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Your resource center for news affecting Prince William County real estate.
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Higher Loan Limits Are Needed for FHA, Freddie Mac & Fannie Mae Making the higher loan limits permanent will increase investor confidence and the availability of safe, fair, affordable mortgage credit for borrowers and those wishing to refinance. Higher loan limits will help stabilize mortgage markets and the economy as a whole. I just sent a letter to my Members of Congress urging them to support REALTOR issues! If you are a licensed Realtor, you too can send a letter, just like I did using the NAR Action Center: http://www.realtoractioncenter.com/ Once on the site, it is easy to register, read about important issues affecting REALTORS and take action. "Helping You Get What You Want In The Time That You Want" -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. ------------------------- June 13, 2008 02:42 PM Senator John Warner U.S. Senate 225 Russell Senate Office Building Washington, DC 20510-0001 Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae Dear Senator Warner, As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February. The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008. The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track. The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent. Senate bills cap the limits at $550,440. Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits. The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market. Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners. The limits are also helping to stabilize our entire economy. Higher limits simply reflect market realities in high cost areas. A lower limit unfairly penalizes citizens based simply on geography. Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil. We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas. Please support making the $729,750 loan limits permanent. Sincerely, Keith M. Elliott Jr. 15100 Washington Street Haymarket, VA 20169 ------------------------- June 13, 2008 02:42 PM Senator Jim Webb U.S. Senate 144 Russell Senate Office Building Washington, DC 20510-0001 Subject: Make Higher Loan Limits Permanent for FHA, Freddie Mac & Fannie Mae Dear Senator Webb, As your constituent and a REALTOR, I urge you, as a Member of the Senate, to support making permanent the FHA, Fannie Mae and Freddie Mac loan limits in the bipartisan Economic Stimulus Act, signed by President Bush last February. The legislation raised the maximum loan limits in high cost areas to $729,750 but it expires on December 31, 2008. The limits help homeowners in 240 counties in 26 states and can help get our national economy back on track. The House-passed housing stimulus bill, H.R. 3221, makes the $729,750 limits permanent. Senate bills cap the limits at $550,440. Our 1.2 million members applaud the progress the Senate has achieved, but strongly believe that the final bill must include the House bill's loan limits. The national mortgage market meltdown dramatically raised the cost and reduced the availability of mortgages in my market. Higher limits are helping to revitalize local housing markets, providing safe, fair and affordable mortgages for our state's homeowners. The limits are also helping to stabilize our entire economy. Higher limits simply reflect market realities in high cost areas. A lower limit unfairly penalizes citizens based simply on geography. Drastically reducing the temporary limits at year's end to the Senate cap of $550,440 will push our fragile housing and credit markets back into turmoil. We need permanent limits of $729,750 to stabilize our housing markets and help citizens of every state -- not just residents of high cost areas. Please support making the $729,750 loan limits permanent. Sincerely, Keith M. Elliott Jr. 15100 Washington Street Haymarket, VA 20169
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The steps to buying a home can be quite confusing. What I hope to do in this post is help those of you who are First Time Homebuyers understand the process and provide future assistance should you decide to press forward with your home purchase. 1. The first part of the process is to reach the decision that you are committed to buying a new home. You may currently be renting a home or apartment and would like to take advantage of the current housing market by purchasing a home now while home prices are down and rates are reasonable. In some cases, it's possible that your current rent payment might be equal to that of a home payment. Various home programs are available to help 1st time homebuyers with downpayment assistance and or, financing. 2. Select the right Agent for you. Buying a home is probably the largest most expensive asset that you will ever purchase. A good agent will listen to your needs & desires, help you understand the process, help you locate financing, negotiate the terms, order the necessary inspections, follow through on the paperwork and ensure settlement will occur on time, be with you during the walk through, attend settlement with you, and remain in contact with you after the transaction. Your Agent should be courteous, helpful, knowledgeable, and familiar with programs that can help you buy a home. Interview several agents and find one that is competent and committed to helping you get what you want in the time that you want. 3. Determining how much you can comfortably afford. Your real estate Agent may suggest or recommend that you contact a Lender in order to get "pre-qualified" or "pre-approved". Let me briefly explain the difference in simple terms. Pre-qualified means that you have spoken to a Lender and he or she has run the preliminary numbers based upon your income and outstanding debts. Assuming that you have an average FICO score, he or she will tell you about what you would qualify for, the interest rate of the loan, loan amount, etc. Pre-Approved means that they have essentially completed the pre-qualification and have pulled your credit to validate that under today's current condition you can afford to purchase a home up to a specified value. You want to make sure that you do not buy anything else on credit or fall behind in any of your current debt payments or else this may severly impact your final loan approval. Example: You decide to go out and purchase a new living room set for your new home. The living room set costs $2700. Since you are saving your money for your downpayment on your new home, you agree to purchase the furniture on credit from Zippy's Discount Furniture Store. Zippy's approves you for a line of credit for $5,000. This new account information becomes part of your credit report. Ok, flash forward...a week before closing your loan officer calls you up and says that you no longer qualify for that home because there has been some changes to your credit report. You will either have to pay off that debt BEFORE they will issue you the loan on that new home or, you will be required to write a letter explaining the change in your credit report. Trust me, the last thing you want to do is jeopardize your new home loan! My simple suggestion is that you wait until after you are in the new home before you acquire any more debt and even then you should be frugal and adhere to your monthly budget. 4. Select your new home. Your real estate Agent will be working with you. He or she may be sending you listings to review or in the process of showing you properties. It is important that you find a home that meets your needs today, tommorrow, and in the future. Obviously, if you are expecting to start a family you will want a home that offers additional living space. So, look for a home that will allow you that additional living space today while keeping within your budget. 5. Writing up the Offer to Purchase. Now that you have found a home that you would like to buy, your real estate agent will sit down with you and go over the Regional Sales Contract. This is the offer to purchase. This legally binding document outlines the terms and conditions that you agree to purchase the home for from the Seller. You will be expected to produce a Earnest Money Deposit. The earnest money deposit can be in the form of a personal check or cashiers check. The earnest money deposit shows the Seller that you are truly interested in purchasing the property and have made the committment in good faith. Once you have signed the Regional Sales Contract your agent will forward this document to the Listing Agent who has the listing. The Listing Agent will in turn put that document in the hands of the Seller for approval. If the Seller likes the terms and conditions thereof they may accept the contract as it is. If on the other hand they are not comfortable with the terms, they may counter-offer. The counter-offer indicates which terms they are not in agreement with. It will be up to you as the Buyer to either accept these terms as they are or, through your Agent continue to negotiate. Once all of the terms and conditions are agreed upon between all parties, the Regional Sales Contract becomes ratified. 6. The Virginia Jurisdictional Addendum. In addition to the Regional Sales Contract, you will have been asked to also fill out and sign a Virginia Jursidictional Addendum. This document covers issues like; where you would like important documents related to this transaction be mailed to you at, Virginia Residential Property Disclosure Act, well & septic system terms, lead paint disclosure, Property Owners Association Act, Virginia Condominium Act, The Consumer Real Estate Settlement Protection Act (which allows you to select the attorney who will conduct the settlement for you on your behalf), and Notice of Possible Filing of Mechanic's Lien. 7. Contract contingencies. Typical contract contingencies include but are not limited to; a home inspection, financing, and whatever else you or the Seller may have requested. 8. Mortgage Application and Approval. This is the part where your Lender will pull a copy of your credit report to once again check your credit information. The Lender will also order a home appraisal on the property you are buying. Everything checks out ok, your home loan has been approved! 9. Hazard Insurance. You will have to contact and secure home insurance on your new home. Your Lender will require a copy of the policy showing coverage. 10. Termite Inspection. At this point your real estate agent may have already ordered or will order a licensed and bonded termite inspection company to inspect your new home. 11. Contact and activate new utilities. Here is the point in time where you will want to contact the following companies and let them know that you will be requiring new service at your new home address effective on such-and-such a date; the electric company, water & sewer company, natural gas company, phone service provider, Internet/Cable provider, etc. 12. Final walk-through inspection. This is the time when you should verify that all of the lights, appliances, central a/c, heating system, etc. are operational. If you notice anything that is not reasonable or to your liking - tell your Agent. Your Agent will then have you sign a walk-through inspection report. This report will be brought up at settlement and may allow you to negotiate a price adjustment by the Seller if something is abhorently wrong. 13. Settlement. At Settlement, your closing attorney will ask you to review all of the documents related to this transaction and have you sign them indicating your approval. After you have signed your name in triplicate several times, you will receive the keys to your new home. How exciting! 14. Moving. Congratulations on the purchase of your new home! Now is the time to call up all of your friends and relatives and ask them to give you a hand moving into your new home. In closing, in this post I've tried to briefly mention several of the steps necessary to purchase a new home. This post represents the most basic of these steps. It is not intended to be representative of every home sale process. Each home purchase can and will be different. They may require additional supporting documents, addendums, third party approval, etc. All the more reason to have a licensed real estate professional represent you. "Helping You Get What You Want In The Time That You Want" -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
WebBlog: http://www.myrealtorkeith.com/blogs
Blog: http://www.activerain.com/kelliott5264 Click here if you would like to learn more About Me or My Professional Services, visit My Website, or read just a few of the many Testimonials I have received. If you would like to schedule an appointment to meet with me and discuss your real estate needs click Schedule Appointment. Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission.
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The increased loan limits for FHA that were included in the Economic Stimulus package are set to expire at the end of the year. NAR supports an FHA Reform Bill that includes realistic and permanent increases in the loan limits. Early evidence shows that the increased FHA loan limits will provide a much needed infusion of stability, liquidity and security into the market. If Congress lets the new limits expire, the fragile housing market will once again be thrust into a period of turmoil. I just sent a letter to my Members of Congress urging them to support REALTOR® issues! You too can send a letter, just like I did using the NAR Action Center: http://www.realtoractioncenter.com/ Once on the site, it is easy to register, read about important issues affecting REALTORS® and take action. -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
WebBlog: http://www.myrealtorkeith.com/blogs
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission.
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March 18, 2008 03:29 PM Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001 Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill
Dear Senator Warner,
The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months. These new loan limits will offer much needed relief to more than 325,000 families this year alone. Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again. Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace. FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis. The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers. As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference. Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance. These changes will also provide much needed stability to our local housing markets and economies. Sincerely, Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169
-------------------- March 18, 2008 03:29 PM Representative Frank Wolf
U.S. House of Representatives
241 Cannon House Office Building
Washington, DC 20515-0001 Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill
Dear Representative Wolf,
The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months. These new loan limits will offer much needed relief to more than 325,000 families this year alone. Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again. Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace. FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis. The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers. As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference. Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance. These changes will also provide much needed stability to our local housing markets and economies. Sincerely, Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169
-------------------- March 18, 2008 03:29 PM Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001 Subject: Make the FHA Loan Limits Permanent in FHA Reform Bill
Dear Senator Webb,
The new loan limits passed in the recently enacted Economic Stimulus bill will expire in less than 10 months. These new loan limits will offer much needed relief to more than 325,000 families this year alone. Dramatically reducing these limits at year's end will push our nation's fragile housing markets into turmoil once again. Realistic loan limits that permanently help ALL areas of the country are needed to bring stability to the marketplace. FHA's downpayment levels led many borrowers to opt for the exotic, risky mortgages that have been the hallmark of the foreclosure crisis. The FHA reform bills will allow FHA to modify downpayment requirements and offer flexible financing to eligible borrowers. As your constituent and a REALTOR, I want to stress how important it is for FHA reform legislation to be quickly enacted. These bills, passed the House and Senate in 2007, are now stalled in conference. Permanent increases in the FHA loan limits, lowered FHA downpayment requirements, and new opportunities for condominium purchases are needed to create safe and affordable mortgage options for our state's homebuyers and those wishing to refinance. These changes will also provide much needed stability to our local housing markets and economies. Sincerely,
Keith M. Elliott Jr
15100 Washington Street
Haymarket, VA 20169
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Did you know that the Virginia Department of Professional & Occupational Regulation publishes a monthly list of Contractor License Revocations? Each month the Virginia Board for Contractors holds a monthly meeting where they issue contractor license revocations on contractors who violate the law. Maybe that contractor you just called to do work inside your home is on the list...Wouldn't you like to know??? Absolutely! Maybe you are presently in the process of getting bids from multiple contractors to have work performed on your property some time in the future...Wouldn't you like to know if they have had any complaints filed against them??? Absolutely! Is your contractor LICENSED to perform work in the state of Virginia??? It might be beneficial to find this information out. For more information go to http://www.dpor.virginia.gov/dporweb/dpormainwelcome.cfm Once there look on the left side for "License Lookup", "Compliance & Investigations", "News & Information", etc. It's a great site that offers valuable information for Consumers. "Helping You Get What You Want In The Time That You Want" -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
WebBlog: http://www.myrealtorkeith.com/blogs
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. MLS data provided by MRIS.
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Delegate Terrie Suit has introduced HB 516, which would mark a substantial change in the way we all do business with property owners' associations, homeowners' associations and condominium associations in Virginia. Specifically, HB 516 does two very important things: 1. It establishes a regulatory board under the Department of Professional and Occupational Regulation that will be responsible for licensing managers of these entities, as well as enforcing pre-existing laws and regulations to be promulgated at a later date.
2. HB 516 also establishes consistency and more clearly defined processes for buyers and sellers working with these entities during real estate transactions. Since their initial inception over 20 years ago, we have all dealt with the ambiguity in the current laws; in fact, the General Assembly has passed a bill in each of the last six years addressing interpretation issues.
The Virginia Housing Commission unanimously recommended the approach that you see in HB 516.
In addition to the Virginia Association of REALTORS, the Community Association Institute (representing these entities) and the Virginia Community Managers Association (representing the managers of these entities) all support the bill.
HB 516 will be considered by the Senate General Laws and Technology Committee tomorrow afternoon, Wednesday, February 20. Your Senator is a member of this committee. Please take a moment now to tell your Senator to vote to pass HB 516. I just sent a letter to my Members of Congress urging them to support REALTOR issues! You too can send a letter, just like I did using the NAR Action Center: http://www.realtoractioncenter.com/ Once on the site, it is easy to register, read about important issues affecting REALTORS and take action. -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. ------------------ February 20, 2008 Subject: VOTE YES on HB516 Dear Senator Colgan,
I am writing in reference to HB 516. As a member of the Virginia Association of REALTORS, I urge you to support HB 516, which will be heard Wednesday afternoon in the Senate General Laws and Technology Committee.
HB 516 marks a substantial change in the way we all do business with property owners' associations, homeowners' associations and condominium associations in Virginia. HB 516 does two very important things:
1. It establishes a regulatory board under the Department of Professional and Occupational Regulation that will be responsible for licensing managers of these entities, as well as enforcing pre-existing laws and regulations to be promulgated at a later date.
2. HB 516 also establishes consistency and more clearly defined processes for buyers and sellers working with these entities during real estate transactions. Since their initial inception over 20 years ago, we have all dealt with the ambiguity in the current laws; in fact, the General Assembly has passed a bill in each of the last six years addressing interpretation issues.
The Virginia Housing Commission unanimously recommended the approach that you see in HB 516.
In addition to the Virginia Association of REALTORS, the Community Association Institute (representing these entities) and the Virginia Community Managers Association (representing the managers of these entities) all support the bill.
Please join us in finally addressing long-standing concerns with the current provisions of these statutes....join us in finally having laws that we can all understand and interpret, from the perspective of REALTORS, managers, and most importantly, homeowners...join us in helping to ensure your constituents have a voice in their property owners' associations, homeowners' associations and condominium associations.
JOIN US IN SUPPORTING HB 516.
Sincerely, Keith M. Elliott Jr. 15100 Washington Street Haymarket, VA 20169
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Please encourage the Senate to include FHA Reform and GSE increases in the economic stimulus package currently under consideration. I just sent a letter to my Members of Congress urging them to support REALTOR issues! You too can send a letter, just like I did using the NAR Action Center: http://www.realtoractioncenter.com/ Once on the site, it is easy to register, read about important issues affecting REALTORS and take action. -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 530-2955, Ext. 6316
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2008 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission.
---------------------- January 30, 2008 10:38 PM Senator John Warner
U.S. Senate
225 Russell Senate Office Building
Washington, DC 20510-0001 Subject: Support Inclusion of Housing in the Economic Stimulus Package
Dear Senator Warner,
As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package. These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies. The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today. The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market. Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments. Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent. I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market. Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan. The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices. These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably. I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package. Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity. Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face. Sincerely, Keith M. Elliott Jr 15100 Washington Street Haymarket, VA 20169 ------------------- January 30, 2008 10:38 PM Senator Jim Webb
U.S. Senate
144 Russell Senate Office Building
Washington, DC 20510-0001 Subject: Support Inclusion of Housing in the Economic Stimulus Package
Dear Senator Webb,
As a constituent and a REALTOR, I want to stress how important it is for the Senate to include increases for the FHA and GSE loan limits in the Senate's economic stimulus package. These provisions will create safe and affordable mortgage options for our state's homeowners and provide much needed stability for our local economies. The critical role that Fannie Mae and Freddie Mac (GSEs) play in providing liquidity to the mortgage market has never been more evident than it is today. The national subprime meltdown has had a dramatic impact on both the cost and availability of mortgages in my market. Since August 2007, the interest rates for jumbo borrowers have been more than 1 percentage point higher than conforming loans, which can cost homeowners up to $400 month in higher interest payments. Raising the GSEs' conforming loan limit will provide immediate relief to borrowers and alleviate downward pressure on our already fragile housing markets. According to the National Association of REALTORS, increasing the GSE loan limit will result in more than 300,000 additional home sales and strengthen current home prices by 2 to 3 percent. I also believe that increasing the FHA loan limits is critical to helping bolster our fragile housing market. Current law restricts FHA loans to levels well below the median home price in many areas of the country and caps loans in high costs states at $363,790. These limits are preventing many homebuyers from using FHA to purchase or refinance their loan. The proposed provision will increase FHA loan limits nationwide by raising the floor to $271,050 and the limit to 125% of local median home prices. These increases will help an additional 138,000 Americans purchase and 200,000 families refinance their homes safely and affordably. I hope I can count on you to support including increases for the FHA and GSE loan limits in the Senate's economic stimulus package. Our national housing and mortgage finance markets need stability and an immediate infusion of liquidity. Both of these provisions are necessary if our nation's families, housing markets and economy are to move beyond the crisis they now face.
Sincerely,
Keith M. Elliott Jr 15100 Washington Street Haymarket, VA 20169
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PRINCE WILLIAM COUNTY SINGLE FAMILY TOWNHOMES There are 188 "ACTIVE" Single Family townhomes under foreclosure in the county as of this date listed in the MLS. These homes are priced from $144,900 up to $482,900. The average list price for these properties has been reduced collectively by -6.85% since they were originally listed. The average Days on Market for these listings is 121.5 days. Okay, with that being said...there are 36 Single Family townhomes in foreclosure currently ""UNDER CONTRACT"". These homes are priced from $124,900 up to $359,900. The average list price for these properties has been reduced collectively by -6.69% since they were orginally listed. The average Days on Market for these listings is 96 days. Here is the information broken out by city: There are 8 Single Family townhomes under foreclosure in Bristow priced from $249,900 up to $349,000. The average Days on Market for these listings is 83 days. The average list price for these properties has been reduced by -5.42% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $309,900. There are 16 Single Family townhomes under foreclosure in Dumfries priced from $199,900 up to $345,500. The average Days on Market for these listings is 128 days. The average list price for these properties has been reduced by -6.54% since they were originally listed. There are 4 Single Family townhomes currently "UNDER CONTRACT" ranging in price from $85,000 up to $339,000. There are 3 Single Family townhomes under foreclosure in Gainesville priced from $240,900 up to $329,900. The average Days on Market for these listings is 130 days. The average list price for these properties has been reduced by -10.83% since they were originally listed. There are 3 Single Family townhomes currently "UNDER CONTRACT" ranging in price from $229,900 up to $319,900. There are 3 Single Family townhomes under foreclosure in Haymarket priced from $229,900 up to $482,900. The average Days on Market for these listings is 131 days. The average list price for these properties has been reduced by -7.85% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $358,900. There are 60 Single Family townhomes under foreclosure in Manassas priced from $144,900 up to $389,900. The average Days on Market for these listings is 118 days. The average list price for these properties has been reduced by -7.70% since they were originally listed. There are 3 Single Family townhomes currently "UNDER CONTRACT" ranging in price from $124,900 up to $319,900. There are 1 Single Family townhomes under foreclosure in Triangle priced at $185,000. The average Days on Market for this listing is 71 days. The average list price for this property has been reduced by -13.91% since it was originally listed. There is no Single Family townhomes currently "UNDER CONTRACT". There are 97 Single Family townhomes under foreclosure in Woodbridge priced from $159,600 up to $422,900. The average Days on Market for these listings is 126 days. The average list price for these properties has been reduced by -5.95% since they were originally listed. There are 24 Single Family townhomes currently "UNDER CONTRACT" ranging in price from $171,900 up to $359,900. Are you interested in finding out how the real estate market has affected your area? Now you can get the market reports for your community just by clicking on the appropriate link. Bristow, Catharpin, Dale City, Dumfries, Gainesville, Haymarket, Manassas, Manassas Park, Nokesville, Occoquan, Triangle, and Woodbridge Click here if you would like to learn more About Me or My Professional Services, visit My Website, or read just a few of the many Testimonials I have received. If you are not sure why it is advantageous to have a knowledgeable REALTOR® represent you and your family's needs, here is a great article to read Why Hire a Professional? You've heard the name mentioned many times before, perhaps read our advertisements, watched our commercials, or even have seen our balloon in the skies...click here to learn more About RE/MAX.
For Buyers: Prince William County Home Listings
Start your Home Search Today!
Buying Services for Prince William County Home Buyers For Sellers: Selling a Home in Prince William County
Home Evaluation Consultation
"Helping You Get What You Want In The Time That You Want" -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2007 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. Data collected from the Metropolitan Regional Information System (MRIS).
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PRINCE WILLIAM COUNTY SINGLE FAMILY HOMES There are 238 "ACTIVE" Single Family detached homes under foreclosure in the county as of this date listed in the MLS. These homes are priced from $165,000 up to $934,900. The average list price for these properties has been reduced collectively by -7.41% since they were originally listed. The average Days on Market for these listings is 172.68 days. Okay, with that being said...there are 54 Single Family detached homes in foreclosure currently ""UNDER CONTRACT"". These homes are priced from $180,000 up to $799,900. The average list price for these properties has been reduced collectively by -8.7% since they were orginally listed. The average Days on Market for these listings is 143 days. Here is the information broken out by city: There are 14 Single Family Homes under foreclosure in Bristow priced from $360,900 up to $679,900. The average Days on Market for these listings is 113 days. The average list price for these properties has been reduced by -5.96% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $414,900 There are 11 Single Family Homes under foreclosure in Dumfries priced from $224,900 up to $433,200. The average Days on Market for these listings is 158 days. The average list price for these properties has been reduced by -8.51% since they were originally listed. There are 3 Single Family Homes currently "UNDER CONTRACT" ranging in price from $334,900 up to $379,900. There are 19 Single Family Homes under foreclosure in Gainesville priced from $302,000 up to $899,000. The average Days on Market for these listings is 139 days. The average list price for these properties has been reduced by -6.43% since they were originally listed. There are 9 Single Family Homes currently "UNDER CONTRACT" ranging in price from $349,900 up to $799,900. There are 8 Single Family Homes under foreclosure in Haymarket priced from $417,900 up to $584,900. The average Days on Market for these listings is 225 days. The average list price for these properties has been reduced by -8.81% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $489,900. There are 52 Single Family Homes under foreclosure in Manassas priced from $169,900 up to $755,000. The average Days on Market for these listings is 157 days. The average list price for these properties has been reduced by -8.11% since they were originally listed. There are 9 Single Family Homes currently "UNDER CONTRACT" ranging in price from $189,000 up to $635,900. There are 2 Single Family Homes under foreclosure in Manassas Park priced from $284,900 up to 309,900. The average Days on Market for these listings is 181 days. The average list price for these properties has been reduced by -7.06% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $249,900. There are 4 Single Family Homes under foreclosure in Triangle priced from $274,900 up to $624,900. The average Days on Market for these listings is 242 days. The average list price for these properties has been reduced by -6.32% since they were originally listed. There is 1 Single Family Home currently "UNDER CONTRACT" for $349,900. There are 128 Single Family Homes under foreclosure in Woodbridge priced from $165,000 up to $934,900. The average Days on Market for these listings is 166.5 days. The average list price for these properties has been reduced by -8.08% since they were originally listed. There are 28 Single Family Homes currently "UNDER CONTRACT" ranging in price from $180,000 up to $545,900. Are you interested in finding out how the real estate market has affected your area? Now you can get the market reports for your community just by clicking on the appropriate link. Bristow, Catharpin, Dale City, Dumfries, Gainesville, Haymarket, Manassas, Manassas Park, Nokesville, Occoquan, Triangle, and Woodbridge Click here if you would like to learn more About Me or My Professional Services, visit My Website, or read just a few of the many Testimonials I have received. If you are not sure why it is advantageous to have a knowledgeable REALTOR® represent you and your family's needs, here is a great article to read Why Hire a Professional? You've heard the name mentioned many times before, perhaps read our advertisements, watched our commercials, or even have seen our balloon in the skies...click here to learn more About RE/MAX.
For Buyers: Prince William County Home Listings
Start your Home Search Today!
Buying Services for Prince William County Home Buyers For Sellers: Selling a Home in Prince William County
Home Evaluation Consultation
"Helping You Get What You Want In The Time That You Want" -Keith Keith M. Elliott Jr.
PRINCE WILLIAM COUNTY REAL ESTATE EXPERT
Realtor®, e-PRO®, ABR®, SRES®, Commercial Specialist® RE/MAX Olympic Realty
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: (540) 272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.myrealtorkeith.com/
Blog: http://www.activerain.com/kelliott5264 Copyright© 2004-2007 by MyRealtorKeith.com, All Rights Reserved. All Content, Intellectual Property, Graphics, Photographic Images, and HTML Source Code protected by US and International Copyright Laws, and may not be copied, published, reprinted or, otherwise distributed by any means without explicit permission. Data collected from the Metropolitan Regional Information System (MRIS).
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The summary of this bill which was approved on March 12, 2007 by the General Assembly of Virginia states: "Virginia Residential Landlord and Tenant Act; early termination of leases by military personnel. Removes the provision that final rent, in the event of early termination of the rental agreement by military personnel, is to be prorated to the date of termination and payable at such time as would have otherwise been required by the terms of the rental agreement. The bill conforms the Virginia Residential Landlord and Tenant Act to federal law on this issue." For more information on this legislation you can go to http://leg1.state.va.us/cgi-bin/legp504.exe?071+ful+CHAP0252 -Keith
Keith M. Elliott Jr.
Realtor®, e-PRO®, ABR®, SRES®
Commercial Specialist®
RE/MAX Olympic
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: 540-272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.MyRealtorKeith.com
Blog: http://www.activerain.com/kelliott5264
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I wanted to take this opportunity to briefly mention the Manassas Regional Airport and how it might be able to serve your needs in the future. Considered by many to be the largest general aviation aiport in Virginia, the Manassas Regional Airport was built in 1964 and serves as a "reliever" airport to Washington National Airport and Dulles International Airport. While the Manassas Regional Airport does not offer scheduled airline flights they do offer charter companies that can take you wherever you want to go on your schedule. This airport also provides pilot training, hangar leasing, and plane storage. If you are interested in taking a Helicopter ride, that is an option as well. For customers interested in reserving a rental car at the airport, there are only two rental car companies that service Manassas Regional Aiport, they are Hertz and Enterprise. To access the Manassas Regional Airport website click on the following link http://www.manassascity.org/index.asp?NID=6 For Manassas Regional Airport "history" click here http://www.manassascity.org/index.asp?NID=52 Driving directions to the Airport can be found at http://www.manassascity.org/index.asp?NID=50 -Keith
Keith M. Elliott Jr.
Realtor®, e-PRO®, ABR®, SRES®
Commercial Specialist®
RE/MAX Olympic
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: 540-272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Website: http://www.MyRealtorKeith.com
Blog: http://www.activerain.com/kelliott5264
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This month Active Listings rose to 6,515 across the county from 6,491 recorded July 2007. Likewise, New Listing's also rose to 1,729 over 1,639 in last month. The number of Under Contract listings dropped significantly from 367 last month to 279 in August. Contingent Listing's also dropped slightly from 154 last month to 146 in August. There was a pleasant upswing in Sales from a meager 407 Sold last month to 461 properties Sold in August. The Average List Price for Solds came in slightly lower at $420,524 down from $427,372 in July while the Average Days on Market for Solds increased from 109 last month to 126 in August. -Keith Keith M. Elliott Jr.
Realtor®, e-PRO®, SRES
Commercial Specialist®
Candidate Member of CCIM Institute RE/MAX Olympic
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: 540-272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Blog: http://www.activerain.com/kelliott5264
Website: http://wwwMyRealtorKeith.com
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I wanted to provide a Commercial Market Snapshot of the lease rates currently available within Prince William County. This snapshot is divided by 6 different categories; Industrial (Warehouses & Distribution), Office Buildings, Single-Tenant Retail, Multi-Tenant Retail, Land, and Special Purpose. Here are the going rates by city. PROPERTY TYPES Industrial - Warehouses, Distribution, Manufacturing, R&D, Self/Mini-Storage, Transit Facilities, Refrigerated/Cold Storage Manassas - Leasing from $7.75 to $19.00 per square foot Manassas Park - Leasing from $1.00 to $10 per square foot Woodbridge - Leasing from $12.00 to $25.00 per square foot Office - Office Building; Low/Mid/High Rises, Medical Office, Office Parks, Office R&D Manassas - Leasing from $9.00 to $32.57 per square foot Manassas Park - Leasing at $18.56 to $25 per square foot Nokesville - Leasing from $16 per square foot Gainesville - Leasing from $19.76 to $22 per square foot Woodbridge - Leasing from $13 to $35 per square foot Dumfries - Leasing from $19 to $23.50 per square foot Retail - Single-Tenant Retail; Free-Standing Buildings, Restaurants, Pads, "Main Street" Retail, Gas Stations, Vehicle-Related Property Dale City - Leasing at $17 per square foot
Gainesville - Leasing from $25 to $34 per square foot
Woodbridge - Leasing from $21 to $35 per square foot
Shopping Center - Multi-Tenant Retail; Strip Centers, Neighborhood Centers, Outlet Centers Power Centers, Regional Malls Woodbridge - Leasing from $22 to $25 per square foot Land - Other Real Estate; Marinas, Religious Facilities Manassas - Long term ground lease of $1.64 per square foot
Special Purpose - Annual Lease rate expressed in Dollars per square foot per year Nothing available at the present time. -Keith Keith M. Elliott Jr.
Realtor®, e-PRO®, SRES
Commercial Specialist®
Candidate Member of CCIM Institute RE/MAX Olympic
15100 Washington Street
Haymarket, VA 20169
Office: (703) 754-4341
Cell: 540-272-9012
Fax: (571) 261-5048
Email: kelliott@comcast.net
Blog: http://www.activerain.com/kelliott5264
Website: http://wwwMyRealtorKeith.com
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