonfires and the Giant Slide. If you’re really in for a scare, test your nerves in the Cornightmare™ walk-through cornfield terrors; with Claustrophobia, Vortex, Crypt and more! Also enjoy Food & Snacks, Fear Games & Prizes, and Entertainment.
Not Recommended for children under 12 years old. All under age 14 must be accompanied by a parent or guardian (18+). Proof of age required.

Leesburg - OPEN EVERY WEEKEND IN OCTOBER! SHOCKTOBER 2014…Shocktober in Leesburg, Virginia, hosts four haunts in one location: Paxton Manor, The Haunted Well of Souls, The Last Ride, and The Vortex. So much more than a haunted house, the Paxton Manor has real history full of horror and paranormal activity; lurking beneath the Paxton Manor lies an enormous underground lake with only one single well, The Haunted Well of Souls, located in the deepest corner of the manor’s basement, enter if you dare.

Every Friday, Saturday, and Sunday night throughout the month of October, Paxton Manor opens its doors to those who are brave enough to walk her haunted halls and descend into the caverns of her basement.  Tickets are at www.shocktober.org  

All proceeds benefit the many programs of the Paxton Campus, a 501(c)3 organization that helps children and adults with disabilities in Loudoun County.

Chantilly -- Historic All Hallows Eve at Sully - In the 18th and 19th enturies, Virginians celebrated All Hallows Eve with storytelling, fortune telling, fall foods, and family gatherings. Experiences these traditions as you tour the house and grounds by lantern light.

Herndon & Leesburg - Monsters Undercover Murder Mystery Dinner Theatre at The Wiener's Circle -Halloween is approaching, and Dracula, the Mummy and other fading monster stars have gathered to discuss their grim prospects. The zombies have taken over everything – their fans, the film industry, their livelihood. The old monsters are meeting in secret to devise a plan to strike back, eradicate the zombie infestation from the world and regain what they’ve lost – you. Bwahaha! These monsters used to be icons, icons who became classics, classics who deserve better than to be shunted offstage by the likes of zombies. Will they rise again to haunt the multiplexes of the world? Come and find out – if you dare! Advanced reservations are required for catering purposes.

Ashburn -Zombie House: Take Back DC is an interactive zombie experience that uses role-players to create a one of a kind zombie shoot. The role players will not be shooting back at participants. Register by yourself or form a team in advance. You’ll use a real Glock that has been modified to fire non-lethal Paint Marker rounds. Zombie House: Take Back DC is a live shooting experience that is designed to terrify the oldest of children. Participants must be 13 years of age or older. Those under 18 must be accompanied by a parent and/or guardian.

Chantilly - Udvar-Hazy Center's Annual Air and Scare Join us for creepy crafts and activities with a spooky twist including Ghost Blasters, Trick or Trajectory Rocket Launch, spooky science Discovery Stations, Paper Scare Planes, story time, puppet shows, and photo opportunities with costumed characters from some of your favorite space- and ghost-themed movies. Learn about the possibility of aliens in the universe and make your own alien. Visit the Tot zone with the little ones and send the Teens and Tweens to activities just for them. Don't forget to wear your costume, and come prepared for some awesome trick-or-treating! Please note: For security reasons, full-face masks are prohibited on visitors over 16 years of age.

Reston HOWL-O-WEEN at Lake Anne - Lake Anne Plaza has gone to the dogs, cats, and other furry critters. Come down to Lake Anne Plaza dressed in Halloween flair (adults + pets) for a Howling good time! Dogs, cats, and all types of animal-friendly furry friends are welcome to participate and join in on the fun.

Some of the events are open only on specific dates and have an admission fee. Check the website for more details.

Photo courtesy of http://www.freedigitalphotos.net/

Realtor Bonus/ High Commission- Does it Works in this Sluggish Northern Virginia Real Estate Market?
http://actvra.in/4pPL

I am flabbergasted on how many emails, fliers, listing remarks states agents bonus and/or high commission that the sellers are offering as an incentive to lure our buyer to make an offer their home.

This trend has been seen across new construction & resale homes in the Northern Virginia real estate market.

Do these tactics work?

My answer : If there is ample of properties in an area and the seller is desperate to sell that can help! Depending on who is the Realtor/selling agent, the market and the buyers' situation.

Like any industry our industry has mix bags of agents. We have agents who would love to make that extra $$$$ incentive.  However there are good number of Realtor® who would not cared if they got paid 4% over 3% commission on a home if that home does not meet their clients needs/wants. Its not about 1 transaction!!!

My recommendation: Yes, it is one of the many ways to market and attract the buyer to your home. However there are other elements that needs to be in place for this to work. You need to price your home right, staged your home & be open to negotiate you will attract right buyer!!

For any home seller in Virginia it is all about bottom line!!!! Give an incentive to selling agent or negotiate  with the buyer.

 

Photo courtesy of http://www.freedigitalphotos.net/

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
Halloween Event-Air Scare 2014-Air & Space Museum Chantilly VA

What better place to have fun and a day trip to local museum!!  The popular big Annual Air & Scare 2014 is here once again!

When:  October 25th 2014

Time: From 2pm - 7pm 

Location : Steven F. Udvar-Hazy Center in Chantilly, VA.

Cost: $15 for parking at the museum.

Description about the event:

See the spooky side of air and space at our annual Halloween event! Arrive in costume for safe indoor trick-or-treating, creepy crafts, spooky science experiments, and other Halloween-themed activities. The tiniest visitors can check out the Tot Zone to play dress-up and hear a story. Pose for a photo with your favorite Star Wars or Ghostbusters character. Air & Scare is fun for the whole family!

Please note: For security reasons, full-face masks are prohibited on visitors over 16 years of age.

For details you can visit the website

Photo courtesy of the website Air& space museum.

 

Posted by

 
                             
Associate Broker
EcoBroker, ABR, ePRO
NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 


 
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