valentinosdcpulse: October 2009

I was recently interviewed by John Wordock of MarketWatch Radio Network regarding the first time homebuyer tax credit.  As I mention in the interview, about 90% of my recent business had been as a result of the credit, so I am definitely in favor of an extension.  At this point, there is no firm word on an extension, so buyers can't plan on it.  Do I tell buyers to snap up any house to take advantage of the credit?   No Way!  Having the $8,000 is a great gift but the house will be with you for years to come! If buyer have house in mind, this is the time to act.

Here's the full interview, with the high points below.

http://www.marketwatch.com/podcast/Recession%20and%20Recovery

John:  What advice do you have for first time homebuyer who want to get in on the tax credit?

Rachel:  I'm so glad you asked John... this is such an important topic.

My advice would be that IF a buyer is on the fence with their final home choice, they REALLY need to get their offer in this week. Most individuals are blissfully uninformed when it comes to understanding how long it takes to close a loan in today's market - you know what they think? They can go to closing a week after putting in a bid! It's just not going to happen, trust me!

This is especially true for those who are hoping to do a low downpayment of 3.5% and go the FHA route. With FHA or conventional even, it is quite EASILY a 30-45 day process -- minimum! I foresee November will one of the busiest months in recent national history, lenders & settlement attorneys across the nation are going to be swamped and you can't rely on your lender to work wonders.

Buyers need to understand that if it is their wish to take advantage of this awesome $8000 gift from the federal government, they SHOULD NOT rely on what (at this point) is a very rocky extension from those on Capitol Hill or put themselves in a bind by not allowing reasonable time to close.

In my recent experiences, underwriters are more scrupulous and critical than ever - EVEN for individuals with the best credit scores and income. There's no need to add another layer of complexity by waiting until the last minute. Believe me, buying your first home is stressful enough. If you want to close mid-November and give yourself some breathing room for unexpected surprises (which always happen), you need to be under contract today....no, actually let me re-phrase that, it should have been YESTERDAY! I'll tell you what I tell my clients, the old saying holds true, "To be forewarned is to be forearmed!" Long story short, if you want the $8000 credit, get under contract!

Arlington, VA is home to some of the hottest and most sought after "urban villages" in the entire DC metro area. Young professionals are crazy about the area as it continues to attract more and more young people seeking a hip living area. This urban county covers 26 square miles, directly across the Potomac River from Washington, DC.

This is a Smart Growth area teaming public transportation systems with planned economic development, which has led to booming business districts and quaint residential neighborhoods, each with a small-town feel. There is a strip of 5 major neighborhoods, each with a distinct personality. Two of the most desired of the "urban villages" in this exiting area are Ballston and Clarendon.

Some of the drawing points for the area include:

•  In 2002, the area won a national award for Smart Growth Achievement

•  In 2005, the area was ranked #1 among "walkable cities in the US" by the American Podiatric Medical Association and currently scores 95% on Walk Score (2009).

•  In 2006, CNN Money ranked the areas as the most educated with 37.7% of the residents holding graduated degrees

•  In 2008, BusinessWeek ranked it as the safest community to weather a recession.

•  Home to Wilson Boulevard-Clarendon Boulevard corridor. In 2008, this street was named one of 10 "Great Streets" in the U.S. by the American Planning Association.

Because of the commitment to transit-oriented development, residents can enjoy the convenient shops, services and transit options. Residents continue to support and participate in both political and economic development of the area. In turn because of the strong commercial tax base, the area residents here pay relatively low taxes.

Ballston, VA

Downtown Ballston is centered around Ballston-MU Metrorail station which is a major transportation hub, connecting Metrobus and ART buses with Metrorail's Orange Line. Here you can't help but feel the "bit-city downtown" atmosphere. Here you'll find taller buildings than the rest of the Arlington area. Among the busy office buildings there are numerous designer coffee shops and delicatessens that cater to the 9-5 crowds.

Just a few blocks away the busy atmosphere tapers off into residential neighborhoods with parks, schools, and single family homes. You'll also find real estate offerings including numerous apartment and condominiums that complement the skyline and offer simple studios to elegant penthouse suites with panoramic views.

Clarendon, VA

Clarendon is located between the Rosslyn area and the Ballston area. The two main road are Wilson Boulevard (one-way westbound) and Clarendon Boulevard (one-way eastbound). This neighborhood offers mid-sized office buildings near the Clarendon Metro station and safe, stable neighborhoods full of single-family homes and tree-lined streets, offering great opportunities to live, work, and play.

Clarendon is known more as the young, vibrant, and eccentric of the Arlington area urban villages. This neighborhood considered is the heart of Arlington's nightlife and dining scene.

It is often cited as an example for smart growth and transit-oriented development , the model for the term "urban village". In addition to the national chain shopping and retail scene, Clarendon is well known for its local businesses which are varied and unique.

With the laid back, safe, walkable living area so close to the Metrorail and the big city amenities, you can see why this area is so desirable.  Among the real estate offerings in Clarendon and Ballston, you can find numerous townhouses, luxury apartments, and condominiums in addition to single-family homes from which to chose. Rachel Valentino is a top specialist in the Arlington, VA area. Contact her today or check out her Atlantic Coast Connection website to look for your dream home.

One of America's greatest monuments ,"The Congress House." sits proudly on the crest of the hill overlooking the city of Washington, DC. Nestled in next to the US Capitol grounds, you'll find the charming 19^th century neighborhood of Capitol Hill. It is a district where you'll find  diverse residents and an architectural style captivating and enchanting.

One of the oldest historical neighborhoods in the entire DC area, Capital Hill is - remarkably - also one of the most densely populated areas. Roughly 35,000 people live in Capital Hill which spans just short of two miles. Those who live in here are often touted as the true "movers and shakers" of America.

Capitol Hill, of course, is home to some of the nations most famous landmarks: the United States Capitol and the Senate and House office buildings. It's also home to the Supreme Court building, the Library of Congress, the Marine Barracks, the Washington Navy Yard, and Congressional Cemetery.

But, for the most part, it's largely a residential neighborhood composed predominantly of late 19th century press brick rowhouses. Existing side by side and steeped full of history, you'll find 19th century manor houses, Federal townhouses, small frame dwellings, and ornate Italianate bracketed houses.

Today, East Capitol Street runs through the center of this most sought after part of the neighborhood. It's an easy way to spend an afternoon strolling down the brick sidewalks soaking in the diverse architectural style. Each year the Capitol Hill Restoration Society holds a popular house and garden tour. Residents and visitors alike enjoy taking part in this yearly event. Another exciting tidbit of news is that an Art on Call program is underway in this neighborhood. Stay tuned for upcoming details on this creative endeavor.

Pennsylvania Avenue, which runs in another direction, creates the eclectic commercial sector of the neighborhood. It's here you'll find the lively shops, restaurants, and bars. Recently renovated, Eastern Market is an 1873 public market on 7th Street SE, where vendors sell fresh meat and produce in indoor stalls and at outdoor farmers' stands. It is also the site of an outdoor flea market every weekend where locals love to convene. Music, another popular venue can be found on H Street NE where nearby condos are beginning to fill up.

In addition to the diverse areas within Capital Hill, there are many top restaurants found in the nation's capitol located right in the heart of Capitol Hill. This is where on any day you may rub elbows with a Senator or Member of Congress at any one of them. One of the most frequently suggested for spotting politicians is Bistro Bis. It is a cozy contemporary French bistro that is also a favorite of the locals. Another local favorite is the popular The Dubliner Restaurant & Pub. Here you'll find a great selection of beers and authentic fare such as "Irish Beef Stew," shepherds pie, fish and chips, and a variety of daily specials. Live music is offered nightly and attracts a lively crowd.

For those a little more laid back, Capital Hill also provides plenty of green space (National Mall, Capitol Hill Parks, etc.)  Although Capital Hill's parks are not considered big, they do provide peaceful green space amidst the urban environment giving residents and visitors a nice place to relax and enjoy the beauty of the outdoors. Folger Park is one of the largest parks in the area. While here, you can take in the city's rich architectural history. Come and enjoy the 1,000 ornamental trees planted in the 1800's and enjoy lunch on one of the unique "fountain benches" fashioned after the 1935 "Drinking Fountain and Bench" plan. Read more about the other 58 parks in Capitol Hill area.

This area is also known for its schools. One of the most sought after schools is what is known as the Capital Hill Cluster. Recently many of the older less advantaged schools were recipients of new libraries thanks to neighborly efforts.           

With such diversity, history and beauty, you can see why Capitol Hill real estate is becoming an ever more popular choice for those looking to buy in the Washington, DC area. You can find historical homes as well as newly build condos. Can you imagine living where every day is just a walk to the White House? Then you'll definitely want a real estate pro on your side.

In the complex market of Washington, D.C., you want a REALTOR^® who you can trust, one who knows the area and has a proven track record. Rachel Valentino is a top specialist in the D.C. area no matter what your needs are. Contact her today or check out her Atlantic Coast Connection website to look for your dream home. Put her expertise to work for you.

P.S. - It's not too late to use the $8,000  First Time Homebuyers Tax Credit, but time is running out!