Congratulations to the Virginia Leadership Academy, Class of 2009

IMHO, to be a great Real Estate Consultant/Realtor, you have to do more than just “sell real estate”. That is why, over the past 9 months, I’ve been attending sessions throughout Virginia as part of the Virginia Association of REALTORS® (VAR), Virginia Leadership Academy (VLA) program.

From VAR’s website:

VAR challenges REALTORS® to invest in themselves and their associations by participating in the Virginia REALTORS® Leadership Academy . Through this program, VAR identifies and trains emerging REALTOR® leaders from all around the Commonwealth. Approximately 20 applicants are accepted each year, and each class of participants builds their leadership skills through a series of retreats and a major class project. Graduates are groomed to take on leadership positions in their local associations, at VAR, or in other organizations.

Not only do the participants develop strong leadership skills to put to use in their communities and professional lives, they also nurture strong relationships with their class members that turn into rewarding business and personal connections.

The VLA program consisted of several multi-day retreats throughout Virginia. We studied and discussed leadership and listened to and spoke with many incredibly knowledgeable and experienced folks with credentials the length of a real estate sales contract. We also spoke with local and state association officials and worked on a very mentally challenging class project.

This year’s class was instrumental in the design redesign and continued new direction of the Virginia Homeowners Alliance. This was a tough project, but the outcome was better than I thought it would be and everyone in our class learned a lot about leadership and speaking up for the sake of others in the process.

The VLA program was by no means a “piece of cake” – it meant taking time out of my professional career and working with 21 other professionals, many of whom are “Type A”. Was it worth it? It was more than worth it.

Will I end up being in a leadership role in the local or state REALTORS® association? I don’t know. But I do know that I’ve learned a lot, made some great friendships in the process and have become a more well rounded person personally and professionally.

Thank you to VAR for the opportunity to be a part of the Virginia Leadership Academy, Class of 2009 and congratulations to all my fellow alumni! (click here if you can’t see the video below)

The Facts About The American Clean Energy and Security Act

Here are some of the facts about H.R. 2454 (now H.R. 2998),  the American Clean Energy and Security Act of 2009.

The bill, as it passed the House:

• Limits the energy labeling provisions to new construction only
• Prohibits the Environmental Protection Agency from regulating carbon emissions from residential and commercial buildings under the Clean Air Act
• Eliminates an early proposal to bolster a private right of action so the citizens could sue over minor climate risks under the Clean Air Act ; that proposal is no longer in the bill as passed by the house
• Provides property owners with significant financial incentives, matching grants and the tools to make property improvements and reduce their energy bills
• Establishes a multitude of green building incentives for HUD  housing, including a loan program for renewable energy, block grants and credit for upgrades in mortgage underwriting
• Does NOT create energy audit requirements for real property at time of sale
• Exempts existing homes, multifamily and commercial buildings from any federal energy labeling guidelines (such as the existing federal Energy Star label program)
• Leaves decision entirely to state governments whether to pass a law to require labels (but it expressly prohibits labeling during a transaction)
• Creates a national building code standard that improves energy efficiency in buildings (and states have one year to bring their state codes into compliance)
• Prohibits the Environmental Protection Agency (EPA) from regulating carbon emissions from residential and commercial buildings under the Clean Air Act
• No longer includes provisions to bolster private right of action under the Clean Air Act that would have allowed citizens to halt construction over minor risks – whether real or imagined
• Offers property owners with matching grants and diagnostic tools to make property improvements that save energy
• Provides green-building financial incentives for HUD housing, including loans, block grants and credit in underwriting for energy improvements

There’s a lot more in the bill than just this, but these are some of the highlights of the bill pertaining to homeowners, buyers, sellers and Realotrs. Click here for H.R. 2454 (now H.R. 2998),  the American Clean Energy and Security Act of 2009, in its’ entirety.

“On The Streets” of the Loudoun County Housing Market

You read the news and see the statistics. You hear what you’re neighbors and friends are saying. But what is really happening “on the streets” of the Loudoun County housing market?

Here you go…

Buyers looking to get a great deal on a property are seeing well priced properties sell within weeks if not days of coming on the market. Many very well priced properties are seeing multiple offers and bidding wars – 2, 5 even 10+ offers. Many buyers are bidding on 2, 3 even 5 properties before finally having the winning offer and buying a house.

Sellers who price and market their property correctly are seeing lots of buyers coming through their property almost immediately after coming on the market. An offer within the first few weeks on the market is common for properly priced properties. On the other hand, no activity and no offers is the norm for overpriced properties. In a nutshell, Value is King.

We’re also seeing an up-tick in median prices in some areas of Loudoun County (as well as some areas of Fairfax County) – though this does not necessarily reflect an increase in any one specific property’s value. Take a look at the latest statistics regarding median prices and inventory levels in different parts of Loudoun County to see for yourself.

The local market is such because inventory levels (number of homes on the market) have decreased an average of 50 percent since 2007 and an average of 20 percent since this time last year. At the same time, buyer demand (aka number of homes being sold) has increased by an average of 50 percent thanks to historically low interest rates and the $8,000 first-time home buyer credit. This translates to more buyers trying to buy the same type of property, but there are less homes to choose from. But even though more buyers are fighting over fewer properties, buyers are not being suckered into or getting frustrated to the point of overpaying for a property.

Note: Despite the majority of the Loudoun housing market showing signs of stabilization, the $1M+ home sector is not fairing as well. Inventory is stagnant as is buyer demand. This is bad for sellers of $1M+ properties, but good for home buyers in that price point.

Another trend we’re seeing is a substantial decrease in foreclosure/bank-owned inventory on the market (thanks to the foreclosure moratoriums of late 2008/early 2009) and a significant increase in short-sale inventory. This has led to increased frustration on the part of buyers and agents some of whom are not familiar with the nuances of short-sale transactions and don’t know how to properly navigate through such a transaction. Getting a response from the bank(s) on a short-sale can take as little as 45 days and as long as 6 months with the average being about 90 days (more on this in a future post over at LoudounForeclosures.com).

Up until this year, many real estate investors were sitting on the sidelines as median prices continued their downward trend and good investment opportunities were rare. But that has changed. We’re seeing investors getting back into the market buying up distressed properties, doing rehab on them and then either flipping them for a 10 to 30 percent profit or renting them out as part of their long-term investment plan. Investors are especially prevelant in parts of Sterling and Leesburg.

And that folks, is the reality of the Loudoun (and Northern Virginia) housing market.

If you would like me to go into more detail or need information about a specific town, neighborhood or subdivision in Loudoun (or north/east Fairfax County), feel free to contact me.

National Capital Tour de Cure this Sunday, June 14, 2009

The American Diabetes Association National Capital Tour de Cure bicycle ride/event is this Sunday, June 14, 2009. The ride starts and ends at the Reston Town Center Pavilion. The shorter rides go to Vienna and back while the longer rides going through Sterling, Ashburn, Leesburg, Purcellville and back.

If you’re not riding in the National Capital Tour de Cure yourself, please help by sponsoring me (I’m riding in it) and donating as little as $5 to the American Diabetes Association. Any and all donations are greatly appreciated (and needed if I’m to be allowed to ride in the Tour de Cure at all).

Thank you!

I need 5 bucks…

If you can’t see the video below, click here.

***To donate, click here or go to http://main.diabetes.org/goto/danilo***

Thank you!

D