Wednesday, April 30, 2014

How to Stand Out as a Northern Virginia Homebuyer

While the cooler weather is winding down, the temperatures aren't the only thing picking up. According to a new study, the number of Northern Virginia homeowners planning to buy a new home is about to change dramatically. When comparing with past years, the local real estate markets in Arlington, Alexandria, Falls Church are going to see a much larger influx of homebuyers.

Now that homebuyers are flocking to local markets, how can you stand out? Grab a pen and paper and make yourself a checklist to ensure you're on the right track to buy a home in Northern Virginia. Here are a few tips to give you that homebuyer edge over the others this year:

Clean Your Finances
After you spring clean your home this year, turn to your finances. A seller doesn't know your financial situation, so despite how confident you are in obtaining a mortgage, they might not feel the same. Oftentimes when sellers are in a rush to sell, they do not want to worry about financing potentially falling through.

To be pro-active, you can get pre-approved by your lender. The pre-approval process is extensive and involves paperwork to detail your income and assets. For both your Northern Virginia real estate agent and the home seller, this letter of approval offers peace of mind that you're serious about buying.

Work with the Seller
Think about it— when you're competing with other buyers, the best thing you can do is to work with the seller. Be flexible! There are likely a number of buyers in Northern Virginia real estate who are set on dates, numbers, and come packaged with contingencies. Show that you are willing to work with the seller on the home sale puts you ahead of other buyers who may have the purchase contingent upon their own home sale.Sellers are more willing to work with buyers who don't have extra hoops to jump through.

Be Quick
Found a home in Arlington, Alexandria, Falls Church that you love? One that meets all of your wants and needs? You may want to act fast. Other homebuyers may have started the process and love the home as much as you do. Remember, sometimes an accepted offer can come down to a matter of minutes between buyers.

 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, April 22, 2014

Go Green in Your Northern Virginia Homes

It's Earth Day and what better time to "green" your Northern Virginia homes than an eco-friendly holiday? It's actually easier than you think to turn your home into an eco paradise and you probably have all you need already on hand! Make it a weekend project or go room by room this week to spring clean and spring green the property. What's more, when you're ready to sell Northern Virginia real estate  homebuyers will notice that your home is already up to "green" standards or on it's way!

 Detox the Bedroom
An easy way to "green" your bedroom is to detox all of the linens and especially the curtains. You may wash your sheets and bed linens often, but how about your pillows? Cleaning your pillows will help keep toxins and dust mites at bay. You can also keep mold away in the bedroom by opening your curtains and shades and letting the sun take care of any extra moisture. Go the extra step by letting the sun shine on your bed linens for the same effect.

 Reduce VOCs
There may be a few non eco-friendly products in your homes in Arlington, Alexandria, Falls Church, DC — for instance, cleaning products, paint and chemicals. An easy way to clear out the bad is to toss the cleaning products that contain chemicals like formaldehyde and purchase "green" cleaning products. Look for products and paint that do not include VOCs in their contents. Always check labels to make sure you're not purchasing harmful products.

 Eco-Lighting
Switch your light bulbs to CFL, eco-efficient bulbs. According to Bright Nest, "CFL is an acronym for 'compact fluorescent lights,' and they function as an alternative to incandescent bulbs." These bulbs do not lose energy to heat and consume less power.

 Recycle!
Come up with an easy recycling plan for your home. If you don't already have them, purchase containers that will hold your paper, glass, plastics and place them in easy to reach places. You may even want to visit your local recycling center to find out what you can and cannot recycle in your area. After that, post instructions near your home recycling center so you can gather all of the right products in the right bins.

 As your Northern Virginia real estate expert, I am happy to help you prepare your home for sale. Contact me today with any questions you may have about our local real estate market. I look forward to hearing from you!

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, April 15, 2014

Downpayments and Northern Virginia Real Estate


If you're ready to purchase a home in Northern Virginia this year, you've likely begun saving for a downpayment. You may have even gone so far as to research other options, like lines of credit, as a means of a downpayment. There are other options and a variety of factors that go into the money down, so don't exhaust yourself! Here's a look at the factors that your mortgage lender will consider for your Northern Virginia real estate purchase:
The Money Down
A downpayment is standard in most every Northern Virginia home purchase, unless you're purchasing with cash. There's no way around it— in fact, few loan programs will actually allow you to buy a home in Arlington, Alexandria, Falls Church, DC without any money down. When putting money down for a home, anywhere from 5 to 20 percent is typical, but of course that varies by your loan type. "Conventional and FHA loans typically require minimum down payments of 5 percent and 3.5 percent, respectively," said AOL Real Estate. "On a $200,000 mortgage, that's $10,000 for conventional and $7,000 down for FHA. But [homebuyers] often put even more skin in the game."
Reserve Money
Do you have a set of reserve funds for a rainy day, or rather a later mortgage payment? Lenders will want to see that you are able to continue paying your mortgage beyond the first payment and one way they can do this is by requiring a certain amount of reserve funds. It does vary by lender and mortgage loan type, but commonly lenders will require at least one month of reserves that is similar to the monthly payment on a new Northern Virginia home, including the property taxes and insurance.
Your Own Money
Tax time is now over! And one thing Northern Virginia lenders will look at is your own income, determined by tax returns. They will examine your residual income, or the income you have left over after you've paid your major monthly expenses. In addition, "lenders will take a close look at the ratio of your major monthly debts against your gross monthly income," reported AOL Real Estate. "This is known as debt-to-income (DTI) ratio, and different loan programs have different requirements."
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, April 8, 2014

Deciding to Sell Your Northern Virginia Homes This Spring

It's now spring and the real estate market in Northern Virginia is heating up! Mortgage rates are rising, housing prices are increasing, and homebuyers are growing confident. But for some Northern Virginia homeowners, they may not be exactly jumping at the chance to sell their current homes. Do you stay or sell this spring? These tips will help you consider the important factors:  

 Consider the Size 
Ask yourself, why are you considering selling your Northern Virginia homes? Is the main concern about the size of the home? Homes.com suggests, “If the main concern about a home is size, a more affordable, less stressful option may be to sell and find a home with enough space to accommodate [your] family.”

 Consider the Maintenance 
Maintenance costs are a big decision in deciding to sell your homes in Alexandria, Arlington and Fairfax. Do you know how much is costs to keep up your home? Big maintenance projects like a new roof or new heating or cooling system can be pricey for a homeowner. If you are not in the position to make these repairs, the value of your home will only suffer and it may be time to sell your Northern Virginia real estate.

 Consider the Equity
As a Northern Virginia homeowner, you may indeed have rising levels of equity in your home. If the level of home equity is rising or you expect it to, it may be best that you stay. Homes.com also advises, “Homeowners already in love with their place should continue to enjoy the comforts of home and reap the benefits of increased equity when the time does come to sell.”

 Consider the Location
You often hear location, location, location in real estate. If you're happy with the area you're in right now, don't be quick to sell. Schools, neighbors, community, and commute time are major factors that homeowners should consider this year. These are all excellent reasons to stay in your home and all go “beyond money and the economy,” as Homes.com says.

 If you still have more questions about deciding to sell your Northern Virginia home, don't hesitate to contact me! I am happy to help you consider the best options for your needs.

 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, April 1, 2014

Preparing to Buy Northern Virginia Real Estate This Year

It may seem exciting to begin your home search, especially if you're a first-time homebuyer, but there are a few tasks to cross off of your list first. As AOL Real Estate says, "Getting a loan right now is a lot easier than it has been, [but] getting a home right now is brutally different." To ensure you're fully prepared, it's time to start spring cleaning your finances to purchase Northern Virginia real estate and what better time than tax season. 

 Starting with your taxes, keep the following in mind and you'll be on your way to successfully buying a home in Northern Virginia this year.

 Filing Your Taxes
It's now tax season and one of the most important factors in purchasing a home involves these returns. A mortgage lender will want to see your most recent tax returns to show your income. No matter if you owe taxes and are making payments now, or if you're planning to file an extension, the lender will want to see the documents to prove your income to purchase a home in Arlington, Alexandria, or Fairfax. 

 Gather the Documents
Buying a home requires a lot of paperwork and documents you should have at the ready. These may be W-2's, tax returns, or tax forms like a 1099 if you're self-employed, anything to show your income over the past few years. The more assets you can show, the better, as lenders will want to know you have the ability to repay the loan, in addition to mortgage insurance. If you can show you have enough in "reserves" for two months of paying your mortgage, you are in good shape.

 Know Your Credit Score
This spring, take the time to "spring clean" your finances. One of the best steps you can take is to research your credit score and iron out the flaws before you are ready to buy a home in Northern Virginia. Credit report errors do happen and it's important you take the time to fix them before you begin the serious homebuying process. 

 Talk to Your Realtor
When you've taken all of the necessary steps to cleaning up your finances and building income reserves, talk to your Northern Virginia real estate agent. The market is changing and your local expert will be able to fill you in on the status of real estate in your area. As your Northern Virginia real estate professional, I can help you find a home that meets your needs and fits within your budget. Ready to get moving this spring? 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.

Earle Whitmore
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