Consider JK Moving and Storage If Looking For A Mover In Loudoun County

If you’re looking for a local (or long distance) mover in Loudoun County, you may want to check out JK Moving and Storage. I just moved a few weeks ago and used them for the move. I was very pleased with their services and thought I’d share my experience with you…

• Matt Plumer (Sales Rep) showed up exactly on time for his appointment
• He was quick though not rushed and efficient in going through the house and taking notes
• Matt prepared a quote for me on the spot and explained exactly how he came up with that pricing
• He explained how JK comes up with their hourly rates and prices so that I fully understood their costs and how/where they make money
• Matt went over their insurance in detail
• I was given an arrival time of between 8 and 10am the day of the move. The movers should up at 7:45am (very happy about that)
• They used padding, carpets, wrapping, you name it…they made sure that everything was prepared correctly before hauling it to the truck
• They took apart the bed and other large items for easier transport
• They were quick yet, careful when carrying everything to the truck and they packed it well and safely inside
• They drove carefully and slowly while following me to the new house
• They were careful when carrying the furniture into the new house
• They put everything in the room that it was labeled for. If they weren’t sure, they asked
• They unwrapped everything and put things such as the bed back together
• They finished a little ahead of schedule and the final fee was actually less than what Matt had originally quoted me
• Everything was perfectly in tact, no scratches or dings on anything nor the walls, rails, etc.
• The movers were all very pleasant
• Matt called me afterwards to see how things went and to see if I was pleased with JK’s services

Overall, it was a great experience! I would definitely hire JK Moving and Storage again in the future.

Here’s Matt Plumer’s contact information in case you’re interested in contacting him:

• Email - mplumer@jkmoving.com
• Cell - 703.926.3874

Welcome to Loudoun Scene!

Welcome to Loudoun Scene - your source for what’s going in the real estate scene in Loudoun County. Though this blog is new, the background behind it is years old. After being co-author of LoudounStats.com and LoudounForeclosures.com, I have decided to start a new chapter of blogging and discussing Loudoun County real estate here at Loudoun Scene while continuing on with LoudounForeclosures.com on my own.

I hope that you find the information here to be useful and applicable to you in whatever stage of real estate you’re in - just curious, renting, owning, selling, buying or just keeping up with what’s going on with the Loudoun County real estate market.

If you ever have a question or concern that has not been addressed by a post on the blog, just contact me and I’ll be happy to answer it for you and post it up on the blog for reference by you and other readers.

And please sign up for the RSS feed or email updates (right hand column of page) so that you can save time by getting the posts and comments sent directly to you.

Thanks for stopping by and joining in the discussion!

-Danilo

Read Reviews and See Pictures Of Properties With No Pictures or a Virtual Tour

If you’re a home buyer looking at properties online that don’t have pictures or a virtual tour available, you’re probably a bit frustrated. Well, this may ease your pain a bit… There is a "Wiki MLS" called FranklyMLS.com that is available to anyone and everyone (not just agents). It allows for Buyer’s Agents to leave their comments/reviews and upload photos of properties they’ve visited.

Most of the properties that don’t have pictures or a virtual tour are bank-owned or relocation company owned so they’re vacant. Because they’re vacant, there is no issue with taking pictures of the interior* as well as the exterior.

*The site only allows photos of the interior to be uploaded if the property is vacant.

And the pictures are hosted on platforms such as PhotoBucket and Picassa, which allow for 30, 40, 50+ good-quality photos in thumbnail or slideshow formats. This is more than most of the big name listing sites such as Realtor.com and HomesDataBase.com that allow up to 30 pictures only even with an "enhanced listing".

The nice thing about the reviews and pictures is that they’re done by a Buyer’s Agent, not the Listing Agent who is working directly for the seller. Buyer’s Agents are not trying to embelish facts or take pictures from the "best angle" in order to market the property for sale. The site allows for more honest reviews and pictures.

The site is fairly new and the number of participating agents is low so not all the vacant properties have been reviewed yet. But it’s definitely gaining momentum, participation and visitors and is getting better as time goes on.

So if you run across properties in Loudoun County that don’t have pictures or a virtual tour available, search FranklyMLS.com for the property and any reviews and pictures. If there aren’t any pictures or a review, contact me and I can go take some for you while I’m out previewing .

***To check out a sample review and photos, check out this property listing and my review and photos at the bottom of the page. To check out other reviews I’ve done recently, click here.

-Danilo

Loudoun County Real Estate Market Showing Continued Signs Of Strengthening

Yes, folks…you read that correctly. The Loudoun County real estate market is showing continued signs of strengthening.

And here’s the proof:

1) The rate of new properties coming on the market is decreasing (supply).

• From May 1 to May 23, 2008, Loudoun County had 770 new properties/listings come on the market. That’s an average of 33 new listings per day. That’s down from 924 new listings during the same time last year, which came out to 40 new listings per day. That’s an 18 percent decrease in  the rate of new inventory from this time last year. (Remember, less supply/inventory is key to a stable and balanced market)
• The pace of new listings in May (33 per day) is down from last month (April), which saw an average of 36 new listings per day come on the market. That’s an 8 percent decrease in the rate of new inventory from last month.

2) Buyers are increasing in numbers and making a move after sitting on the sidelines (demand).

• So far this month, we’ve had 490 properties go under contract. This is an average of 21 per day. During the same time last year, we saw 404 homes go under contract (18 per day). That’s an increase of almost 17 percent in the number of homes that are selling this year versus last year.
• Also, last month (April ‘08) saw an increase of 38 percent in the number of homes that went under contract as compared to April 2007 ( 655 in April ‘08 versus 481 in April ‘07)

3) The percentage of total listings that are foreclosure/bank-owned and short-sale properties has stabilized.

• For the post with details about that, click here.

That’s less supply, higher demand and stabilization in the distressed property area - a winning combination.

So you see, it’s actually getting better, not worse. The worse is over with prices having already come down 20 to 40+ percent from the peak in August 2005. "The sky is falling mentality" that is prevelant today should have been around last year and in 2006 when it really was falling. But it’s not the case today.

-Danilo

Short-Sales Becoming A Popular Option In Loudoun County

An ever increasing number of properties listed for sale in Loudoun County these days are "short-sales". It used to be that most were bank-owned and some were short-sales. Nowadays, it’s about 50/50. It seems that home owners are viewing a short-sale as a possible option "out" now more than ever before.

But what affect do short-sales have on buyers and the Loudoun County real estate market?

Many of the emails and calls I get from buyers are in regards to a property they think "is a great deal". But it’s a short-sale. Yes, they can be a great deal. But they’re not your typical real estate transaction.

• Has the seller already contacted their bank and started the negotiation process?
• Have they submitted all of the necessary paperwork?
• Was it completed correcty?
• If there is more than one lender/bank involved, have all parties been contacted?
• If there is a second (or third) lender/bank, is there a good chance that they’ll agree to basically walk with nothing?
• Are there outstanding judgments or other liens against the property?
• Does the buyer have 2, 3 or even up to 6 months to wait for an answer?
• Does the buyer have the time and money to make all the necessary repairs on their own (short-sales are always sold "as is")?

In many instances, the answer to at least some of these questions is "no". Well, the answer has to be "yes" to all of them in order for a short-sale to have a decent chance of actually selling/closing. Otherwise, the buyer may be dissapointed at the negative outcome and/or be homeless because they had to be out of the current residence and don’t have a new place to call "home".

Another thing I’ve noticed is that many of the short-sales seem like they’re not as bad off as they lead the bank and public to believe. They have a new Mercedes parked out front, 2 or more top-of-the line plasmas inside, a high-end surround-sound system in the family room or basement, lots of cool new computers and tech gadgets (that aren’t cheap), they just got back from a vacation in the Caribbean, etc.

One thing to remember is that the bank will audit the borrower to the Nth degree. If they find that the borrower is not in extreme financial hardship or has spent their money on non-essential things (see above paragraph), they will most likely reject a short-sale. This leaves you, the buyer, without a home and up to several months of your time wasted while waiting for a response.

Overall, short-sales are giving many buyers a false sense 0f "I can get a great deal and without many headaches". That’s not entirely true. Unless you have a lot of time, patience and energy to deal with a short-sale, stick with bank-owned properties, relocation company owned properties and "regular" resales.

-Danilo

Want To Sell, But Owe More Than The Property Is Worth?

"What should I do if I want to sell my house, but I owe more than what it’s worth?" is a question that’s been popping up everywhere - in person with perspective seller clients, on Zillow Q&A, Trulia Voices, in conversation with people I’ve just met, etc.

Well, here’s the answer:

If you owe more than what your net proceeds* from the sale of your property will most likely be, then you have 6 choices:

1. Don’t move and wait until the market value start coming back up (3 to 5 years, maybe more)
2. Move, but rent out the property until values increase (see #1 above). You may incur a monthly loss because rental rates are very low.
3. Bring money to the table to make up the difference (however you come up with that is up to you)
4. Use a "Limited Services Agency" broker/agent that will only charge you about $500 to put your property in the MLS, but you still have to pay a Buyer’s Broker/Agent something (anywhere from 2 to 3 percent, I recommend 3 percent)
5. Try to sell it on your own (For Sale By Owner) to avoid all commissions. But you won’t have exposure to any Realtor and it’s much harder to sell you property that way.
6. Try and negotiate a "short-sale" with your bank. But they will audit you and it’s similar to an IRS audit (not pleasant). You will have to prove extreme financial hardship and the chance of approval is slim to begin with. It’s almost none if you just don’t feel like living there, but can afford the payments.

*How do you figure out what your net proceeds will be? It’s called a "net sheet" in Realtor-lingo. Here’s the simple formula/equation:

Fair Market Value (minus) what you owe on your mortgage(s)/equity line, etc (minus) Realtor commissions (minus) seller closing costs (equals) net proceeds.

The one variable is Fair Market Value. But a good and honest Realtor will give you a number that should be very close if not right on the money when it comes to the fair market value at that particular point in time.

So there it is folks - the real, honest answer. It may not be pretty, but it is what it is.

-Danilo

“Give Me Your Best and Final Offer” Means Just That

If you think you’ve found a great deal on a property, you’re probably not the only one who’s found it. Because of that, you may be in competing offers. If you are, your Buyer’s Agent will probably say something to you like:

"The seller/listing agent has asked for your ‘best and final offer’ by 5pm tomorrow."

Attention buyers: "Best and Final Offer" means just that - "Best" and "Final". Once you submit your "best and final", the seller will choose the one that they wish to go with and that’s it.

There is no coming back later and saying:

"But I would have gone up as high as the other offer, if not even higher!"

If you could have, then you should have as part of your "best and final" offer. The seller will not (and legally can not) get out of a ratified contract with another party simply to accept your "after the fact" offer because it’s higher or better.

Some buyers think that they listing agent may be bluffing in order to get you to come up in price. You could be right, but you need to know that the second that agent gets caught lying, they will be immediately be brought up on an ethics complaint and every agent/broker in the area will know about how unethically and dishonestly they conduct themselves. You think they will ever be able to bluff or get more out of a buyer again?

In reality, agents do not bluff for this and other reasons so treat a "best and final’ offer request as just that. And know that there are other offers on the table that you’re competing with so now is not the time to try and get the ‘"best deal" - the property is obviously a great deal already.

My advice is this…If you’re in competing offers and get a request for your "best and final" offer, go to the top of what you are willing to/comfortable paying for the property. If you end up losing the deal because someone went above your highest amount, then you won’t be upset because you were already at the top of what you wanted to pay. But if you lose a property and a great deal over $5K or $10K knowing that you didn’t offer as much as you were willing to, you’ll be upset at yourself for a while to come.

-Danilo

Related Articles:

"Multiple Offers In Loudoun County Not As Rare As You’d Think"

Washington Post Article on Luxury Foreclosures Features Danilo Bogdanovic

Do You Have A Spare Sump Pump Handy?

The recent percipitation in Loudoun County has been more of a continous "cats and dogs" down-pour than rain and it’s forcing sump pumps to work overtime. In fact, it’s caused many people’s sump pumps to burn out completely and now their basements are getting water in them.

If you’re one of the people whos’ sump pump has burned out and are looking to buy a new one, you may have a hard time finding a place that has any left. The Ashburn Home Depot is sold out of sump pumps as are many other place in the area that normally sell them.

If you don’t have a spare sump pump handy, you may want to consider buying one and keeping it handy in case something like this happens again. Even if you’re a renter, you may want to contact your landlord and ask they they pay for a spare one to keep handy. It’s cheaper for the owner to spend a few bucks now than to pay for more costly repairs should the current sump pump stop working and the basement floods.

-Danilo

Dulles Metrorail Project Revived, But Still Faces Hurdles

After previously scrapping plans to continue with the Dulles Corridor Metro Rail Project, the Federal Transit Administration (FTA) announced that they are reversing their stance and are proceeding forward.

The FTA said it will move the Dulles Rail Project into the Final Design stage of their New Starts Process. The FTA said they will commit $158.7 million to use toward completion of a financial plan, construction plans, detailed engineering specification and cost estimates, and other technical requirements.

This is a crucial step, but there is still not a definite "yes" to the $900M needed to complete the project. In a letter to Governor Tim Kaine,  Transportation Secretary Mary Peters expressed several concerns the FTA has about the project including this one:

"Additionally, with respect to the Project’s cost and schedule, we appreciate the ongoing efforts to mitigate the risks to the public sector associated with the management and delivery of the Project. But we believe that the project still represents substantial risk to the taxpayers, and we urge you ton continue efforts to reduce public exposure and transfer risk from the public to the private sector."

One thing I noticed is that the letter starts off with:

"…the Federal Transit Administration…intends to advance the Dulles Corridor Metrorail Project - Extension to Wiehle Avenue into the Final Design stage…"

Notice that the letter only mentions the extension to Wiehle Avenue in Reston. There’s no mention of the Final Design stage for the Loudoun part of the rail. It appears that the Loudoun part of the project is last on the list of priorities.

This is definitely great news, but we have a ways to go. Baby steps…

For more information, check out the follow articles/links:

"Dulles Metrorail gets FTA support" (U.S. Department of Transportation)

"Proposed Extension To Dulles Revived" (Washington Post)

"U.S. changes course on Dulles airport rail plan" (Reuters)

"Dulles Rail Project Faces Cuts as Costs Swell" (Washington Post)

-Danilo

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