September 29th, 2008 Categories: Arlington, Buying, Commercial, Condo Communities, Entertainment & Lifestyle, Fairfax, Fairlington, Falls Church, Financing, Great Falls, Just for Fun, Keller Williams, Mclean, On The Town, Properties, Property Values, Real Estate News, Reston, Selling, Single Family Homes, Vienna
I was reading the actual bill that describes our ‘$700B bail out’ and WOW is what comes to mind. This should be the cause for an amazing change from the mortgage lock-down we’ve been experiencing the past few months.
If I had a crystal ball and wanted to assure my buyers of when it was a good time to buy, I would suggest that once this bill passes (there is a clause that requires implementation start within 60 days) that later this year early next will be the best time to buy on almost all fronts. Interest rates should remain low, prices should remain low and because of this bill, prices should stabilize. Stabilizing of prices and the churn of new buyers could potential be the perfect storm for equity gains to start again….
Call me today if you’d like to discuss my interpretation or yours. I’d also call your bank and see what they can do for you- this would be EXACTLY what the point of all this is to drive.
Ive attached a snippet of the actual bill that highlights some interesting change potentially headed our way.
“SEC. 109. FORECLOSURE MITIGATION EFFORTS.
…MODIFICATIONS
In the case of a residential mortgage loan, modifications made under paragraph (1) may include—(A) reduction in interest rates (B) reduction of loan principal; and(C) other similar modifications.
TENANT PROTECTIONS.—In the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure—(A) the continuation of any existing Federal, State, and local rental subsidies and protections; and(B) that modifications take into account2 the need for operating funds to maintain decent3 and safe conditions at the property.”
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July 28th, 2008 Categories: Arlington, Commercial, Fairfax, Financing, Property Values, Real Estate News
For most Nothern Virginia homeowners property taxes were increased on July 1. In addition local jurisdictions may also increase the commercial poperty tax rate by as much as .25 cents per every $100.00. Fairfax and Arlington countoes have increased commercial property taxes .11 cents and 12.5 cents respectively in their 2009 budgets.
Residential tax rates in:
1. Arlington County is .848 cents per $100
2. Fairfax Counbty is .92 cents per $100.
3.City of Alexandria is .845 cents per $100.
4. Town of Herndon is a whopping $1.16 per $100.
For more information on this or other real estate questions please call or email us today!
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