Yanira Rodriguez’s Scope of Real Estate

As we have seen in the last week rates have declined and may continue to decline in order to improve our economy. This may be the only way we can strengthen the market and get potential buyers ready and willing to purchase their home. The fact is that this is a great time for anyone buyer wanting to purchase their first home. Prices have decreased in certain areas, rates have dropped, and sellers are offering closing cost help and in some cases extra perks! For example, I helped a buyer recently purchase a condo in DC where she received 3% closing cost from the seller, extra storage space, 1 year of condo fees paid and a parking space that was originally being sold separately. Great incentives in a buyer’s market!!!

If you are thinking about whether now is the time to buy, don’t hesitate or it may cost you later…..

On Monday, November 10, the DC Council passed the “Fiscal Year 2009 Balanced Budget Request Emergency Act of 2008”. There were no public hearings on this legislation. This emergency legislation closed a projected $131 million shortfall in projected 2009 revenues by agreeing to cuts proposed by Mayor Fenty. The Council then went further by creating a $47 million revenue surplus for possible further budget revenue shortfalls that are expected when the CFO announces revised revenue estimates in December and again early next year.Unfortunately, the Council created that $47 million surplus by freezing program funding scheduled for fiscal year 2009, but not yet implemented. One of those programs was $11 million dollars in increased HPAP assistance slated for 2009, but not yet used. If the CFO’s revenue estimates in December or February show signs of improving the Council can unfreeze the $47 million in reserves and move the programs forward again.

If you are a DC buyer, don’t be discouraged! Contact me and we can discuss some other options for you. There is always DC Bond money and the NACA program available to you. Let’s talk about it!

Have you checked your credit report recently? If you have then Kudos to you! However, if you have not, I suggest you do so. Your credit can reflect you in many ways these days. For example, automobile insurance companies now quote you based on your credit score. Which means in the future there is no way of telling what else our credit could be used to determine in our lives.

So I suggest that those of you who have not seen your credit report log-on to www.annualcreditreport.com where you may get a copy of your credit report from all three agencies (Transunion, Experian, Equifax). This sight allows you to request a copy of your report in seconds for 30 days once a year. You may want to begin by viewing one report first to see it’s accuracy. Not all reports from all three agencies will be identical. When creditors report to the agencies they can report to all or one. So it is very important that you not base your credit on one report. (Those checking your credit may pull all or several.)

If you should see anything on your report which is not yours, you may dispute it online immediately. It will then be reviewed by the agency and you wil be notified in the mail or you may check your status of disputes by securely logging back in and routinely checking for updates.

Also remember that you may dispute an item that has been on your report for well over the amount of time the are allowed to actually remian on your report.

Your report also contains your current and previous addresses. Review all the addresses and make sure that they are all addresses where you’ve lived. This will help you determine whether your identity has been stolen or if there were items on your report accidentally mistaken with someone of the same name as you.

Your credit is very important and must me checked regularly. In a market as the one we are in, your credit report will help you get the best possible rate out here.

If you are considering trying to purchase real estate, prepare in advance and make sure your credit report reflects all current accounts in good standing, no late payments, and seasoned accounts, and low balances. You’ll thank me later.

As I get calls from many Sellers ready to put their property on the market I make it very important to let them know how crucial it is that your property shows well. What do I mean by that? Well I mean that buyers right now have so much to choose from and you want to make sure yours sticks out among the rest. Make your the one they remember. Here are several things you can do to make sure your property is the most memorable from all the others in your neighborhood:

- Start with the exterior:

Make sure your property looks nice and clear or any debris.

Your lawn should be mowed, shrubs trimmed and your yard should be neatly kept. (This may include toys, bikes, etc) Sweep walkways and driveways.

 If your home needs painting or touch ups, hire a contractor or if you have experience do it yourself.

Check your gutters and clean your Chimney if you have one and have chimney covers installed.

The interior:

Paint the interior of the house if you haven’t done so in several years. You may think it looks fine but the best thing you could do to make your house look fresh is add a fresh coat of paint.

Make sure appliances are spotless inside and out or  appliances. (If you are  appliance, buyers love energy efficient appliances.)

De-clutter your kitchen cabinets and clear your countertop of excess. Keep only the basics on your countertop.

Replace any bulbs that are not working and replace any low watt bulbs for those with higher watts. Your home shows well when it is well lit

Open curtains and allow light to enter. Your home appears larger when it is light-filled.

Use plug-ins or candles to create a soothing scent. I always remember homes that smell good.

De-clutter closets and bedrooms with excess. The neater everything is the better it shows and the larger it appears.

Shampoo carpets and polish hardwood floors if necessary.

Remove extra furniture and items you don’t use.

Repair loose door knobs, leaking toliets, squeaky doors, and screen doors which are off track.

Repair cracks or leaks on your walls and ceilings.

Repair leaks in your bathroom faucets and kitchen faucets.

Re-caulk your tub if necessary.

Clean all windows including your storm door.

Systems:

Change your furnace filter.

Clean your water heater.

Have your systems serviced if you haven’t and keep your receipts.

 These “Tricks of the Trade” are sure to assist you in the sale of your home. Good Luck!

The FHA conforming loan limits in DC and certain counties in MD have changed to $729,750. Finally there is some relief to those needing to purchase without 20% down. Apparently the down payment amounts may be changing as well to 1.5% (of purchase price) instead of the 3% (of purchase price) that has been around for years. This will hopefully lift this market up and bring us more able and willing buyers. If you were thinking about buying but didn’t have enough money to use as a down payment, now may be the time to consider the FHA option.

With the great days of warmer weather than we’ve had in a while, it looks like buyers have surfaced onced again. Expect to see an increase in buyer activity. With rates still at a record low reported by Freddie Mac, why wait? Buyers, don’t be scared by this market and embrace it and ask questions. Now is a great time to take your time and make a calm and collective decision. You no longer have to make rushed decisions for fear that the property you are considering may be sold before you make your decision.

I’ve been viewing new homes with a variety of builders and it is unbelievable the decrease in list prices and the incentives they are offering. If you’re considering purchasing a new home, I definitely recommend doing so. Of course in this market you should be prepared with a down payment, a great credit score and minimal debt. These things will ensure your loan approval, a great rate and the home you can afford and desire!

The rates are once again rising if you haven’t noticed. They are anticipated to rise just a bit more but there really is no telling how high they will reach. The Spring market that we are gradually starting to enter may help out a bit. At least we all hope. Usually rates tend to decline a bit after the have increased. This is what we are all hoping for at the moment. If you are considering buying and don’t know whether to lock in now or want to see if rates decline, you are taking a risk by doing either. You may lock in now and get a great rate but you could also lose out if rates slighlty drop in mid March. So make a decision and feel good about it. Regardless homeownership is a great asset!!!

I have had many homeowners recently call and ask me whether now was a good time to sell and my response has been, “Only if you are required to sell due to employment, relocation, inability to make mortgage payments, avoid foreclosure or any other extraneous circumstance. Oh and let me not forget, if you are choosing to upgrade to a larger property.” It is very difficult to predict the real estate market. However, if you absolutlely have to sell, make sure you are aware of current market conditions for your neighborhood. Every neighborhood is currently going through its own changes. Some have seen larger drops than others and yet some have remained strong. If you decide to sell, make sure to set realistic goals for yourself as a seller. Price your property well, have open houses, a sign in front of your house, de-clutter your home if necessary, stage your home if it’s vacant, clear your home of any unusual odors (buyers love great wonderful scents!), and make sure your Realtor is marketing your property. These things aren’t guaranteed to sell your home but will assist in getting an offer sooner than later!

Welcome to Yanira Rodriguez’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in DC.