It appears to be a positive outlook for our 2012 housing condition. Luckily, snow has not paved heavy enough to cause major delays in our travel. As cold as it was this past Sunday, we continue to receive a good amount of foot traffic indicating serious buyers in search of their new home, even in the midst of winter. And as most sellers would agree, those contracts they receive in the winter compared to summer are taken much more seriously and with a higher chance of settlement.

We are also seeing more and more contracts from a trickle effect of decrease in debts. More and more homeowners are able to pay off their debts and seeing credit as becoming easier and easier to achieve. Some banks are finally reaching a point of stability where they are able to get back to business and help push our housing market forward. This is a positive indication that our economy is on the path to recovery.

Another positive sign of strength in our economy is when we see buyers creating access to liquidity, by adding a home equity line of credit. Having liquid cash readily available is a very important first step when buying a home and using that cash towards your good faith shows sellers seriousness and strong motivation. And with interest rates continuing to stay at an all-time low, it’s a perfect combination for making a purchase.

Banks are now in a position where they are capable and permitting homeowners to refinance what was once a very large debt. Homeowners are now able to consolidate their multiple debts into one, taking a huge burden off of families, thereby, encouraging stability in repayment of loans and creating a sense of security.

Buyer’s affordability to purchase a home is soaring for a couple of good reasons. With discounted homes, such as short sales and foreclosure, many are finding these homes in surprisingly great condition. And what better time to purchase with financing when it’s costing just under 4% to do so right now? Not to mention the Home Loan Purchase Grant Programs available from specific lending institutions, which are not just for first time homebuyers, but repeat buyers as well.

Lastly, bravo to our private sector for creating more jobs in the latter half of 2011! As more opportunities arise for those seeking jobs, it is only another positive sign that our economy is moving on the path of recovery.

The importance of your credit score cannot be overemphasized these day.  It affects not only the interest rate you’ll get when you apply for a home loan or refinance, but also your rates on car loans and credit cards.  Surprisingly these days, even employers will monitor your credit rating.

This article explains much about what goes into your credit score (http://finance.yahoo.com/news/credit-score-080000874.html) but there are many ways to beat the averages and raise your credit score.  Beyond paying your bills on time, you’ll want to pay your bills strategically to raise your score as quickly as possible.  Many people become embarrassed by what’s on their credit reports.  No need to be.  Sometimes mistakes are made but they can be rectified, not easily but with diligent work you can repair your history.  Feel free to give me a call if you’d like some advice.  In the meantime, find out where you stand.  Get your free credit report as a first step.  Be sure you’re getting all 3 reports from the 3 reporting agencies.  Once a year you can get the report but make sure they don’t try to charge you for the service as it should be for free.

“Over there is going to be a southern cooking place, and over there is going to be a new vet,” the man said to who I could only assume were his parents.  As the group walked on and I slowly made my way past them, the conversation jumped at me, alive with future plans, descriptions of what is, and stories of what once was.  Since the riots of the sixties H St NE has been on a roller coaster ride, and as a result was neglected by the very city that was supposed to help it.  Until recently when the notoriously horrible road running through the corridor was finally fixed there wasn’t even a good way to bring traffic to the few struggling businesses, especially those down on Benning.  As I said though this has changed.  The road is one of the widest in the city, boasting 4 lanes, trolly tracks, and cheap 75 cents an hour parking on the sides.  If you ever saw the old road, this would blow your mind.  As a result, the H St NE of the past has leaped the transition phase and is now settling into the development phase with a back drop of some the greatest bars and restaurants the city has to offer.  What struck me though as I return to the family I was walking past, was not the awesomeness of H St, something I preach about every day, but the conversation the boy was having with his parents.  It’s getting out, simple as that.  People from around the city are taking notice of the shift in mentality and outsiders are seeing it as a chance to be part of something amazing.  With proposed plans for over a thousand apartments between 4th and 14th within the next few years, the opportunities are endless.  So come join me in NE and experience life our way, with a bar crawl from New Orleans to Germany, with a pit stop in Belgium for some authentic flavors from abroad.  If that’s confusing, I suggest starting at 4th and working your way to 14th, I promise it will all become clear!

Rates are stunningly low … now is the time to refinance or get into that mortgage you’ve been holding off on.  Don’t wait for them to go lower as lenders will make it harder for you to qualify if they can’t make real money off of your loan and as we all know, the lower the interest rates the less money you’re paying the banks.

Check this out:  http://money.cnn.com/2011/12/15/real_estate/mortgage_rates/

The Washington region has become a magnet for young adults embarking on careers and families, putting it in the company of capitals of cool such as Seattle and Denver. “It’s the economy and hipness,” said William Frey, a demographer with the Brookings Institution.”   Aside from Washington being known as the center of power, it has the extra advantage of being a government town that’s not as hard-hit by recessions as others.  One of the DC biggest neighbor draws for young professionals is MidCity- the center of Washington’s renaissance.  Young professionals come to 14th and U to experience the vibrancy of urban living and enjoy the diverse and growing dining, retail and residential offerings.  The MidCity experience is all about energy and vitality, and experienced by thousands daily in its fitness centers, coffee shops, and tremendous night life.   It’s no accident why everyone’s flocking here, so what are you waiting for?

I love living in Washington, DC especially during autumn.  We have some of the most beautiful weather and the view of the trees from my window is cascading with some of the most spectacular colors imaginable.  It lulls you into a bit of complacency as we gear up for winter.

Well, Thanksgiving is done and the turkey nothing but scraps of bone and cartilage.  Now is the time to think about what is expected to be a harsh winter.  So here are Troy’s home prep tips to help you protect your family, home and purse strings over the next quarter.

1) Inspect Your Furnace:
This is probably the most important step that should be done annually.  Get an HVAC professional out to service your equipment.  Even if you have a home warranty should your system breakdown, most won’t cover major repairs if there is not a record of regular servicing.  If your realtor doesn’t have one on call (I know I do) then Angie’s List is a great place to find a reputable professional.  If you use radiator heat now would be a great time to bleed the valves.  Just open slightly until you see water; then close.

2) Got a Fireplace?  Get it Ready!
This is a great place for little creatures to enter your home, so you’ll want to make sure the cap or screen on the top is secure.  Get a chimney sweep in to clean and check that the damper opens and closes properly.  While the sweep is there would be a great time to check the need for a re-pointing or that the lining is in good shape.  Be aware that sweeps make their largest margins on installing new lining so be sure they show you pictures where you’re getting deterioration.

3) Check the Exterior, Doors and Windows
Your big concern in the winter is escaping heat.  You know to make sure your weather stripping around doors and windows are done but you should also inspect for cracks and space around pikes.  Anywhere air can seep in or out should be sealed.  If you have screens on your window, switch out to glass replacements or storm windows.

4) Inspect Roof, Gutters & Downspouts
On the loss of energy front, the attic is one of the main areas that heat escapes.  Proper insulation in the attic is essential – minimum value should be R-30.  Check your roof for worn shingles and make sure your flashing is secure.  Since Fall means falling leaves check your gutters and downspouts for clogging.

5) Smoke and Carbon Monoxide Detectors
Furnaces and gas fireplaces can put off carbon monoxide.  Make sure you’re protecting your family by installing one on each floor of your home.  Also make sure you have working smoke detectors that are synced together.  Check your batteries twice yearly and test often.  Have fire extinguishers at the ready and replace any extinguishers older than 7 years.

6) Check Foundations
It’s going to be cold so small animals will look for areas to stay warm.  Your house can be that place if entry points are not sealed for these little ones as well as water intrusion which can cause untold damage.  Crawlspaces and cracks in foundations should be sealed.  A space as thin as a dime could be an entry point for mice.  I don’t know about you but I don’t want nothing living with me that ain’t paying rent.

7) Snowmaggedon
Preparing for snow is fun in this area as it seems no one knows how to handle it and they panic when it arrives.  So don’t be among the throngs at Home Depot scrambling for these items.  Purchase a snow shovel, de-icer, rock salt and sand.  Also make sure your car has what it needs as well.

8) Prevent Plumbing Freezes
This is a big issue in colder climes so make sure you know where your main water shut off is located so you don’t have to go hunting while water is filling your basement.  Make sure any garden hoses are drained along with any air conditioner pipes.   Insulate any exposed plumbing and while on vacation keep thermostat at 55 degrees.

9) Landscaping and Walkways
Trim back your tree branches to keep off your house or electrical wires.  Seal all drive and pathways along with any patios or decks.  Now may be a good time to prep for Spring by planting bulbs.

10) Have an Emergency Kit/Plan
No one likes to think there will be an emergency situation but I was in the Coast Guard and our motto was Semper Paratus: Always Prepared. A kit in an established spot in a home is essential to protecting you and yours.  Any kit should have a flashlight, a radio, candles with matches or a lighter, all emergency phone numbers, and batteries for radios and flashlights. Extra food and water supplies are handy but also remember any food for your pet.  Keep this “kit” along with blankets in a dry area and always have an evacuation plan that everyone can recite by heart.
Now that I’ve completely depressed you, go back and finish off the pumpkin pie!

DC at it’s core is a snapshot of the pulse of the nation but not in the way others would think.  We show where the nation was, is, could and should be.  When the housing market fails around the nation, we keep buying and selling.   When HGTV comes on and says that the days of flipping are over, we have people come in on properties at 70K and in under 60 days sell them for 300K.  And when the nation is discussing how americans can’t pay there bills, H St NE is selling 6 dollar beers and creating lines around the block for living social deals.

The proof is in the results, and I direct you to a small portion of NE DC off of Benning Road as I further explain.  I live on Kramer St NE, right off of 16th and Benning NE, and in the last year and a half we have had over half a dozen turn overs of this exact nature.  Buying low, selling high, and with a climb so intense, we are once again seeing prices similar to 2006 and 2007.  A perfect example is the property across the street from my house which was bought for 72K and after a complete renovation, was sold within 2 days of listing for 389K.  You’re first impulse might be shock, so imagine how the home owners surrounding the property feel.  Excitement, confusion, joy… regret?  All viable emotions in this situation since now they are thinking about selling, buying again, or sending thank you letters to the new neighbors for essentially giving them their equity back!

So what does this mean for you the buyer or current homeowner?

Simply put it means that you are witnessing the rise of a new real estate bubble in which DC gets to retain it’s isolationist attitude about the market.  Prices are going up, while rates are locked in, meaning that as always the time to buy or sell is now, and that’s not just me wanting to make you all clients!  This however reaches past home values.  Store prices will go up as the demand increases while living social, group on,  scout mob and discount sites alike keep you coming back for more.  So take a look around and realize that we are the regulating pulse of a resilient, powerful, and enduring market that effects all facets of our lives from rents and mortgages to a free slice of pie courtesy an iphone app.  If you can realize that, then it goes without saying that you are the one in control of when and where you go next with your home buying and selling decision!

1.       Rates are at an all time low, which is a great incentive for both buyers and sellers and for the same reason. Low rates equal low monthly payments for the buyer and when the seller sells their home, they too benefit from low monthly payments on their new home. And with all good things that occur, we know that it will eventually have to come to an end. The trouble is, we do not know when the end is. All we can do is make the best of it and sell now while we still can get the most out of it.

2.       The homes available for sale have dropped in inventory by 22.3% from last year. Which also is saying, when supply is low, demand is high. And the ones holding the supply, which in this case is the seller, has an added advantage. Luckily for the sellers, this means when they put their home on the market, they have less to compete with. Also, for buyers to get the home of their dreams, they would have to be very competitive in their offer since they do not have many homes to choose from. Then resulting in multiple offers being placed on the seller’s home, causing a bidding competition among the buyers and allowing for the seller to receive more money on the sale of their home. Isn’t that nice?

3.       Sell now and find yourself only working with serious buyers, who are not just out looking because the weather is nice and it’s convenient for them. There are three types of buyers, generally. Type “A” who is ready to buy a home now. Type “B” who is not ready to buy now, but wants to look for one now and will be ready after 6 months or so. And type “C” who not only is “just looking” because they are neither ready nor willing but love home shopping and attending open houses. Type “A” buyers are motivated by reasons of their own, they have deadlines they need to meet and have done all the preparation necessary to be willing and able to buy now. Those are the buyers that will be looking no matter the season or weather. So sellers can rely on them to be out and about searching for their home, even in the dead of winter. And being that we are getting close to the season, despite our wonderful drastic weather changes, sellers can be certain that when they put their home on the market now, they will only be working with buyers who are ready, willing and very able. As oppose to waiting for the warmer months to sell and have to worry about more competition, less serious buyers and the works.

4.       Sell your home now before Fannie Mae releases all of their Short Sales and Foreclosures to avoid competing with discounted home values. Luckily for our market, we do not have as many short sales and foreclosures to compete with, when compared to the rest of the nation. Although we have a few, it’s best to sell your home now before Fannie Mae decides to release all the inventory in their portfolio. What that means for a seller is that the seller will be competing with discounted homes if they wait for that to happen. Rather, sell now so to avoid competing with homes that are being sold at a discounted price. Especially when some of those homes are in better condition than some regular sale homes.

5.       A major factor in purchasing a home is the financing. Now is a great time for buyers to obtain financing before the banks are required to tighten their lending position, even more so then what is expected to happen for 2012. With this added pressure, buyers are moving quickly to be in a home before the end of the year. So sellers, for you this means you will have plenty of buyers knocking on your door.

These are just a few reasons why now is the perfect time to sell your home, the best thing to do is consult with a trusted Realtor to find out the best marketing plan to get your home sold quickly.

If you’re a longtime resident of the District of Columbia (DC), then you’ve probably heard the term “The Gold Coast” to describe one of DC’s most affluent neighborhoods.  However, there’s another coast- “The Silver Coast”, which is best described as DC’s best kept Secret.   Hillcrest is located east of the Anacostia River, an affluent and well-kept neighborhood where Former Mayor, Marion Barry resided, and now the current Mayor, Vincent C. Gray, as well as the current Chairman of the Council of the District of Columbia, Kwame Brown.

As the sister neighborhood to the Palisades (another affluent area of the District), Hillcrest is nestled near the border of DC’s neighboring State of Maryland.

Hillcrest is a community of rolling hills, manicured lawns, red brick colonials and ramblers. The Hillcrest neighborhoods are full of civic-minded, people, who love their neighborhoods.  The drives and scenery of Hillcrest are a source of pleasure to motorists and walkers alike. The surroundings are becoming more attractive each year with the well kept lawns and gardens, along with the natural beauty of the oaks, maples and dogwoods which flourish in Washington.

Hillcrest is conveniently located only three miles from the Capitol, and has an altitude of approximately 300 feet above sea level, higher than most of Washington. The pure air assured by this altitude, in combination with numerous mature trees, parks, green spaces, and unusually large lots, make these neighborhoods a more comfortable environment than most other Washington area neighborhoods, especially during the hot summer months.

Home prices are significantly cheaper than they would be in northwest DC, a three-bedroom home in the area sells on average for around $350,000, and that a comparable home in Georgetown or Capitol Hill would probably cost well over half a million.

While most of the homes are detached single-family houses, the neighborhood’s east and west corners are anchored by large condo and co-op complexes. To the west is Naylor Gardens, a 42-acre co-op campus built during World War II to house defense workers; at the eastern end is Fairfax Village, a tight network of townhouses and condos. Both are attractive, and remarkably affordable; $100,000 is enough to purchase a one-bedroom unit in either one.

So remember “The Silver Coast”, East of the Anacostia River.  It is truly one of DC’s best kept Secrets!

Many clients ask us ” should I buy a condo or a home”. That’s a great question and not easy for us, your realtors,  to respond to. The reason is because it all depends on your life style and you know better than anyone what that looks like.  When deciding on what’s best for you, it is also important for you to consider the differences between the two.  I have lived in a condo and in a house, each for 5 years so I do have some experience.

So let’s explore a few differences between a condo and a home.

When buying a condo you will need to pay for the condo fee. Many clients ask me ” what does that involve and how much is it?” A condo fee can range from $150 monthly to over $1000 a month. Why is that so  different? Some are old buildings and require a lot of maintenance, others are newer and don’t need any updates and maintenance. Some include utilities like water, electric, gas, heating and cooling, but the combination varies greatly. Some include assessments. Some condos have many amenities like a gym, pool, and concierge, so every condominium is different and the older they are and the more amenities they have, usually the higher their condo fee is.  We can help you determine if buying in a specific building is a smart buy or not. Condo fees also include what is called Master Policy Insurance that covers all the common areas and the walls of your condo. You still need to obtain your hazard insurance to protect your belongings and the inside of the condo but the cost is really low compared to a home, about $250  a year.

A home doesn’t have condo fees yet you will need to pay for your utilities and your hazard insurance will be much higher. Around $1200 a year or so. Hazard insurance will cover the amount of rebuilding your home in case there is a fire. Homes have a higher cost of maintenance. For example, if the roof goes you will need to pay for it vs in a condo the condo reserves would pay for it.

Another factor that will help you determine what’s best for you is your budget and the location where you would like to live. For example do you want a $500,000 condo in Dupont or do you want a $500,000 home in Petworth? Becoming familiar with neighborhoods, space, and price will be very helpful and we will be happy to help you with this.

You also need to ask yourself what your life style is going to look like in the next 5 to 10 years. Will you be ok in a condo or will you need more space and need a home to accommodate your future space requirements?

These are some factors you can think about when trying to decide what to buy. We can certainly help you figure out what’s best for you and at the end you will need to decide what’s best for you and your life.