Tuesday, February 25, 2014

Rules of Real Estate for Northern Virginia Homebuyers

Spring is set to be a busy homebuying season for those in Northern Virginia. And with more homebuyers in the Northern Virginia real estate market and more sellers confident in listing their homes, it's important to keep your real estate rules of the road in mind. Below are just a few real estate rules to remember, like using an experienced real estate agent, that should help you in your home search or sale this spring:

 Don't Make an Offer Without Pre-Approval
Know what you can afford. This all starts with a pre-approval, meaning "a lender has vetted your credit and financials and is so far willing to continue the mortgage dance," explained MSN Real Estate. A pre-approval letter will tell the real estate agent and home seller how much you can afford in a home and the confidence that you are able to follow through on the purchase.

 Use a Real Estate Agent
As this is the biggest purchase you will likely ever make, you'll want to have someone on your side who has been there before. I, as your trusted, experienced real estate agent in Northern Virginia will work on your behalf to make sure all aspects of the transaction are to benefit you as the buyer. It can really pay to have an expert in your corner when buying a home and I have over 3 decades of experience to get the job done.

 While the internet does help in answering questions for homebuyers, there is nothing like having an agent on your side. "Nearly 90% of homebuyers use a real estate agent of broker," according to the National Association of Realtors.

 Tour the Home in Person
Many homebuyers these days begin their home search online and tour the home through photos. This can be helpful for those buying homes from different states, when relocating, or if you are unable to physically visit the home. But if you're able, go tour the homes in Alexandria, Arlington, Falls Church, DC, or McLean in person and see for yourself if the property feels like a fit for you and your family.

 There is nothing like visiting a home, looking for those feelings that come with falling in love with a property. Homebuying is often an emotional experience which you will want to begin in person.

 Put Down Earnest Money
It's customary when purchasing homes in Northern Virginia but putting down earnest money shows that you are serious about buying. This "deposit" is typically 1-2% of the purchase price, but consult with your agent to determine the right amount.

 When submitting this with your pre-approval letter, not only does it show the home seller that you are interested, but that you've done the research and have the funds to back it up.

 Ready to buy this spring season? I'm 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.

Earle Whitmore
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Tuesday, February 18, 2014

Northern Virginia Homebuyers and Sellers— This Is Your Year!


According to a fourth quarter Consumer Outlook Survey conducted by Prudential Real Estate, consumers are more committed to buying or selling real estate this year. Great news for both sides of the Northern Virginia real estate transaction— it was found that 78 percent of consumers surveyed hold a favorable view of real estate given the current state of the market.  

That is a five point jump from the previous quarter and in fact, fifteen points higher than the levels at the end of 2012. Homebuyers and sellers alike are growing increasingly confident in their abilities to buy and sell homes in Alexandria, Arlington, Falls Church, DC, or McLean, with 63 percent saying they are more committed now than they have been in past years.  

Realtor.com has also reported that one generation in particular is feeling a confidence boost in the real estate industry— Millennials. According to the latest survey, millennials' favorable perception of real estate increased significantly, coming in at a staggering 87 percent. This particular group of homebuyers has the most potential for purchasing new homes in Northern Virginia this year.

“Consumers understand that the U.S. economy and residential real estate continue moving in positive directions,” said one real estate insider. “Accordingly, they’re feeling much better about their personal situations and want to take advantage of attractive home prices in many markets and interest rates that remain low by historical standards.” 

And while housing has been propelling strongly forward in the early months of 2014, with mortgage rates and housing prices increasing, homebuyers and sellers are confident that the rate at which these are rising will begin to slow. The previous year in Northern Virginia real estate saw strong numbers and rising rates, but now there is a chance for the numbers to begin slowing down. 

“Normalcy is returning to residential real estate,” said the real estate insider. “People are seeking homes for all the right reasons: to gain shelter and security, raise a family, and generate long-term wealth.”  

What else did the survey find? In observing the data, 96 percent of consumers say owning a home is important. Along with important statistics like the 78 percent that still believe home ownership is an important part of the American dream, the 72 percent that say finding the right home is key to their family's happiness, and the 64 percent that say a great real estate agent can help make the right choices about their home needs and wants.

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.

Earle Whitmore

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Tuesday, February 11, 2014

How to Spruce Up Your Northern Virginia Homes This Month

It's nearly spring and February is the perfect month to take a look around your Northern Virginia homes in preparation. It's time to inspect your home for heat and energy loss as well as spaces where water may find its way through during spring showers. Take this month to follow the tips below and fully prep your home for the spring season!

 Keep Water Out
This is one of the greatest ways you can protect your home from damage in the spring. First on the list is living spaces— look around your living spaces for areas and cracks where water may be able to come through. 

 Follow along the ceilings, as well as window panes and door frames. Take a pen and paper with you to jot down problem areas to keep in mind for later. You should also check your homes in Northern Virginia for seals around toilets, bath tubs, sinks, and showers. Move on to the basement and storage areas next, looking for visible moisture spots or past markings of water.

 Change Your Shower Curtain
In checking the bathroom for areas where water may come in, take the time to change out the shower curtain. This goes hand in hand with spring cleaning Northern Virginia real estate as shower curtains are a common area for mold and mildew to sprout up. Be sure to open and air dry the curtain after use to prevent mildew.

 Search for Energy Leaks
During the winter, your homes in Alexandria, Arlington, Falls Church, DC, or McLean likely lost energy through cracks or faulty seals around windows and doors. You can remedy these leaks and cracks with caulk and even insulating spray foam to seal larger gaps. Walk around to feel for cold air coming in or where heat may be escaping your home— common areas include appliance vents, electric and plumbing fixtures and even furnace ducts.

 Clean Out Storage
Now is the time to clean your storage areas in preparation for springtime. "Whether you go after the garage, attic, laundry room or garden shed," says MSN Real Estate. "Your home benefits when you get rid of rusting tools, leaking fluids and household chemicals."

 Start by taking everything out of the space, piling it up outside, and making piles to keep and donate. If you haven't used the items in the past year, it's time to get rid of them. Be sure to recycle batteries and properly dispose of paint cans when tossing them out. 


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.

Earle Whitmore
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Tuesday, February 4, 2014

Buying Northern Virginia Real Estate Before Spring

Despite the weather, Homebuyers in Northern Virginia may be surprised to note that now is actually a great time to buy homes in Alexandria, Arlington, Falls Church, DC, or McLean. Spring and summer are traditionally busy months for homebuying and laden with more buyers than the current market— competition will be considerably higher. Along with more price increases and rising mortgage rates, below are a few more reasons to get a jump on purchasing Northern Virginia real estate before spring.

 The Supply of Homes Is Decreasing
Unlike mortgage rates and housing prices, the amount of homes for sale is actually shrinking. Especially as more homebuyers look into buying homes in the area, you may have trouble finding your dream home going forward. For instance, those homes in the best area with the best curb appeal and value sell quickly— don't delay! Homebuyers will find difficulty in choosing from a large supply if they wait until spring.

 More Price Increases
You guessed it— more price increases are coming! In fact, KCM reports that "Prices are projected to appreciate by over 25% from now to 2018." Buyers who wait until spring, especially those first-time buyers, will likely may more in both housing price and mortgage rate. Homes will appreciate in the next few months and you will end up paying more for the same home if you wait.

 Help Yourself
Did you know that the net worth of the average homeowner is 30 times greater than that of a renter? Whether you buy a home in Northern Virginia or rent, you're still paying a mortgage— it just may be your landlord's. Make the investment now, save yourself money in the long run, and call yourself a homeowner by spring.

 Interest Rates on the Way Up
Just like housing prices, interest rates are headed upward! "The Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by this time next year," reported KCM. "That is an increase of almost one full point over current rates."

 Ready to make your move and partner with a trusted, experienced real estate professional in Northern Virginia and DC real estate? I can help you find the right home and at the right price! Contact me today to get the ball rolling.


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.

Earle Whitmore


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