Monthly Archives: July 2012

Potomac Mills is Expanding!

by Nouman Mirza

For those you know that haven’t heard, POTOMAC MILLS IS EXPANDING! This is a great sign for the local community as Potomac Mills will undergo an exterior renovation and add some nationally recognized restaurants and stores.  Some new restaurants and stores will include Cheesecake Factory, Bobby’s Burger Palace, BuyBuy BABY, Christmas Tree Shops and expansion of Coach Factory Store and Saks 5th Avenue.

So you’re probably wondering “How does this effect me?”

It’s simple, it’s another sign of that the economy is recovering.  This will not only help create new jobs at the mall but also give the local community a new sense of pride in the “new” shopping mall.  When people take pride in where they live, the house prices usually tend to go up so it will further improve the economic recovery.

So if you’re looking to buy or sell and want to know what a house is worth in this area, call me today at 703-577-4320.

Tools for School Supply Drive!

by Nouman Mirza

Thank you so much to those who have already participated and donated to the “Tools for School.” The Prince William Chamber’s “Tools for School” connects local business and community to supply back-to-school basics for children in need.

If you haven’t had a chance to donate yet, our office will be collecting school supplies to benefit those in need.  We need to support education at it’s most fundamental level and let these kids know that the community stands behind their academic success!

So visit our office and donate basic supplies like:

  • Backpack
  • Pencils
  • Elmer’s Glue
  • Binders
  • Crayons
  • Colored Pencils
  • Glue Sticks
  • Scissors (fiskars)
  • Composition Books
  • Loose Leaf Papers
  • Hand Sanitizers
  • Folders with Pocket

Drop Off Location:

Prince William Realty, Inc.
3985 Prince William Parkway, Suite 206
Woodbridge, VA 22192

5 Tips for Buying a Short Sale

by Shazia Noreen

As a homebuyer you might come across one or more properties that are classified as a short sale. A short sale is an effort by the current owner to sell their home in lieu of the bank repossessing it through foreclosure proceedings, thus partially salvaging their credit rating and lifting the burden of high mortgage debt.

The short sale process rests on the hope that the bank will accept a loss, approve the sale, and eliminate the expensive process of foreclosing and reselling a home. Since this is a huge hope to you as a homebuyer, you should understand some things in order to reduce the chance of being disappointed of unapproved short sales. The following are some tips to assist you:

  1. Remain positive and patient during the short sale process because it may take a few months to complete.
  2. Keep your options open and continue checking out several properties. Try not to get your hopes and heart set on one property. Remain optimistic, like all real estate the right property will come along.
  3. In most cases lowball offers get slow or no response. The bank is typically aware of the pricing during a short sale. When lowball offers stream into the bank they are often scoffed at and rejected, giving the prospected buyers little or no feedback.
  4. Don’t ask for repairs. Most banks will not pay for any repairs or replace unless they’re required by the lender in order to obtain an FHA or VA loan. And sometimes they will just ask buyers or sellers to pay for the repairs or  even start marketing the property to cash or conventional financing buyers.
  5. When you get approval, it is imperative to close the loan on time. Unlike a traditional sale, there is no leniency with the closing escrow date.

Although short sales can be a wonderful opportunity to find your new home at a competitive price, a short sale can also be a major headache that may lasts for several months. It is important to have a clear understanding of the factors that lead to a successful short sale so that it can be an enjoyable and profitable experience.

Absorption Rates – June 2012

by Nouman Mirza

The market is HOT, HOT, HOT!! The houses are selling like hotcakes! This is definitely a good sign and shows signs of market recovery! So proof do I have that the market is doing great?

As you know, I do monthly calculations to figure out the absorption rates. Absorption rate are a calculation of supply and demand and is calculated by dividing the total number of active sales by the number of homes sold in a month. The resulting answer let’s us know how many months it will take to sell the entire inventory of homes. I love numbers and have started to calculate the absorption rate for the DC Metro Area, more specifically, I will be focusing on Northern Virginia since that’s my area of expertise and state of licensure.

The numbers used for my calculations Continue reading →

New Agency Laws!

by Nouman Mirza

It’s July and the summer has started. As things heat up and buyers rush into the market, they are faced with new challenges and require proper representation. Virginia Association of REALTOR® (VAR) has developed and passed legislation that will enhance the agency relationship and disclosure requirements. These new laws go into effect on July 1, 2012 and as with any legislation, the actual language can be boring and dull so I’ve tried my best to briefly explain everything. If for some reason my explanation isn’t enough or you’d like to learn more, please visit VAR’s site at www.varealtor.com/agency.

What has changed?

  1. Inform the consumer: The law is to make sure consumers are fully informed about the real estate services they’ll receive and the nature of the relationship with the licensee.
  2. Mitigate REALTOR® liability: The law is designed to protect licensees by making sure full disclosure is provided and the nature of brokerage relationship is reduced to writing. It’s to eliminate much of the consumer confusion that can come back and bite the licensee.
  3. Discourage opportunisitic dual agency: The law is intended to make sure that licensees who practice dual agency are fully informing consumers about the risky nature of that relationship.
So, what does this mean for you?
Once you’ve found a REALTOR® you want to represent you, you need to enter into a written brokerage relationship that will outline a minimum of the following:
  • what services the REALTOR® will provide;
  • how long the REALTOR® will provide those services for; and
  • what fees will be charged and how they will be paid.
VAR has created a very informative flyer that will help you understand the changes of this law and better answer any questions. You can view the PDF document by going to the following link: Your Realtors Role – Understanding Your Options.

Now if you’re ready to start looking for homes or are interested in selling your home, please contact me at 703-577-4320 and I’ll be happy to further explain the agency relationship and help in “Giving Your Dreams An Address!”