Sarahiously Speaking

Fredericksburg City:

• 116 days on market – this is 52 days less than in November 2008
• Sellers received, on average, 87.9% of their list price when the home sold
• There is 5.93 months of inventory on the market
• 27 homes sold in November 2009 – this is 16 more than in November 2008
• The most popular price range was $200,000-$249,999.   
• The median sold price was $242,800, compared to $94,900 in November 2008
• Financing Terms:  Conventional – 9, FHA – 10, VA – 3, Cash – 4, Assumption – 1

Orange County

• 198 days on market – this is 57 days more than in November 2008
• Sellers received, on average, 90.30% of their list price when the home sold
• There is 11.5 months of inventory on the market
• 33 homes sold in November 2009 – this is 12 more than in November 2008
• The most popular price ranges were $200,000-$249,999.
• The median sold price was $175,000, compared to $208,900 in November 2008 
• Financing Terms:  Conventional – 7, FHA – 12, VA – 1, Assumption – 3, Cash – 9, Other – 1

Spotsylvania County

• 83 days on market – this is 37 less than November 2008 
• Sellers received, on average, 94.16% of their list price when the home sold
• There is 7.58 months inventory on the market
• 116 homes sold in November 2009 – this is 4 more than in November 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $193,525, compared to $219,841 in November 2008 
• Financing Terms:  Conventional – 29, FHA – 42, VA – 19, Cash – 12, Other Financing – 3

Stafford County

• 80 days on market – this is 35 less than November 2008 
• Sellers received, on average, 93.66% of their list price when the home sold
• There is 6.33 months inventory on the market
• 123 homes sold in November 2009 - this is 6 more than in November 2008 
• The most popular price range was $200,000-$249,999
• The median sold price was $203,000, compared to $220,000 in November 2008 
• Financing Terms:  Conventional – 19, FHA – 49, VA – 38, Cash – 13, Other – 1, Assumption – 3

Prince William County

• 44 days on market – this is 62 less than November 2008 
• Sellers received, on average, 96.74% of their list price when the home sold
• There is 4.21 months inventory on the market
• 651 homes sold in November 2009 - this is 208 less than in November 2008
• The most popular price range was $200,000-$249,999
• The median sold price was $213,000, compared to $175,900 in November 2008
• Financing Terms:  Conventional – 158, FHA – 245, VA – 106, Assumption – 25, Cash – 111, Other – 6

The holidays are the perfect time to open your home to a new family member.  Let’s see who is up for adoption at the Fredericksburg SPCA this week!

Meet Yogi!

Yogi is Labrador retriever, rottweiler mix.  Yogi is sweet and gentle with a little bit of a shy side, but he warms up to you very quickly.  He is good with adults, children, and other dogs.  Yogi really enjoys going on walks, running and playing, and being groomed.  Yogi is about 6.5 years old and is neutered and up-to-date on his shots.  Please give the SPCA a call today and visit Yogi.  He would love a new home for the holidays!   

Meet Ringo!

Ringo is a domestic short-haired tabby.  He enjoys praise and affection.   (What cat doesn’t?)  He is an energetic 6 month old who loves to run and play, get his belly rubbed, and being groomed.  Ringo is definitely not shy and will become an instant member of your family!  If you need a new buddy in your life, Ringo may be the kitten for you.  He’s a cutie, so you better call the Fredericksburg SPCA soon to make an appointment to meet this little guy.  

The Fredericksburg SPCA is located at 10809 Courthouse Road Fredericksburg, VA  22408.  Their phone number is (540) 898-1500.  Make an furry friend’s Christmas wish come true! 

Small town living is always interesting and Fredericksburg, Virginia is no exception.  Fredericksburg will be holding its annual Christmas Parade this Saturday, December 5.  However, something will be noticeably different during this year’s parade.  There will be no candy thrown from floats or handed out to parade attendees.  Turkey Hill will also not be allowed to hand out their traditional ice cream sandwiches.  Why the change?  Well, it appears that City Council and the Clean & Green Commission have decided that they would rather not deal with the litter that is left behind after the parade.  So, if you or your family is expecting interaction from the floats, don’t hold your breath.  Again, nothing can be passed out to parade attendees this year.  NOTHING!

Now, I do agree that the amount of trash that can be left behind after a parade can be overwhelming.  I also know that the icy/ snowy weather during the parade of 2008 did not help matters.  But, really!?!  City Council and the Clean & Green Committee – you are stealing the spirit of the holidays!  This town has no problem wasting money and tax dollars in other areas, but a Christmas parade that is put together by a non-profit organization has become a target of their scorn.  While derelict building sit wasting away and dog poop is drying on city sidewalks, they’ve decided to concentrate on one parade that brings this city and the surrounding area together.  Is this decision a big deal?  Well, some former parade float participants seem to think so and they’ve removed their entry from the event.  And, I think quite a few attendees will be more than a little disappointed when the highlight of the evening is counting just how many baton twirlers you can fit in one parade.  (We have alot of baton twirlers in this area). 

There are other ways to combat the litter.  The city admits there are not enough trash receptacles in the downtown area.  There are definitely no recycling bins made available to the public during street events.  How about getting more volunteers to do a city clean-up effort after this type of event?  There are plenty of high school students and civic organizations looking for volunteer opportunities.  But to steal the spirit of the holidays out of the grasp of children.  It’s a shame.   What’s next?  Will all downtown events be cancelled because there is the possibility of litter and (*gasp*) fun?  I hang my head in shame for City Council.  Sorry kids, Fredericksburg is scaling the holidays back this year so they can afford to buy overpriced parcels of land along the river.

Whose wish will you be granting this Christmas?

Please remember to donate to your favorite charity. 

As a short sale listing agent, I get asked a plethora of questions regarding this difficult and frustrating transaction.  One of the most popular questions is the key to success when listing a short sale.  I wish there was an easy answer.  I wish there was one thing I could tell agents and consumers that would help them get through the short sale successfully.  There is no simple answer to this question.  A successful short sale is dependent on several different variables. 

First, short sales are successful when honesty and competence exist.  A short sale seller needs to know exactly where they stand with their bank.  It is very difficult to sell a short sale listing when it is days away from the foreclosure auction block.  The most desirable short sale candidate will be less than 2 months delinquent.  A short sale seller needs to be honest with themselves and with their REALTOR(R) when discussing their situation.  Digging your head in the sand won’t do anyone any good.  The more honest the seller is, the more accurate the information will be that they will be giving the REALTOR(R).  This process can be embarrassing for a seller.  It is important to remember that your REALTOR(R) is here to help you, not judge you.  REALTORS(R) work with so many numbers they will forget all about yours once the transaction is over; sellers need to be candid about their financial situation.  The seller and the REALTOR(R) have the same goal: a successful closing.  Your REALTOR(R) needs to be honest with you when helping price the home.  Pricing too high can be detrimental and can send a property to the auction block.  Under pricing the home may require that the bank negotiate the terms of the contracts they receive.  Some sellers are not good candidates for short sales.  That’s the truth.  More REALTORS(R) need to be honest with sellers when analyzing the seller’s short sale candidacy.  I can’t say it enough, competency is key to a successful short sale.  The competence rests on your REALTORS(R) ability to find a suitable buyer and navigate through the banks rules and regulations.  Real estate agents need to be trained in short sales and constantly be updated on the short sale process.  If your real estate agent isn’t up-to-date on short sale information, the harder it will be to have a successful transaction.  Your REALTOR(R) needs to have an understanding of Virginia law when it comes to foreclosures.  They also need to be able to direct you to good real estate attorneys and tax advisers.  There are consequences for short selling a home.  The REALTOR(R) needs to be competent enough to explain these consequences and help you find out the specifics for your situation.  

The keys that the banks are looking for are pretty simple.  Banks want to mitigate their losses.  They can only mitigate losses if the short sale contracts they are presented with allow the bank to lose less money than taking the property into foreclosure.  Fannie Mae reports that 3 out of 4 short sale transactions do not close.  So, 3 out of 4 contracts that are presented to banks don’t make economic sense to the banks.  Who is responsible for getting the banks acceptable contracts?  Well, the seller and the listing agent.  Sellers and listing agents need to list short sale properties at market value.  Sellers and listing agents should not be ratifying ridiculously low offers.  Ridiculously high offers are dangerous too.  The home must meet bank criteria for loss mitigation and they must appraise for the buyer to receive a loan.  This is difficult water to tread. 

What it all boils down to is that there is no one way to conduct a short sale.  There are no laws on how banks and consumers have to handle this type of transaction.  We have to apply laws for traditional transactions to this very nontraditional transaction.  Bank employees are also not trained on the real estate laws for each state.  In a time where even our foreclosures are being outsourced, you can not rely on the bank employees to really know what they are talking about.  They have scripts and a short leash that may or may not allow them to help you.  We are relying on inadequately trained employees to make huge financial and economic decisions.  The current way that short sales are being negotiated isn’t working.  However, it’s all we have right now.  Being aware of the basics of short sale approval is a great way to map out your short sale transaction.