Tuesday, February 23, 2016

Where Will Northern Virginia Home Values Go in 2016?

While mortgage rates continue to drop to record lows, there has been much speculation about where NoVA home values will go over the next year. 

The latest Home Price Expectation Survey found that values will appreciate by 3.7 percent in 2016, 3.3 percent in 2017 and 3.2 percent in the following two years and 3.1 percent in 2020. These predictions equate to an average annual appreciation of 3.3 percent over the next five years.

 On a similar note, many homeowners are holding back from listing as they underestimate their home's value and the amount of equity they have acquired. However, the truth is that they have more equity than they might realize! 

 According to a new study of 1,000 homeowners, 80 percent of homeowners underestimate the amount of value their home has gained since the housing recovery.

 And while their outlook about gaining equity is growing increasingly optimistic, still nearly half of homeowners believe they will see an equity gain this year. Over half say they expect their equity to increase between 1 and 5 percent and only a quarter of those surveyed expect an increase between 6 and 10 percent. 

 "Economists have largely predicted equity gains to be between 2.3 and 4.7 percent this year," reports Realtor.com. 

 It is now a great time to look into your Northern Virginia equity position as "home ownership can be an asset that [you] can now leverage to realize many dreams," says the chief financial officer of loanDepot who conducted the survey. "Whether [homeowners] choose to leverage their home equity now or reserve it for future needs, millions of homeowners have choices today not available just a few years ago."

 If you are thinking about selling your Northern Virginia home this year, do not hesitate to give me a call! 

 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, February 16, 2016

5 Ways to Enjoy Spring in Northern Virginia

We are just a few weeks away from the official start of spring here in Northern Virginia! And while the upcoming season does signal the return of many homebuyers and sellers to the real estate market, it's also an excellent time to discover everything the surrounding communities have to offer!

If you are moving to Northern Virginia this spring or are a current resident with a list of places yet to explore, you will want to add the following to your spring to-do list:

Tour NoVA By Boat
Alexandria Virginia offers numerous ways to take in the local sites on the water. Float by George Washington's Mount Vernon on a cruise, take a water taxi to the National Harbor or National Mall, or take a Canine Cruise so your four-legged friend can enjoy the Potomac too!

Go on a Bike Ride
Northern Virginia is home to many bike trails, including the Mount Vernon Trail, the Custis Trail, and the Washington and Old Dominion Trail to name a few.

Go Shopping
You will find some of the best shopping destinations in NoVA! For instance, Alexandria's King Street has everything from antiques to decor to unique men's, women's and kids apparel. Arlington is also home to hundreds of speciality stores!

Visit a Memorial or Monument
When the weather turns warmer, the timing is right to visit the local monuments you may have yet to see. The Arlington National Cemetery, Marine Corps War Memoral (Iwo Jima) and Pentagon Memorial are all in the area!

See the Cherry Blossoms
One of the Washington, DC area's favorite ways to celebrate spring is with the National Cherry Blossom Festival! Between March 20 and April 17, you can head into DC to marvel at this springtime wonder or stay in Northern Virginia and see the blossoms at locations like the Meadowlark Botanical Gardens.

Have questions about the real estate market, buying or selling a home in Northern Virginia? Give me a call 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, February 9, 2016

Features Buyers Are Looking for in Northern Virginia Homes This Spring

Homebuyers will soon be out in droves as the busy spring real estate season gets closer in Northern Virginia. If you've already taken the steps to list your property in Alexandria, Arlington, Fairfax, Falls Church, McLean or the surrounding communities or are planning to soon, the next step involves highlighting your home's key features that buyers will love.

 The following elements of your home may seem like nothing to you, but to buyers, they could be just what they are looking for! 

 Location
You've heard the phrase "location, location, location" before and it never holds more true than when assessing your home's value. Is your home located near restaurants, shopping and entertainment? Do you have an excellent commute time from your neighborhood? Buyers will want to know! And as your real estate agent in NoVA, I can help identify such selling points this year!

 Storage
Many NoVA buyers are diving into the real estate market simply because their current home lacks storage; this is also one of the reasons current renters will make the transition to homeownership over the next few months. A large garage, walk-in closet or pantry just might spark the interest of a Northern Virginia buyer whose sole purpose for moving is to gain more space.

 Layout
While Millennials are expected to make a big impact on the real estate market this spring, another group ready to make a move is seniors. Those whose children are all grown and out of the house will be looking to downsize and features like a ranch-style layout, zero exterior steps and minimal upkeep will be high on their list.

 I have decades of experience in helping home sellers attract the right buyers to their Northern Virginia properties. Contact me today with any questions about the home selling process, your home value or the current real estate market!
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, February 2, 2016

Homeownership in Northern Virginia, DC Still More Affordable Than Renting

There is no doubt that homeownership in Northern Virginia and DC provides more benefits than renting, but given the latest news about rising costs, it is even more apparent. Experts predict rents will surpass inflation in 2016, rising three to five percent across the country.

 A high demand for renting in past years has driven up costs and as a result, nearly half of all renters cannot afford to make the monthly payment. 

 How is this so? Experts recommend that renters keep housing costs limited to no more than thirty percent of their monthly income. However, Harvard's Joint Center for Housing Studies reported the number of renters who now spend more than this amount rose to just over 21 million last year.  

 Rents are increasing faster than wages and, as I mentioned above, are expected to rise above inflation this year. Homeownership is proving once more to be the more affordable option, thus prompting current renters to jump into the real estate market as first-time homebuyers.

 What's more, mortgage rates are still dropping. The rate for a 30-year-fixed-rate mortgage is averaging 3.7 percent, while the rate for a 15-year-fixed-rate mortgage remains at just over 3 percent. Homebuyers in the Northern Virginia and DC area may be able to purchase a home for less than the cost of their rent payment! 

And while lower inventory may tend to push housing prices higher, it is the low mortgage rates that signal an opportune time for first-time homebuyers to find their ideal property. 

 If you are ready to purchase a home in NoVA, do not hesitate to contact me! I have decades of experience in assisting buyers and together, we can find the best home that meets your needs and budget before the busy spring season arrives!
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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