Real Estate and Reston, VA: March 2009

I often justify hiring people to do things for me by considering the opportunity cost  of doing it myself; if I pay them X, it allows me to earn Y.

My 'working' life began as a consultant, so billable time was the key to life.  Every spare minute had the potential to bring money in to the firm.  We were taught not to waste our time, and to find ways to make it, if not billable, then at least productive.

Have you ever wondered what your time is worth? MSN Money has created an Hourly Rate Calculator to help you determine how much an hour of your time is worth. By putting in some basic information (stuff you can probably enter off the top of your head), you can figure out a rough estimate of the value of an hour of your time.

This information will not change my life, and probably not yours either, but it is a fun exercise.  And it might just help you justify hiring the service to mow your lawn!

This morning I participated in one of my favorite (sort of) local runs, the Monument 10K, sponsored by Ukrops and put on by Sports Backers.  For anyone who likes to race competitively, this is a really fun race! This year was the 10th anniversary running of this really great event!

It is held in the Fan District in Richmond.  The Fan District in Richmond  is home to families, professionals, and students (due to the proximity of VCU).  They all come out to cheer on the runners. There are bands playing along the race route, there are parties at homes along the way and there are cheerleaders at every step of the race route. They even have really funny signs posted on the lamp posts and volunteers ringing bells to keep you going when the going gets tough.

Did I forget to mention the best thing of all?? The race route is completely FLAT. For someone accustomed to running the hilly terrain of Northern Virginia, this is the best treat of all!

There is a Dress Up and Run contest  was won this year by Wayne Mancari, of Chester, Virginia.  Mr Mancari ran the entire race dressed up as Indiana Jones being chased by a boulder (the photo can be seen on the Sports Backer's Website)!

Anne Parker, who was given a 2.6-mile head start,  won the 'Dash for Cash' and went home with $2,500! She is from Midlothian, Virginia and is the mother of four children.

The Women's 30-39 category was won by a local Northern Virginia woman, Susannah Kvasnicka of Great Falls, VA, who won with a time of 35:57.  Susannah is a friend of mine...congratulations, Susannah!!!

 Registration will begin on  December 26, 2009 for the 2010 race, which will be held on Saturday, March 27.

Thanks, Ukrops and Sports Backers for putting on  a great race! 

I just came back from a run (okay, more like a run/walk). Halfway out my trusty iPod Clasic flashed, froze and turned off.

It isn't new and it isn't under warranty.  It is probably time to get something a little easier to run with--it is quite bulky.  Back when I bought it, I had visions of watching television shows and movies on airplanes and then switching over to my favorite tunes. Have you ever tried to watch a movie on one of these things? On the way to Germany, I think I got through about 1/4 of one movie before my eye strain became too bad to continue. Even so, it was a real upgrade from my former Sony Walkman and no-name Mp3 player.

It has been a trusty friend. It has helped me run when I did not feel like running and has gotten me through numerous hours on the (truly) boring elliptical and treadmill. I have used it to listen to podcasts of my favorite NPR shows on car trips and it is a great buffer from the noise of the (too loud) television in the family room when I take one of my soul-replenishing bubble baths.

When I got home I plugged it back in to the charger...it seems to have charged.  Even so, the end is near since the charge is not even holding for a full run anymore.  It is time to start thinking about a new running 'buddy.'

It has been a great relationship, but I think it is time to move on.

11573 Greenwich Point Road, Reston, VA 20194, MLS #FX6982059

Please come by and see this beautiful lakefront property in Reston. Located in the North Point section of Reston, close to commuter routes, bus routes, shopping, pools, parks and schools, this home features amazing views of Lake Newport from virtually every room in the house!

This functional and flexible floor plan boasts 5 Bedrooms, 4 full baths and one half bath.

More information about the house can be found at: 11573 Greenwich Point Rd., Reston, VA 20194.

For interactive floor plans of this home:  www.drawmyhome.com/11573greenwich. 

To see a virtual tour: http://www.alookinsidetours.com/11573g.html

Look how beautiful the views from the property are:

The Open House will be held on Sunday, March 22,  from 1 to 4 pm. This property is offered at $1,072,000.

For more information about this property contact Holly Weatherwax, at 571-643-4902 or hollyweatherwax@mris.com.

St. Patrick's Day has always been very special in our family.  I'm a bit of a mutt, as many of us are, but have always been able to clearly identify my Irish heritage. It gets even a little fuzzier for my kids, but we celebrate none-the-less!  Of course, as we all know, being Irish is not really a requirement of celebrating the day.

Tomorrow I will put on my green (don't pinch me!) and make my corned beef and cabbage (great in a slow cooker!).  I will say a prayer of thanks for all that we have and celebrate our good fortune. I will make sure my children have green to wear--I even sent some green beads  to my daughter in college to wear to the many St. Paddy's Day Celebrations. I am not sure she will be able to find corned beef and cabbage in the dining hall (or if she can, if she will eat it), but the rest of us will surely enjoy this traditional Irish meal.

From me to you, I wish you a wonderful St. Patrick's Day!  Maybe if we are all very, very lucky there will be a pot of gold at the end our our 2009 St. Patrick's Day!

Back in elementary school my kids always celebrated Pi Day. Their teachers used it as an opportunity to talk about Pi, the ratio of a circle's circumference to its diameter. They always had creative activities to help the kids grasp the concept.

Tomorrow is Pi Day, 3-14!!!!

The Maryland Science Center, located in Baltimore, Maryland is celebrating the day by offering free moon pies and contests. There will be a Pie eating contest, a Hula Hoop contest, Pi-themed music and a Pi memorization contest.

Tomorrow is also Albert Einsteins birthday (Bonanza... two-for-one) and the center will be inviting everyone to learn about his contributions to science and join in a singing of "Happy Birthday."

The Maryland Science Center is located in Baltimore at 601 Light Street. More information about the Pi Day can be found at:  http://www.mdsci.org/events-calendar/events/PiDay.html

And click on this link to find out more about the Maryland Science Center. There is a charge for this event, $14.95 for adults, $13.95 for seniors and $10.95 for ages 3 to 12.

Happy Pi Day!

Be careful what you do today...or else!

Even those of among us who won't admit to being superstitious can't help but do a double-take upon hearing the words, "Friday the 13th." Of course, if you were a teen when the movie was a mega-hit (or was it? It seemed like it to me since everyone I knew had seen it)either 'back in the day' or recently, that alone may have cemented this knee-jerk reaction.

But why does the fear prevail?

In 2009 we will have 3 of these 'special' days, so I thought it was worth doing a little digging to find out the origins of this superstition

Wikipedia has several explanations for this superstition.  The full posting can be found at, http://en.wikipedia.org/wiki/Friday_the_13th, but I thought a couple of the explanations were worth sharing.

One theory states that it is a combination of two older superstitions: that thirteen is an unlucky number and that Friday is an unlucky day.

Another explanation that I found compelling was that the  Knights of Templar, the organization made popular in the book the Divinici Code  were all arrested by King Philip in France on Friday, October 13, 1307 - Friday the 13th.

There is also a theory that it came about because of  the belief that the 13th person seated at the table during the last supper betrayed Jesus.

There are very complex  theories based in numerology that the number itself is unlucky (think skyscrapers with no 13th floor).

The fear of Friday the 13th is so pervasive that there are actually names for it, paraskavedekatriaphobia as well as friggatriskaidekaphobia.

The good news for those of you made nervous by this calendar coincidence, we are already completely through the first one of 2009 and almost through the second. The final Friday the 13th of this year will be on November 13th.

Just stay away from black cats and don't walk under ladders today and you will be fine!!

This is a challenging market in which to sell your house.  When I meet with a potential seller, we put together an extensive plan to prepare the house for marketing.  It is not a quick or easy process, but I find that good preparation can be instrumental to getting a house under contract--and receiving a fair market price.

The one thing that we cannot control in this process is the neighbor's house.  This is a plea to all of those folks who live in a neighborhood where there is a house for sale.  Take some time to care for the outside of your own house.  There will come a time, either soon or at a distant point in the future, when you will be selling your own house.  I am a firm believer in that saying, 'what goes around, comes around.'  If you are not cooperative with your neighbors, why should you expect them to cooperate with you? Granted, my current clients will be gone, but you can be sure all of the other neighbors are watching your actions.

So move the basketball hoop, put away the toys in the evening and move that seldom-running car from in front of my listing.  Most of the things that I run in to are not a big deal, but they contribute to the curb appeal of a home for a prospective buyer. 

If we have learned nothing else from the current state of our country, I think we have all learned that our actions are interwoven and interdependent. 

Help a neighbor out...move the basketball hoop out of the cul-de-sac in front of my listing!

One of my greatest frustrations in working on short sales is the lack of process, and information, available about the transaction. It makes it very difficult to set the expectations for my clients.

It occurred to me today, that we have a huge community here that could share information.  It won't make the process faster, or more efficient, but it might help us all to set accurate expectations about how long it will take to get short sale approval. Since it seems to vary from bank to bank, the more specific you can be the better.

Here is what I have found about working with SUNTRUST (just to clarify, this is only my experience--yours may be quite different).

1. The contract is submitted to a front-end negotiator who reviews it and assigns it to a processor.
2. The processor reviews it for completeness and orders an appraisal.
   
3. The contract will remain with the processor for between 60 and 90 days. He/She has an enormous caseload.
   
4. Once the processor 'approves' the file, it is passed on to a back-end negotiator. My understanding is that this person is the final review. We are still not at this point in the contract I am currently working on.
   
5. Once the back-end negotiator approves the contract, it is considered 'ratified' and the regular contract contingencies can begin (loan approval, appraisal, home inspection, POA docs).

It has taken me 2 months to figure out this process...no one seems to be in charge of explaining it up front. As you can see, it is not that complex, just time consuming.

I hope that this information can help you to educate your clients if you are working on a Suntrust short sale.

If you have experience with another lender that you think would be helpful, please share it.  I think it can really help all of us in this challenging market.

Please note that this is a public posting. I think there are plenty of consumers out there that would like to learn some of this information, too. This is also NOT intended to be negative about the process, but rather to share information in hopes of making the understanding of the process easier for us all!

There was a time when most high school students took a business course before graduating. I took a typing course.  Many students took accounting, and some  took a personal finance course.

As far as I can tell, from looking at my teenager's course curriculum, that is no longer in vogue. I can't help but feel that we are doing our children a great disservice.

 I have sat in many a settlement where the settlement agent reviews the terms of the mortgage and watched the eyes of the folks taking out the mortgage glaze over. Maybe it is because they have studied these terms to death and it is really old news.  But sometimes I think it is because the vocabulary used and the concepts discussed are boring and they just don't want to think too much about it. The attitude seems to be to jump in and worry about it later.  Well, I guess now IS later...

What if our schools received a mandate to make sure that our graduates had a basic understanding about Economics and personal finance?  Would the amount of credit card debt go down? Would they think a little longer and a little harder about a 60 month car loan?  Would the number of risky mortgages be reduced?

I have to think that when it comes to personal finance, a little information is great and a lot of information is imperative.

There is a website called Econforyou.org. It is sponsored by the Center for Economic and Entrepreneurial Literacy (CEEL). It has a lot of valuable information about personal finance. There are some great articles and  a lot of ways for individuals to increase their understanding about personal finance.

The first question on the Home Ownership quiz at the Econforyou.org site is:

In general, what is the maximum amount of monthly income that should go towards paying for your home?

• 12%
• 28%
• 45%
• 50%

This is fundamental information, but not information that every potential home owner knows (the answer is 28%). They should know this LONG before they meet with a loan officer!

I encourage you to share information about this website, and other tools to educate consumers about personal finance, with your children, family and clients.

The more that consumers understand about personal finance, the less risky their behavior will be--and maybe the less likely another financial crisis like the one we are currently living through will be.