Mendenhall Properties Participates in OAR's Second Chance Fundraising Breakfast

Earlier this year, Erin Mendenhall was honored with being named to the board for OAR (Offender Aid and Restoration of Arlington County).   As a member of the OAR Board, Erin will help to spread awareness and promote the programs that help this organization grow and provide resources and workforce skills to OAR clients.

Erin hosted a table for OAR’s Second Chance Fundraising breakfast on May 2^nd where speakers included:

- A video message from George Zimmer, founder of Men’s Wearhouse and sponsor of OAR’s Second Chance breakfast;
- Congressman Jim P. Moran, a longtime supporter of OAR;
- Harold Clarke, Director of the Virginia Department of Corrections, and recipient of the “Reentry Champion” honoree; 
- Gail Arnall, Ph.D., Executive Director, OAR

Among Erin’s guests were Kathy Sibert, Executive Director of A-SPAN.

Men's Wearhouse provided  ties for all of the guests.

Erin Mendenhall and Dr. Gail Arnell,  Executive Director, OAR.

“It was a very uplifting morning, and I’m so excited to be on the board and in a position where I can help this great organization expand their reach,” said Erin.  As of mid-May, the Second Chance Breakfast has raised over $65,000 in cash and pledges, wit more still coming in.  “We are so grateful of this outpouring of community support,” said Dr. Arnall.

About OAR
OAR was established in 1974 by a local group of women from Arlington, Virginia, who volunteered in the jails and saw a need for ongoing support of prisoners and ex-offenders who remained largely ignored and forgotten by society.  OAR of Arlington County serves the County of Arlington and the Cities of Alexandria and Falls Church.  For more information, please visit: http://oaronline.org/  

Your Property's Value vs. Appraised Value

I just read a very informative article entitled Arlington Property Values up 6.6% overall.  It made me think about conversations that I've had with clients about what their property's value.


Most people think that the appraised value of your property when you're buying a home is what your home is worth.  This is a myth in the real estate industry.  An appraisal is simply a document that pleases the bank to secure a note and to lend you money for your purchase.  It has nothing to do with the value of your property.  


The value of your home is what the market will bear, what someone is willing to pay, and what someone is willing to sell their home for.  


The tax assessment of your property, friends and clients, is another myth in that that this figure also has nothing to do with the value of your property.

So, in short, call me to discuss any real estate, property value questions or concerns that you may have.  I can bring perspective to what is a myth vs. what is truth in this market.

Mendenhall Properties May 2012 Market Update

Join Erin Mendenhall as she discusses the status of the Real Estate market in the Washington D. C. area.

Client Testimonial - Patrick and Leeanne Scribner

Erin is a great agent that knows the area and helps her clients understand what they really want. Erin was recommended to us by our selling agent in North Carolina and for all the right reasons. She clearly understands what people are looking for and is able to move from DC to NOVA and then back and from condos, to multi, single family homes without missing a beat. We thought we were ready to downsize and she showed us exactly what we asked for, but she knew, maybe before we did, that our dreams were not matching the reality. When we did finally find the right place it was just perfect for us. Erin worked diligently to get the best deal for us and ensure that everything was ready to go for our closing and move-in. A top rate realtor, with the connections that matter and the skills and knowledge to pull it all together. I would strongly recommend her to anyone.  
 
Patrick and Leeanne Scribner

Pending Home Sales Are On the Rise

Pending home sales are trending upwards, giving many a positive feeling for a strong Spring 2012 home buying season.  According to the National Association of Realtor's Chief Economist, Lawrence Yun, the upward trend in pending home sales is a hopeful indicator of more meaningful home sales gains in 2012.

This Month in Real Estate (December)

Mortgage Rates Drop to Another 2011 Low

Mortgage applications decreased 2.6 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 16, 2011.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.6 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2.8 percent compared with the previous week. The Refinance Index decreased 1.6 percent from the previous week. The seasonally adjusted Purchase Index decreased 4.9 percent from one week earlier. The unadjusted Purchase Index decreased 7.5 percent compared with the previous week and was 6.9 percent lower than the same week one year ago.

The four week moving average for the seasonally adjusted Market Index is up 0.26 percent. The four week moving average is down 1.53 percent for the seasonally adjusted Purchase Index, while this average is up 1.32 percent for the Refinance Index.

"Continued anxiety surrounding the fragile economic situation in Europe led interest rates lower last week. However, refinance applications fell slightly, and purchase applications dropped further as we head into the end of the year," said Michael Fratantoni, MBA's Vice President of Research and Economics. "Remarkably low rates are not enough, as many homeowners continue to hold back due to lack of equity in their properties, poor credit and a weak job market."

The refinance share of mortgage activity reached a high this year of 80.7 percent of total applications from 79.7 percent the previous week. The adjustable-rate mortgage (ARM) share of activity decreased to a low this year of 5.1 percent from 5.6 percent of total applications from the previous week.

The average loan size of all loans for home purchase in the US was $217,774 in November 2011, up from $213,430 in October 2011. The average loan size for a refinance increased from $217,153 in October to $220,523 in November. The average government purchase loan size declined from October to November, from $186,263 to $170,742. The largest purchase loans were made in the Pacific region at $308,307. The largest refinance loans were also made in the Pacific region at $304,509.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($417,500 or less) decreased to 4.08 percent, the lowest rate this year, from 4.12 percent, with points increasing to 0.49 from 0.45 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,500) decreased to 4.44 percent, the lowest rate this year, from 4.47 percent, with points decreasing to 0.37 from 0.45 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA decreased to 3.93 percent, the lowest rate this year, from 3.94 percent, with points decreasing to 0.63 from 0.68 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

The average contract interest rate for 15-year fixed-rate mortgages decreased to 3.39 percent, the lowest rate this year, from 3.44 percent, with points decreasing to 0.40 from 0.52 (including the origination fee) for 80 percent LTV loans. The effective rate also decreased from last week.

The average contract interest rate for 5/1 ARMs decreased to 2.90 percent, the lowest rate this year, from 2.93 percent, with points decreasing to 0.46 from 0.53 (including the origination fee) for 80 percent loan-to-value (LTV) ratio loans. The effective rate also decreased from last week.

For more information, visit www.mortgagebankers.org.