Dr. Steve Fuller, Economist at George Mason University says “The payroll job loss as likely to go deeper and longer – perhaps 18-20 months. There are currently 13 million unemployed, and many of these people will stay unemployed because the new jobs will have different qualifications than those for the people getting laid off. He predicted oil will still be below $80 per bbl in 2011. Normally there are 5 million house sales per year (it got up to 7 million a few years ago), and we are currently around 4.5 million now. Consumer spending will be a negative 1% in 2009 vs the normal 2.5% growth per year.

The Washington economy will have a 1.5% growth in GDP vs the negative nationally due the presence of the federal government. Where Detroit has autos; LA, films; Houston, oil; a third of our economy is directly tied into the feds, and that component is rising. Federal spending here will total some $135 billion in 2009. Federal procurement dollars have tripled over the last 10 years with much of the corresponding job growth going to Northern VA.

Job growth has averaged 46,500 per year since 1991 with some recent years as follows:

2003 – 56,000
2004 – 71,000
2005 – 63,000
2007 – 29,000
2008 – With one more month’s numbers to come in, he thinks it will net out at 25,000
Washington is double the national job growth rate in professional and business services which have an annual salary of $75,000. Due to the region’s wealth, our retail trade job growth is 3 times the national average, and other services (such as daycare, etc.) twice. Steve sees the spread between our unemployment rate and the national rate (now 3%) perhaps growing to a 4% spread.

He thinks our economy will begin to rebound the second half of 2009 with a total net new job growth of 230,300 for the region over the next 5 years as follows:

2009 – 23,700
2010 – 36,500
2011 – 42,400
2012 – 48,100
2013 – 54,000
Of these new jobs, Northern VA will have 125,900 and Suburban MD, 66,000.

Needless to say, we are very fortunate to be living and working in this area for a number of reasons. Let us hope we can take advantage of the opportunities that may be more evident and attainable here than in many other markets.

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On Thursday of this week (1/8/09) Prosperity Mortgage had an interest rate of 4.25% for a 30 year fixed conventional loan with 3 points (the points can be paid by the seller). That is truly incredible. Alot of home owners are refinancing, because of the low rates, and banks have limited funds available to lend, so the word on the street is borrow now (buy now) rather than later. Many analysts say that home values are near 2003 prices, which is great if you are buying, but may make refinancing a challenge. The key to taking advantage of the great buying opportunities in this market is having two things - good credit and a good downpayment. With those two things, the opportunities abound.

Now, if you have been considering a purchase, but felt the house you wanted would require monthly payments that are just out of your range, well… @ 4.25% that house may have just gotten cheaper. Something to think about…

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NEW!

In the side bar, at the bottom, you can now subscribe to our new “Homes For Sale Alert” via text messaging. When we list an extraordinary historic home and post it on our Blog, you will receive a short text message with the great news.

NEW!
Historic Home Blog is now “PDA Friendly”, so if you have a PDA, Blackberry, or a cell phone with an internet browser - you can immediately check out the new listing, with photos & description.

Life is good…

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Happy New Year to all!
Welcome to my new and improved blog. I have adopted a new light and airy look for 2009 and have completed a re-design of its information layout.
I now have a section for blogging my “2bits” on historic homes and “Treading More Gently” (living “green”), and a separate section for historic homes for sale. The homes section will included our Long & Foster - Historic Home Team listings from MD, VA, PA & (soon) DC, as well as, our “Historic Partners USA” listings from around the nation (and beyond). Plese feel free to comment and share.
Best wishes for a happy & prosperous 2009.

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Fairfield, Pennsylvania - Offered at $1,100,000 Property Details Beds 3 Baths 2 Stories 2 Acreage 63 Year Built 1840   [Show as slideshow] Den Master Bedroom Bank Barn Side View From Driveway Living Room Kitchen Fireplace Kitchen Dining Room 63 Acres Bedroom 3 Description VIRTUAL TOUR Historic Beach Nut Farm - A Musselman House c.1846. This is a gorgeous setting with views of the Catoctin Mountains. House enjoys significant historic detailing, spacious rooms, private front porch overlooking acres of fenced cleared fields. Partially wooded in the elevated areas. Large bank barn with ground level stables. Near Ski Liberty, 3 golf courses & private airport. Great hunting. History Early History of Hamiltonban Township (1730-1860) Hamiltonban Township from History of Adams County About this unique Historic Farm This exquisite estate is set amidst the rolling hills of South Mountain and within the picturesque area of Fairfield PA, a premier place to live, raise a family, play golf, ski, hunt, etc. – all within three (3) miles from this ‘park like’ setting. Nestled on 62 + contiguous acres of both tillable (level) and fenced (graze) land, this estate is ready for your immediate and long term enjoyment. Located only minutes from historic Gettysburg PA (8.5 mi.) and Frederick MD (28 mi.) this desirable location is ideal for a family that desires a true ‘country setting’ in which to live and to enjoy the openness space and to quiet life style of the surrounding foothills of the Catoctin Mountains! As you approach this estate along the natural spring feed streamed-lined lane you will quickly discover the elegance in this 1900-century (~1846 - 1900) ‘Musselman style’ two-story fieldstone home. The strength and gracefulness of this home includes a spacious and updated custom built solid oak kitchen (Mr. Hess of Greencastle PA), which also includes an open hearth fireplace and a back staircase, a mud / laundry room with a separate outside entrance, a bright and freshly finished dining room with a crystal chandelier, full bathroom (down stairs), a very graceful living room with a working fireplace, hallway (up & down stairs), three (3) large upstairs bedrooms, full bathroom (up stairs) with a renovated claw-foot bath tub and hand painted porcelain basins, walk-in closets, numerous storage closets, hard wood floors throughout (except kitchen & bathrooms), multiple heating systems (hot water baseboard, heat pump or fire place(s) – or any combination thereof), ample and easy access for seasonal storage both within the full cellar (cement floor) and the attic areas, and all of the modern appliances are included. Plus there are three (3) exterior verandas (11’ x 8½’, 24’ x 6½’, and 11’ x 20’ on the 2nd floor) to enjoy all of the surrounding outdoor spaces and the mountain views! The exterior of the home has a completely new roof system (30-50 yr life expectancy*), new fascia, gutter & down spouting, new energy efficient windows (low E & argon filled), two (2) new highly efficient HVAC systems (TRANE, with annual service /inspection, ~8 yr warranty on major parts). The water source is from a very deep well (160’ 8 GPM, Jan ’02, Gould pump & tank) with natural spring water as an alternate and/or backup use (~1400 ft and completely plumbed-in). The landscaping includes; perennial flowers, rose bushes, shrubs, fruit trees and a vegetable garden for growing your own natural and healthy vegetables. The newly added and roomy two (2) car garage (32’ x 32’, R-19 insulation), located adjacent to the house, not only provides spacious indoor parking for the family vehicles, ATV, mower, etc.; it is an ideal workplace for all of your home projects. A separate work / shop area (12’ x 20’) provides an ideal location for those project in work, home canning or outdoor entertaining. And with the family vegetable garden, spring flowers, flowering shrubs and fruit trees (cherry, apple, plum, pear, etc.), along with the walnut, hickory and butternut trees only steps away – all with an ample supply of natural spring water, this area provides a perfect outdoor setting for all to enjoy! The newly painted and generous original ‘bank barn’ (46’ x 70’) has many amenities in it’s self, with ample electric & fresh water readily available, there are; multiple stalls for your horses (or other domestic animals), an open area for feeding your farm animals, an adjoining tack / storage room, additional open space indoors for your custom needs, an spacious 1st level repair / parking area (17’ x 46’), and of course a complete 2nd loft area, with a ground level entrance for crop (hay, straw, etc.) and grain storage (mixed feed, wheat, oats, etc.), as well as an open floor space for equipment access or longer term indoor storage. Additionally, there is a supplemental equipment storage available (within a short distance) in a separate large equipment pole building (26’ x 50’), which includes two (2) ‘pull through’ bays with sliding rear doors for easy access– and this building has electrical service as well. From a farming or crop yield perspective, the contiguous and tillable acreage has the primary soil types of AtB (Athol gravity silt), CkA (Clarksburg silt) and Pa (Penlaw silt), all ranging from very high to moderate in crop productivity. Whereas the fenced or graze land is primarily of the HHD (Highfield and Catoctin channery silt), HgC (Highfield channey silt) and MyC (Myersville silt) types and also range from high to moderate in productivity. All of the surrounding land boundaries are readily accessible and trimmed of over growth. The pastures area(s) are completely fenced for domestic animals and are ‘animal friendly’ (no top or side razor edges, etc.). The Beach Nut Run Farm was registered as an agriculture farming business in 1983 within the state of Pennsylvania; Adams County, Hamiltonban Township (18), the Fairfield School District (F), and currently participates in the PA Clean & Green Act **. The buyer will be responsible for the taxes if the property is taken out of the said Act. * Manufactured by DECRA® – Stone Coated Steel Roofing ** PA Farmland and Forested Assessment Act (Act 319), which provides taxing landowners according to the use values of their land, rather than the prevailing market value.

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BREAKING NEWS! President Bush has signed into law new consumer tax credits for energy efficiency home improvements, as well as purchases of plug-in hybrid vehicles. These provisions were included in H.R. 1424, the Emergency Economic Stabilization Act of 2008, which the president signed on October 3, 2008. The homeowner tax credits are largely the same - but not identical - to those that expired at the end of 2007, and begin again on January 1, 2009.

Taxpayers who claimed some but not all of the $500 federal income tax credit for energy efficiency home improvements that was in effect in tax years 2006 and 2007 may utilize the unused portion in 2009, the IRS has informed the Alliance to Save Energy. Please consult your tax advisor for details.

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What is a tax credit?

You don’t receive an income tax credit when you buy the product, like an instant rebate. You claim the credit on your federal income tax form at the end of the year. The credit then increases the tax refund you receive or decreases the amount you have to pay.

What is the difference between a tax credit and a tax deduction?

In general, a tax credit is more valuable than a similar tax deduction. A tax credit reduces the tax you pay, dollar-for-dollar. Tax deductions - such as those for home mortgages and charitable giving - lower your taxable income. If you are in the highest 35-percent tax bracket, the income tax you pay is reduced by 35 percent of the value of a tax deduction. But a tax credit reduces your federal income tax by 100 percent of the amount of the credit.

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Taxpayers who claimed some but not all of the $500 federal income tax credit for energy efficiency home improvements that was in effect in tax years 2006 and 2007 may utilize the unused portion in 2009, the IRS has informed the Alliance to Save Energy. Please consult your tax advisor for details.

You can get a one-time income tax credit of up to $500 in total for installing efficient new windows, insulation, doors, roofs, and heating and cooling equipment in your home.

Who gets it?

Individuals who install specific energy-efficient home improvements.

What energy-efficient home improvements are eligible?

The overall $500 cap can be reached in several ways with the purchase and installation of energy-efficient products:

• Exterior windows: 10 percent of the total cost, up to $200. Includes skylights and storm windows.
  Insulation, exterior doors, or roofs: 10 percent of the cost of the product (but not the installation), up to $500. Includes seals to limit air infiltration, such as caulk, weather stripping, and foam sealants, as well as storm doors.
• Central air conditioner, heat pump, water heater, or bio gas (e.g. corn) stove: up to $300 towards the full purchase price, including installation costs. Starting in 2009, geothermal heat pumps are instead eligible for a separate tax credit for 30 percent of the cost up to a maximum credit of $2,000-see Section 5 below.
• Furnace or boiler: up to $150 towards the full purchase price, and/or $50 for an efficient air-circulating fan in a furnace, including installation cost.

In addition, to be eligible for the federal tax credits:

• Windows, doors, and insulation must meet the requirements for your region of the 2001 or 2004 International Energy Conservation Code, a model energy code for buildings. All ENERGY STAR windows qualify.
• Roofs must be metal with pigmented coatings or asphalt with cooling granules that meet ENERGY STAR requirements.
• Heating and cooling equipment must meet stringent efficiency requirements - not even all ENERGY STAR products will qualify.

Also, windows, doors, insulation, and roofs must be expected to last at least five years (a two-year warranty is sufficient to demonstrate this). Manufacturers can certify (in packaging or on the company’s web site) which of their products qualify for the tax credit. All the improvements must be installed in or on the taxpayer’s principal residence in the United States. Condo and co-op improvements are apportioned to the owners. The credit cannot be taken against the Alternative Minimum Tax (AMT).

When are they available?

The home improvement tax credits apply for improvements “placed in service” from January 1, 2009, through December 31, 2009. They are not available in 2008, but mostly were available in 2006 and 2007. The IRS defines “placed in service” as when the products or materials are ready and available for use - this would generally refer to the installation, not the purchase.

What do I need to do to get the tax credit?

You will need to file IRS Form 5695 with your taxes. In addition, you will need to keep at least receipts proving that you purchased the improvements and a copy of the manufacturer’s certification (or the ENERGY STAR label for windows).

Ask your accountant or tax advisor for further guidance.

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The interest in historic home ownership continues to be robust. If we can get the lending institutions to cooperate, I expect 2009 to be a good year for hsitoric home sales, despite the predictions for the rest of the real estate market and the economy in general.

Though I have focused my Historic Home Team real estate business in the geographic areas in which I am licensed as a Realtor - Maryland, Virginia, Pennsylvania, and soon Washington, DC, I have received hundreds of communications from frustrated historic home owners from all over America requesting the specialized “niche” historic home marketing that we have developed. In places like Florida, Ohio & Illinois, these historic home owners know that their prospective buyer is not likely to be local and even less likely to be attracted by the traditional passive marketing that sells the townhouses and modern mcmansions nearby. We have designed an expert marketing system that can be partnered with the services of a local Realtor or utilized as standalone marketing for the historic home owner who wishes to go it alone.

As home values have declined, many home owners find they do not have enough equity in their homes to sell in a traditional way (with fees and commissions) and since traditional MLS real estate marketing does not necessarily enhance the prospects of a historic home sale, these home sellers are looking for an alternative. One that will allow them to price more competetively, increasing the prospects for success. It is here and the details can be reviewed at - HistoricPartnersUSA.com or jump to the details page. This is a Professional Historic Home Marketing Solution for historic home sellers nationwide.
It includes prominent placement on our high ranking HistoricHomeTeam.com website as well as:

1 year home page placement on HistoricPartnersUSA.com

1 year unique webpage w/10 Seller supplied photos

1 year property address or name designation domain named website (example: www.123main.com or www.mountvernon.com)

Professional web-based virtual tour with up to 10 Seller supplied photos (or 50 by our professional photographer at additional cost)

Video Tour featured on YouTube.com

9 Custom Business Card CD’s with virtual tour, video tour and promotional photos

Full color Designer Tri-Fold 11″ x 17″ Brochure for distribution (delivered as a PDF file to be printed by Seller)

Tracking Statistics for virtual tour viewing and website viewings

Property featured on websites, including: Craigslist.com, HistoricProperties.com (3 months), HistoricHomeTown.com, HistoricHomeTeam.com, VisualTour.com, and others.

 

These are powerful marketing tools designed to share the virtues and benefits of a historic home to those 6 out of 1,000 qualified buyers nationwide who may be considering a historic home purchase. For the cost of painting a living room or running a series of local classified ads, a historic home owner can have an effective professional marketing campaign.

I fell into my selling mode. I am sorry. I guess it goes with the territory. Please visit us at HistoricHomeTeam.com or HistoricParntersUSA.com to see who is selling their historic homes in America.

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