Fredericksburg.com – Stafford growth led by BRAC, hospital

This article spells out yet another reason why Stafford County is a great place to call home. Having lead the area in job growth behind only Fairfax and Loudoun County, Stafford has held its own with regard to employment and job growth.

Fredericksburg.com – Stafford growth led by BRAC, hospital.

Irene Morales Ward, Realtor

Buyers – Start your engines!

This time of year is so invigorating.  Not only are we emerging from a long winter of high gas prices and gloomy weather, but also one of the worst housing slumps in recent history!

The last month has been full of changes.  Banks are coming to terms with the reality on the street….folks are NOT willing to pay too much for a house in this climate.  Prices are actually competitive in many foreclosure markets and buyers are competing with each other for first dibs on a hot property.

It’s an exciting time to be buying and not all deals are showing up in the foreclosure market.  Arm’s length transactions are also available if you find a homeowner who hasn’t used his home as an ATM machine and actually has equity in a home that he’s owned for more than 5 years.  In this area, some of the more mature communities with established hardwoods are wonderful places to get a great price on a home.  A home that is 10 to 15 years old, many times fairly updated, can have tremendous character and allow for a much more flexible deal to be made.

Buyers, now is the time to come off the fence.  On your mark!  Get set! GO!

Irene Morales Ward, Accredited Buyer’s Representative, Northern Virginia Real Estate

Looking for a Deal? Foreclosure may not always be the way to go…

I love a deal, don't you?  I'm not simply talking about finding something cheap.  I'm talking about finding something of quality that will endure the test of time and hold and even increase its value.  It doesn't matter if it's a fine piece of furniture or a piece of real estate.  It needs to fit my criteria.

When working with buyers, my goal is always to find the best deal.  This doesn't always mean the cheapest price.  This is a really hard concept for buyers to understand.  You must look at the big picture and see where the true value comes into play. 

I'll give you an example.  Mr. and Mrs. Buyer are looking for a home in a certain price range and are considering only foreclosures.  Why? Because they feel these are the best deals out there.  Well, that's not necessarily true.  There are so many variables to consider when determining if the property is a good deal and understanding all these factors is imperative. 

If you are looking at this investment in the long-term (over 5 years), then it is wise to consider the following:

1. Is the community seeing a disproportionate number of foreclosures?  If so, you'd better understand the consequences with regard to financing.  Fannie Mae is flagging declining markets and that home you think is a steal, your lender may think is a clunker!  It won't do you any good to invest in a community if your lender isn't on the same page.
2. Is the home in need of serious updates or repairs?  Many foreclosures might be in disrepair and will require some serious investment of time, energy and resources to bring it up to par.  If you can get past the lender for approval, have you considered the cost and magnitude of what you are facing?  Roof, windows, siding, appliances, flooring, baths, plumbing, electrical, HVAC….these can be very high dollar ticket items.  Price your repairs before you make that offer.  Then understand that it will take you a considerable amount of time to recoup that investment in the form of appreciation of equity.  The more you spend to improve the home, the longer you may need to be there to see your equity increase, as well.
3. Is the home on a bad lot?  Consider a gorgeous home.   It has everything you want inside – gourmet kitchen, beautiful flooring, lovely floor plan, even great schools.  But is the lot backing up to the train tracks or a 4 lane road with high traffic volume?  Is it on a main road that is destined to be widened?  There are a lot of things we can do to change or improve a home's condition.  We can even do significant landscaping to add privacy and curb appeal.  Recognize what you can change and what you can't before you invest in the property.
4. Are there environmental factors to consider? As indicated above, noise pollution can contribute to the fact that a property doesn't sell.  So do things like water treatment facilities, airports, landfills, wetlands, etc.  You can find the perfect home on the perfect lot but If it backs up to a waste management facility, your summers may be spent indoors because of noxious smells! 

These are just some of the most obvious points to remember when you are considering purchasing a "DEAL" in real estate.  Remember to use an agent who will give you 100% fiduciary duty and always put your interests first. 

Irene Morales Ward is an experienced and exceptional Realtor® representing clients in the Northern Virginia area since 2001.  Irene's expertise in the field of agency and fair and honest client representation is recognized by her past clients' testimonials and is the driving force that continues to inspire her to exceed her clients' expectations.

Irene Morales Ward, Northern Virginia Real Estate

The Evolution of Shopping in Stafford – 1998 to 2008

When my husband and I first moved to Stafford County back in 1988, our daughter was 2 1/2; and our son was only a few months old.  I was a stay-at-home mom transplanted from Long Island, New York - to Towson, Maryland – to Woodbridge, Virginia – and finally to Stafford/Fredericksburg, Virginia.  I was a bit confused, to say the least.

Adapting to life in Stafford in 1988 was like learning to swim without using my arms.  I was drowning in the country life.  Someone PLEASE find me a mall where I can buy maternity clothes or a grocery store where the local hardware store isn’t attached!

As old-fashioned as this area sounds, we have come a long way, baby.  Earl’s Supermarket became Earl’s True Value Hardware Store/Local Post Office.  I kid you not!  Luckily (or not), I had a Food Lion Grocery Store at my disposal.  But because it seemed I had rather sophisticated taste for this area (I didn’t know I did, but it sure seemed that way), I needed to go north to do my grocery shopping.

In Prince William County, I had Shopper’s Food Warehouse at my disposal which offered me the variety of foods I was accustomed to.  It wasn’t long before SFW moved south to North Stafford but it was still a 25 minute drive to do my grocery shopping.

By the 1990′s, Fredericksburg was booming and the appearance of Central Park brought a SFW. That was only a 15 minute commute so things were definitely picking up.  It wasn’t until after the new millennium that I got a brand new Giant shopping center within only 8 minutes of my house.  I was ecstatic.  I watched daily as they finished up the parking lot and I prepared to be the first person in there when they opened their doors just before Thanksgiving several years ago.

But it doesn’t stop there.  In March of 2007, the Maryland based food chain opened a new prototype store on Celebrate Virginia Parkway in Stafford.   Super Giant opened a whole new shopping experience.  “The 75,100 square foot store, which is the company’s largest operating unit, is a departure from conventional Giant store layouts and has been redesigned with a totally new interior décor, including new store signage, and larger food and pharmacy departments in a state-of-the-art energy efficient building.”  With farmer’s market type produce stands, a Starbuck’s, and a huge selection of products, it offers the kind of shopping I was looking for 20 years ago.

It doesn’t stop there. There is even a new, high-end Wegmans that will be opening up in Central Park.  And don’t get me started on singing the praises of Costco…a blessing of gargantuan proportions for a mother of 5!  Boy, we’ve come a long way from picking up a gallon of milk and a box of lug nuts at Earl’s!

Irene Morales Ward, Northern Virginia Real Estate

But this house doesn’t fit, Irene!

I've heard dozens of reasons why buyers feel a home isn't appropriate for them.  And in most cases, they are perfectly legitimate and need serious consideration.  If the school system isn't up to a buyer's standards; if the home sits on a horrible lot backing to a busy road; if the floor plan is awkward and compartmentalized; if the home needs entirely too many upgrades, etc.

However, my least favorite reason of all time is that the "house doesn't fit their furniture".  If this is a first-time home purchase, the chance that you'll live in this home for more than 5 years is slim.  Even if this is a step up and you plan on living there for more than 20 years, it's likely your furniture will not outlive your house.  At least, I certainly hope not!

The only time I concern myself with this is when the "furniture" symbolizes a way of life or perhaps is a family heirloom that they plan to showcase in some sort of significant way.  The reality is that if the buyer entertains for holidays, birthdays and special occasions and has a large family, the size of the living areas are terribly important. 

The truth is, most buyers have a set notion as to how their furniture must sit based on how they have it set up currently.  Here's a perfect example.  A young couple is stuck to a budget but has a very extensive priority list of "must haves" for a home.  While I never want any buyer feeling like their purchase is a compromise of any kind, realistically, you may have to give up a little on something to accommodate your wallet. 

We find the perfect house – schools, yard, condition, price, floor plan – but wait!  A snag!  Under whispers I hear, "That family room won't fit our sectional and entertainment center because of the fireplace. "  Or, "The dining room is gorgeous but with that window there, how am I going to fit our china cabinet and sideboard?"

In reality, the furniture is a commodity that will soon lose its charm and certainly its value.  Even if it's an expensive antique that you couldn't possibly part with, you may want to consider putting it in storage or, even better, think about using it in another part of your house.  That cedar chest doesn't have to go in your bedroom, does it?  Couldn't it go in your living room or possibly even this enormous foyer?

The point is, don't set up more barriers between you and your perfect house than absolutely necessary.  If all factors add up to one great buy with the exception of the dimension of one room, you may want to consider which you'll be using for a longer period of time – this room or Aunt Betty's chaise lounge?

 

 

 

Irene Morales Ward, Northern Virginia Real Estate</p

Absorption Rates – Why are they important to Buyers and Sellers?

It is imperative in today’s market to understand Absorption Rates and Pricing Consequences.  In its simplest terms, the Absorption Rate is the rate at which properties are selling in a given area considering current inventory, closed sales and a specified time period.

If you are a seller, understanding the data below may be the difference between a realistic market picture and a quicker sale or a lengthy market time and significant disappointment.   As a purchaser, you must understand which price ranges are in higher demand and circumstances which might make the seller less inclined to negotiate.  If you need additional information on any other areas in Northern Virginia or simply to help you understand the process of analyzing this data, please feel free to contact me, Irene Morales Ward, for all you Northern Virginia Real Estate needs.

Absorption Rates in Stafford by Zip Code – YTD

Current Inventory / (Closed Sales/9 Months) = Absorption Rate

Data based on single family homes

22554

Price Ranges                                     Current Inventory               Closed Sales YTD                  Absorption Rate

Up to $249,999                                                    11                                           7                            14 months

$250,000 – $299,999                                          15                                           26                           5 months

$300,000 – $349,999                                          53                                           54                           9 months

$350,000 – $399,999                                          121                                         123                         9 months

$400,000 – $449,999                                          66                                           92                           6 &frac12; months

$450,000 – $499,999                                          62                                           56                           10 months           

$500,000 – $549,999                                          28                                           25                           10 months

$550,000 – $599,999                                          28                                           20                           13 months

$600,000 – $649,999                                          12                                           12                           9 months

$650,000 – $699,999                                          15                                           6                             22 &frac12; months

$700,000 – $799,999                                          17                                           4                             38 months

$800,000 – $899,999                                          10                                           2                             45 months

$900,000 – $999,999                                          3                                             0                              No Data

$1,000,000+                                                         3                                             1                              27 months

22556

Price Ranges                                         Current Inventory               Closed Sales YTD                  Absorption Rate

Up to $249,999                                                     7                                            17                                           4 months

$250,000 – $299,999                                          21                                           24                                           8 months

$300,000 – $349,999                                          31                                           33                                           8 &frac12; months

$350,000 – $399,999                                          54                                           25                                           19 months

$400,000 – $449,999                                          25                                           23                                           10 months

$450,000 – $499,999                                          12                                           8                                              13 &frac12; months

$500,000 – $549,999                                          7                                             12                                           5 months

$550,000 – $599,999                                          19                                           8                                              21 months

$600,000 – $649,999                                          4                                             6                                              6 months

$650,000 – $699,999                                          13                                           5                                              23 months

$700,000 – $799,999                                          15                                           10                                           13 &frac12; months

$800,000 – $899,999                                          5                                              4                                              11 months

$900,000 – $999,999                                          2                                              1                                              18 months

$1,000,000+                                                         2                                              0                                              No Data

22406

Price Ranges                                         Current Inventory               Closed Sales YTD                  Absorption Rate

Up to $249,999                                                     3                                            3                                              9 months

$250,000 – $299,999                                          11                                           7                                              14 months

$300,000 – $349,999                                          21                                           14                                           14 months

$350,000 – $399,999                                          34                                           27                                           11 months

$400,000 – $449,999                                          33                                           24                                           12 months

$450,000 – $499,999                                          31                                           7                                              40 months

$500,000 – $549,999                                          24                                           13                                           17 months

$550,000 – $599,999                                          16                                           3                                              48 months

$600,000 – $649,999                                          12                                           4                                              27 months

$650,000 – $699,999                                          17                                           2                                              77 months

$700,000 – $799,999                                          9                                              1                                              81 months

$800,000 – $899,999                                          5                                              1                                              45 months           

$900,000 – $999,999                                          1                                              0                                              No Data

$1,000,000+                                                         1                                              2                                              4 &frac12; months

22405

Price Ranges                                         Current Inventory               Closed Sales YTD                  Absorption Rate

Up to $249,999                                                    27                                           28                                           9 months

$250,000 – $299,999                                          43                                           36                                           11 months

$300,000 – $349,999                                          48                                           48                                           9 months

$350,000 – $399,999                                          46                                           46                                           9 months              

$400,000 – $449,999                                          31                                           26                                           11 months

$450,000 – $499,999                                          23                                           13                                           16 months

$500,000 – $549,999                                          10                                           8                                              11 months

$550,000 – $599,999                                          12                                           3                                              36 months

$600,000 – $649,999                                          6                                              1                                              54 months

$650,000 – $699,999                                          9                                              1                                              81 months

$700,000 – $799,999                                          4                                              0                                              No Data

$800,000 – $899,999                                          2                                              0                                              No Data

$900,000 – $999,999                                          3                                              0                                              No Data

$1,000,000+                                                         1                                              2                                              4  months

All information deemed accurate but not guaranteed.  Source of data: MRIS® 9/17/2007.

Stafford Hospital Center

Stafford Hospital Center – Finally, A Hospital of Our Own!

MediCorp Health Systems

Groundbreaking Ceremony – Stafford Video

For those of you relocating to the Stafford County area, you will be pleasantly surprised by the many amenities and features it now provides.  A new addition to the many recent improvements is the county’s first hospital, the Stafford Hospital Center located conveniently off Rt 1 at exit 140 within 1 mile of Interstate 95.

The hospital is a long awaited addition to the MediCorp Health Systems’ family of services in the Fredericksburg area which has been providing health care for over 106 years, when Mary Washington Hospital first opened its doors.

An ever increasing population over the last decade had forced MediCorp to improve and expand the facilities at Mary Washington Hospital.  However, it was obvious that a new hospital was going to be needed to accommodate the surrounding community north of the City of Fredericksburg.

Up until now, residents of Stafford had no option but to go outside the county for treatment.  The surrounding county hospitals are Potomac Hospital in Woodbridge to the north, Prince William Hospital in Manassas to the northwest, Mary Washington Hospital to the south, Fauquier Hospital in Warrenton to the west, and Culpeper Hospital to the southwest.

Stafford Hospital Center will be home to a 100-bed acute care hospital, imaging center and medical office space on a 72 acre parcel of land at the intersection of Courthouse Rd and Route 1.  With this new addition, there is expected to be an increase in physicians’ offices with a wide array of specialties.

Initial plans include the following:

Full Service, Acute Care Hospital

• 100 inpatient beds with room to grow
• Medical/surgical units – 84 beds
• Intensive care unit – 6 critical care beds
• Labor and delivery unit – 10 LDRP rooms
• Full service Emergency department
• Surgical suite – 4 operating rooms
• Medical cardiac services
• Neurological testing
• Respiratory therapy
• Physical medicine and rehab
• Imaging-comprehensive services and capabilities
• Pathology with on-site Lab
• Pharmacy
• Support departments, including security
• Helipad
• Medical Office Building

On Thursday, July 26, 2007, the last steel beam was added to Stafford Hospital Center completing the frame construction.  Over the course of the next several months, the following construction is planned:

• The west exterior of the building is currently being framed and the exterior sheathing applied
• The west and north sides of the building will be framed with exterior sheathing applied
• The Hospital will be covered with brick
• The interior walls on the 3^rd and 4^th floors has started

The Stafford Hospital Center will be giving care and treatment to those in the community regardless of their ability to pay.

Scheduled to Open in 2009

Please continue to check back for updated information.

Irene Morales Ward, Northern Virginia Real Estate

Gotta Love your Military Clients!

Military Clients are THE BEST!

by Irene Morales Ward, Northern Virginia Real Estate

I don’t typically have favorites clients. They run the gammut from first-time homebuyers struggling to make a mortgage payment to attorneys, doctors, and professionals (….struggling to make a mortgage payment!). But I have to admit, there’s something about the military buyer and seller that just puts me in high gear.

Here’s a typical scenario – orders are not yet in but it’s highly expected to come. The family has just finished remodeling a simple cape cod into a magnificent showplace. Two years….permits, plumbing, drywall, new appliances, floors, paint, house systems – you name it. They have just finished painting the very last wall in their master bedroom and in comes the powers that be. “You’re moving to Washington State…probably.”

In true military fashion, there’s no time for despair or regrets. Let’s get this sucker sold and move on – our orders are in (sort of). So the painful decision to find a realtor or list it on their own to save some money begins. After a few weeks on Craigslist and Military By Owner, it’s time to find a professional.

Enter the “agent” (me!), “What a great house!”, is all I can say as they take me with beaming pride from one room to the next. They show me the before pictures and I’m thinking…it’s been 12 years since my husband and I built our own home and I still don’t have a deck in my backyard! How did they do all this!? They’re MILITARY!

I’m constantly amazed, impressed and in awe at their flexibility, their ingenuity, and their resolve. Yes, some get down but they never give up. They press on. I’m generalizing, of course. But it’s been my pleasure and good fortune to be able to watch America’s best and bravest pack up and move on with little or no complaining and such dignity.