Macy’s in Tysons Corner is now offering round–the-clock holiday shopping, (starting at 7 p.m. Dec. 21) until 6 p.m. Dec. 24. The Tysons store (in Tysons One) is among 14 Macy’s that will be open for an 83-hour stretch to accommodate holiday shoppers.

Follow this link for the most accurate market information regarding Tysons Corner, Virginia provided by Zillow.   http://www.zillow.com/local-info/VA-Tysons-Corner/r_248061/

Jeff Wu
Century 21, New Millennium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

 Banks are getting very cautious about home mortgage loans these days — right up to the closing date. Even consumers with good credit and plenty of cash may find themselves out on the sidewalk if any of these last-minute mortgage loan application snafus pop up.

To make sure you’re on the right end of a mortgage closing, follow these pieces of advice:

Prepare for a last-minute credit check. This is related to point #1, but with a twist. With new rules initiated by Fannie Mae’s (Stock Quote: FNM) loan quality initiative, which went into effect June 1, banks and lenders will likely make a second credit check right before closing. So, if you miss any credit card payments or are late on a mortgage payment between the time you were approved for a mortgage and the actual closing date, you may be putting your new home purchase in jeopardy. Even applying for a new credit card can trigger a credit score inquiry, which could reduce your credit score and threaten your home loan.

Don’t make any big career changes. Lenders also weigh your salary and job stability when evaluating home loans. So any career move you make could potentially jeopardize your home mortgage loan. At worst, the bank could pull the loan. At best, they could delay the process until you demonstrate your new job is a stable one that guarantees you’ll have the financial resources to pay off your mortgage debt. That’s especially true if you change industries.

Watch out for closing cost surprises. Some homeowners put every last penny into their home mortgage down payment, and don’t leave enough to pay for closing costs. That could be a big mistake. Closing costs can be as much as 3% on the cost of a new home — that’s $6,000 for a $200,000 property. Worse, closing costs are dynamic and can change all the time. If you don’t have cash set aside to pay more for mortgage rate points or on closing fees than you were anticipating, you could lose the home.

Avoid any major purchases before closing your mortgage loan. Some homebuyers think (mistakenly so) that just because they have a mortgage deal all lined up, that the deal is done. Not so. Banks have been known to pull mortgages when the homebuyer buys a new car or makes another major purchase. To banks, such purchases suggest more debt for the homebuyer, and more risk for the banks. Avoid any big-ticket items until after you’ve signed on the dotted line. That goes even for cash deals. Banks also check out your cash reserves when they approve a loan.

For help on better understanding home mortgage costs, check out this guide from the Federal Reserve

Or contact:

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

 The biggest difference between a condo and a house is that a condo usually has less square footage. Therefore, when you decorate a condo, think about how to make the space seem bigger. Most condos have one “great room” rather than a separate living room and family room. This room is often rather small, even though the name of the room indicates otherwise. To make the room seem bigger, try installing some mirrors on the walls. If you can install a mirror opposite a window, the mirror will reflect the window and bring more light into the room, making it feel larger and brighter. A mirror over a fireplace also has the same effect. In any small room, not just the great room, limit window treatments to very light, sheer curtains or even nothing at all. Instead, hang a blind that can be pulled up, and install molding around the window to frame it. Painting the walls in a light, neutral color and the ceiling one shade lighter also will open up any small room.

Make it Unique use some unusual decorating techniques to make your condo stand out from the others in your building. One of the easiest ways to do this is to use ceiling molding, wainscoting and chair rails on the walls. Install wainscoting a third of the way up the wall, top it off with a chair rail and then paint the area above it. Then, install molding around the edges where the walls meet the ceiling. Alternately, choose one wall and wallpaper it with a light-colored but sophisticated print. If you know a carpenter or are handy with wood, build yourself some built-in bookshelves around a fireplace or doorway, then paint them to match the wall.

Victorian style is a very popular style used in a lot of homes but isn’t commonly used in condos. Decorating your condo in a Victorian style would make your condos stand out from the rest. To create a Victorian style condo try adding dark reds and grays similar to the Victorian time. You also need to consider the home décor aspect of it and the furniture. For your decoration you can use paintings and pictures from the Victorian times as well as antique vases. Before attempting this design make sure you have a large room because all the darker colors and big furniture can make a room seem a lot smaller than it is.

Fung Shui is another great decorating idea for your condo. If you choose to decorate your condo Fung Shui style make sure that you concentrate on blending light and dark colors. Make sure all your furniture faces east because this is supposed to bring you good karma. Things like a bonsai tree or a waterfall will make your condo a hit with all your guests. This design plan should make your condo feel a lot more open and subsequently larger. Make sure that your condo isn’t really big or else this design will make your condo seem vast and empty.

 For more creative ways to decorate your condo, contact

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

In this current economic climate, homeowners may not be able to completely renovate their abode all at once. They still, however, need to make sure that their house remains in good condition and get the most they can out of their home improvement budget. This means that a practical homeowner has to do some prioritizing.

Once you decide to take the remodeling plunge there are several steps you must take in order to prepare an appropriate budget for the project. Your main objective is to determine an amount that does not strain your current and future financial resources but also provides enough funds to accomplish the primary alterations you need to make to your house.

Here are a few tips that make a little dough go along way!

□ You can give your kitchen a fresh new look by painting the cabinets or adding new cabinet door knobs is one idea. Add a chair guard rail to the wall, or a line of border across a wall. Simply replacing hand towels and oven mitts, adding a table runner or center piece to the dining table also makes a difference in the appearance of the kitchen.

□ Modernize Bathroom Accessories – the bathroom is one of the most important rooms to keep up to date. Making sure your bathroom is easily accessible and comfortable for your family is a great way to improve your home. Some practical changes might include installing an easy-to-hold door handle and cabinet hardware, a grab bar in the bathtub, or shower accessories that come with a hand-held shower head.

□ Painting – fresh paint in any room is a relatively inexpensive way to give your home a new look. Don’t shy away from some of the bolder colors; these will add a lot of life to whatever area you’re painting.

□ Adding house numbers, planting a few flowers or shrubs, and painting trim around doors and windows are inexpensive changes that will make a difference. Check for and replace rotted wood on railings, steps, and window and door trims. Replace the porch light with an updated fixture. Repair damaged walkways. Remove or replace missing or damaged shutters.

□ Your Home’s Energy Efficiency – if you want to make improvements that will give you some significant returns, improving your home’s energy efficiency with an updated water heater, new energy-efficient furnace, or new windows for better insulation is your best bet.

□ Curb Appeal – to improve the look of your home, think “outside the box” – the box being your home! Think about adding trees, shrubs, and flowers to the front of your home when spring rolls around, which it surely will soon! This will give your friends and neighbors a great first impression and be a great lift after the long winter.

For additional information on how to remodel on a budget, contact

Jeff Wu
Century 21, New Millennium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

WATER CONSERVATION AND LANDSCAPING  

Common Areas/Buildings

• Landscaping Committee. Does your condo association or apartment building have a building and grounds committee?  Attend a meeting or two to find out more about how your landscape is managed.

• Review landscaping contract, and recommend that the contractor:
  • Use native plants,
  • Minimize the use of fertilizers and pesticides,
  • Leave some grass trimmings on the grass for natural fertilizer (grasscycle),
  • Recycle leaves and plant trimmings (if feasible),
  • Take care with lawn watering, allowing the lawn to go dormant during droughts.
• Use the rainwater.   Direct downspouts to planted beds or lawn areas, so that the rainwater from the building can irrigate the plants. 
• Collect rainwater.   Consider installing rain barrels or cisterns to collect and store rainwater for gardeners to use, or for dry periods.
• Use the landscape to help manage stormwater.   If you have areas that are very wet from runoff from a building or parking lot, consider installing a raingarden to help absorb the stormwater.  Green roofs are another option to absorb stormwater runoff from a building’s roof, and also help insulate and improve energy efficiency in the building.  If you are replacing pavement or sidewalks, consider permeable paving stones or other materials that allow some of the water to drain into the soil, and reduce runoff.

Individual Unit Owners

As many condominium units are not individually metered for water use, unit owners may not know how much water they are using or if they have a leak.

• Toilets and laundry are the major water users in most homes (view statistics on average water usage).
• Encourage unit owners to install low flow toilets, or the flapperless toilet model, to help conserve water.  The association could consider a bulk purchase of toilets to offer residents a reduced cost.
• Choose Energy Star when replacing a clothes washer to save water and energy.
• Check pipes and faucets for leaks.  Even small leaks can waste significant amounts of water. Water leaks are not only a waste of water, but also of the energy needed to heat the water.
• Turn off the water when brushing teeth or shaving.
• Try to keep your shower to five minutes or less.
• Install low flow showerheads and faucet aerators. Look for ones that use no more than 2.5 gallons per minute at maximum flow (for showerheads) and 2.2 gallons per minute maximum flow (for faucets).
• Check the toilet for leaks. Leaks inside a toilet can waste up to 200 gallons of water per day. Toilet leaks can be detected by taking the tank cover off and placing several drops of food coloring in the tank. You have a leak if you see the coloring in the bowl after a few minutes. Most leaks involve the rubber flapper or shut off valve found in the tank. Repair as soon as possible.
• View other water conservation tips.

For additional information on making your condo green, please contact:

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

ENERGY EFFICIENCY

Common Areas/Buildings

• Collect your data: electricity, gas, water.  Understand your past energy use history.  Determine a scope of potential improvements.
• Get a whole-building energy audit by a qualified firm that has tackled multifamily housing before.
• Get pricing for a capital improvement package.  Try not to just grab low-hanging opportunities.  Do you have enough in capital reserves for a package of cost-effective energy investments?  If so, sell the numbers to your membership.
• Energy-saving performance contracting (ESCO) is an alternative financing option. 
• For Bulk Purchases, check out the Quantity Quotes web site for bulk pricing on light bulbs, light fixtures, clothes washers, dehumidifiers, dishwashers, refrigerators, or room air conditioners.
• Move from master metering to individual metering?   Studies have shown that changing from one meter for an entire building to individual unit meters can cut household energy use 10%-50%. 

Individual Unit Owners

• Have heating/cooling equipment serviced on a seasonal basis for preventive maintenance, optimal operation and safety checks.
• Choose Energy Star for heating and cooling equipment, major appliances and lighting.
• Unplug energy vampires.  All those little chargers and electronic devices that respond to a remote control draw charge even when they are not in use.  Plug them into a power strip and turn it off when they are not being used.
• Get an energy audit - an energy audit is an assessment of your homes insulation, heating/cooling equipment, and overall “building envelope” can help you figure out what improvements to make first.
• Seal and insulate - air leaks around windows and doors can waste a lot of energy.  

For additional information on how to make your condo green, contact…..

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

All right!  Politicians are working to keep the energy in the real estate market.

Check out this article, that a loan officer friend sent me, on the First Time Home Buyer Tax Credit extension and conforming loan limits. (also below)

Tax Credit Extension Article + loan limits