Whats news in Crystal City/Aurora Hills real estate?

A really great home, 2012 Arlington Ridge Road, has been reduced to $1,895,000. This home has 4 finished levels with 6 bedrooms and 3.5 baths above grade! Renovated by its current owners, it is in move-in condition.

709 25th Street S is back on the market. It was previously under contract but looks as if there was a financing snag and it is pending release. This property is asking $975,000 with 4 bedrooms and 2.5 baths above grade.

The neighborhood has seen lots of acitivity lately with 7 properties going under contract. There are 14 properties active from $557,000 to $1.895.

Housing Looking Up in 2012?

Finally a glimmer of hope. NAR’s Chiefs economist says to expect a gradual improvement in housing next year. Read the full article at http://www.housingwire.com/2011/11/11/housing-to-gradually-improve-in-2012-nar-economist-says?utm_source=twitterfeed&utm_medium=twitter&utm_campaign=Feed%3A+housingwire%2FuOVI+%28HousingWire%29

Will Your Home Appraise?

This is a great article that I found online at the site of Rehoboth Beach’s local newspaper. It has a lot of good information about the methods used to complete appraisals. Remember, the Appraiser is typically hired by the bank or mortgage company to protect their investment.

http://capegazette.villagesoup.com/blog/blogpost/will-your-home-appraise/181868

“Appraisals Might Not Match Expectations”

The Washington Post ran an article “Ten things you need to know before buyuing or selling a home”  Number 5 was entitled “Appraisals might not match expectations”.   As stated in the article:

The days of cherry-picking a friendly appraiser to assess a property within 24 hours are over. In 2009, a practice known as the Home Valuation Code of Conduct went into effect to ensure that homes are appraised fairly, without the influence of lenders and third parties. The policies are still in place for conforming mortgages sold to Fannie Mae and Freddie Mac, and they have created unintended consequences for appraisals.

The full content can be found at http://www.washingtonpost.com/realestate/ten-things-you-need-to-know-about-buying-or-selling-a-home/2011/10/20/gIQApgYzIM_story_1.html

Sold Prices Highest in 4 Years for DC Metro Area

According to RealEstate Business Intelligence(RBI) “Home sales in the Washington, D.C. metro area headed into the slower fall market losing some momentum as expected following the end of Washington’s seasonal summer peaks. There were 3,829 new contacts written in September 2011 beating September 2010 by 12.4% and 11.7% ahead of the five year September average. The total September contracts were 8.2% less than the 4,169 contracts signed in August 2011, consistent with the decrease in seasonal activity. At $338,000, the median sales price for September 2011 showed some resilience as it was the highest September level since 2008.” The market area includes: Washington, D.C., Montgomery County and Prince George’s County in Maryland, and Alexandria City, Arlington County, Fairfax County, Fairfax City, and Falls Church City in Virginia

Other interesting facts from the same report include:

Active inventory is considerably below the 5 year average.

Time to market a property higher than 5-year average.

Fast movers in Aurora Hills/Crystal City real estate

1911 Arlington Ridge Road South in Crystal City is under contract –with only the foundation in the ground! The property was listed for $1.9 million by Tonya Finlay of Neighborhood Real Estate Group. This sale is likely to be one of the highest sales, if not the highest, in the neighborhood. The property is expected to be 5,200+ square feet of living area plus basement and has great views of the Crystal City skyline. Days on Market :0

Another fast moving property in the Aurora Hills area was 2725 Grant Street South which was listed by Louis Andors for $714,900. The property was renovated and featured a screenporch, and an in-ground pool. Days on Market:7

Are you eligible to take adavantage of the revised HARP?

The Washington Post today has an article on the federal program called the Home Affordable Refinance Program. According to federal regulators in the article, the average homeowner might be able to save $2,500 per year, depending on the upfront fees the borrower pays.

To find out more information, check out Zillows link:http://www.zillow.com/refinance/

Appeal Your Property Tax Assessment

FHA Loan Limits Set to Fall

5 Reasons for a Mortgage Refinance