RE BarCamp Virginia “Big Announcement” Gets Leaked Ahead of Time

One of the highlights of RE BarCamp Virginia was supposed to be a big announcement as to who was hired as NAR's Social Media Manager. Many of us, including local and state Realtor associations, were told that RE BarCamp Virginia had the honor of making the announcement and we all acted upon what was told to us.

Unfortunately, the announcement was intentionally made ahead of time - for what reason, I don't know. For details, check out this post over at VAR buzz.

Nevertheless, RE BarCamp Virginia will still be packed with lots of hands on training, labs, tips and tricks, peer-to-peer learning and networking. I'll be there on Monday, 3/2 for the group dinner and happy hour starting at 5:00pm as well as the actual event on Tuesday, 3/3. See you there!

$8K First-Time Home Buyer Tax Credit Now Available, Explained in Detail

Though I'm sure you've already heard the news about the new $8,000 first-time home buyer tax credit, I wanted to share three excellent articles and resources that do a great job explaining in layman's terms.

The first article and resource is from U.S. News & World Report. Here's an excerpt:

1. Eight grand, new buyers: The tax credit included in the economic stimulus legislation is much narrower than the $15,000 proposal. This credit is equivalent to 10 percent of the purchase price of the home–although it's capped at $8,000–and applies only to first-time home buyers and principal residences. But unlike an earlier $7,500 home buyer tax credit, this one does not have to be repaid.

2. First time buyers defined: For the purpose of this legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. (The date of purchase is considered the day that the title is transferred.) That means if you've owned a vacation home–but not a principal residence–within the past three years, you would still qualify for the credit.

3. 2009 buyers only: Only those who purchase a home on or after January 1 and before December 1, 2009 are eligible for the credit. Anyone who bought a home last year won't be able to take advantage of it.

The second is from Jay Thompson (aka The Phoenix Real Estate Guy). Here's an excerpt:

Will this revised tax credit stimulate a housing market recovery? Maybe. Maybe not. Personally, I think the Senate’s version which was a $15,000 tax credit (that could be evenly split over two years), wasn’t subject to income restrictions and most importantly was for ALL, not just first-time, buyers would have been more successful. But that’s water under the bridge. It’s gone. What we have is what we have. This is a nice incentive for first-time buyers, and the fact that it is both refundable and does not have to be repaid is a significant improvement over the existing “credit” (which was really a zero interest loan).

The third is from Ben Martin over at VAR buzz. Here's an excerpt:

If you’re thinking…

“Oh great! Just as I had figured out the 2008 first time home buyer’s credit, they go and pass a new one with different rules!”

Fear not!

Here are two handy-dandy resources from NAR that will help you make sense of it for yourself and your clients.

I'll end this post by quoting Jay Thompson… "I am not a tax professional, nor do I play one on TV or the Internet. You should seek advice from a CPA or professional tax preparer. If the IRS comes after you with guns blazing for anything you read in this post or anything you think you read in this post, it’s not my fault. Seek professional help!"

Other related articles:

First Time's a Charm - The Wall Street Journal/Market Watch

Economist Dr. Stephen Fuller Talks About Local Housing Market, Economy

Dr. Stephen Fuller, one of the region's most followed economists and Director of the George Mason Center for Regional Analysis, spoke the other day on where we've been and where we can expect to be heading in the near future. Here's a summary of his presentation and PowerPoint (thank you to Kim Spear for sharing this with me/you): 

• The first quarter 2009 will be the worst quarter since the 1982 recession, which lasted 16 months.  He predicted that the recession we're in now will last between 17 to 19 months. Where are in that cycle? The 14th month.
• So what's the good news? "By the time you're back from your summer vacations our regional economy will start to perform better," said Fuller. (I'm ready to start my vacation now.)
• The DC region will enter a recovery cycle in about 5 to 6 months. As before, our region will bounce back before most of the nation.
• Need to buy a house? The residential market is about through its downward cycle here. Residential permits for housing in the District were higher in December 2008 then they were in December 2007.
• Need to finance a house? He predicted that mortgage rates would drop to around 4% within the next two months; and, most likely increase to between 6% - 7% by 2011 due to inflationary pressures.
• So what about the job market? Unemployment usually lags behind the economy by about two years. The unemployment rate will most likely rise to 9.5%, peaking in the first quarter 2010. Nationally, job losses could continue through 2011. Predictions for job growth for the DC metro region in 2009 are between 20,000 - 23,700 new jobs (these are full-time workers - not self employed, contract workers, or part-timers). Our average job growth is around 45,000 jobs per year in this region.
• The Federal government will increase its presence in our market growing to  33.3% of the employment sector. Associations will shrink some, and health, education, and the professional service sectors will continue job growth.

Now I know that Dr. Fuller is a highly-educated and highly-followed economist in the area and I'm just a "real-a-tor", but I will have to respectfully disagree on a couple points:

1. "The first quarter 2009 will be the worst quarter since the 1982 recession" - Not when it comes to real estate in the area. January and February have seen quite an up-tick in buyer demand while inventory levels having been steadily dropping since the middle of 2008 and are at the lowest level in years. Buyer demand is up and properties are moving faster than they have in recent years. Multiple offers on good deals are extremely common nowadays. (Even if he's right on this one, at least the worst will soon be behind us)
2. "…mortgage rates would drop to around 4 percent within the next two months…" - I'm not quite sure about that. The Fed did everything they could to lower the rates to 4.5 percent and that still didn't happen. With the economy getting worse and lenders outwardly saying that they aren't loosening lending guidelines anytime soon, where rates are today is about as low as I see them going. And even if they do go lower, I don't see it happening within the next two months. I'll definitely come back to this discussion in a few months to see who was right (though I would love to be wrong on this one for the sake of borrowers/home buyers).

Capital Home and Garden Show Starts Tomorrow

The Capitol Home and Garden Show starts tomorrow (Thursday, 2/26) and goes through Sunday, 3/1. It's a great place to check out and compare all the local and national vendors in attendance, get remodeling ideas, check out prices and see what's new in the home and garden world.

The event is being held at the Dulles Expo Center in Chantilly, VA. Dates and times are Thursday 5:00pm to 9:30pm; Friday 10:00am to 9:30pm; Saturday 10:00am to 9:30pm; and Sunday 10:00am to 6:00pm. Tickets are $12 at the door or you can save $3 by buying them online.

I'll be at the Virginia Homeowner's Alliance booth (booth 1051) on Friday from 3pm to 6pm and on Saturday from 1pm to 5pm - stop by and say hello if you're there during those times.

And if you're in the market for granite, marble or Miele appliances, be sure to check out Dominion Granite and Marble (booth 2015) - the owners of the company, Eric and Austin, are good friends of mine and their company does incredible work.

Click here for the booth number of each vendor/exhibitor at the Capital Home and Garden Show.

Brambleton Launches “Immediate Delivery/Spec Home” Blog Site

Brambleton has officially launched their new "immediate delivery/spec home" blog site. The site provides information about all the immediate delivery/spec homes currently available in Brambleton. The site is a great resource for buyers (and agents) looking at immediate deliveries/spec homes in Brambleton.

It's nice to see Brambleton and the builders within the community making it possibly for buyers and agents to get information on all immediate delivery/spec homes in one place. I hope other communities take notice and follow suit.

SEARCH FOR HOMES FOR SALE IN BRAMBLETON

Gulick Group Lowers Base Prices, Revises Products in Brambleton

I just stopped by to see Todd Shea over at the Gulick Group model home in Brambleton to see what was going on with Gulick, their homes, base prices and lots. I was pleasantly surprised after learning about Gulick's new lower base prices, incentives, revised products and available lots - many of which back to water.

Base prices on their Garden Terrace series (3-car garage) have been reduced as following:

• The Hampton model - was $884,900 - now $769,500
• The Townsend model - was $914,900 - now $799,500

Base prices on their New American series (2-car garage) have been reduced as following:

• The Brentwood model - was $797,900 - now $677,500 or $727,500 (depending on section)
• The Ashcroft model - was $842,900 - now $699,500 or $749,500 (depending on section)

Gulick is offering $30,000 in free options and $10,000 in closing costs (regardless of lender-a huge plus). Considering Gulick homes come standard with a lot of the things other builders consider "options", that $30,000 can go a loooooong way.

For example, 4-sides brick, granite countertops in the kitchen, stainless steel appliances, high-quality double-hung windows, 42" cabinets, hardwood, etc., are all standard.

One way you could use that $30,000 is to finish off the rec room, full bath and game room in the basement. Or you could upgrade all the appliances in the kitchen for $3,800, put granite in the bathrooms for $1,200, upgrade the padding and put tile in the laundry room for a few thousand, etc.

The point is that you don't need to spend a lot of money on options because Gulick homes come loaded to begin with. So basically, you could put in some really nice options and not even spend more than the base price.

The only place where you may have to spend a bit more is on the lots that back to the water - they're $20,000 more than the lots that back to other homes. Twelve out of the fourteen lots that back to the water have walk-out basements (the other two are walk-ups). Though the non-water lots don't have walk-out basements, their lots are slightly bigger.

The one thing Gulick also did was revise some of the models so that you could get either a front load OR rear load garage - something not previously available. This gives you more options as far as which model you can put on which lot.

Delivery dates are 7 to 8 months (Gulick is good about staying on schedule). The Earnest Money Deposit needed to move forward is $60,000 which can be given to them all at once or broken up into 2 or 3 equal payments over 30 to 60 days.

If you're looking to move within 30 to 60 days (or less), Gulick does have a fully loaded Ashcroft model which backs to the water available for immediate delivery. It's priced in the mid $900K's.

If you're interested in taking a look at the model home, speaking with Todd or getting more information about Gulick and/or Brambleton, send me an email or call me - danilo.bogdanovic (at) gmail (dot) com - 703.582.6900 (cell). I'm well versed in the ins and outs of new construction and the various builders in Loudoun, as well as how to get the best deal possible.

P.S. If you're interested in Gulick "resales" on the market, let me know. There are currently 3 Gulick resales on the market in Brambleton ranging from $859,500 to $1,199,000. They can go quickly if priced correctly  - one Gulick resale on Minerva Dr just went under contract the other day after only 6 (six) days on the market. It was listed for $649,900 (bank-owned) and it received 7 offers before it was pulled off the market so that the bank could pick one of the offers.

***SEARCH FOR HOMES FOR SALE IN BRAMBLETON***

Lance Armstrong’s New TT Bike (and slogan)

If you missed the bad news, Lance Armstrong's one-of-a-kind time trial bicycle was recently stolen. The good news is that it's been recovered thanks to the help of Twitter and the Sacramento Police Department. But a few changes have been made to the bike since Lance go it back…the sticker on it and Lance's new slogan…

 

Virginia Homeowner’s Alliance - Local Information Affecting Homeowners, Collective Voice to Lawmakers

From a release the Virginia Association of REALTORS distributed last week:

For most people, their home is the most important and valuable investment they will make in their entire lifetime. And, buying and owning a home is about so much more than just designs, floor plans, and locations. The Virginia Homeowners Alliance (VHA) is a new organization residing on www.VAHomeownersAlliance.com which provides
Virginians with a free online one-stop-shop for improving the value of their home and keeping up with local government decisions that affect their home, their community and their quality of life.

The Virginia Homeowners Alliance Web site makes it easy for homeowners to stay informed and get involved with what’s going on in the local community that affects the value of their home. Smart homeowners understand that their property value and quality of life are also determined by the quality of local schools and transportation, zoning for commercial and other residential development, local real estate tax rates and an endless array of other factors affecting the real estate market.

In addition, www.VAHomeownersAlliance.com offers helpful resources like home maintenance tips, lawn care pointers, energy-saving ideas, local school report cards and SOL information, and much more.

As we are facing the most serious housing crunch and recession in years, being a knowledgeable homeowner is more important than ever.  This is why the Virginia Homeowners Alliance recently hosted a webcast featuring a panel of experts who discussed current housing conditions in Virginia and answered questions from homeowners across the Commonwealth. Visit www.VAHomeownersAlliance.com today to view the program and find out more information about VHA.

The Virginia Homeowners Alliance is a free resource available to all Virginia homeowners. VHA an organization associated with the Virginia Association of REALTORS and the local associations of REALTORS around the state.

The Virginia Homeowners Alliance is a great resource for every homeowner in Virginia because it provides you with information on things that affect your property, your rights and your pocket book. It's also good because it brings together the collective voice of homeowners in Virginia when it comes to bringing housing issues to our local, state and federal lawmakers. 

If you haven't signed up yet, it takes less than a minute and it's free. Just tell them Danilo Bogdanovic sent you.

News From Around Loudoun…

Aside from the Loudoun/Broadlands BRMC hospital battle (which has since shifted to Fairfax County/Reston news media), there hasn't been much news making huge "headlines" in Loudoun. But there has been a lot of little local news floating around lately and I thought I would bring it to your attention in case you missed it:

Donald Trump buys Lowe's Island Golf Course in Sterling

CiCi's Pizza opens in Leesburg

Johnny Rocket's opens in Brambleton

Dunkin' Donut's finally set to open in Broadlands (their drip coffee is so much better than Starbuck's burnt crap)

Wegman's opening doors in Leesburg November 8, 2009

Loudoun libraries may see programs and services cut

March 2 is deadline for Loudoun businesses licenses for business owners and self-employed people

Battlefield Parkway/Route 7 interchange making progress

Loudoun County Parkway/Route 7 interchange construction underway - drive cautiously

Equity Homes land holdings go up for auction

Loudoun may cut aid/help to new/existing businesses

Loudoun Summer Music Fest up in air without sponsors

County Supervisors oppose power line project

Route 50 near South Riding being widened in 2010

RE BarCamp Virginia Brings Lots of Knowledge, Big Annoucements

RE BarCamp Virginia, a peer-to-peer event for Realtors who want to hone their social media skills, is almost here! It's being held at the Fredericksburg Area Association of Realtors on March 3, 2009. The seats have all been RSVP'd and there's a waiting list - and for good reasons.

Why all the fuss?

Since RE BarCamp Virginia is a peer-to-peer event, the more experienced and more knowledgeable your peers in attendance are, the more everyone gets out of it. The list of attendees this year is bigger than ever - the knowledge being shared, the lessons that will be learned and the announcements being made are all huge!

There are folks flying in from all parts of the country (even as far as California) and include successful Realtors, Realtor Association execs/staff, social media heavy-hitters and reps from companies such as Altos Research, Onboard Informatics and ML Broadcast.

The amount of talent and information that will be together at one time is amazing. Everyone should walk out of RE BarCamp Virginia better at what they do than before they walked in.

As for one of the announcements…

NAR has hired a social media director and will be making the announcement as to who it is at RE BarCamp Virginia. Since Daniel Rothamel and Ben Martin are currently stable and happy at their jobs, it won't be either of them (sad yet, happy at the same time). But I do hope that it's someone at least remotely as capable and independent-thinking as either of them or the others coming to RE BarCamp Virginia.

Looking forward to seeing old and new faces at RE BarCamp Virginia next month!

P.S. If you're on Facebook, check out the RE Bar Camp Virginia Facebook event page.

 

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