Real Estate and Reston, VA: January 2009

I am a little bit frustrated. We put our offer in on December 29, 2008 and have yet to hear if it has been accepted.  I know that this is the way it goes with short sales. I know it is made even more complicated by the fact that the sellers had both a 1st and 2nd Trust on the property. Who knows how many total investors were involved in those two mortgages?  Who knows how long the approval process will take?

I also know that  I have first time buyers (who went in to this with their eyes wide open) who have had to put their lives on hold while we wait to find out if their offer is accepted.  They really want this house.  They thought the waiting would be easier than it has turned out to be. We were quick to get a yes from the current owners and then the contract was passed on to the 'negotiator' who would be dealing with the bank. We have considered going out to look at other things, but the longer this goes on, the less attractive everything else becomes to them.

I keep checking and, so far, cannot find any evidence that the house has moved forward in foreclosure proceedings.

And no, just because things are slow in the residential real estate market, it does not mean that the banks will be quick to respond to a solid offer with well-qualified purchasers. They still have to dot their 'i's and cross their 't's.  The process --such as it is--remains the same for whomever submits a contract (the process differs, incidentally, from bank to bank).

All we can do is wait. I am sorry that I keep pestering the listing agent, who I know does not have any information, but when you cannot do anything, you still must do something!

Thanks for letting me vent...there is not much else for me to do right now.

All you have to do is mention 495, The Beltway and there are drivers who will immediately tell you how much they hate it. There are people who will go out of their way to avoid driving this road. Understanding how it works and following some simple advice can make driving this road a much better experience.

I have recently been through teaching my 2 teenage daughters to drive. You cannot send a teenager--or even someone new to the area--out on to Washington metropolitan roads without being sure that they, 1) understand the concept of The Beltway and, 2) have driven on The Beltway. One reason for this is that GPS systems will often send you on the Beltway...my oldest had her first unaccompanied Beltway driving experience because our GPS sent her home that way from a friend's house. I was thankful that we had taken the time to teach her to drive on this road.

The Beltway is really a pretty simple concept. It is a circular road which circles  the District of Columbia. The upper half of it is in Maryland and lower half of it is in Virginia. It is intersected by the Potomac River in two places on opposite sides of the circle.  These intersections are crossed by the American Legion Bridge and the Wilson Bridge.

I think of the Beltway as a 'wagon wheel.' There are the two loops (Inner and Outer) which are intersected all around by major and minor roads.  If you can picture this from an aerial view, Maryland is the upper half of the wagon wheel and Virginia is the lower half. The wheel is divided by the Potomac River running through it.

The Inner Loop is portion of the beltway closest to DC (the inner loop of the double circle). The Outer Loop is, of course, the outer loop of the double circle, and the portion that is closest to the 'outer suburbs.' These phrases are extremely important as that is how traffic problems are reported in our area. You will also hear the terms, 'Inside the Beltway' and 'Outside the Beltway' to refer to different portions of the DC Metro Suburbs.

I am certainly not an artist (as you are about to see), but I thought a simple graphic would really help you to visualize this:

I left off all but the most major of roads (Please don't use this as a driving map!). It is intended only to help you to visualize the Beltway from an aerial perspective.

One of the most confusing things about the Beltway is that for people traveling up and down the East Coast on 95, part of their trip will be on the Beltway.  95 North in Springfield ends at the Beltway, traffic continues on the Beltway to cross the Wilson Bridge and then travels back on to 95  about 1/4 of the way around the Beltway in Maryland.

Having just taught my daughters to drive this road, I would also like to add a couple of driving hints for the Beltway. 

• It feels a little bit like a Speedway when you drive this road.  After merging, do not stay in the right lane as there are almost constant exits and entrances along the entire circle.
  
•  Do not drive in the left lane unless you are planning to go pretty fast (which I am NOT advocating).  There are several left exits of which  I am aware. Watch the signs for this information. The one for Route 66 going between Springfield and Bethesda is a left exit, but there is also a second right hand exit if you can't, or don't want to, get over to the left.
• There is a lot of fast lane changing that goes on. If this makes you uncomfortable, pick your (middle) lane and stick with it.
• Because the Beltway is a circle, it is rarely referenced using North,South,East and West descriptions--the direction is constantly changing.  Towns, bridges and exits are the most common ways of describing specific locations.
• Please, please, please make driving on this road a requirement for all new drivers...inexperience causes a lot of problems on this road with heavy traffic, lots of lane changing and the need to make exits.
• NEVER get out of your car if you break down. Pull off the road, call and  wait for help. The shoulders are very tight and the conditions for pedestrians are hazardous.

Hopefully, this will help you to get an understanding of the Beltway. For people in the D.C. Metropolitan Suburbs, the Beltway is in an integral part of our transportation system. Understanding it will make your time in this area much easier.

This weekend I was pleasantly surprised when I opened the D.C. Examiner and saw that in their 1/25/09 column called, "Brightest Lights of the Week," the Dulles Area Association of Realtors (DAAR) was recognized for their continued generosity  in giving money to local shelter-based charities. This tradition, which has been in place for 16 years, was continued despite the drastic slowdown in the local real estate market.  The money was raised at the DAAR annual auction. Congratulations DAAR Members and Staff for your continued support of the members of our community who most need a little extra help right now!

If you are interested in getting more information about DAAR, their website can be found at: www.dullesarea.com. Congratulations DAAR!

Last Spring my daughter, at the time a high school Sophomore, came to us and asked to transfer from her private Catholic high school to the local public high school, Herndon High School in Fairfax County.

We struggled with this decisions, NOT because of Herndon High School, but because we liked the school that she would be leaving.  After much deliberation we gave our blessing for the transfer.

It has been a wonderful experience for her both socially and academically.  She has found the teachers to be tough but fair, involved guidance counselors and a positive and nurturing environment. She is a happier kid and that makes for a happier family--and better grades!

We were so pleased with  the recent announcement that Herndon High School had earned the Governor's Award for Educational Excellence. I want to extend my congratulations to the administration of Herndon High School and to all of the teachers, staff and parents who make this school such a wonderful place for our teenagers to get an education.

This award is very well-deserved!

For more information on this award and the other Fairfax County and Virginia schools that received this award, you can go to the press release:

http://www.doe.virginia.gov/VDOE/NewHome/pressreleases/2009/jan15a.html

More information about Herndon High School can be found at: http://www.fcps.edu/HerndonHS/

Other information on Fairfax Couny Schools can be found at:

http://www.fcps.edu/index.shtml

There are a lot of wonderful things about living on the Virginia side of the D.C. Metro area; navigating and understanding the road system is not always one of them. I thought I would begin a short series explaining some of the more complicated roads. Where possible, I will also provide a brief history of how we got to this point of confusion!

Last night I was on the way to my son's basketball practice when I drove by a sign for the Dulles Toll Road. Underneath that sign was another sign for the Dulles Access Road. The distinction to me is as natural as getting up in the morning, but it is not easily understood by people unfamiliar to the area. There is a third road, The Dulles Greenway, that is integrally tied to the others and can cause even more confusion.

The Dulles Access Road was created when Dulles Airport was built to provide direct access to the airport from RT 495 The Beltway (a topic I will cover in another segment).  This road is owned by the Metropolitan Washington Airports Authority and maintained under contract by the  Virginia Department of Transportation (VDOT). With the opening of Route 66 inside the beltway, the access road was linked to Rt 66 and provided a (slightly) easier way for travelers to go between Dulles Airport and Reagan National Airport.  The Access Road does not provide exits at all interchanges, so drivers using the road need to pay close attention to the signs if they will be exiting before arriving at the Beltway. The road is not intended as a general use road; the only authorized traffic is airport customers or service providers.  This restriction presented a problem for many commuters who saw the Access Road as a quick way to get in to D.C. and Tysons Corner from the western Suburbs of Fairfax and Loudoun Counties. It became commonplace for commuters to drive out to Dulles, buy a cup of coffee or a paper (and thus becoming airport customers) and then use the road to commute. 

A need was established and in the early 1980s a toll road, The Dulles Toll Road (affectionately--or not--called the Toll Road by locals since it is the only one)  was  built by VDOT to  parallel the Dulles Access Road. The Dulles Toll Road covers the distance between RT 495 (The Beltway) and Route 28.  The Dulles Toll Road participates in the Virgina Smart Tag and Ez-Pass programs. It also has an HOV-2 (high occupancy vehicle- 2 people) lane which is in effect each day during morning and afternoon rush hours.  Access and egress from the Dulles Toll Road is available at most (but not all) interchanges along the road. In the case of Wolf Trap Farm Park, the ramps are only open for performances at the park and other special events.

There was still a commuting problem to be solved for the people of Loudoun County since the Dulles Toll Road begins/ends at Route 28 in Fairfax County.  A private firm purchased land and in 1995 opened the Dulles Greenway, which extended the Toll Road out to Leesburg. The Dulles Greenway is  privately owned and is a separate road from the Toll Road although they are linked. Passengers can used their Smart Tag on the Dulles Greenway. Pricing varies depending on the exit selected.  The Greenway begins/ends at the Route 15 Bypass in Leesburg and connects to the Dulles Toll Road just  past Route 28.

To get to Dulles Airport on to the Dulles Access Road drivers must either access it directly from Route 66W, exit immediately after exiting The Beltway on to the Toll Road (but before the Main Toll Plaza for the Toll Road) or enter from the west-bound Toll Road (drivers are not charged for west-bound access, but are charged when they exit the toll road).  This sounds very confusing, and I am sure it is for people new to the area. Once you figure out the rules,however, it is fairly straightforward.

Just remember if you are leaving the airport headed east on the Toll Road and you need to exit on Rt. 28 or to Herndon, Reston or Vienna, PAY ATTENTION TO THE SIGNS. There have been many times that people have missed the exit (they are grouped) and ended up being forced to continue on to exit at Route 7 at Tysons Corner.

I hope this helps clarify the distinctions between these 3 roads.

If you are moving to the area and I can help you to find a new home, please give me a call at 571-643-4902 or drop me an email at hollyweatherwax@mris.com.

There are many, many things I love about being a Virginian.  I have lived here almost my whole life, attended a Virginia University and am raising my children in Virginia.

One thing I do not like is that fact that we have had a selfish and unproductive legislature for the past couple of sessions.

Times are tough in Virginia--like everywhere else. Revenues are down and expenses are up. But it is time to put partisan and regional politics aside and start the process of moving our state forward. 

There are several factions in the Virginia Congress that make it very difficult. The obvious is the Republican vs. Democrat division.  Long a Republican state, we have had several Democrats in a row as Governor.  Everyone needs to stop drawing a line on their politics and start DOING YOUR JOBS!!!  That means people from both parties--it is time to pass some legislation, and vow to work until you do. Stop going home without getting anything done or you will find yourself staying there, because we--the people of Virginia-- are losing patience.

The other big divide is between more urban areas like Northern Virginia and Hampton Roads and the rest of the State. These larger areas feel they should receive money from the state on par with their contributions.  Again, start negotiating. Everyone cannot win every battle.  As I tell my clients, each side has to feel like they won something, but no one should feel like they won it all; then the other side feels like they lost it all!

This is not intended to point fingers at one political party or another. From my perspective, all of you in the Virginia Congress are equally to blame.We need politicians who are willing to do the hard work and those who are there right now are trying the patience of the the people of Virginia.

Short of writing to each and every member of Congress, I am hoping that some of you will see this. 

Yesterday a new President was inaugurated. Let's see if our local politicians can be inspired to turn over an new leaf and do their jobs in a spirit of cooperation and negotiation.

Please don't let our great state down!

Living in the Washington, D.C. area, we were fortunate to be more involved than most in the transition of power and the welcoming of Barack Obama and Joe Biden.

Last night we attended an Inaugural Ball put on by the Delaware Society.  We went with good friends who got the tickets for us (Illinois did not want us--rather too many people wanted them :)).  There was a great band, Sound Connection. We spent the whole night dancing and had a blast. We did not know a soul there, except the people we came with, but there was such a spirit of community!

Thanks to everyone at the Ball who greeted us with warm smiles and and danced the night away with us!  We had a great time and will always remember what a special, special evening it was!

It is a really strange time to live in Reston, VA. Usually, one of the things that we love about Reston, and Northern Virginia in general, is the proximity to Washington D.C. without the city traffic. We enjoy going to the theater, to events, to museums, going to see the National Christmas Tree, and using the train station.

So here we are just outside the city...and usually we can get down there pretty easily.   However, next week during the inauguration, we might as well be living in Chicago.  You see, all of the bridges from Virginia will be closed to car traffic starting on Monday afternoon. The plans are that everyone coming from Virginia is supposed to walk over the bridges. That might work for people just outside the city, or even people near a metro station, but we don't have one of those yet (a topic for another day).  I toyed with the idea of getting up super early and trying to figure out the bus schedule from Reston to a metro station, but was not able to get too far with that  before I heard about the next problem.

And the next problem, and really the show stopper, is the possible shortage of 'port-a-potties.'  If I am getting up early and getting my kids on a bus, you better believe I am going to need some coffee...and we all know what the next need following coffee is!

Now every day I hear more and more reasons why I should not go downtown.  It is practically a media campaign to discourage us! In fact I heard a news story on the radio yesterday questioning whether officials were actually trying to keep the public from coming (not being a conspiracy theorist, I don't think so, but I do think they are trying to keep the expectations in check).

Last night I talked to the only girlfriend I know who is planning to go. She is going in to the city on Monday and spending the night with friends who live in the District.  That is a great plan, but I don't have friends who live in D.C.

Well, you know what? I give up!  I will sit in my family room with my big screen  television and watch the festivities like (almost) everyone else. So, yes, I might as well be in Chicago, or LA or Seattle. I can enjoy myself, stay warm, sip coffee and not have to worry about bus schedules. Am I a little disappointed? Yes, but not as disappointed as I would be if I got up at 4 a.m. and still missed seeing the whole thing because I was waiting in line for a port-a-pottie!

Somewhere along the way, I feel like it became my mission in life to win people over to using--and believing in the value of--Real Estate Agents.

Luckily, for someone with this mission in life, there is an easy way to get your positive reinforcement; all you have to do is take on  a skeptical client and win them over with your hard work, and the rewards begin to roll in!

Yesterday I got an email from one of my clients. We are working on a fairly frustrating shortsale (is there any other kind?) and he is very eager for regular updates.  Since I have no information to provide, we spend a lot of time talking through scenarios and discussing options.  Well, his email was ray of sunshine in my week!  He told me that he used to believe that it was a waste (money, time) to use a Realtor, but since working with me his opinion has completely changed.

So one client at a time I am going after the doubters and the independents...care to join me?

Dear Buyer,

Congratulations on the purchase of your new home! I am sure you will be very happy there.

I know that you have been very concerned about this investment. How could you not be? Each day when you turn on the television or read a newspaper or magazine, you are bombarded with negative information about the real estate market.

Let me assure you that your choice to invest in this property was a good one for your personal situation. You were thorough and realistic in your search for the correct mortgage product for your family.  You took in to account how long you plan to be in the property and how much you can afford while still maintaining reserves. You thought about how the house would work for you if you have to stay in it longer than you expect.  In short, you did not buy more than you can afford or less than you need.

As you are aware, there is a possibility that prices in the neighborhood may still go down.  Because you are not planning to 'flip' the property, and because you are planning to stay in the house for  5 to 7 years, you should not worry about this needlessly.   Remember, you are no longer paying someone else's mortgage with your rent money. You are not only paying off your own house a little bit each month, but you have a great place to live and can now deduct the monthly interest on your taxes. 

My advice to you woudl be to make sure you don't spend the equity in your home by refinancing for things that you don't really need (this was a big cause of the problems we are currently seeing in the market). For a while, people were thinking of real estate as a short-term investment and a ready source of cash.  If you look at it more realistically as a longer-term investment, you will not find the fluctuations in the market so stressful.

Looking ahead to the day you decide to sell, be sure to diligently maintain your house in good condition and make updates to the property that keep it equivalent to other properties in your neighborhood.   A well maintained, well priced home will generally bring a fair price.

Again, I thank you for the opportunity to work with you and I wish much happiness and success in your new home.

All the best,

Holly