NoVA or MD? Real Estate Blog

On February 17, 2008 at 13:00 PM, you are invited to an Open House at 1334 Quail Ridge Drive in Reston. If you are looking for a property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this property, check out my site at veroniquetrusal.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

Check out this new property that I just posted on my Web site. It is at 1334 Quail Ridge Drive in Reston. This property has 5 bedrooms and 3 baths. Low HOA Fees @ $31/month. This is a great home, .

Last month, my 1.5 year old PC laptop crashed. No warnings. At least I did not loose any data, I was both using Carbonite (on line backup) and I was able to get my data transfered onto an external drive before saying my goodbyes to the laptop that I used everyday day for the last 500 days of my life.

When my laptop crashed 1.5 years ago and I replaced it with another PC, my son begged me to reconsider and join the thousands who own Macs and swear that they are virtually impossible to crash or get infected by a virus. Then, I was not ready so I bought a 17″ monitor PC laptop still using Home XP OS. This time, I was not about to get myself into Vista OS, so I did consider the MAC. The new Leopard OS looked sharp, so I let my son talk me into at least going into the Apple store at the local mall. Of course, I walked out with a Mac laptop and companion printer/scanner.

I admit, the transition has not been easy. Sure, I loved the idea of just plugging in a printer to this new laptop as the one and only step to installing it. Did I just say “installing”? Mac does not require you to install a printer, you plug your baby in and it;s ready to go! Bill Gates could learn a few lessons just there! I loved the idea of installing a new program and not having to reboot before I could use it. This was really a “plug and play” experience.

So, why was the transition not easy? What I probably miss the most are all the MS shortcuts that I knew and used with my keyboard (I never used a mouse, and I never will – I find them to be a waste of time going back and forth between the keyboard and the mouse pad). Some are the same, but many others are not (at least not in spreadsheets). But, I am told that I am probably one of the very few who have had a problem with their Mac. For example, when I use Spotlight, the application does not close itself when I am done using it. It sits on top of my other applications and I can’t access them. So I have to reboot to get rid of it. Lately, I’ve had to reboot the laptop about twice a day because it freezes up and I can’t get out of the multi-colored wheel to spins non stop – I have walked away from the computer hoping it would catch its breath eventually, but has not.

I’ve called AppleCare a few times, and last night was told I should probably reconfigure the whole thing, which we did after a 2 hour call. The installation of the new disks took about 2.5 hours. AppleCare could not stay on the phone with me during this time, but I was told that at the end of the installation I’d be requested to recreate a new identity, and the existing one would replace the “old” identity I could chuck once I was happy with the new one. I was never asked to create this new identity so it seems I am stuck with my old self for a while. I made an appointment at the store tomorrow morning, we’ll see what they can do to help me out.

As of today, I am still very much hoping that we can resolve this problem. My son tells me I must have done something to this Mac, because of all his years on a Mac and his friends’ years on a Mac, no one has ever had a problem or even heard of anything like this. Yes, I imported my old PC files on this Mac, and I opened a handful. Could this be the problem? I was told Macs don’t have problems with viruses…

I hope the Apple Store people have some of these answers for me.

Q: My husband and I are currently in the market to buy a home. At this time, we don’t have a buyers’ agent.

My husband is an experienced mortgage broker and he feels like he can handle the negotiation of a contract since he also has access to a real estate attorney. Do we need a buyers’ agent or not? Thank you.

A: The question you have to ask yourself is this: What do I gain or lose by using an agent to buy a home and what do I gain or lose if I don’t use one?

Here are the reasons to use an agent: You’ll work with someone who really knows the housing stock of a particular area, and has seen the houses get listed and sold with some regularity. This individual will ideally be well-versed in the goings-on in a particular neighborhood, and will be up-to-date on information about school districts, local public works projects that have been approved but perhaps have not yet begun, and other important quality of life issues.

Ideally, your agent will be scouting out properties for you to see that meet your needs, which will save you time, and will help you figure out whether you can afford many of your “wants” in the current marketplace. Your agent will also hopefully know the listing agent, or at least have a working relationship that allows your agent to find out what’s really going on behind the scenes with the seller, that can help you formulate your negotiation strategy.

What’s the downside to using an agent to buy property? I can’t think of too many. The money to pay the agent comes from the seller, so you shouldn’t have any out-of-pocket costs. You have the agent’s fiduciary duty to get you the property for the best price possible.

What happens if you don’t use an agent? Many buyers think that they’ll get the house for less. But that isn’t often the case because sellers who are selling by owner already know that they can save 4 to 6 percent by not using an agent.

I have news for you “ they’re not planning on putting that equity in your pocket. They’re planning on keeping that cash themselves.

If you come to the table without an agent, the seller won’t necessarily give you a better price and the listing agent may not have an incentive to reduce his or her commission to make the deal. If you negotiate the deal yourselves and you have a tough negotiation, some might say that you won’t have someone helping you remove the emotions from the transaction. Frequently, real estate agents are the ones that are able to make a deal happen.

Some buyers think that they can find a better deal on their own. They might be right. You’ll do the work at night, or perhaps while you’re at work. You’ll call to make the appointments, and will be more in charge. You’ll talk directly to the seller, which can be a plus or minus.

But I really think this question comes down to money. You and your spouse, like so many buyers, think you’ll get a better deal on your own. I’m not sure that’s true. I’m hoping it is true in your case. Saving that money will depend on the area in which you live, the type of home you are buying, the community you are buying in, and the number of homes available for sale in that community.

If you don’t use an agent, I’m glad you’re going to use a real estate attorney. No one should represent themselves in a major legal transaction.

Source: Inman Real Estate News.

On December 02, 2007 at 13:00 PM, you are invited to an Open House at 2028 Sandstone Ct in Silver Spring. If you are looking for a Single-family property in this area, don™t miss this rare opportunity to visit this magnificent property. For a preview of this Single-family property, check out my site at veroniquetrusal.topproducerwebsite.com. Please do not hesitate to Contact Me if you have any questions or wish to schedule a private showing.

If you have been sitting on the fence wondering when a good time to buy a home would be, and if you have not done anything yet to get you into the direction of Home Ownership, only one thing to say: get busy now!

Why buy a house now?

• The prices are very good and there are lots of motivated Sellers!
• The interest rates are still low!
• Mostly,by closing in 2007 you™ll be able to get your tax benefits in a few months (as soon as you file your 2007 return). If you close in 2008, you’ll have to wait for your tax benefits for  over a year, even if you close  the first week of 2008! So, one week or two will make a big difference in your pocket!

If you act today, you still have the time to find that perfect home, negotiate contract terms that are acceptable to both you and a Seller, and close by Christmas time! But you have to start now! The best way to get started is to:    

• Get qualified with a lender today. Your Lender will tell you what price range you should consider when looking at houses. DO NOT make large purchases until you have settled on the new home!
• Work with a Realtor that will help you speed up this process, based on your criteria for that perfect home. It does pay off to work with a local Realtor, especially if you are trying to close before the end of 2007.
• Start organizing your current home so that moving-day will not be too hectic.  

Check out my website for more information! Good luck. Veronique Trusal – www.TrusalHomes.com      

There are several ways to look at the value of a house, whether you are selling it or refinancing it or even insuring it. Let’s look at them:

Home Market value:

Most of the time, a homeowner wants to know the value of his house to put it on the market. This would be Market value. Market value is what a buyer is willing to pay for a widget in an open market. The laws of economics tell us that if the demand is high, the price will be high. When the demand drops, so does the price. So when evaluating the market value of a product, one must look at the current micro-market.

Home Appraisal Value:

This is  the value a bank will use to determine how much money they are willing to lend in the form of a mortgage using the house as collateral. If the owner defaults on the loan, the bank will foreclose (force the sale of the house) to get as much cash out of it to cover the loan balance, or as close to it as they can (as in a  ’short sale’). When appraising a home value, an appraiser will look at market statistics, comparable sales, and the region. If a house does not appraise, a buyer cannot get a loan for that value, thus may have to re-negotiate a price with the homeowner. The buyer could offer a  larger down payment to make up for the difference the bank will not cover, but this is not recommended – obviously the thouse is not worth that price in the current market.

Home Assessed Value:

The value that a local government places on properties in order to collect property taxes. Different local governments have different tax rates and calculations to assess values. Some rates may take for account that homes are assessed high and reduce their tax rate to make up for it. Some other localities will assess low but have a higher rate. Because of this, one should really not compare property values across localities. Assessed values are not by all means a real property value. Some  websites provide such values to the public, creating a misunderstanding of values in the real estate market.

Home Replacement Value:

This is the value that your Home Owner™s insurance uses for your premiums. In the event of total destruction of the property, your home is insured for a replacement amount agreed upon in your portfolio. Some companies will allow an additional 20% to the replacement value to make up for unforeseen costs or increases, however each company has its own policy and one should make sure to review their policy at renewal time. If you under-value your replacement cost, you may come short if you ever need to replace your lost home, and your lender may require that you come up with the difference since you are using your home as  collateral. Most lenders require proof of insurance at settlement and throughout the loan term. The replacement value only takes for account the building itself, not the land.

Home Bargain Value:

This is the value given by someone interested in buying a home but who wants to get a deal “ as seen in soft markets. Most will negotiate and accept counter-offers within their Bargain Value range. Some bargain buyers will start so low the homeowner will feel insulted and not counter-offer “ often a mistake. At least this buyer is interested in the home. You should at least try to work with him. If he does not budge, this bargain hunter will withdraw his offer and move on to the next house until he finds a desperate seller. One should not confuse Emotional Value  with Market Value when addressing  a “bargain” offer.

Home Emotional Value:

Every homeowner has a special value attached to his home filled with memories  and personal décor preferences. Emotional Value exists because the homeowner’s special touch made living there convenient to him. The problem is that it may not  to someone else.  I recently had a listing with brand new oak kitchen cabinets worth $15,000 to the homeowners but when potential buyers saw them their first thought was that they™d need to replace them for a more contemporary look. Everyone has a personal or emotional value to property, including homes and land.

My Home MarketING Value:

When a Realtor is asked to price a home for sale, she will fall within the Market Value of the property, looking at comparables in the neighborhood, and recent appraisals. I must say here that a good Realtor will be honest about the value of a house, regardless of the emotional value its owners may have in mind. Accepting a listing at its emotional value is not doing the owners a favor, au contraire. It is unethical in my book. It is misleading the owners into believing their house is worth this much, what they should expect, and putting them under stress for several months wondering why their property is not selling. By the time they agree they need to lower the price,  they feel a financial loss that really never existed, making it difficult for them to negotiate when an offer comes in. In addition, by the time they agree to lower the price, it’s too  late:  to be effective and within the market value, the price ends up much lower than it would have been  4 months ago. And you now have a house with a 120-days-on-the-market mark.

As a Realtor, to list a home, I use  My MarketING Value. This is a term I came up with to describe the value  I give to  a property to make it stand out from the rest; this is especially important in a slow market. Like on Amazon or e-Bay, those books just a few pennies less do draw a buyer™s attention, especially when there™s nothing wrong with that book! That™s what I achieve with a Marketing Value. Marketing Valued homes usually bring in more than one offer, which then puts the homeowners in a better negotiating position.

Of course,  this is not fool proof –  one can never really predict how things will turn out. But in this market an over-priced home gets no traffic, a well-priced home gets traffic but no urge to put in an offer, a deal gets an amazing traffic and an urge to act on it. When only one contract comes in, a homeowner is pressured to take the deal, never really knowing what else was out there. And we all know that price is only one of the negotiating points. Would you ratify a full price contract with a home sale contingency in this market or a questionable financial statement, or would you take a little less than asking price with a better package and assurance that the deal will survive through   settlement?

Veronique Trusal – www.TrusalHomes.com

I received a call from a Realtor on Sunday morning; she wanted to show my listing before my Open House. She had seen the house before hand and felt this was ‘the one’ for her clients. She called me about 30 minutes later, telling me they fell in love with the house but had a few questions, could they come to the Open House and talk to me. Sure. I am glad to do that.

The Open was from 1 PM to 4 PM, the couple showed up at exactly 1 PM. They spent about 45 minutes checking everything in the house and asking questions about this and that. They seemed satisfied with all the answers and announced, staring me in the eye, that: “We just love this house, it is exactly what we have been  looking for. We just sold ours and moved to the area. We are going to put an offer on it. We are so sure you can tell the owners. Tell them the place looks fantastic; they’ve really taken good care of it over the years. And it is really well priced! How soon could we move in?” I spoke with the Buying Agent  after they left. She confirmed this was ‘it’, we would be working together to close this deal.  

Would you say the deal is ‘this close’ to being in-the-bag? Would you let your clients  know that  this couple loved the house and they are writing an offer as we speak?

I spoke with my clients that evening and let them know I felt good about this one, and we should get a very good offer with no home-sale contingency and no financing contingency. It is now Wednesday, and nothing has come through my fax machine. When I spoke with the Buying Agent yesterday, she was ‘working it’. Today, she tells me that although they love the house, they are  worried about the commute. Dog gonnit, the one thing I can’t control… I guess to anyone not familiar with this area, discovering what Washingtonians endure every morning and every evening around that beltway can be as disastrous as discovering termites during an inspection! But there’s no remedy to this commute bug.

Shame on me for getting my clients excited. Now I have to call them with the not-so-good news… But, they sung praises over this house! They sung Halleluias! They told me they loved the place. Who knows, they may come back after looking around some more, once they accept our traffic habits around here. Did we, Washingtonians,  ever accept them? I suppose it’s a balancing act. To me, it is worth living here. But that’s another story…

Back to the drawing board. I want to settle on this before the end of the year. I want this for my clients.  

A year ago in September 2006, I listed a beautiful home in Silver Spring for $599,900. Had we listed it 6 months earlier, we could have listed it at $625,000 or more – and gotten several offers.

Two months into the listing, we dropped the price to $574,900. We had a few offers, some non-negotiable offers that were extremely low a year ago but I wonder now if we should have taken them because today the house is on the market at that price, some that were ratified but the financing fell through at the 11^th hour.

Six months into the listing, my listing contract ended and my clients decided not to renew with me. They listed their home with another company and agent, with a price reduction that I had tried to convince them for months they should accept. The house was listed another 6 months with this new agent, starting at $564,900 and ending at $542,500.

I really liked these homeowners and stayed in touch with them once every blue moon, asking them how things were coming along with this house and their new home. I genuinely wanted them to sell their house. But they claimed they  did not have much traffic.

In September this year, after having been on the market for one year and nothing to show for, their daughter called me asking me if I™d take the listing back. A very humble homeowner called me later telling me they felt I was the best to help them sell their house. Would I consider working with them again after what they did to me?

And instead of hanging up the phone on them, I listened. I listened because I cared. And as I listened, I realized that this was quite possibly the best phone call I had received all year! What an honor to have a client leave but come back to me! So, of course, I took their listing. Of course I wanted what™s best for them, that being me!

We met a week or so later, and talked about how we could make their house  stand out in the crowd. By now, it was vacant. They had just installed new stainless steel appliances. But it needed some staging, some place in each room for visitors to be able to slow down and take it all in – that does not happen in a vacant house. Mostly, it needed an amazing price. We listed the house at $499,900. And I need to say that this was a difficult price to accept for them. But by now they knew.

I staged the house for them “ I happen to have JUST finished my ASP course and certification! Talk about timing! The house is fabulous. I am trying every trick in my marketing repertoire to get potential buyers in the door. I have even picked up a couple new tricks along the way. I am holding my breath¦

I had an Open House last weekend. I advertised this baby like a mad woman! And I got traffic. Good traffic. With serious buyers. Buyers that loved the house. Seems the buyers out there are still worried about the sub-prime lending. Now, if only I could Stage the mortgage industry too¦

 I saw this  earlier and wanted to share with everyone:

 In Flanders fields the poppies blow
 Between the crosses, row on row
 That mark our place; and in the sky
 The larks, still bravely singing, fly
 Scarce heard amid the guns below.

 We are the dead. Short days ago,
 We lived, felt dawn, saw sunset glow,
 Loved and were loved and now we lie
 In Flanders fields

 Take up our quarrel with the foe:
 To you, from failing hands, we throw
 The torch; be yours to hold it high.
 If ye break faith with us who die
 We shall not sleep, though poppies grow
 In Flanders fields
 - John McCrae, 1915

I grew up in Belgium. I remember growing up seeing poppies everywhere: in the fields, along the roads, the unkempt gardens.  With this poem, poppies became  a symbol of Remembrance Day. Though poppies have become scarce today in the countryside of Belgium, let us not forget what our Veterans have done for us.

I would not have my freedom today had it not been for the unselfish and generous sacrifice of these men. My parents™ homeland was freed by US Soldiers in 1944. I am forever thankful for what they did. They suffered many casualties. I can only hope that in 2 or 3 generations, the same will be said about what our men are fighting for today. Wherever they are, let us support our troops. May God bless each and every one of them, and their families who sacrifice so much¦ Thank you.    

This  French translation of the poem is dedicated to  my grand fathers and their wives, and my then-young parents  who fought in their own way during the Resistance. Merci pour tout ce que vous avez fait pour nous.

Au champ d’honneur, les coquelicots
Sont parsemés de lot en lot
Auprès des croix; et dans l’espace
Les alouettes devenues lasses
Mêlent leurs chants au sifflement
Des obusiers.

Nous sommes morts,
Nous qui songions la veille encor’
À nos parents, à nos amis,
C’est nous qui reposons ici,
Au champ d’honneur.

À vous jeunes désabusés,
À vous de porter l’oriflamme
Et de garder au fond de l’âme
Le goût de vivre en liberté.
Acceptez le défi, sinon
Les coquelicots se faneront
Au champ d’honneur.