Tuesday, January 27, 2015

Easy Ways to Increase Your Northern Virginia Home Value

With more homeowners regaining equity—now up to 85 percent of homeowners nationwide—we may soon see an influx of competition for home sellers. These homeowners could be thinking of selling and if you're on the same track, your Northern Virginia home will need to stand out! 

The most important factor in selling your home and thus, attracting homebuyers is pricing the property well. But that's not all you can do! Increasing your home's value with a few easy, inexpensive upgrades can push it to the top of a buyer's list and beat other comparable homes in Fairfax, McLean, Alexandria or Arlington.

Keep curb appeal a priority
Even in the winter months, increasing your home's curb appeal should be on your to-do list. Be sure to clear the pathways to your door, removing all snow and ice, and clean the windows. It's also crucial to highlight your home's outdoor features, whether they be an outdoor fireplace, patio or deck. Make sure homebuyers can view these features from indoors!

Adding a new front door, mailbox and fence are also simple ways to spark homebuyer interest.

Revamp the bathroom
Bathrooms and kitchens are two places Northern Virginia homebuyers will desire renovations. However, that doesn't mean you need to plan a complete overhaul. Small changes like replacing fixtures, wallpaper and re-grouting tile can do the trick just as well.

Change out light fixtures
Some Northern Virginia homebuyers look for older homes, but not the light fixtures that can quickly date them. Swap out older light fixtures for new and consider increasing the wattage in darker rooms with little natural light. This a quick fix that allows rooms to feel fresh, larger and open.
 
With nearly 3 decades of experience in real estate, I can answer any questions you might have about homebuyer wants and selling your home in Burke, Centerville, Falls Church, Mount Vernon and beyond. Contact me today!

I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Tuesday, January 20, 2015

Mistakes Northern Virginia Homeowners Make on Their Taxes

It's officially tax season and many Northern Virginia homeowners will start scrambling for the documents necessary to complete their property taxes. But after the paperwork is all rounded up, there are several common mistakes that homeowners are known to make when filing.

 Keep these in mind as you prepare to file your taxes this year— avoiding these mistakes is easier than you might think:

 Deducting the wrong year for property taxes
A tax deduction for property taxes is taken in the year you actually paid them. Oftentimes, you are not billed for 2013 property taxes until 2014, but according to Houselogic, "that's irrelevant to the feds." 

 On your federal forms, enter the amount you actually paid in that tax year, despite the date that is on your tax bill. Confusing payments for different years and claiming the wrong amount is a common mistake.

 Confusing escrow and the taxes paid
Does your lender escrow money to pay your property taxes? Don't only deduct the amount you escrowed. The amount you pay into your escrow account every month to cover the taxes is likely slightly more or less than your overall property tax bill. Your lender will make the adjustments to make sure the two match up.

 As an example: Say you owe $1,200 in property taxes, but your lender collects $1,100 or $1,300 in escrow. You should deduct only the $1,200 or the amount you owe on your ta bill. This is often listed on Form 1098.

 Not repaying the first-time homebuyer tax credit
Did you know if you used the first-time homebuyer tax credit in 2008, you are required to pay a portion of that back? In fact, you are required to pay back 1/15 of the credit over 15 years.

 Tax time can be stressful for Northern Virginia homeowners! Remember to file or scan necessary documents as you go to avoid scrambling at the last minute. 

 Ready to start the new year fresh with a new home? I'm here to answer any questions you have!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Tuesday, January 13, 2015

Getting a Mortgage in Northern Virginia: What to Tell Your Lender

There are so many reasons why 2015 is a great year to buy a home in Northern Virginia. With mortgage rates low and home prices set to rise, homebuyers will soon be jumping into the real estate market to take advantage of current conditions.

 But the first step to buying a home in Northern Virginia, whether you're a first-time buyer or you've done this before, is meeting with a lender. Choosing a lender is key to obtaining a mortgage loan for your home and it's important to provide them with the following:

 Your personal information
In order to determine if you're able to receive the loan, your lender will need certain personal information from you. Do you have flaws in your credit report? Be sure to let your lender know before you begin the process.

 Your credit history
In order to process your application, your lender will run your credit with one or more of the three major credit reporting bureaus. Do you have late payments or an account in collections? Be sure to share this with your lender before they run your credit.

 Your finance details
Your lender needs to know all about your financial situation. Do not try to add a cushion to your income if you're self-employed, aim to purchase more home than you can afford or exaggerate the time at your current job. Not only could these cost you in the long run, but they could force your lender to decline the loan.

 Obtaining a mortgage is an exciting step in the home buying process. I can recommend lenders in the Northern Virginia area and walk you over the stepping stones toward purchasing a home. Do not hesitate to contact me!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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Wednesday, January 7, 2015

Challenges Facing the 2015 Northern Virginia Real Estate Market

The real estate market has been gaining traction over the past few months and both homebuyers and sellers are poised for success in the new year. But that doesn't mean there will not be any challenges to overcome— two of the biggest hurdles to jump in the market this year include rising mortgage rates and tight lending criteria.

 Mortgage Rates
The 30-year-fixed-rate mortgage has been sitting below 4 percent for months, but not for much longer. Economists are projecting rates to push up to 5 percent by the end of the year, with a mid-year boost pushing them into the mid 4 percent range.

 In addition, if the economy continues on a solid path as it has been, the Federal Reserve is likely to increase their rates. As a result, the real estate market will be directly impacted, especially in affordability. Those already paying the majority of their income toward housing will feel the increases the most.

 Northern Virginia homebuyers would do well to note the current low costs of buying a home and make a purchase in early 2015 to avoid these imminent changes.

 Lending Criteria
Although Fannie and Freddie will offer 3 percent down mortgages, lending criteria is still tight. Many homebuyers are struggling to qualify for a mortgage and are unable to take advantage of low mortgage rates and programs. 

 According to the latest REALTOR Confidence Index, "the increase in mortgage insurance premium payments for FHA-insured loans continued to be reported as an added financial strain for first-time buyers." Obtaining FHA financing for condominiums—oftentimes the first step in homeownership— proved to be another issue for buyers.

 As your local Northern Virginia real estate expert, I have decades of experience to help you navigate the market in 2015. Whether you're looking to buy a new home, sell your current property or have questions about the right time to make a move, I am here to help!
I happily serve the areas of Alexandria, Annandale, Arlington, Burke, Centreville, Chantilly, Clifton, Fairfax City, Falls Church, Great Falls, Herndon, Lake Ridge, McLean, Mount Vernon, Reston, Rosslyn, Springfield, Tyson’s Corner and Vienna. 
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