Another Great Real Estate Listing Exchange!

It was a terrific turnout – we had 25 people attend. Thanks for all who came out to be educated! Here is a synopsis of what was discussed. Hope to see more of you next time!

Scott MacDonald:

Market Update…builders have said activity and contracts have been up. The summer lull is gone and activity is picking up. Great news for us! In talking to other agents, they are saying the same thing. It’s important to tell your sellers that the market is still price sensitive. There is still activity, but it’s important to get the house priced right to get it sold quickly. We are still seeing multiple contracts. BPO’s are picking up as well.

Leslie Wish – SunTrust:

Rates continue to be great. Phones are ringing off the hook with buyers wanting to close by the end of the November. It is better to close prior to Thanksgiving and not wait.
Lenders are skittish on condo loans because of litigation against the condo association – any litigation no matter who is suing whom, no conventional loans – FHA loans will allow “some” litigation. Lender questionnaire will bring to light lawsuits and delinquencies.

Scott Mayhew – NuStart Credit Restoration:

Pull credit report to see what issues are with the report. Typical problem takes 90-120 days. Process starts with letter writing – it is a must. The letter must state name, address, loan number, discrepancy, timeframe to correct and expectations of resolution. Only way to dispute discrepancy is to state the loan is not late or not mine – this is the only way to get it removed. The letter must be signed in blue ink. Lender has thirty days to respond with exact amount owed and details of delinquencies. Consumer must write letter – not company. Proof of accuracy letter must be returned by lender – if not, need to send another letter stating they have violated. Paying off credit cards end of month doesn’t give you a great credit score. Inaccurate data CAN be removed from credit report. If your mortgage is 30 days late, it will show up on your credit score is 100 point deduction, it used to be 40 points. Credit rating goes from M1 to M9. M5 is about a 40 point hit. Tell short sale clients to have bank say paid in full as agreed and not to rate short sale higher than an M3. Fee to correct is $395 one person $495 for two.

Keith Barrett – Champion Title

New HUD form is coming out January 1st – you have to be prepared if you want to keep clients happy. Get caught up on all the changes at 4900 StoneCroft Blvd., Chantilly, VA 20151 on October 28 from 2pm to 4pm.

What in the world is going on with Northern VA real estate?

Well, we are starting to see more activity lately at our listings, more homes are selling than are going on the market reducing our inventory levels, builders are seeing increased activity and sales as well, rates continue to fall, prices are remaining stable, and now is a fantastic time to be in the Northern Virginia real estate market whether buying or selling. What else could contribute to our market? We continue to have low levels of unemployment locally compared to the rest of the country – which is a huge positive for us. As a matter of fact, Virginia was ranked number 1 for the 4th consecutive year as the best place to do business. Jobs drive the housing market – just look at Detroit as an example of how employment has affected their total real estate market.

What is on our forefront? There continues to be the threat of more foreclosures coming on the market but we haven’t seen it here in our area yet. We have the impending expiration of the First Time Buyer $8,000 Tax Credit or do we? In speaking with the Former Governor, now Senator, Mark Warner, he indicated he was voting to extend the credit. Many others in support of this initiative believe this will keep momentum moving in a positive direction with our recovery from the recession as the Housing Market has such a large impact on our national economy. Interest rates may creep up – but they are so low, they have to increase at some point. Basically, as stated above, we are fortunate we have the fundamentals to be one of the top real estate markets in the country.

Cast your Vote!

Vote for Scott MacDonald for NVAR Board of Directors!
Friday's the deadline, so cast your at www.nvar.com today!

An enlightening weekend

As a Realtor, you never know who you will run into to discuss our business. This weekend was no different for me. I was invited to attend a political function for an incumbent who is attempting to keep his seat as a delegate for our area. Of course, Chuck Caputo is the right candidate and the right person for the job and, for our area, we need him to be re-elected. His views on education, business and transportation for our area far exceed his competitor’s opinions on how to continue to run our region and for us to stay the number one state to do business in 4 years in a row.

But I digress, at this function I had the opportunity to meet Mark Warner and we discussed our local real estate market. Our conversation included inventory levels, supply and demand challenges, trends in housing prices, profiles of our purchasers, as well as HVCC and the First Time Buyer $8,000 Tax Credit. Over the last several years, we have discussed the need to know your numbers, and know the trends in our business and to have them ready to discuss at any time. As a result of staying abreast in these areas, I was able to accurately convey why we need to address the HVCC issue but more importantly, the need to extend the First Time Buyer Tax Credit. In our discussion, he told me he was going to vote to extend the credit! It is a wise decision to keep the housing sector of our economy moving forward and to help continue to bring our country out of the recession. When it comes to making the right decisions about our economy, we need to knock down political affiliations and work together for the common good. Get it? Got it? Good.

Now, go sell something!

Social Media Training

Please attend the free event at NVAR – rebarcampdc.com October 27, 2009 – 8:30 – 5. Please RSVP soon to make sure you get in!

Blogging is an important part of your internet presence – 73% of internet users have read a blog.

Google loves blogs – to get higher in the searches on various search engines – you’ve got to blog.

Blogs enhance your image on the internet.

Use http://technorati.com/ to “ping” your blog and get higher in search engines.
Incorporate videos and hyperlinks into your blogs.
Blogging allows you to present your internet presence to sellers in listing presentations.

Provide information on market, neighborhoods, and industry news to show your expertise in real estate.

Tips for blogging: www.davidrisley/2008/11/50-rapid-fire-tips-for-power-blogging/
Ed says – change or die! Remember when people complained about the new electronic lockboxes…

Here is the presentation from today!

As usual – THANK YOU Kendall and all of our attendees!
Now, go sell something!