It’s that time again!  FURRY FRIDAY!!!!  Let’s see who is up for adoption at the Fredericksburg SPCA.

Meet Madam

Madam is an older feline, 10+ years, who needs a little special care (she’s missing some teeth – don’t laugh it happens to us all).  She is very good with adults.  She enjoys laying in sunny spots and afternoon teas.  She needs some help keeping her fur coat beautiful.  Madam is up-to-date on her shots and is spayed.  If you have room in your heart and your home for Madam, please contact the SPCA today!

Meet J-Lo!

J-Lo is a Labrador Retriever/ Chow-Chow mix. She is 4 years old and needs an owner who like to take long walks.  J-Lo has lots of energy.  She is trained to sleep in her own doggie bed at night!  She is up-to-date on her shots and is spayed.  If you can match J-Lo’s energy level and are looking for the perfect companion, visit J-Lo at the SPCA soon! 

All Furry Friday featured animals can be reached by calling the Fredericksburg SPCA at (540) 898-1500.  Call Today.  You know you want to!  Make an animal part of your family!

There has been a flutter of talk about the new Home Valuation Code of Conduct (HVCC ) rules that went into effect May 1, 2009.  Much of the discussions surround the growing problem of timely and accurate appraisals.  If you have purchased a home in the last few months, you know what I’m talking about. 

Recently, my business partner and I were helping a first-time home buyer purchase a home in King George County.  We knew we would have obstacles to overcome because this buyer wanted to purchase one of the few condos in the entire county.  This was a traditional sale, FHA financing, 30-45 days to close.  The transaction should have been cut and dry, except for the FHA Spot Approval for the condo association.  However, once the appraisal finally came back, just  few days before scheduled closing, we had some pretty big problems.  The appraisal was performed by an out-of-state appraiser and it came in $700 low.  Yep… $700.  Now, one would think that you can’t squabble that much over $700, but you can.  After a few weeks of negotiating, it was finally agreed that the sales price would be lowered to reflect the appraised value.  But, we weren’t out of the woods yet.  Upon looking at the original appraisal, someone in underwriting had a problem with it.  Of course they did!  A field review was demanded by the buyer’s lender.  The buyer had already paid for a $400 appraisal on a $125,000 condo.  Now the buyer had to pay another $150 for a second appraiserto look over the first appraisal.  A few weeks later it was finally determined that the first appraisal was, in fact, accurate on value, but not accurate on other vital information about the property.  That information needed to be fixed by the original appraiser.  After all this, we closed a month late and interest rates went up 1%. 

This is not an isolated incident.  Numerous REALTORS(R) and consumers are encountering similar scenarios.  Danilo Bogdanovic of www.LoudonScene.com writes a very interesting post on issues with HVCC, “Buyers Lose Offers, Pay More Thanks to New HVCC Appraisal Rules“.  Rather than recreate the wheel, I’ll introduce you to his post.  You can also get a fantastic explanation of the new HVCC rules on Chris Griffith’s post, “The HVCC Wal-mart Effect.”

One thing’s for sure, purchasing a home got a lot harder as of May 1, 2009.  Something must be done to rescind rules that are hurting, rather than helping, the consumer!

I am very pleased to announce that I have adopted a new tool for my readers to search for homes!  Yay!  The Search For Homes tab will now take you to www.franklymls.com.  This is a privately run mls database that pulls listings from MRIS and CAAR and provides the information to consumers at no charge.  You also don’t have to register to access the homes.  FranklyMLS covers parts of Virginia, Maryland, and Washington DC.  Please feel free to send me feedback on the new search tool.  I hope you like it as much as I do!

(Thanks to Frank LLosa, Principle Broker and Owner of Frankly Realty and creator of FranklyMLS for providing this service!)

Let’s see who’s up for adoption this week! 

Well there’s 2 kitties that would love to be adopted together!  I mean, they’re sisters!  You can’t break up a family!  Meet Frosting and Sparkles!

Frosting

Frosting will adjust well to any home because she is so young.  She is good with adults and children.  She is also not opposed to being with other cats and can even tolerate dogs.  She’s 10 weeks old and is up-to-date on all shots.  How can you even think of passing over a face like this! 

Sparkles

Here’s Sparkles!  Again. Sparkles can easily adapt to any environment, but it would be easier on her if she could continue to be with her sister, Frosting.  You can tell Sparkles from her sister by the adorable cream “beauty mark” on her face.  She is good with adults and kids.  She can live with other cats and even dogs.  She is ten weeks old and up-to-date on her shots!   

These sisters are the cat’s meow!!!!!

Rusty

Meet Rusty!  He’s a 7 year old Dachsund who’s looking for a permanate home.  He prefers to be an only-child, but could be in a home with other dogs if introduced appropriately.  Rusty is good with adults and loves to run!  If you’re looking for a lapdog, he’s the pup for you!  He’s up-to-date on his shots and is neutered.  Give Rusty a call and make an appt to meet him today!

All Furry Friday featured animals can be reached by calling the Fredericksburg SPCA at (540) 898-1500.  Call Today.  You know you want to!  Make an animal part of your family!

Well, at first glance the June 2009 market statistics appear to be telling a story that we have dreamed of hearing for the past 2 years!  But, hold the presses, the market may not be what it seems.  True, sellers are selling their homes at closer to list price than last year (Fredericksburg area – 89.89% in 2008 compared to 90.27% in 2009).  But, prices are also down, median and average.  This year’s median sold price in June (for the Fredericksburg area) was $205,000 compared to $276,500 in 2008.  We also have less inventory this year than we did in 2008.  In June 2008 (Fredericksburg area) there were 3673 listings  compared to 2465 in June 2009.  This all leads us back to one of my favorite real estate topics, the law of supply and demand.  When supply and demand concepts are coupled with the incentives that first time home buyers are receiving this year, you get what looks to be an improving market.  Many of the buyers who were sitting the fence last year have decided that the time to buy is now.  Prices are low, interest rates are volatile but low, and there is still a good selection of homes on the market.  However, this selection is dwindling and no one can say what will happen to the amount if inventory in the next few months.  I can also say with confidence that more homes are selling, and selling quicker, because more homes are priced appropriately from the beginning of the listing.  Sellers, REALTORS(R) and banks, are evaluating the market overall before deciding list price.   More attractive list prices increase a seller’s chance for multiple showings and multiple offers, and possibly even escalation clauses (gasp!).  All of this looks to be steering us back in the direction of a healthy market and even a seller’s market.

But again, looks can be deceiving.  The foreclosure and short sale market are not going away any time soon.  In fact, REALTORS(R) have been waiting for months for the next wave of foreclosures to flood the market.  No one can give a straight answer as to why banks are holding these homes back, but they are.  If the banks do not release these REOs in a sensible manner then we are in for another round of dropping prices.  Brace yourself now.  The last predatory lending loans were issued in 2007.  Let’s say the average loan was for a 5 year ARM.  We still have at least 3 more years, more like 5, before the real estate industry can start to clear out some of the fog that has been draped over us the last 2 years.  The first-time home buyer incentives have been a driving force behind many markets, but they are due to expire in December.    Eliminating the incentives will be devastating to many markets.  Many industry professionals feel that Congress will continue the incentives, but we shouldn’t count our chickens before they hatch.  Oh, while we are on the subject of Congress, has anyone read the American Clean Energy and Security Act of 2009?  Yeah, could Congress possibly pass any other law that would single-handily prevent the sale of most homes in America?  (We’ll return to this topic in a future post).  And last, but definitely not least, the new HVCC appraisal rules that are wreaking havoc with real estate deals across the country.  (Again, we’ll revisit this delightful topic in a future post.  I need to calm down before I write it). 

So, have we recovered yet?  Ummm… no.  A resounding no.  We still have a long road ahead of us.  The truth is, no one can say for sure where this market is headed.  If they say they can, they are lying.  There are so many variables that go into creating a stable and/or strong market.  The market will eventually cycle again; it always does.  The length of time it takes for the cycle to occur depends on how many “experts” are poking at it.  Right now there are thousands of “experts” running around with very sharp sticks.  Lord help us all!

Fredericksburg City:

• 106 days on market – this is 27 days less than in June 2008
• Sellers received, on average, 86.36% of their list price when the home sold
• There is 5.83 months of inventory on the market
• 29 homes sold in June 2009 – this is 15 more than in June 2008
• The most popular price range was under $100,000.   
• The median sold price was $259,900, compared to $319,000 in June 2008
• Financing Terms:  Conventional – 5, FHA – 7, VA – 6, Assumption – 2, Cash – 9

Orange County

• 150 days on market – this is 78 days less than in June 2008
• Sellers received, on average, 89.53% of their list price when the home sold
• There is 12.94 months of inventory on the market
• 34 homes sold in June 2009 – this is 14 more than in June 2008
• The most popular price ranges were $200,000-$249,999
• The median sold price was $212,500, compared to $226,000 in June 2008 
• Financing Terms:  Conventional – 9, FHA – 10, VA – 3, Assumption – 5, Cash – 5, Seller Financing – 1, Other – 1

Spotsylvania County

• 115 days on market – this is 23 less than June 2008 
• Sellers received, on average, 89.15% of their list price when the home sold
• There is 4.89 months inventory on the market
• 190 homes sold in June 2009 – this is 40 more than in June 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $196,500, compared to $262,450 in June 2008 
• Financing Terms:  Conventional – 42, FHA – 79, VA – 38, Assumption – 10, Cash – 20, Other – 1

Stafford County

• 93 days on market – this is 17 less than June 2008 
• Sellers received, on average, 92.05% of their list price when the home sold
• There is 4.36 months inventory on the market
• 186 homes sold in June 2009 - this is 33 more than in June 2008 
• The most popular price range was $300,000-$399,999
• The median sold price was $237,450, compared to $278,900 in June 2008 
• Financing Terms:  Conventional – 33, FHA – 60, VA – 67, Assumption – 6, Cash – 20

Prince William County

• 78 days on market – this is 44 less than June 2008 
• Sellers received, on average, 93.15% of their list price when the home sold
• There is 3.97 months inventory on the market
• 795 homes sold in June 2009 - this is 181 less more than in June 2008
• The most popular price range was $300,000-$399,999
• The median sold price was $195,000, compared to $232,250 in June 2008
• Financing Terms:  Conventional – 196, FHA – 295, VA – 123, Assumption – 32, Cash – 139, Other – 10

Statistics provided and calculated using data supplied by MRIS.

Today is the first Friday that I will be featuring a cat and a dog that are up for adoption at the Fredericksburg SPCA.  I am so pleased that they have allowed me to help promote the needs of animals in their shelter.  I will feature one cat and one dog every other Friday.  The Fredericksburg SPCA is a no-kill humane care center located on Courthouse Road.  To learn more about the Fredericksburg SPCA click here. 

So, who are the inaugural furry friends that are up for adoption? 

Meet Josephine!  She is a medium build, Senior, short-haired cat.  She is very sweet, but can be a little shy sometimes.  She loves toys, especially ones that make noise.  She is being trained to scratch on cardboard scratchers while at the SPCA.  Josephine likes to sit in laps, but does not like to be picked up and carried around.  She is 8.5-10.5 years old and is very good with adults.  She likes to play and loves being brushed.  She is up-to-date on her shots and is spayed.  If you would like to meet Josephine please visit her at the SPCA building.  She’d love to meet you!

Meet Kara!  She is new to the SPCA and still getting used to the surroundings.  She is a beagle/ hound mix, 2-3 years old, and female.  She loves being outside with people and loves long walks.  She’s looking for a new owner that enjoys these things too.  She likes to run, likes to be groomed, and she’s good with other dogs and adults.  She is up-to-date on her shots and is spayed.  Kara would love to interview you to be her new owner! 

If either Josephine or Kara interest you, please call the Fredericksburg SPCA at (540)373-9008.