Dawn Battle's Blog

Inventory levels have been gradually dropping in the area. Levels haven’t been this low since 2005. Currently, the Northern Virgina Area has about 3.5 months of inventory. “Normal” for us is 4-6 months of inventory. Above six months of inventory would create a “buyer’s market,” under normal circumstances. Below 4… well, you get the picture. What’s affecting our “normal” market behavior is consumer confidence. As it improves, it may cause our market to behave as it normally would with low inventory. Remember econ class? Low supply causes prices to rise… Let’s see if we are headed in the right direction.

For more information, see the MRISresource

“How’s the Market?”   I get that question about 10 times a day.   My response is usually about the same.   ” Good!   I really can’t complain.”   It’s a true statement though.   Our market really doesn’t match the national profile of the real estate market.   People usually agree, but they don’t know just how different we are.   Here’s   what you should know:

Our Hints of Movement to a More Neuteral Market in Areas:

• Buyer activity is moving back to historical trends
• Sellers are making fewer concessions
• Falling inventory – causing supply absorption to be closer to normal
• Some signs of moving towards market balance in some areas (balance = a market that’s neither a buyer’s or seller’s market.

I can’t take credit for this deft analysis of the market, but RBI (Real Estate Business Intelligence) can.   I’ll tack on their summary…

The positive signs of some recovery are here, but sometimes the political climate has its own impact on consumer confidence in the market.   You can’t blame everything on the economy. The positive signs just don’t seem to get much coverage.   It just doesn’t make for a good story. There’s an old family story I love to tell – just because it’s so much fun.   My family took a flight out of town several years ago.   On the plane one family member caused a bit of an issue for a business traveler.   As I watched the event unfold, I could only sympathize with the business person.   This was not going to end well.   hen I tell it, there’s always that one small detail that I fudge, just for the laugh.   The family member who created the conflict always complains- “that’s not what happened…”   Of course no one ever believes her and we all enjoy a good laugh (kind of at their expense – my family has tough skin).   As we wipe the tears away,   I always give a wink and my usual whisper… “I know, I fudged a little.. but, it makes for a much better story!”

Moral of the story:   If you really want to evaluate something — look at the numbers.   They might just tell a different story!

“The Numbers…” From RBI’s August 2011 Market Indicators

Despite some choppy waters in August, there have been noteworthy shifts on both sides of the closing table. Buyer activity is moving back in line with historical trends while sellers are making fewer concessions in order to sell their homes. Falling supply and improving absorption rates in many regions also suggest that market balance is realigning towards neutral. Locally, a few indicators posted positive movement over August 2010, but do the rest of the numbers provide reason for optimism?   New Listings in the Washington D.C. region decreased 17.7 percent to 13,268. Pending Sales were up 21.7 percent to 10,127. Inventory levels shrank 15.9 percent to 58,620 units, dampening any potential oversupply issues down the road. Prices were fairly stable. The Median Sales Price decreased 1.8 percent to $275,000.   Days on Market increased 13.0 percent to 86 days. Absorption rates improved as Months Supply of Inventory was down 11.6 percent to 6.7 months.The economy bobbed along just this side of positive in August. Consumer confidence, which often affects housing demand, showed some slack even as personal income and spending both increased modestly. Low interest rates, declining supply and stabilizing prices are beacons of hope in the harbor, but the recovery still needs wind in its sails.
 

Recently I took Buyers into a renovated home.   They noticed just about every update in about 3 minutes.   The entire time they were in the home, I heard œ ooohing and ahhhhing.   They even looked at some rooms more than once.   The Seller happened to be home while we were there (bad idea), with her   dog (another bad idea) and was happy to answer questions.   As we left, I saw a grin on the Seller’s face¦ probably believing an offer was on the way.   My clients did seem truly interested.   But there was a problem.   The problem: the Buyers were more interested the Seller™s œstuff, than the Seller™s home!

You see as we walked through the home, every other question had to do with her œstuff.   At the end of the day, neither of my clients remembered the home.   They did however remember œthe stuff.   So that™s thirty minutes down the tube and another lost opportunity for the seller.

The moral of the story:   Sellers, don™t let your belongings derail your sale.   Don™t distract potential Buyers with novelty items.   You only have about 10 minutes to impress a Buyer.   If that time is wasted on them trying to figure out your “story” or looking at your belongings, you have wasted everyone™s time.   :   the focus should be on your home.   It only takes one qualified Buyer to purchase your home.   Unfortunately, œCool stuff doesn™t sell homes.

With all the economic news stories coveried each day, it can be difficult to understand where we fit in the grand scheme of things.   I’m sure you’ve heard the term ” Real Estate is Local.”   Well lucky for us!   Our numbers are so much better than national numbers.

About 10 days ago,  I saw  a newsbreak alert flash across my iPad.   ” Real Estate Sales Drop 9.5% in February!”   Out of curiosity, I opened one of my tools to see how we compared.  We should always be grateful for our amazing local market.  I’ll take local over national any day!

Locally, our sales are much better than the reports offered by the national news services.   A better indicator of direction right now, would be to combined closed sales with pending sales.   Here’s how we stack up.

February Closed Sales

Northern Virginia up almost 6.4%   Pending sales are  also climbing.     http://www.rbintel.com/statistics/northern-virginia

•     Fairfax County – closed sales up 11.1%
•     Prince William – up 4.3%
•     Loudoun – up 7.1%

Southern Maryland – up 8.5% and pendings climbing.   http://www.rbintel.com/statistics/southern-maryland

Maryland Suburbs (Montgomery County/Prince Georges County) – Closed slightly down (2.2%)  but pendings are climbing. http://www.rbintel.com/statistics/maryland-suburbs

Washington DC – down 5.4 % and pendings climbing. http://www.rbintel.com/statistics/washington-dc-region

A recent article on NVAR’s website finds noted  the continuing positive changes in the economy…  ”Interest rates for 30-year fixed-rate mortgages have averaged at or below 5 percent in every week but one this year, contributing to record home affordability,” said Freddie Mac Chief Economist Frank Nothaft.

In Northern Virginia, average and median sales prices are higher than they were in the first quarter of 2010. RealtyTrac cites that the number of foreclosure notices filed in February decreased a whopping 27 percent compared with a year earlier, which is the largest drop on record. The same report found that notices dropped 14 percent month over month, a trend that, if it sticks, is good news.(source: NVAR)

FHA announced an increase in the annual Mortgage Insurance Premium (MIP) by 1/4 point or .25 on all 30 year and 15 year loans.   The purpose of the increase is to  return reserve levels back to required levels.   The mandated level for the Mortgage Insurance Fund is 2%, but levels have been below this  for almost two years.   This affects loans insured by FHA on or after April 18, 2011.

The estimated change in monthly payment on a $250K loan is approximately $52.   On a loan of $400K, the amount is estimated to be $83/month.  Check with your lender for exact amounts.  The full letter by Commissioner David Stevens can be viewed at:   http://portal.hud.gov/hudportal/documents/huddoc?id=fromthedeskof021811.pdf

This is always a tough question for Homeowners.   But for Agents in this Washington Metro Area,  it’s not so difficult.   First of all, you should know that a well prepared, well priced home sells quickly in “ANY” market – even in chilly blustery days like these!

You’ve heard me say before, that we are a far less cyclical market than the rest of the country.   Mainly because of  we are so transient here in  the Metro Area.    Unfortunately, we are not quite as  insulated  when it comes to  interest rates and loan offerings. As questions  surface about the viability of Freddie and Fannie, that little voice  should be suggesting “sell now if you plan to sell in the near future.”

As for  First Time Home-Buyers looking to  purchase, they  should be hearing the same  voice telling them to  ”Buy Now.”    Many  First Time Home-Buyers take advantage of Federal Home Loan Mortgages (FHA).    For those Buyers who have not ratified a contract and notified FHA (lender obtains a case number), by mid April,  they  might be in for a surprise.   Mortgage Insurance Premium are set to increase in April.   This will  increase loan costs.   In translation….Buyers will get a little less bang for their buck.   On a loan value of about $250K, a Buyer can expect an increase in monthly costs  of about $52.   On a larger loan of about $400k, the increase is expected to cost about $83.  This means that the loan amount that you qualify for after April 18, is likely to be less than what it is today.

In this market, since none of us can read beyond the next few months, NOW IS A BETTER TIME for both Buyers and Sellers.

Creating  a winning offer on a property has more to do with preparation and instinct  than anything else.   Good preparation prevents  Buyers from wasting time and spending more on a property than is  necessary.   Instinct helps in asking the right questions at the right time.

What Buyers Need to Prepare a Winning Offer:

Reasonable Expectations

The days of the wild, wild west are over.    These days, Sellers  tend to be price their homes fairly close to market value.   As a result, “Sold” prices tend to be closer to list price than in the past.   The one exception would be properties that have been on the market for an extended period of time.    Don’t expect to get  huge discounts.   Those were available when the market took a drastic turn.    Many Sellers were in denial when it came to new  market prices.   They priced homes at what they were worth before the turn and the market wouldn’t accept them.  

Put Yourself in the Seller’s Shoes

Think in terms of what the Sellers will net, not what they will gross from the sale.   It’s easy to think that closing costs are a gift.   Closing costs come from the Seller’s pocket.   So, factor in all the costs when making your offer.

Enlist the Help of An Expert

Buying a home is the largest investment that most of us will ever make.    It’s also the one of the longest  committments  we’ll ever make.   Do you really want to invest without  any type of expertise?   Would you self diagnose an illness?   Would you try to repair your own car engine? Start with your agent.   This is one of the most improtant  facets  of  an agents role.   Public websites providing computer generated estimates of property values can be terribly wrong.   These  usually have a margin of error listed somewhere based on the region.   In some cases, for our area, the errors have been as high as 20-30%.    If determining market value was that easy, we wouldn’t have a need for the appraisal industry.

Understand the Process

The road to a good offer is below:

Step 1 –  Enlist a Good  Agent

Step 2 – Ask Questions/Work Together with Your Realtor

Step 3 – Be Flexible

Step 4 – Listen

A good Agent has a clear understanding of the market.   They know through experience and research what offers will stick and which ones are a waste of paper, time and energy.   Your Agent has a vested interest in your success.   So if there’s a possibility of securing the  home you desire within your terms, your agent will most certainly make every effort.   If you have selected a strong agent, they will also want to be certain that you are not leaving money on the table.     But be aware, with so much bad information floating around, it’s imperative that you work with your agent when preparing an offer.   Flexibility is key.   Clients with rigid expectations and their own ideas on pricing often find themselves submitting offer after offer after ofter.Take advantage of the resource that you have access to.   You might be surprised at how easy the process can be.

Finally, listen to your agent.   I’m not saying that you should put them in charge of your decision.  Or that you do  what they suggest.   Just consider it  ”food for thought.”   And, really give it some thought.   And if it doesn’t make sense to you… just ask. You are perfectly capable of making your own decisions.   We try to equip you with as much information as we can to help you make the best possible decision.

Dean Hartman, the Chief Planning Officer at Continental Home Loans suggests that mortgage rates are headed for yet another historic low.   The ideas behind the reduction may  come from  three different areas: a) more people can buy bigger homes b)energizing the market c) making us products more affordable outside of the US which would cause greater demand and the need for more employees to create the products.

Hartman refers to this as Quantitiative  Easing.   It’s when the Fed buys Mortgage Backed Securities.   This helps to lower interest rates.   It sounds like he’s searching for other reasons.   The article is a thought provoking read, depending on what side of the fence you find yourself on.   To read the whole article, click on this link http://kcmblog.com/2010/10/21/can-rates-go-down-any-more/

As you may have found out, preparing your home for market takes a plan.   The idea is to make your home appealing to as many Buyers as possible.  First I will tell you the steps, then I’ll tell you a few secrets to make life easy on yourselves.

Step 1 – Price it right!

If you are over priced, your home won’t sell.   There are of course other resasons why homes don’t sell.   But this is one of the biggest reasons.   Next is the appeal of your home to Buyers.

Step  2 – Put away the excess.

That means get rid of the clutter, the extra furniture and extra clothing.   You are not packing.   You’ll have plenty of time for that later.   You are moving it out of sight.

Step  3 – Let in the light.

Most Buyers like natural light.   So, open the curtains, lift up the blinds.   Give them a chance to see the place.

Step  4 – Pack up the closets.

No one likes to see jam packed closets.   Granted, closets or closets but if every one of your closets is packed with clothes and other items, it sends the message that there’s not enough closet space.

Step  5 – Jazz up the important rooms.

The most important rooms include the kitchen, master bedroom/bath and areas for entertaining.   It’s not unusual when decorating to make the master bedroom last on the list.   But, if you want to sell your home, you need to make it appealing.   As for the kitchen, that’s usually the first place that Buyers head for.

Step 6 – Depersonalize!

Do your best to remove your personal items.   You don’t want Buyers spending more time looking at  your photos  than looking at your house.  

NOW…. WANNA MAKE LIFE EASY??

Find a good Realtor that you feel comfortable with who uses a stager.   Then listen to what they say.   Your Realtor and Stager look at your home from the view of the Buyers.   Staging isn’t quite the same as decorating.    This is more directed at Buyer comfort versus Homeowner comfort.

Next you have to let go.   Remember that you are moving on to  your next home.  Your home  may  seem different, but it’s only for a short period of time.   Try to be flexible to recommendations and especially say yes to the ones that are free of cost.   Remember, the objective is to make your home appealing to the widest range of Buyers possible.   This is the first step on the way to your new home!

If you are a Real Estate Agent, consider adding an iPad to your toolbox.   In my opinion, it will definitely raise your bar!   First, I have to come clean!   I am a technology nut!!   With a background in software, I’m afraid I just can’t help myself.   It’s so bad, that some of my friends call me the “Techno Woman.”   About a month ago, I purchased the iPad.   The visual crispness of the screen, accessibility to information, availability of  applications and the portabilty of it make it perfect for the business of Real Estate.   About once a week, I tell myself that Steve Jobs ought to be paying me commission.   I absolutely love this tool and have no problems recommending it to others.  

I know some of you might be perplexed about how it can make such a difference, well here’s a few reasons why I value it.   Below are a list of tasks I complete just about daily with my iPad.   Some are business related and some personal.   Overall, I would have to say the iPad has helped me to get to information a lot faster.   It pulls info for me daily and delivers it to me (not really the iPad, the app gets the credit for that) and it helps me to provide better information to my clients.   I use it for presentations and etc.   Overall, it can help you to use visuals to get your point across.   So rather than digging in my briefcase to review a listing agreement, I can pull it up on my iPad in a matter of seconds.   I can market myself and quickly market client properties.

1.  First there’s the daily planner functionality of the  iPad:  email, calender, contacts and weather (the Weather Channel aka TWC MAX+), YellowBook for phone numbers and various calculators.    The Notes app is built in and also amazingly helpful.Only email, calender, contacts and  notes are standard apps included in the base product.

2. Check for traffic jams (Beat the Traffic) before headed to critical appointments.

3.  Review  current articles  waiting for me on my ipad based on the topics that are important to me  to me (SkyGrid).   I also quickly review CNBC (CNBC RT).   CNBC can send alerts.   I give them their props (sorry for the slang) b/c they don’t inundate you with alerts.   When they send an alert its usually an important one.   I’ve also seen their alerts come thru w/info faster than  the other major news outlets.  I also like ot look at Bloomberg and PulseNews when I have a bit more time.   There’s  plenty of  ”todo” apps like Toodledo which is  good for  medium range tasks.   For daily items, I still  use  Levenger’s “To Do” cards – I’m  addicted.   If you get better at using some of the news feed tools, I hope you will drop me a line.   I’m still learning.

4.  Show Powperpoint Presentations (Keynote) – Listing and Market Updates.   When someone asks me about the market, not only can I tell them, but I can show them the graphs pulled straight from NVAR, GCAAR or the Luxury Homes Site.

5. Pull up other relevant documents for clients thru  PDF readers (ReaddleDocs or GoodReader).   At any given time, I can show some of the most popular pages from my website (Buyers Timeline, What Happens at Closing, Luxury Home Market Report…) in a crisp clear pdf document.   For those of you that wear glasses like me, you can increase the size of the page in a second with 2 fingers.   As long as I’m using the iPad, I don’t have to whip out the glasses.   OK, I’m a little  vain.

6.   Pull up photos of my current listings and my solds.   Anytime I find myself in the position to market a client’s home or myself, I have gorgeous photos to show in a size that’s larger than anything shown on the web.   It makes a big difference.   I use the photo tool built into the article.   I also use Web Albums, and Photogene.

7.   Need to save content to use for my blog later?   I use ClipPrinter for that.   I save the info and the resource for later reference.

8.  For more industry related apps, there’s Mortgage Calc which is a true mortgage calculator.   Unlike the typical ones on the web, that don’t include all the numbers, this one includes property taxes, PMI, HOA and other Expenses.   It also shows an amortization schedule with yearly tax savings.   There’s also Realtor.com’s app, good for finding properties and Open Houses in the area based on your location.   It’s a nice cross reference.

9.   For big presentations, I’ve used OmniGraffle for diagrams – probably one of the most expensive apps in the App Store, but well worth it.   Once you know how to use it, you’ll be able to make amazingly professional charts and graphs very quickly.

10.   Other quick apps used for entertaining: Open Table (better for higher end restaurants) for online reservations.   If you find that you are not familiar with the restaurant names in Open Table, then it’s not the app for you.   Another app that has more restaurants in it is Urbanspoon.

11.   If you just need to   take your mind off of works there are a ton of other aps to pursue your personal interests.   My favorites include:   Epicurious, Crosswords (I’m terrible) and Scrabble (great fun for Pass ‘n Play, especially if you are competitive).

All in all,  the iPad is  fantastic.   I’m convinced that it’s the new modern day-timer and business presentation tool.   Granted, you need a little planning in advance to decide what you need access to in terms of docs, etc.   You also need a little time to get proficient  on the apps you plan to use.  

There are some small hurdles to overcome.   I’m new to Apple’s platform.   I’ve been a “PC” most of my life.   Yes, the iPad is intuitive, but sometimes, we as people just are not THAT intuitive.   Many of the apps come without directions, guide books and or evne a help key.   Usually you can figure it out with a little time.   I’m still learning new things and I’ve had mine for about  6 weeks.

Here are my grades:

Content Delivery – A

Visuals – A++

Versatility – A++

Usefullnes – A++

Information Input – B-  

This really isn’t an input tool. If you have lots to input, go find a PC or laptop.

In case you are wondering, I still carry my lightweight laptop daily.   But you’ll rarely find me without the iPad.   It’s a great investment.

One last point…I’m a big Verizon fan.   I was already using a mobile card for my laptop.   I never use free wi-fi.   I know that Verizon’s broadband is secure and pretty reliable.   So, I upgraded to the mi-fi secure broadband tool.   I can use it for my laptop and my iPad.   It’s about the size of a credit card and about 1/8 ot 1/4 of an inch thick.   I throw it in my bag and turn it on when needed.   I also carry an extra battery to be on the safe side.   If you really find yourself in a pinch, you can use a USB adapter and plug it into your laptop for continued use if your mi-fi battery is low.

I hope that helps.   I’ll forward other info as it becomes available.

Real estate is local and we are oh so lucky here in the Washington area.   The DC commercial real estate market has well in the midst of this recession.   So well that Washington DC was rated #1 in the Top 10 Commercial Real Estate Markets for 2010.   DC received the highest marks followed closely by San Francisco, Austin, Boston and New York.   Those surveyed believed the surrounding suburbs were not far behind.  

For more information, see the full article by Tom Rice.   http://www.therealestatebloggers.com/%20/top-10-real-estate-lists/top-10-commercial-real-estate-markets-for-2010/

In a recent survey by Homegain.com agents and brokers reported that “Going Green” can put money in your pockets. Homegain.com surveyed more than 1000 real estate agents and brokers in the US.   As an example, more than 65% of the respondents noted that simply adding native plants and rees to the perimeter of your home ranks as the number 1 Green home improvement.

Below is a list of the top nine do-it-yourself Green home improvements. The criteria was that all hme improvements have a cost of $300 or less and would most benefit a seller when they sell their homes.

1. Plant trees and shrubs
2. Replace air filters in your HVAC
3. Green home staging
4. Weather strip and caulk doors and windows
5. Install programmable thermostats
6. Install low flow shower heads
7. Use audio turn-off power strips
8. Install CFL or LED lights
9. Paint with low VOC paint

Content based on Summerset Blog 08873 by Michael Adams, Keller William Cornerston Realty

Survey results from Rismedia’s report conducted by Homegain.com.

There’s a great article by Dan Melson published  on Searchlight Crusade’s site.   Melson delivers a hard-hitting narrative on the downsides of walking away from your mortgage because you are upside down.   This is not directed at folks who short sale.   It’s directed at those who have the ability to pay, but decide not to.   These are the folks who  turn in their  keys and  walk away from their commitments.   There are many different views on this topic.   But here’s one that you probably haven’t heard…   If you are one of those owners that  is hanging in there (in spite of being  upside down) and making your payments — Dan Melson is your voice!

In summary, Dan reminds readers:

1. Debt Forgiveness is taxable income.

2. The impact on your credit could last up to 10 years.

3. You may be haunted by it for the rest of your life.

4. Potential lost profits.

Melson, makes a pretty compelling argumen, read the entire article:

http://www.searchlightcrusade.net/2010/05/why_you_should_not_walk_away_f.html

It’s really true!   The housing market is beginning to show signs of warming.    March housing numbers showed a net increase in home sales by 5%. But, Q1 sales were up only.12 percent.   That shows a bit of a ram.  

• Ave DOM is 50% of last years number
• Supply is down to five months from last year’s six month period
• Average sales prices increased by 10% compared to the same period last year.

As we expand the area to include the outer lying and southern parts of Northern VA (aka: Greater Northern Virginia), we see even greater change.   It seems that the areas that were hit the hardest are now showing the most improvement.   Once we include outer lying areas (still considered NOVA), we see:

• 18% increase in sales price – March
• 19% increase in sales price – Q1
• YTD  ”sold” volume  dropped a small amount and Days on the Market (DOM) have declined by 43%.
• Greater NOVA homs sales this March was 55 days compared to last years 95 days.

For all the talk and speculation,  we finally have some hard numbers to back up the claims that we are headed in the right direction.  

Source: NVAR March Sales Data

From time to time closings are delayed.  Unexpected problems sometimes  happen in real estate  transactions.   It’s how you handle the speed bumps that can ultimately affect the out come of your transaction.

Reasons for Delays in Closings:

• Short Sales – Lacking bank approval-final negotiations may not be complete or final approval letters after a verbal approval may not have arrived
• Sellers encounter an unexpected problem with the property-pipes burst and must be repaired prior to settlement
• Buyers are still waiting on lender’s final approval
• Buyers are waiting on appraisal re-inspection
• Buyer’s Loan is affected by new underwriting disclosure guidelines
• Buyer is responding to new  underwriting documentation  requirements

All contracts include a settlement date that both parties agree to. Most regular sales close on time without a hitch.   However, there are sometimes complications-even in a regular sale (appraisal re-inspections). But, if you are involved in a Short Sale, these are a horse of a different color.   Buyers are interested in moving in as quickly as possible.   If  a Buyer  has been waiting on a Short Sale to close, they are more than eager to move in.   Most “regular” sales have a closing date that’s at least 30 days from  ratification.  With a short sale, final approval of the contract is provided by the bank.  Choosing a closing date  less than 30 days from the bank’s approval can be accomplished, but is more challenging on everyone involved.  The Realtors involved will  have a good idea if the shorter timeline can be achieved.  For those involved in appraisals and inspections, it leaves little room for delays or solving unexpected problems.

What To Do If Your Closing is Delayed:

If you encounter a delay, maintain a calm head.   As you work your way through the delay,  you can accomplish more if you stay calm.    Try to understand what the problem is and whether or not it’s reasonably solved.    Sometimes, both parties are working towards the same goal and something unexpected occurs.   It happens.   But, often, these things are not insurmountable, they just take a little extra time and elbow grease.   There’s a big difference in hearing  ”if we close versus when we close.”   Once you know the problem is solvable, agree  upon a reasonable date and make a game plan to ensure that problem gets resolved.   If you are incurring costs as a result of the delay, see if the other party  will concede to some type of  concession for the delay.  The answer may still be no, but it doesn’t hurt to ask.    

A Note About Closing Short Sales:

I have to repeat this point one last time –  Short Sales are  consumated without a real  defined closing date.   Although the contract calls out a closing date, the entire contract is “Subject to Third Party Approval.”   Since the Third Party/Bank is a party to the transaction and doesn’t usually sign off on the contract until very late in the game, the close date in the contract is just an estimated date.   Once a short sale contract has been approved by all parties, then a true close date can be selected.

So, in summary, as frustrating as it might seem, a delayed closing doesn’t mean your deal is dead.   Stay engaged, be as reasonable as possible and follow up to make sure the problem gets resolved in a timely manner.   You have five yards to go to the end zone – you are almost there!

**Note, these comments are based on the Washington Metropolitan Market.  Please seek legal assistance to determine your legal rights and responsibilities.