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As a famous sage (actually a Realtor in North Carolina) once said, the media has made it sound as if in the current buyer's market, homes are almost free.  While it is true that home values have dropped and made it possible for buyers to buy a lot more home for their money, this does not mean sellers are willing (or able) to give their home away.  The media hype has made first time buyers unrealistic and unprepared make a successful bid on a home. 

It is also true that prices are down from a year or two ago, that homes are plentiful, that interest rates (though rising a bit) are still historically low, and government incentives to buy are enticing.  However, in some markets (such as DC) homes in the price ranges most attractive to first time buyers have been snapped up by investors.  There is often a bidding war on lower priced homes.  Often times, the best deals are on homes that are owned by banks, which have intentionally been put on market at prices so low that they invite competitive bidding.

If you are a first time buyer who hopes to walk away with one of these homes, you need to be realistic and prepared.  Engaging the services of a competent Realtor with insight into the local market is essential.  Being flexible about the house is crucial.  It is highly unlikely that you are buying your dream home, so be willing to bid on an acceptable, affordable home.  This increases the likelihood that your bid will be accepted.  Once you have your first home, you are building your future for your next home.

Sellers in the current market may have to accept far less than they hoped, so the buyer is likely to win over other bids (if it comes to that) will have a better chance if he make the transactions trouble free for the seller.  Here are few things you can do if you are ready to buy and want your offer to win out:

• Complete a loan application so your financing is ready to go.
• Have a complete pre-approval letter signed by a person (not a form letter).
• Be willing to pay more than the asking price.
• Come equipped with a large downpayment.
• Be willing to buy the home as is and avoid haggling over small repair issues with the seller and put this in the contact.
• Still insist on a home inspection but within 5-7 days.
• Aim for a quick escrow.

You don't want to make an impulse decision when buying a home, but time is of the essence these days.  Coming to property showings ready to buy will serve you well!

Rachel Valentino can help you prepare to become a homeowner. She is very familiar with the DC metro area, so she can direct you to appropriate and affordable properties in the District, northern Virginia, or eastern Maryland.

It is a known fact that many people buy their first home with at least some help from the bank of Mom and Dad.  Like prudent loan officers everywhere, Mom and Dad may need some convincing that the kids are ready to buy and won't require monthly help to make the payment.   Especially if they are homeowners themselves, they need little convincing though, that homeownership is good deal, especially when the numbers show that there is little difference in the mortgage payment vs. their current rent in DC.

With the Home Buyer's Tax Credit in play, there are a couple of exciting ways for parents to help their children buy now.  While you can't sell your kids the family home and get the credit, you can help them buy another place.

If they are already credit worthy, you can help them with the downpayment, especially if they are going FHA.  IRS rules allow gifts of up to $10,000 per person per year.  When they go the $8,000 back, you can your money back - or consider that you are virtually "giving" an extra $8,000 to apply toward their payments or to furnish the new place.

If they aren't ready to get a loan on their own, you can also co-sign an FHA loan with them, maybe even help them with the 3.5% downpayment, and let them amend their taxes to get the credit now.  As noted above, this approach could help them buy the things they needed for the home when the credit came back. (This could prevent near future withdrawals from the bank of Mom and Dad to buy the carpeting or fix the garage!)

This approach can even work if your child is in school.  With the high cost of college room and board, you might come out ahead if you bought a $100,000 condo for 3.5% ($3,599 ) down.  Your child could claim the credit to offset the cost of other school expenses.  As long as they lived in the place for three years, they would not have to pay anything back.  Assuming the kid doesn't change his major to some esoteric specialty only available across the country, this would serve him well during his college years.  He could sell the place when he graduated, and use the proceeds to finance his new home or other life adventure. Or you and your child could become landlords and rent out the place to future students.

Rachel Valentino can help you figure out how to make the tax credit work for you. She is very familiar with the DC metro area, so she can direct you to appropriate and affordable properties in the District, northern Virginia, or eastern Maryland.

If you are looking for a contemporary hometown that is chock full of cultural heritage and charm, then Alexandria VA may be just the place for you. Alexandria, VA boasts an abundance of Colonial architecture, chic boutiques, a wide array of national retail stores, fine art and antiques galleries, historic attractions and award winning restaurants. This beautiful historic community is located along the Western bank of the Potomac River across from National Harbor and approximately only 6 miles south of downtown Washington DC.

With a population of approximately 140,000 residents, this diverse historic community has a lot to offer with an excellent public school system, abundant job opportunities, and beautiful waterfront views. In 2010, The USNews.com listed Alexandria as one of the Editors Picks for "Best Places". You can also read about Alexandra on Sterlings "Best Places".

Well known for its colonial architecture, here in the 3^rd oldest historic districts in the nation, you will find an abundance of 18^th and 19^th century buildings and homes situated along cobblestone walks. This is a beautiful city in all seasons and with Old Town there is never a lack of things to see and do such as Market Square, the oldest continuously operating marketplace in the United States. Old Town is also well known for its historic town houses, art galleries, antique shops, and restaurants.

Love your dog? Then Alexandria may be just the hometown you're looking for. About.com lists Alexandria as a ‘Top Dog Friendly" Destination. They list a number of fun activities for family and their furry friends to do together in Alexandria such as:

• Dog Friendly Dining and Happy Hours
• Pet Friendly Shopping and Snacks
• Top Dog Friendly Attractions and Things to Do
• About the Potomac Riverboat Company and Canine Cruises

 One of the biggest and most fun dog events in the entire Washington, D.C. area is the annual Alexandria St Patrick's Day Parade. Every year activities always begin with the Fun Dog Show. For year-round activities, the local Dept of Recreation also provides 17 designated Dog Exercise Areas and Fenced Parks for resident dog owners to enjoy.

Looking for an easy get a way to Washington DC or other nearby metro areas? Then look no further as Alexandria boasts four convenient Metro stops. Alexandria also offers bus service, Water Taxi, Free King Street Trolley and easy access to major interstate highways.

Prominent employers such as Time Warner and The Salvation Army call Alexandria home. In addition, there are many government organizations such as the US Patent and Trademark Office, which also supply numerous jobs to local residents allowing many to work and live right within Alexandria.

So if you're ready to look at real estate in an area rich with cultural history yet one that can offer contemporary charm, the consider talking to Rachel Valentino about Old Alexandria VA. With median home prices about $375,000, Alexandria offers varied housing options, including some high-end suburban estates, which provides an exceptional urban living lifestyle. Contact Rachel Valentino today or visit her Atlantic Coast Connection website today to get started.

If you are looking for a new home in an up and coming neighborhood, then H Street Corridor may be just the place for you. But you may want to move quickly, as this is a neighborhood that's making a comeback to its memorable status. History tells us that some of Martin Luther King's fondest family moments were spent participating in the H Street Halloween Day parades in the late 40s. After years of decline, H Street is making its comeback to sidewalks full of people and smiling merchants.

So far, recent years have seen new small businesses, bars, restaurants, art galleries, and home renovations up and down the corridor. The District is committed to investing in small businesses in the area and it shows. H Street is transforming into a unique neighborhood that blends the historic DC with the new. The wide array of new small businesses is impressive. Here you will find unique bars and restaurants housed in historic buildings along with eclectic shops and family owned businesses. In addition, there is currently more than a billion dollars in new development on the way on H Street. Download Brochure. People are visiting again and noting that H Street is a place that's changing.

Every day, new businesses move in, new construction begins, and new neighbors move in. If timing is everything, then the time to get into this neighborhood is now. This is still considered an area where young families can buy a new home. Currently, parts of H Street are being considered for historic district status, but prices are still reasonable, and one can still find vintage homes, especially rowhomes, in need of rehab for sale. There are also new additions to H Street like the Renee; if you are in the market for a reasonably priced condo, this may be for you.

Although currently H Street is an area in transition, within 5 years  H Street's official renovation/ beautification plan will be complete and the streetcars will be up and running. Also currently underway is the new 8th and H Street NE development with mixed use and ground level retail that will run from 8^th-10^th Street. This certainly is an area to keep your eye on!

More new developments in the area include:

Washington Real Estate Partners Project (600 blk of H St - South side)
Mixed-use project that includes 234 residential units, 500 parking spaces and ground-floor retail.

Capitol Place (200 blk of H St - South side)
Dreyfus Development's mixed use project with over 400,000 sq ft of retail, 300 condos, 380 parking spaces

Union Place - Loree Grand (200 blk of K St - North side)
Will house 30 artists in residence at 3rd & K Sts NE and will include over 200 residential units, a roof garden, a courtyard, a gym and ground floor retail with occupancy in March or April.

Near H Street: Capitol Hill Condos: The Station (old police station) (525 9th Street)
Design approved by ANC6A in September, targeted completion by end of 2010 with construction starting in February.

If you want to be part of this now trendy neighborhood, don't dally! Contact Rachel Valentino today. You will want to be in your new home when this area really takes off. Whether you are interested in condo living or a vintage historic home - DC expert Rachel Valentino can help you find the right home for you in one of DC's most exciting, dynamic, yet still affordable areas - H Street.

HOT NEWS: Believe in the unexpected. The Floridian, 118-unit luxury condominium located right in the middle of vibrant U Street Corridor just announced a spectacular Grand Opening Sales Event soon. Contact Rachel Valentino  today to register or learn more. With spectacular sweeping views, flawless finishes and lowered prices you won't believe, you won't want to miss this event. 1 bedrooms are starting at a remarkably low $333,000 or from $392,000 for a 2 Bedroom so expect them to go fast. Timing is everything, don't miss out! Contact Rachel for more details before it's too late. 

While the rest of Washington DC sleeps, there are a couple of notable neighborhoods that come alive at night. U Street is one such neighborhood where you can actually feel its history and the diverse beat of the music as this neighborhood shines each night in the cultural spotlight. "Funky", "Cool", "Ultra Urban" - these are just a few of the terms being used to describe one of DC's hottest condo markets well known for Ben's Chili Bowl and the Lincoln Theatre - U Street.

U Street has been praised in the New York Times, The Boston Globe, and Marie Claire to name only a few. Clearly, U Street is one of the hottest addresses in DC. Other metropolitan areas around the country are modeling U Street as a pure and simple example of Urban Renaissance. Steeped with history this beautiful neighborhood offers a rocking nightlife, the best in art galleries, the ultimate in restaurants and shopping, and is still known as one of the elite spots for jazz and blues music in the country.

U Street is no longer set apart from the rest of DC; today the green and yellow metro stops right in the middle of the neighborhood. And this Urban Renaissance beginning in the 90s after decades of neglect shows no signs of slowing down as it gathers speed. Rising from the ashes of the riots following Martin Luther King's assassination, the boarded up buildings and community neglect have been transformed into one of the most glorious of the DC Historic Districts. U Street Corridor has blossomed into a growing community of artists, boutiques, chic urbanites and nightlife seekers.

As is true of any great Urban Renaissance, here history, art, and architecture has been preserved and blended with the new. The greater U Street Historic District extends roughly from 16^th Street on the west to 7^th street on the east and from S Street on the south to Florida Ave on the north and includes over 1500 historic buildings. Year round both visitors and residents enjoy the fascinating history of the U Street area by walking City Within a City: Greater U Street Heritage Trail. There is also the African American Heritage Trail to explore and enjoy.

On all sides of U Street, the grid of streets is defined by a preserved collection of 19^th century residential row houses along with churches and corner stores. Then, during the recent transformation starting in the 90's, numerous luxury condominiums were built like Union Row and the Ellington giving fresh life to the neglected area. Today, nearly 10,000 new condos and apartments have been added to the U Street real estate landscape in the past decade. Hold on as the Floridian opens condo sales Feb 25 2010 and new life continues in U Street.

Rachel Valentino is on top of the best deals in the U Street area. Contact her now to get registered for the Floridian's Spectacular Grand Opening Event. Whether you are interested in a newer condo or a vintage row house, Rachel is standing by ready to help you achieve your homeownership goals. Be a part of this exciting neighborhood, put U into U Street!

America is watching as huge numbers of properties are entering the foreclosure system but far fewer are leaving. What has resulted is a huge backlog of unsold homes and other distressed properties owned and being held by financial institutions. It is these properties held in limbo that are called the "Shadow Inventory". They are being called "Shadow" because they are properties not listed in the statistics compiled by The National Association of Realtors, The National Association of Home Builders nor the US Dept of Commerce.

No longer even questioned as a myth, "Shadow Inventory" is creating quite a stir. Speculation is running rampant and it is no wonder why. The US real estate market hasn't experienced such a phenomenon at this level before. So even the top experts in the financial, banking and real estate markets can't agree on what will happen nor to what degree.

At best, it can be said that it is a very complex situation. Banks claim to be trying to save the economy while not having to sell properties at huge losses. Meanwhile ,some economists are accuse  banks of trying to artificially control supply and demand, which is leading to legislation debates over whether or not there may be unfair and deceptive practices going on.

Buyers are searching and demanding information. They are raising questions such as "Where is this excess inventory?", "When will the next wave of this inventory hit the market?", "How large is this inventory?", "Will this inventory cause a decline in market prices?", and "How can offer my home for sale without a loss in this market?".

One can see why so many people may be getting frustrated and impatient for answers as real estate agents are left reeling as they try to come up with real answers. They, too, are searching for answers on what to expect in the upcoming months and years as these homes hit the real estate market. The top Realtors are staying on top of what the experts and legislators are saying while keeping current with the constantly changing homebuyer guidelines.

Meanwhile, there is some good news to report. Fannie Mae is currently implementing the Deed for Lease^TM Program under which qualifying homeowners facing foreclosure will be able to remain in their homes by signing a lease in connection with the voluntary transfer of the property deed back to the lender. Click here for more information. Most experts do agree that it is in the best public interest to try to Americans in their homes during this time of economic recovery.

Rachel Valentino is a respected and accomplished Realtor in the Washington DC real estate market. Log on to her website, the Atlantic Coast Connection, to learn more about her and view available properties or contact her to discuss your selling opportunities. You can count on her to be on top of the hottest topics and give you sound advise on real estate subjects.

Are you looking for a way to purchase a condo in DC?  Wishing that you could find a way to buy your dream condo but lack the money for a down payment? Or are you just getting started and the traditional lenders won't give you a chance to buy a condo in today's tightened lending environment.

Well, there's great news for those looking to purchase a condo in the Metro DC area!  The FHA is finally adjusting to market changes and demands and loosening some of their strict condo buying guidelines. View Changes.

These new changes are exciting, making FHA backed loans for condos a popular choice. And it's no surprise considering the current ultra strict guidelines established by conventional lenders requiring higher credit scores and bigger down payments. 

Bottom line, right now you can potentially take advantage of the distressed market by purchasing a condo with a FHA backed loan. This allows you to not only take advantage of the currently slashed condo prices in today's market but to do so with a small down payment. Coupled with the current low interest rate, FHA condo mortgages are not only popular, but also a smart move for potential buyers.

And if this is not enough to make you consider a FHA mortgage for a new condo, here's more to consider:

•  First time homebuyers are combining the attraction of current FHA backed loans with the $8,000 First Time Home Buyer Credit which was just extended until April 30, 2010!

 •  FHA credit requirements are not as high as traditional lenders which allows buyers with blemished credit the opportunity to still obtain a mortgage providing they can show they have an established (reasonable) history of paying their bills.

•  If the condo you choose already has FHA approval, you can get a mortgage in as little as two weeks. If it is not on the approved list, guidelines for spot approval have recently been loosened in favor of the buyers.

•  The FHA offers a Kiddie Condo Loan Program allowing young adults to access the market of condo buying by qualifying with a co-borrower.  This is a great way for young adults who may not have a chance otherwise to get started and establish a solid credit rating.

•  The FHA definition of a condominium may include dwelling units in detached, semidetached, rowhouses, garden-type, low- or high-rise structures. This expands the condo market for the buyer who may traditionally be thinking only of the newly constructed condominiums.

With the help of a top Realtor, such as Rachel Valentino, you may be able to find a great home option, an affordable condo in on of DCs prime neighborhoods or suburbs you previously thought of as out of reach.  Imagine living in a neighborhood with great views and with the best school systems - it may not be just a dream, but a real possibility.

Why not call Rachel Valentino today to discuss your options. She can work with you in today's condo market here in the entire DC metro area. Read Previous Article on Buying a Condo.

With reduced prices on condos, low mortgage rates, low down payment options, a FHA Condo Loan may be your ticket to living in a new condo in 2010. But these market conditions won't last for ever as the economy recovers and the First Time Home Buyer Credit is scheduled to end April 30, 2010. Be sure to start looking early and you many still be able to claim the home purchase on your tax returns for 2009. Visit Rachel's Atlantic Coast Connection website today to get started.

A couple weeks ago, the government turned the First Time Home Buyer Tax Credit into a new and improved credit for first timers and repeat buyers alike. The way the new law was crafted is especially helpful to buyers in the DC area.

Now first time buyers can qualify for up to $8,000 off the price of a home, while repeat  buyer who own and resided in a home for at least five of the last eight years can qualify for $6,500. What is especially applicable to the DC area where salaries are higher is that the income levels have been raised to $125,000 for single taxpayers and $225,000 for married couples, with a phase out of the credit if your income is up to $20,000 higher. (The higher income limits provision takes effect November 6, 2009.)

The credit, previously on life support till November 30, 2009, now runs through April 30, 2010. You need a signed contract by this date, but you have until June 30 to close. This is particularly beneficial if you are buying a newly built home or even if you want to time your move to when your kids get out of school. For the first time credit, the new dates apply to anyone, even if you had aimed for the November date with a home purchase that is underway but will miss it due to a hold up with the  lender or the appraisal.  However, if you are applying for the repeat buyer credit, the deal only applies to homes closed on November 6 or later; this credit is not retroactive. 

Since homes in the District average nearly $500,000, the credit assures that both groups of homebuyers should have an ample supply of homes.   The effect of the previous credit was to decrease the inventory of lower priced homes homes that appeal to first time buyers to just over five month worth.  Now, sellers can put their homes on the market with more confidence that they will sell quickly so the seller can buy another home, often at a higher price point.  The expected effect is that first time buyers will have more homes to choose from while stimulating  the housing market at most levels.  The credit does cut off at $800,000: previously, there was no price limit. (The thinking here is that people who buy homes in this price range probably exceed the income limits.)

Members of the military serving on extended official duty away from home for more than 90 days have an extra year to qualify for the credit and are not subject to the repayment clause if they have to move in less than three years.  These terms apply to all members of the uniformed services of the U.S military, members of the Foreign Service of the U.S., or employees of the intelligence community, so are big boost to DC's military community.

While the new credit does offer new opportunities to DC home buyers to get the home they want with some help from the government, homes at lower price points are expected to continue to move swiftly.  Lenders expect to be busy, so mortgage processing times may be lengthy.  The time to get the home buying process started is now! Don't put it off till after the holidays.  Call Rachel Valentino today to discuss current residential options. Rachel Valentino is a top specialist in the D.C. area no matter what your needs are. You can go to Atlantic Coast Connection website to look for that perfect older home in one of DC's many charming historic areas, a beautiful condo convenient to work, or a more suburban place in northern Virginia or Maryland.

Looking for the perfect historical home in Washington DC? With 46 designated historic districts, this is like going on a treasure hunt in the DC area. Hunting for, caring for, living in, and just enjoying old homes can be a very rewarding experience. The surreal lifestyle offered within the charming historic districts continue to make the older historic homes very attractive and always in demand.

Many think that one has to be rich to own a historic home but that really is not true. Contrary to popular belief, within the DC area, most historic districts are home to average middle class people of modest means. The District of Columbia, has been a forerunner in working with the National Trust for Historic Preservation and along with 37 other states, DC has enacted laws enabling individuals with incentives for owning historic properties that meet specific criteria.

The Historic Preservation move is aimed at keeping the history and urban districts alive. DC continues to be a forerunner in rebuilding communities while preserving historic buildings. Much of the money is directed towards the housing stock in deteriorating neighborhoods. The various federal and state programs are making home ownership easier for those who may need a boost to finance a new home. So now is a perfect time to reap the rewarding benefits of owning and restoring a historical home here in the DC area.

If you are looking to purchase a home with the charm of history, Rachel Valentino wants to make sure that you know about several great historic preservations and rehabilitation programs.

Current Federal, State and Local Programs:

In general, the federal government directs its efforts towards revitalizing the nations cities while providing affordable living, housing and jobs. Currently, the federal tax credits are for the larger income, housing and job producing projects - not for rehabilitating your personal home.

Keep in touch with your Rachel, a top DC area  Realtor^® who can let you know if legislation changes offering federal incentives for refurbishing or buying a historic home. There are currently a couple of bills on the floor supporting individual homeowners having access to the monies for restoration.

Here are some tips on locating Federal Grant money for renovating your historic home:

1.     You can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide information on grants. Browse through the listings and see if you can find any grant that would support home repairs.

2.     There is a grant from US Department of Agriculture called Section 504 that helps very Low-Income individuals receive Housing Repair Loans and Grants. Section 504 assistance helps very- low-income homeowners repair, modernize, or modify their homes. Loans may also be used to make homes more accessible for household members with disabilities.

•Ø  Program Details: www.rurdev.usda.gov/ny/504brochure.pdf

 Check out the great options available from state and local agencies

There are some great incentives to make your dream renovation come true here in the District of Columbia. Since initiating the Historic Homeowner Grant Program, the DC government has funded over $1.5 million in rehabilitation in our historic districts. There are 12 eligible districts and the agency received over 250 grant applications. The HPO hopes to impact at least another 30 projects in 2010.

Look at the actual results of how this money can be used to recreate the original beauty and richness of these old homes. If you want to see the dramatic changes made possible through this program, you can view before and after photographs of recently completed projects at

HPO Gallery of Homes.

Residential properties located outside of these historic districts may be eligible for the Single Family Residential Rehabilitation Program offered by the Department of Housing and Community Development.

If all else fails, a 203K loan may provide the needed funds.

Can you imagine yourself living in a home with lots of history, unique detailing, and rare craftsmanship? DC property offerings are a wealth of historical properties and historic districts.

So if you really want to make owning a historic home a reality call Rachel Valentino today to discuss current residential options. Rachel Valentino is a top specialist in the D.C. area no matter what your needs are. You can go to Atlantic Coast Connection website to look for that perfect older home in one of DC's many charming historic areas. Be a part of the Urban Renaissance by helping preserving the past.

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!