The Chin Sells Team at Weichert Realtors

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West Point Graduate (Ed Urbaniak) and his team of professionals here to help you with you Real Estate needs.

Triple Dip–Housing Prices to Head Down!
10/31/2011
Triple Dip–Housing Prices to Head Down!

Triple Dip–Housing Prices to Head Down!

Yikes!  Just heard this on CNN along with a scary chart.  Then I found their article on their site. 
Before you panic, remember that all markets are local.   The article reports that first bottom was in 2009 when prices fell to 31% below  peak.  The second was last winter where it was 33% below the peak.  They are now stating that another low spot of 35% below peak will be reached...

Time to Winterize
10/29/2011
Time to Winterize

Time to Winterize

It is October in Virginia and we woke up to our first snow this morning.  While it may not be below freezing, if you are done with your garden hose, it is probably a good time to winterize your hose bibs.  Hose bibs are the faucets that your garden hose connects to.
Hose bibs come in two styles.  Frost free hose bibs look like this.  These hose bibs generally do not need...

10/28/2011
20% higher!

20% higher!

Nope this isn’t about the price of homes in our area. Yes, those are up for the past three years, just not quite 20%.
Redbox video announced today that they will increase DVD rental prices from $1 per night to $1.20 per night. There is a phased approached.
Rentals from today through October 30 will be $1 per night.
Rentals from 10/31/11 through 11/30/11 will will be $1 for the first night and $1.20...

10/27/2011
Updated Days On Market

Updated Days On Market

After a short break from blogging (due to a family illness).  I’m back.
I’ve updated our days on market chart.  This year is following historic lines.  Its fall.  Days on Market is increasing.
Click here for the updated chart.

Four out of five dentists (and other home sellers)…
03/16/2011
Four out of five dentists (and other home sellers)…

Four out of five dentists (and other home sellers)…

…would recommend a Realtor on their next transaction.
Home Gain did a survey of over 1000 people who sell their last home.  Some interesting stats:
83% of the sellers used a Realtor.  17% went it on their own.-For Sale By Owner (FSBO)
59% of the sellers who used a Realtor sold their home.  39% of the FSBO sellers sold their home.
81% (4 out of 5) of the FSBO sellers said that they would use...

Current Interest Rates
03/07/2011
Current Interest Rates

Current Interest Rates

Interest rates have been hovering between 4.25% and 5.25% in the past six months.  With a low of 4.25% in November and high of 5.25% in December.  Today’s rates are about 4.875%.
If you missed your opportunity to purchase last fall, your interest rate today is .625% higher.  That doesn’t sound like much, right?
take a look at this example.  you purchase a home for $430,000 and put 3.5% down.  Had you purchased...

Price and Cost
03/02/2011
Price and Cost

Price and Cost

In the DC metro are, homes hit their high price in June of 2005 and their low prices in March of 2009.  People often ask me if the price of homes will go down again. The national news likes to talk about a “double-dip” in Real Estate prices.
After the tax credit expired last year, our market cooled a little.  In some parts of the region, prices even decreased a little.  Over-all,...

4 Types of Sales (Are foreclosures the best deals?)
02/13/2011
4 Types of Sales (Are foreclosures the best deals?)

4 Types of Sales (Are foreclosures the best deals?)

I see people asking about foreclosures all of the time.  The supposition is that foreclosures are the best deals.  Some people think that the banks are so anxious to get the foreclosed home off their books that the homes are priced 10% or more below market value.
I recently publish links to free lists of foreclosed homes in our area on this blog, but that isn’t what today’s post is about....

Failed Loan Modifications
02/07/2011
Failed Loan Modifications

Failed Loan Modifications

The HAMP program has helped some homeowners, but hurt many others.  With the structure of the HAMP program, some banks are making extra money by checking the boxes from the program and earning their bonus.  Unfortunately, the banks still foreclose upon some of the homeowners making this program a disgrace.
See this MSNBC video about the HAMP program:

 
If you are facing foreclosure, you only have so much time to act.  We recommend...

Lowes at almost 20% Off!
02/06/2011
Lowes at almost 20% Off!

Lowes at almost 20% Off!

Lowes is running a special for tax season.   This is how it works:
Purchase a “Tax Refund” card from Lowes between February 8th and March 14th in the amount of $500 to $4000.
On March 18th, they will add 10% of your original purchase amount back to the card.  So, if you bought $4,000, they will add $400.
Wait, you say, that is only 10%!  Where is the “almost 20%”?
All of my customers know,...

LinkedIn Skills
02/04/2011
LinkedIn Skills

LinkedIn Skills

Today, LinkedIn added a new section called skills.  I know that this isn’t Real Estate related, but I’m a well-rounded person. 
Go to www.LinkedIn.com/skills and search on a skill that you have.  Then you will be taken to screen that looks like this:

Add each of your skills and they will appear on your LinkedIn profile.

Foreclosure Listings—Free?
02/03/2011
Foreclosure Listings—Free?

Foreclosure Listings—Free?

Everyone wants to buy a foreclosure.  After all, they are the best deals.  Right?
Put yourself in the bank’s shoes.  If you had something that was worth hundred’s of thousands of dollars would you:
A) Sell it for some percentage well below its value just  to get rid of it.
B) Hire a professional that you know can get you the full value for the property.
C) Put it on some obscure list that people...

Buyers take note — Home Prices Increasing
01/31/2011
Buyers take note — Home Prices Increasing

Buyers take note — Home Prices Increasing

If you are like me, you watch the national news.  This is great for politics and the national economy.  However, when it comes to housing, a national trend means absolutely nothing.

I’ve been watching the talking heads talk about a “double dip” in housing.
In the DC metro area, we hit the bottom of our market in March of 2009 and have been increasing or flat each month since.
But what will happen in...

01/28/2011
Renting vs Buying

Renting vs Buying

I found a nifty calculator online that really accounts for everything.
It can be found here: http://www.nytimes.com/interactive/business/buy-rent-calculator.html
First, I disagree with some of their default assumptions and suggest that you change them for our local market.
1 ) Change annual home price change to +3% and rent increase to +5% (see below)
2 ) Change down payment to your situation
3 ) Change interest rate to a current rate (today about 5%)
4 ) Property Taxes...

12/07/2010
Slight Market Rebound from October

Slight Market Rebound from October

Each month, I participate in Credit Suisse‘s Realtor Survey.
The survey takes the sentiment of Realtors and quantifies it.  October’s number looked very bleak for the Washington DC metro area.  November’s numbers showed some improvement.
According to the survey…. Buyer traffic didn’t decrease as much as it did in October.  Home prices decrease but not as quickly as October.  Inventory of homes available for sale decreased for the first time since May.  Length...

12/02/2010
Call to Action

Call to Action

Do you own a home?  Do you deduct the mortgage interest when filing your taxes?  If so, please take a moment to contact your senators and member of congress.
It is estimated that US homeowners save 131 billion dollars each year by using this deduction.  In an effort to raise money, this deduction is being reconsidered.
If you like saving this money, please take action today.

Selling your neighborhood–Its all about the Lawns!
11/16/2010
Selling your neighborhood–Its all about the Lawns!

Selling your neighborhood–Its all about the Lawns!

Well, its mostly about the lawns.  Relocation.com did a survey about attitudes regarding moving.  An interesting portion of the study stated that the single most important factor in determining a neighborhood’s safety for home buyers is the “Upkeep of homes and front lawns” (75%).  Close second and third were “Word of mouth reputation” (74%) and “local crime reports and statistics” (67%).
You can’t do much about numbers two and three, but maybe...

Veteran’s Day
11/11/2010
Veteran’s Day

Veteran’s Day

Hello fellow Veteran’s.  I wanted to take a minute out of my day to thank you for your service to our country.
There are many companies out there offering discounts to Veterans today.  Here is a list:
Veteran’s Day Discounts
We at the Chin Sells Team would like to offer a special discount to any Veteran during the month of November....

11/04/2010
Housing Glut, an interesting perspective

Housing Glut, an interesting perspective

How often have you heard this, “there are a lot of foreclosures, that is why there are so much housing inventory?”
I read an interesting article by Alan Heavens.  It discussed the creation of households.  With the strong economy at the beginning of this decade households were being created at about 1.3 million per year....

Luxury Homes in the DC Metro Area
11/03/2010
Luxury Homes in the DC Metro Area

Luxury Homes in the DC Metro Area

Here are the most expensive homes listed in Virginia, Maryland and The District of Columbia.
 
In Fort Valley, VA asking $20,000,000
 
Click the Photo to see the full listing.
 
282.85+/- acres bordered by GW Nat’l Forest. Offering includes 8 bldg. lots, church, stone chapel, 7 homes including 3 custom log homes, updated farmhouse, picnic pavillion w/water & cooking area, 2 spring fed ponds, barn, schoolhouse, abattoir & food service bldg....

Bad news for the nation?  Good news locally!
10/29/2010
Bad news for the nation? Good news locally!

Bad news for the nation? Good news locally!

The Standard and Poor Case-Shiller Home Price Index was released this week with August figures.   To read the national news, it sounds like all gloom and doom.  Look at this first chart:

This looks bad.  Right?  There it is a dip at the end of the chart.  Read closer national media....

10/29/2010
Hello world!

Hello world!

We just migrated to Word Press.

10/29/2010
Updated Days On Market

Updated Days On Market

September Days on Market chart is out. 
Fairfax county remained constant at 54 days average to sell a home.
Prince William County improved slightly with 43 days average to sell a home.
DC and Loudoun counties both increased the average days to sell a home with 66 and 56 days respectively.
The days on market chart is always posted in the links section here.
Go to http://www.thechinsells.com/content/article.html/2487867 to see the updated chart.

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1760 Reston Pkwy
Reston, VA
20190

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