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Archive: Buying
New tax filing rules for people who claim home-buyer credit
If you're planning to claim a home-buyer tax credit on your 2009 tax return, you'd better sharpen your pencil. The IRS says you must file a paper return, and cannot file electronically.
By Elizabeth Razzi | November 25, 2009; 01:15 PM ET | Comments (0)
Is Washington turning into a seller's market?
The inventory of homes listed for sale on the local multiple listing service, Metropolitan Regional Information Services, the cupboard is pretty bare in some spots. At the current sales pace, Manassas Park City has just 1.3 months' worth of listings. Manassas City, just 1.4 months. Falls Church City, 2.1 months; and Fairfax County just 2.7 months. Arlington County has 3.9 months. The rule of thumb says 6 months' inventory marks a balanced market--favoring neither sellers nor buyers.
By Elizabeth Razzi | November 13, 2009; 12:48 PM ET | Comments (14)
Have you refinanced yet?
Mortgage interest rates dropped again this week, hitting just 4.91 percent with 0.7 points (prepaid interest) for a 30-year fixed-rate loan. That is so low it almost demands a rush to the refinancing table. (Then again, bank deposits are paying less than 2 percent, so maybe rates aren't that low, after all.)
By Elizabeth Razzi | November 12, 2009; 12:00 PM ET | Comments (1)
Washington home sales and The Weekend Poll
How much did the $8,000 first-time buyer tax credit boost local home sales? By about 1,900 deals that otherwise would not have occurred, according to local real estate analysts Delta Associates. The area's high prices and high number of transients makes our market less influenced by first-timers than most other parts of the country, Delta analysts say in a report released with Metropolitan Regional Information Systems Inc., the local multiple listing service.
By Elizabeth Razzi | November 6, 2009; 06:00 AM ET | Comments (1)
Now you can get closed-sale prices as fast as a real estate agent
Starting this morning, Redfin is posting closed-sale prices and photographs for all homes on the multiple listing services serving the Washington area (and about a dozen other metro areas) as soon as the listing broker marks the sale as final.
By Elizabeth Razzi | November 5, 2009; 06:00 AM ET | Comments (1)
First-time buyer credit and The Weekend Poll
There's some movement on Capitol Hill toward extending the first-time buyer's tax credit. As reported by the Post's Dina Elboghdady, there is consensus in favor of a limited extension of the $8,000 tax credit. The latest version said to be favored in the Senate: Extended to home sales that go under contract by April 30 and close by June 30. A new, $6,500 tax credit would be available for buyers who have owned during five of the eight years prior to the purchase.
By Elizabeth Razzi | October 30, 2009; 06:00 AM ET | Comments (0)
Washington area is short 40,000 homes affordable to average earners
We now have a shortage of about 40,000 for-sale homes within a 30- 45-minute commute of those employment hubs that are affordable to people earning these incomes, according to the report. They predict the shortage of affordable for-sale homes will grow by 5,000 units per year between 2010 and 2030. And recent declines in area home prices haven’t helped much, they say, because housing close to those employment hubs took less of a hit than homes farther out in the suburbs.
By Elizabeth Razzi | October 29, 2009; 06:00 AM ET | Comments (16)
AIG Headquarters Going Condo?
The former headquarters of American International Group -- AIG-- in Manhattan will be turned into luxury condos, according to a report by the Wall Street Journal.
By Elizabeth Razzi | October 13, 2009; 05:27 PM ET | Comments (1)
What's the Mortgage-Interest Deduction for That Yacht?
The $17 admission fee to the giant sailboat show in Annapolis last weekend was thrifty entertainment, allowing me to spend the afternoon wandering below deck on yachts worth more than my house. The really tricked-out ones had all sorts of sea-worthy goodies like radar and automated sail-trimming gear--most of which is way beyond my limited knowledge of sailing. Below deck, some of these yachts were trimmed out with granite countertops, dishwashers, full-size showers, large flat-screen TVs and even a washer and dryer. These boats also come with a mortgage interest deduction.
By Elizabeth Razzi | October 13, 2009; 06:00 AM ET | Comments (3)
It's Official: We're Hot and Hip
Washington, D.C., ties with Seattle to lead the Wall Street Journal's new list of 10 cities that will be "the hottest, hippest destinations for highly mobile, educated workers in their twenties when the economy gets going again."
By Elizabeth Razzi | September 30, 2009; 09:00 AM ET | Comments (1)
What Boomers--and Others Want in a Home
A story about designing homes for "aging" (ahem!) baby boomers in Nation's Building News brought to mind a thought that hits me every time I buy contact lens solution, of all things. I buy the stuff made especially for "sensitive eyes" and always wonder: Who would choose anything else?
By Elizabeth Razzi | September 29, 2009; 06:00 AM ET | Comments (1)
What's the Line on Extending the $8,000 Tax Credit?
Odds are improving that Congress will extend the first-time-home-buyer tax credit beyond the Nov. 30 deadline as it pushes to revive the housing market, said Jaret Seiberg, a policy analyst at Washington Research Group, a unit of Concept Capital. There’s a 60 percent chance that lawmakers will keep the tax credit intact especially since policymakers from both parties have voiced their support, including Senate Majority Leader Harry Reid, who represents foreclosure-plagued Nevada, Seiberg said. But fiscally conservative lawmakers may rally against it in part because it could cost at least $10 billion to extend the tax credit through Sept. 30, 2010, Seiberg said.
By Elizabeth Razzi | September 15, 2009; 06:00 AM ET | Comments (8)
Bring on the Mums! And The Weekend Poll
A week of cool weather has me ready to switch over the garden from bedraggled end-of-summer mode to a crisp, early-autumn look. Yellow mums and maybe pansies, if I can find them, are on my shopping list this weekend! If anyone has suggestions for a shady garden with poor soil, you know where to share them.
By Elizabeth Razzi | September 11, 2009; 08:32 AM ET | Comments (0)
We're Messing Up the Mortgage Interest Deduction
Everybody's confused about how to claim the proper tax deduction for mortgage interest, according to a new report to Congress from the U.S. Government Accountability Office. The fog enshrouds taxpayers, the IRS, paid preparers and the authors of tax-return software writers alike.
By Elizabeth Razzi | September 1, 2009; 09:00 AM ET | Comments (1)
Appraisers Say 'Don't Blame Us'
I had a cup of coffee the other morning with someone at the heart of the appraisal fuss that has prevailed this summer. And he's sick of his industry getting blamed for low appraisals that kill deals. "We are really tired of getting slammed," he said. "Show me the data," said Don Blanchard, chief compliance officer and deputy general counsel for Lender Processing Services, which owns LSI, one of the nation's biggest appraisal management companies.
By Elizabeth Razzi | August 26, 2009; 06:00 AM ET | Comments (3)
Foreclosure Info via iPhone and The Weekend Poll
An iPhone is now your ticket to more on-the-go info on home prices and foreclosures. First American CoreLogic released a free iPhone app, RealQuest Home Value Pro, that lets you tap into estimated values for specific addresses and neighboring properties as well as data on nearby foreclosures, pre-foreclosures, auctions and bank-owned properties.
By Elizabeth Razzi | August 14, 2009; 06:00 AM ET | Comments (0)
New Survey Ranks Moving Companies
If you're going to hire a big, full-service moving company, Mayflower Transit looks like your best bet. J.D. Power and Associates, a marketing information company, just released results of its consumer satisfaction survey, and Mayflower pulled in the top score across the board.
By Elizabeth Razzi | August 13, 2009; 09:15 AM ET | Comments (7)
Short Sale Plan Coming, and The Weekend Poll
The federal government may try to nudge lenders to approve more short sales soon. But will the feds really be able to convince lenders to clear the path for more of these deals? Here's an interesting snippet from the online chat held Thursday with the Post's Renae Merle and Michael S. Barr, the Treasury Department's assistant secretary for financial institutions.
By Elizabeth Razzi | August 7, 2009; 06:00 AM ET | Comments (2)
Chat Plus: This is What Change Looks Like
Burke, Va.: What's really going on out there with prices? I know a few people in NoVA who are looking at single family homes in the $400k range who have been outbid on several properties. And since hearing these stories, I have been keeping an eye on Zillow, and that website has reported a value increase of almost $50k in my home over the last six weeks. Now, those Zillow numbers seem pretty fishy, but it is the trend that I find intriguing. What's going on here?
By Elizabeth Razzi | July 27, 2009; 09:04 AM ET | Comments (1)
Home Sales Increase and The Weekend Poll
The best news coming out of the National Association of Realtors' monthly home sales report? The inventory of listings nationwide in June was down about 15 percent from a year earlier. The median price also happened to be down about 15 percent over the same period. Recovery can't happen until inventories are whittled down to more normal levels--closer to six months' supply vs. the 9.4-months' supply the nation has now, so this is a promising development.
By Elizabeth Razzi | July 24, 2009; 06:00 AM ET | Comments (0)
Freddie Mac's Having a Foreclosure Sale
Freddie Mac just sweetened the deal for people willing to make a home out of one of its foreclosures. Through Oct. 30, Freddie is offering to pay a buyer's closing costs, up to 3.5 percent of the sales price. And as part of Freddie's "Smart Buy" program, it is throwing in a free two-year warranty on the home's electrical, plumbing, air conditioning and heating systems, plus major appliances such as water heaters, stoves, washers and dryers, dishwashers, and refrigerators.
By Elizabeth Razzi | July 22, 2009; 06:00 AM ET | Comments (2)
Appraisal Quality Getting More Attention
Will it appraise? Low-quality appraisals done by appraisers parachuting in from a different market are among the top complaints this summer. Freddie Mac recently issued a reminder to lenders that it's their responsibility to make sure that appraisals are performed by people who are well-qualified and familiar with the local market.
By Elizabeth Razzi | July 16, 2009; 06:00 AM ET | Comments (6)
Google Buffs Up Its Real Estate Listings
When Google does anything, you have to pay attention. Slowly, the internet search behemoth is making its home-sale listings easier to use. You'll find their listings on Google Maps, where you can simply enter a search phrase such as "Homes For Sale Silver Spring, Md." and call up a map with listings highlighted.
By Elizabeth Razzi | July 8, 2009; 06:00 AM ET | Comments (4)
What Metro Adds to Home Values
My first post-accident Metro ride was on Wednesday, two days after last week's horrible crash. As the train s-l-o-w-l-y pulled into the station, I felt sorry for the driver, who was practically alone in the front car. And then I joined the crowd boarding at the middle of the train. It seemed the logical choice, at least until investigators figure out what caused one train to crash into the back of another--and how to keep it from happening again. Now I'm wondering what would happen if our subway system, which for a long time was so clean and safe that tourists saw it as a fun component of any trip to the Nation's Capital, were to develop a reputation as unsafe. Proximity to a Metro station adds real value to homes, especially if they're within walking distance.
By Elizabeth Razzi | June 29, 2009; 06:00 AM ET | Comments (3)
New Web Site Takes Mystery Out of Closing Costs
I've just taken a spin through a new Web site, Closing.com, that looks like it's going to be really useful for home buyers trying to figure out who to choose for closing services and what their total cost will be. With their Closing Wizard, you can just plug in a few details about the home you're buying--ZIP code, sales price, down payment, square footage and interest rate, and it will tell you how much cash you need to close the deal, including downpayment and fees.
By Elizabeth Razzi | June 18, 2009; 06:00 AM ET | Comments (0)
Pessimists vs. Optimists and The Weekend Poll
I haven't yet figured out what's really behind the bloggists and commenters who seem to fervently hope for an even more drastic plunge in home prices. Jawboning the market down doesn't seem to have much purpose, and I don't see the fun in all that cynicism. Conversely, trying to cheerlead the market back to health doesn't work very well, either. In Saturday's Real Estate Section, I have a story about the "Surround Sound" campaign the National Association of Realtors has pursued over the past 16 months, which tries to counter the gloomy economic news that prevailed in the press.
By Elizabeth Razzi | June 12, 2009; 06:00 AM ET | Comments (15)
Buyers and Sellers at a Standoff?
interviewed Donna Evers, president of the Evers & Co. brokerage in the District yesterday for a story coming up this weekend, and she had an interesting observation that didn't quite fit into the story, but I thought Local Addressers might find interesting. She said she's seeing more nervousness now among buyers and sellers. Realistically priced homes are drawing multiple offers, upsetting people's notions that it's one big buyer's market out there. "It's almost equal nervousness, and there are some standoffs on negotiations," she said. "Both sides feel like they've got some strength."
By Elizabeth Razzi | June 11, 2009; 09:08 AM ET | Comments (3)
Discrimination Complaints Hit a Record
Apparently, it's still a booming market for housing discrimination. There were 10,552 formal complaints of housing discrimination during fiscal year 2008, which ended Sept. 30. That's a record, according to the Department of Housing and Urban Development.
By Elizabeth Razzi | June 10, 2009; 06:00 AM ET | Comments (1)
Price Reductions, Savings and the Weekend Poll
The folks at Trulia are out today with a survey of their listings, showing that 30 percent of Washington-area listings have had at least one price reduction. That's more than the national average of about 24 percent. The average price cut around here is 10 percent off the original list price, about the same as it is nationally. Also, the Weekend Poll: How much savings should first-time buyers have left after closing?
By Elizabeth Razzi | June 5, 2009; 06:00 AM ET | Comments (0)
Come n' Get Yer Foreclosures!
It looks like we're heading into a foreclosure-sale weekend in the Washington area. Bus tours and auctions are both scheduled.
By Elizabeth Razzi | June 4, 2009; 06:00 AM ET | Comments (1)
Chat Plus: Perils of a Damp Basement
Question: After nine months of looking, a house just came on the market in our dream location and in our price range, with newly remodeled kitchen and baths. Heaven, right? Well, apparently the basement is "damp," which is common along that street. Do you think it's reasonable to ask the sellers to fix this?
By Elizabeth Razzi | June 1, 2009; 06:00 AM ET | Comments (2)
Chat Plus: Talk About That $8,000 Tax Credit
Question: I got very excited when I heard about the $8,000 first-time buyer tax credit, but then a friend told me it caps at a modified adjusted gross income of $75k. Yikes!
By Elizabeth Razzi | May 18, 2009; 06:00 AM ET | Comments (0)
Foghorn Leghorn in the Yard; Weekend Reading
know this will draw clucks from folks who think I'm not nearly as earthy as I ought to be, but I'm glad there aren't chickens roosting in my neighborhood. I figure if your neighbors are close enough to know you're keeping them, then you probably shouldn't have them.
By Elizabeth Razzi | May 15, 2009; 06:00 AM ET | Comments (0)
Market Up, or Down, Or?
Check back through the day for updates filed from the National Association of Realtors' daylong economic summit. We're in the Marriott Wardman Park's giant ballroom, and through the day we'll hear from former Labor Secretary Robert Reich, Havard's Eric Belsky and Martin Feldstein, the Wharton School's Susan Wachter, former Fed Chairman Alan Greenspan, Carnegie Mellon University's Allan Meltzer and others, roughly in that order.
By Elizabeth Razzi | May 12, 2009; 09:18 AM ET | Comments (3)
Are Matchmaking Sites the Future?
I just spent a while playing around with a new realty web site, Findbuyers.com, launched by Washington-area real estate agent Eldad Moraru. It's a free matchmaking site that invites buyers to enter the specifics about the type of home they seek (the usual condo/house/townhouse, bedrooms/baths and price and location questions). Buyers can then be matched with homes that meet their criteria, and buyer and seller can communicate anonymously from there. I can't say the site wowed me with its usefulness. But I am starting to wonder seriously if non-brokerage, matchmaking sites like Findbuyers and Zillow might be the template for the future.
By Elizabeth Razzi | May 11, 2009; 04:54 PM ET | Comments (2)
Discriminatory Housing Ads Proliferate Online
Fair housing complaints spiked up 17 percent over the past year, according to a report just out from the National Fair Housing Alliance, a DC-based consortium of more than 220 private, non-profit fair housing groups around the country. They blame the foreclosure crisis, which has forced a lot of families into the rental market, and the rise of Internet advertising, which has scant gatekeeping regarding the content that's posted. After I saw NFHA's report, I spent about half an hour searching Washington-area for-rent ads on Craigslist just to see what I might find. In just that brief search, I found a few eye-openers--and then called NFHA's President and CEO, Shanna Smith, to solicit her reactions.
By Elizabeth Razzi | May 5, 2009; 06:00 AM ET | Comments (1)
Take a Spin with Frank and Take the Poll
Have you seen the "WheelEstateCam" that Arlington real estate broker Frank Borges LLosa posts on his blog and You Tube? LLosa is first-rate at this web thing, having named his brokerage FranklyRealty.com and all. A while back he fastened a web camera directly onto his steering wheel, and regularly talks real estate as he tools around town.
By Elizabeth Razzi | April 24, 2009; 06:00 AM ET | Comments (0)
Searching for Homes With Price Cuts
Trulia is launching a new search filter to allow shoppers to search only for homes that have had a price reduction. You have to wonder if sellers will (or ought to) build in a price reduction right at the start of the listing. Are buyers getting too focused on the "price reduced" selling point? Are homes becoming like rug shops, with their perpetual sales and "store-closing prices?"
By Elizabeth Razzi | April 23, 2009; 06:00 AM ET | Comments (4)
Chat Plus: What's the First Step in Buying a Home?
Question: After several years of work, I have a stable job, some substantial personal savings (not enough for 20 percent, alas), and it seems like it might be time to finally buy a first home. What's the first step?
By Elizabeth Razzi | April 20, 2009; 06:00 AM ET | Comments (0)
Vacation Homes And the Weekend Poll
I've been thinking about second homes for years now, and there have always been two things keeping me from jumping on one. First, of course is the money. But a close second is traffic.
By Elizabeth Razzi | April 17, 2009; 06:00 AM ET | Comments (1)
Long & Foster Adds Job-Loss Protection
Long & Foster Realtors is trying to coax the employed-but-worried into the market with a new job-loss protection program. Agents throughout the company are just getting training on the new "Buy Confident" program, which will be rolled out shortly through all of Long & Foster's offices in the mid-Atlantic. Some new-home builders have started offering such protection on their sales, but it's rare for the coverage to be offered on resales marketed through a giant brokerage such as Long & Foster.
By Elizabeth Razzi | April 16, 2009; 06:00 AM ET | Comments (7)
Complete this Sentence Game, Realtor Edition
Today's question is not whether it's a good time to buy a home. Real estate agents spout the line so consistently, it's become kinda funny. Instead we have little game of Complete this Sentence: It's a great time to buy a home because...........
By Elizabeth Razzi | April 13, 2009; 06:00 AM ET | Comments (6)
Gay Marriage and Homeownership
One of the benefits to being married is that in many states, including the District, Maryland and Virginia, couples can choose to take title to their home as "tenants in the entirety." It means that each person is 100 percent owner of the house. More gay couples who marry elsewhere and live in Washington, D.C. -- and those thinking of moving here -- will probably be able to take advantage of that protection soon.
By Elizabeth Razzi | April 8, 2009; 06:00 AM ET | Comments (2)
Chat Plus: How Much is That House Worth?
"I've had two contracts fall through because the house appraised for lower than the sale price and the sellers would not sell at the lower price. Do you recommend, in this market in which no one really knows the value of anything, doing an appraisal on a property before submitting an offer? Yes I know it's expensive, but I'd rather spend 500 bucks on a property I am seriously considering than waste three months of my time only to see another contract fall through. How else are we supposed to valuate a property in this climate?"
By Elizabeth Razzi | April 6, 2009; 06:00 AM ET | Comments (0)
Layoff Worries vs. Buyer Incentives
Worries about layoffs and their tendency to drastically interfere with one's ability to make a monthly mortgage payment don't seem to be burdening first-time buyers as much as they weigh upon existing homeowners. About 18 percent of people who consider themselves first-time home buyers said they plan to make a purchase this year so they can take advantage of the new $8,000 tax credit, according to an early-March survey commissioned by Move Inc., the company that operates a listings Web site for the National Association of Realtors. Among all surveyed, first-timers and repeat customers alike, 5.8 percent said they planned to buy within one year; and another 13 percent said they planned to buy in the next two years. The survey revealed a world of worry, though, among current owners. A recent job loss in the household is causing 27 percent to fear they may default on their loan. Another...
By Elizabeth Razzi | March 24, 2009; 06:00 AM ET | Comments (3)
The Market's Spring Thaw?
Based on the chatter I'm hearing and the results of this blog's latest, highly unscientific Weekend Poll there are a lot of people suddenly warming to the idea of launching a house hunt. Suze Orman even said on NBC's Today Show that she's starting to think it's now the right time for people to start looking at real estate. (The comments came at the end of a segment about stock investing. However, I think Orman is highly unrealistic in advising first-timers to wait until they have saved enough to make a 20 percent down payment. Most first-timers simply don't have that kind of dough.) Here's a bit of advice for people who find themselves warming to the idea of launching a house hunt: Don't be rushed. Low interest rates are probably going to be around a while, so there's no reason not to think through a deal carefully. Sell first,...
By Elizabeth Razzi | March 23, 2009; 06:00 AM ET | Comments (3)
Nosing Around Model Homes
I'll admit it. I love to browse decorated models of new homes, even though I haven't the slightest intention of buying one. My job gives me a pretty good excuse for such nosiness, of course, but I suspect I would be doing it anyway. I got to indulge my habit for a story that appears in tomorrow's Real Estate section outlining the things individual home sellers and buyers can learn from the pros who outfit model homes. One thing I learned that wouldn't fit into the story: Real-looking plastic food and drinks are expensive! Just one faux Pilsener glass of beer costs $22. But if you're into that sort of thing, here's where you can buy a chocolate sundae that never melts. Another tidbit that didn't make it into the story: Luxury-home builder Toll Brothers recently opened a 10,000-square foot design studio in Chantilly. It includes vignettes showing seven kitchens,...
By Elizabeth Razzi | March 13, 2009; 06:00 AM ET | Comments (0)
Wrath and Derision, Just for Wanting to Buy a Home
It takes courage to admit that you want to buy a home now. In Sunday's Washington Post Magazine story, Take a Deep Breath by Christina Ianzito, Diego and Jessalynn Gomez allow us in on the search for their first home. They finally decided on a townhouse being built in Gaithersburg, which they're buying for about $380,000. Jessalynn and Diego Gomez look at the view from the foundation of their new home. (Sean McCormick). If you pay much attention to some of the comments posted online with the story, and those submitted for yesterday's Web chat, you would think they were trying to pull a Bernie Madoff on someone. Yet this couple seems to have researched the market fully, accepted the risk that prices may decline more, adhered to their budget and -- brace yourselves, here's the root of their madness -- decided to do what they think is best for...
By Elizabeth Razzi | March 4, 2009; 06:00 AM ET | Comments (9)
