This block of buildings they call City Vista in Washington, DC puts everything at your fingertips from convenient shopping, dining, retail stores to classy restaurants and even a grocery just downstairs. The K at CityVista offers urban living at its finest. You’ll be impressed by the modern, stone-floored lobby with its floating ceilings. Your condominium home is just as impressive as the rest of The K. Floor-to-ceiling windows. Terraces and balconies in select units. Exceptional contemporary finishes. It’s a life filled with unique features and amenities you won’t find at other condos in Washington DC.

The L at CityVista is your first opportunity to be part of an ideal new neighborhood in the heart of DC. From the sleek boutique hotel inspired lobby. To the intimate clubroom. To condominium homes filled with light streaming from floor-to-ceiling windows. Once you’ve experienced all this and more, you’ll immediately see why The L is the defining development of an exciting urban neighborhood. And the yardstick against which everything else will be measured in Washington, DC.

• 1 BR/1 BA | 700 - 800 sqft | $369,900 - 409,900 | fee=$340/mo

• 1 BR + Den/1 BA | 914 sqft | $423,900 - 471,900

• 1 BR + Den/1.5 BA | 915-961 sqft | $456,900 - 496,900

• 2 BR/1 BA | 920 sqft | $472,900 - 522,900

• 2 BR/2 BA | 900 - 1,200 sqft | $529,900 - 556,900

• 2 BR/2.5 BA | 1,500 sqft | $706,900 - 725,900

If you want to be part of these incredible new DC condos, contact us at 1-888-998-9455 or info@homezill.com to receive an additional 2% Realtor Rebate when you purchase at City Vista in Washington, DC.

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Woohoo!! The Fed cut rates by a .500% yesterday!!

But how does that affect those of you looking to refinance your mortgage in Northern Virginia, Washington DC or Maryland? Or purchase using LOW rates? At the moment, not that much- sorry :=(.

Let’s make sure that we’re on the same page here, and I’d like to start with explaining the Fed real quick…when the Fed is cutting rates, those cuts do not directly correlate to lower mortgage rates. For instance, mortgage rates didn’t go down by .50% yesterday because the Fed cut rates by .50%. What the Fed is in actuality cutting, is the rate that they lend money to banks.

For DC Metro area homeowners with a HELOC (Home Equity Line of Credit) I am happy to say that there is immediate gratification! You will have a lower rate/payment because what the Fed rate is tied directly to is the Prime Rate. The Prime Rate is tied to your HELOC rate, and thus what your payment is based on. The Prime Rate is always 3.0% over the Fed rate, so since the Fed cut another .50% yesterday (and .750% last week) to 3.0%, the Prime Rate is now 6.0%. In fact, immediately following the Fed announcement yesterday mortgage rates actually went up slightly. Having said that, it is true that historically the lower the Fed Rate the lower mortgage rates, but that is not guaranteed, but in this current cycle should be assumed, and that’s what we want to watch.

It’s sure to be a volatile-bumpy ride, as we saw last week with the most dramatic 36 hour swing in mortgage rates that we’ve seen in recent memory. But, if you’re stomach can handle it I am increasingly confident that you will see 30 year fixed rates at or below 5% again.

(Let’s just hope I’m right)

Todd Murdock | Senior Mortgage Advisor | HomeFirst Mortgage Corp | 703.549.3400

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Going “green” is becoming more popular as more and more people are starting to care about our environment. It’s about time right? Did you know that a home that uses less energy reduces the greenhouse gases? This is because less fossil fuel is required to run the place. Energy and water savings means money in your pocket too!

Here are some tips for going “green”, along with more advanced methods as well.

Improve Energy Efficiency 

Easy: Replace incandescent bulbs with compact flourescent bulbs.  These bulbs produce the same amount of light and require 75 percent less energy, produce 75 less heat, and last up to 10 times longer!  Switching out the 5 most frequently used lights in your home can save as much as 3,000 kilowatts of energy a day.

Advanced: Switch to solar power. I know this sounds ridiculous but it is a solution. This clean energy source generates no air pollution and no noise. Panels installed today will produce energy for about 20 years with minimal maintenance. The federal government offers a tax credit of 30 percent of the installation cost, to a maximum of $2,000, for certain solar power features, and many states and municipalities offer additional incentives.

Reduce Drafts

Easy: Plug leaks. Caulk and add weather-stripping to windows and doors to stop heat and air conditioning losses. Use expanding foam to fill gaps, especially between the living space and unheated areas such as the attic and garage. Leaky air ducts can decrease energy efficiency by as much as 20 percent.

Advanced: Add insulation. Homes more than 10 years old probably have insufficient insulation, and even newer houses typically can use some improvement. Properly insulated houses not only use less energy, they also have better moisture control, meaning roofs and walls last longer.

Appliance Excesses

Easy: Unplug chargers, power adapters, and appliances when they’re not in use. According to the U.S. Department of Energy, about 75 percent of the electricity used to power electronics such as VCRs, televisions, stereos, computers, and kitchen appliances is consumed while the products are turned off.

Advanced: Switch out older appliances which include dish and clothes washers, refrigerators, lighting fixtures, televisions, room air conditioners, and even cordless phones with energy-saving models. Appliances with the government-rated Energy Star label use 25 percent to 75 percent less energy than unrated appliances.

Avoid Super-Hot Water

Easy: Lower your water heater temperature. The average tank style water heater uses about 5 percent less energy for every 10 degrees Fahrenheit you reduce the temperature, according to the Department of Energy. A lower temperature also slows mineral buildup and corrosion, which helps your water heater perform more efficiently over a longer time.

Advanced: Install tankless water heaters. These so-called “on-demand” heaters warm water only when required, reducing energy losses associated with maintaining water temperatures in a traditional storage tank. Tankless heaters range from $200 for an under-sink faucet unit to $1,500 for a high-capacity unit, but according to the Energy Department, they use 45 percent to 60 percent less energy than traditional heaters and last twice as long.

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Congress and the White House have come up with an economic stimulus package that would put $150 billion into the hands of consumers and businesses while seeking to reawaken the market for large mortgages.

One important provision temporarily raises the dollar limit on mortgages that can be bought or guaranteed by government-sponsored mortgage giants Fannie Mae and Freddie Mac. The current limit of $417,000 would rise above $600,000 and perhaps as high as $730,000 in the most expensive areas, congressional leaders said. The primary focus of the package is $100 billion in tax credits for an estimated 117 million families this spring. Most individuals who pay income taxes would get $600; working couples would receive $1,200. Workers who make at least $3,000 but don’t pay income taxes would get checks of $300 to $600. People in both groups would get $300 credits for each of their children.Top Democrats said they intend to send a bill to President Bush by Feb 15. If that happens, rebate checks or electronic transfers would probably arrive between May and July.

Businesses would be able to deduct an additional 50% of the cost of certain investments in 2008. In addition, small businesses would be able to write off more expenses from their taxes: $250,000, up from $125,000.

The checks would be gradually phased out for wealthier taxpayers. Couples with income of more than $174,000 would get nothing, unless they have children.In shaping the deal, leaders of both parties were forced to give ground. Democrats wanted new spending on food stamps and unemployment benefits, but didn’t get it. Republicans held their noses and agreed to $28 billion in credits for 35 million families who don’t pay income taxes. They also gave in to the cap that stops wealthier people from getting checks. Bush administration officials had earlier floated a plan to give $800 rebates to all income-tax payers.

The Internal Revenue Service expects to begin mailing out checks and making electronic transfers by May.

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As part of the Stimulus Bill that has passed the House, and will most likely get signed into law in the next few days, conforming loan limits for the next 12 months (most likely starting in February) will be raised up to $729,750! The new limits will be based on the area’s median home price, plus 25% or 50%. Since this language is yet to pass we can only speculate, but ‘people in the know’ seem to think that it will give us a max conforming limit of $625,000 for the DC Metro area, including real estate in Northern Virginia, Washington DC and Southern Maryland. The measure would also permit the Federal Housing Administration (FHA) to indefinitely insure loans up to that same level. Currently, FHA loans may not exceed $362,250.

The Bill helps us immensely with spurring buyers back in the market, and letting home owners in trouble refinance. As you’re probably aware, the current conforming Fannie Mae and Freddie Mac limit is capped at $417,000. Anything above that amount is considered a Jumbo loan and comes with a significantly higher interest rate. Northern Virginia and DC real estate has priced many first time home buyers out of the market in recent years. Once this new limit takes hold, buyers will be able to finance more expensive homes with a lower interest rate.

“In high-cost states, many home buyers with good credit could save $3,000 - $5,000 each year by not being forced into the current jumbo mortgage market”, said NAR president Richard Gaylord. “Currently, only families in lower cost areas are able to qualify for these types of affordable loans. Such a move would stimulate home sales and help stem the rise in foreclosures, reducing the number of foreclosure by as much as 210,000, and increase economic activity by $44 billion. What’s more, this will come at NO cost to taxpayers– it’s a policy change that could really boost the economy,” Gaylord says.

Other NAR projections show that raising the loan limit will reduce the supply of homes on the market by 1 - 1.5 months, and increase home prices by 2 to 3 percent. As many as 500,000 jumbo loans will refinance into lower interest rates according to the analysis.

If mortgage interest rates stay at the level they are now (or lower), the DC Metro area will have a VERY active Spring/Summer market!

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Refinance applications rose 16.9% during the week ended January 18, 2008 compared to the previous week, and are up 92% since November 2007. Purchase applications are up 7% during the same period. Also, the 4-week moving average for all loan applications increased 13.7% compared with the same period a year ago.

The average interest rate for the 15-year fixed-rate mortgage was 4.96%, down from 5.07%. The 30-year fixed-rate mortgage was 5.49%, down from 5.62%. The rate for a one-year ARM was 5.51%, down from 5.77%.

The cause for this is because interest rates are at an all time low right now. With so many houses available on the market right now, buying a home becomes a lot more comforting with these kinds of rates!

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