Tuesday, May 27, 2014

More Homebuyers Looking to Move to NoVA Suburbs

Over the past few years, homebuyers have had their sights set on DC, urban living and growth fueled by a desire to live in the city. But it seems the tables are turning this year as more NoVA homebuyers are looking to the suburbs to purchase a home.

 Homebuyers nationwide have gradually begun their move to the suburbs— with some populations, even in fast-growing cities, declining as buyers and current homeowners leave. It's a return to the suburbs and beyond this summer as these areas and those just past known as "exurbs" are seeing an increase in growth after their expansion was anything but vast during the recession.

 "City growth may be bottoming out, as well as the downsizing of the outer suburbs," said a demographer at the Brookings Institution. 

 This new analysis of where Northern Virginia homebuyers may be headed comes not too long after a community preference survey that showed more buyers interested in walkable neighborhoods. Could this be one of the reasons more buyers are interested in moving to areas like Alexandria, Arlington, Falls Church, or McLean? 

 Homebuyers are reporting a need for more space, the likes of which they may not find in the city. And while living in the suburbs may not allow for a shorter commute time, homebuyers are weighing the benefits of home prices in the suburbs, in addition to great neighborhoods and additional space, versus those in the city.

 Northern Virginia real estate in the suburbs, and outlying exurbs, is starting to seem more appealing to local homebuyers and the growth spotted in these areas can back that up. "suburbs and exurbs grew at a 1.04% annual rate in 2012-13, up from 0.99% in 2011-2012," found another analysis by the demographer. Meanwhile, urban areas saw their growth actually fall from 0.91% to 0.81%.

 With nearly 3 decades of local service, real estate knowledge and expertise, I am here to help! We can find a home that fits your wants and needs in the Northern Virginia area this summer— just 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.

Earle Whitmore


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Tuesday, May 20, 2014

Buy New or Buy Existing Northern Virginia Real Estate?

To buy a new home in Northern Virginia or buy existing, that is the question for many homebuyers in today's real estate market. And while both have homebuyers that love them, it seems more Americans are interested in newly-built homes.

 In a survey from Trulia earlier this spring, over two thousand homebuyers were asked about their preferences for new homes versus existing. The survey found that twice as many people prefer new homes over existing— 41 percent to be exact. Only 21 percent were found to prefer an existing home, while 38 percent reported having no preference among the types of properties.

 But despite the fact that homebuyers may seem to prefer newly-built homes in Northern Virginia, they do need to be aware of the significant difference in price. Accordingly to the National Association of Realtors, a new home is generally priced around $290,000, while existing homes may cost closer to $198,500— that's a price increase of 50 percent!

 The difference in prices may indeed be attributed to the sizes of the two properties, with newly-built homes being larger than the typical existing home. "The typical new home tends to be in lower-price-per-square-foot neighborhoods than the typical existing home because the priciest metros and expensive neighborhoods tend to have less single-family home construction," reported MSN Real Estate.

 So will more Northern Virginia homebuyers spring for new homes this year? It seems unlikely. The survey also found that while these people may prefer a new home, only 46 percent of them would be willing to pay the extra price. Among those who reported they "somewhat preferred" a new home, only 36 percent admitted they would pay extra for it. Taking both into account—a homebuyer's preference for a new home and their willingness to pay— it was found that just 17 percent desire a new home and are ready to pay the 20 percent difference in price.

 Are you looking for a new home (or existing) this summer? I'm happy to provide you with a list of properties that fit the bill. Contact me today to discuss which new and existing properties in Arlington, Alexandria, McLean, or Annandale are available for 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, May 13, 2014

Financial Reasons to Buy a Home in Northern Virginia

More and more Americans are realizing that buying real estate is the best financial investment— over stocks, gold, and savings! But what are the real financial reasons behind that decision? Aside from building long-term wealth, Northern Virginia homebuyers can be assured they're making the best decision based on tax benefits and inflation. According to a new Harvard housing study, called The Dream Lives On: the Future of Homeownership in America, the benefits of owning a home far outweigh those of renting. If you're not yet convinced (or just need some reassuring) below are a few of the financial reasons to buy a home in Fairfax, Falls Church, Alexandria, or Arlington this summer:

The Best Investment
A recent Gallup poll found that across all income levels and age groups, from 18 to 65 years of age, the belief that buying and owning a home is the best long-term investment prevailed. Building your wealth in Northern Virginia real estate is a great financial decision and the Harvard study agrees, stating:

“Few households are interested in borrowing money to buy stocks and bonds and few lenders are willing to lend them the money. As a result, homeownership allows households to amplify any appreciation on the value of their homes by a leverage factor. Even a hefty 20 percent down payment results in a leverage factor of five so that every percentage point rise in the value of the home is a 5 percent return on their equity. With many buyers putting 10 percent or less down, their leverage factor is 10 or more.” 

Costs of Renting vs Owning
It's an age old question— Is renting better than owning? It seems more Americans today would tell you no. The costs associated with renting are rising, in places at a higher rate that real estate prices and mortgage rates. Consider this, whether you rent or buy, you're still paying a mortgage. If you choose to buy a home in Northern Virginia, you're paying down your own principal— whereas with renting, you're paying your landlords. You are paying for housing either way, but putting your money toward your own mortgage is a better use.

Savings of Owning
You may not have considered it, but owning a home is a means of "forced savings." The Harvard study stated that many people have trouble saving and yet still have to make a house payment. By owning a home, they are "forced" into saving (given the benefits and long-term investment of NoVA real estate) and less likely to put off saving to another day.

Do you see the benefits of owning a home in Northern Virginia? I'm happy to help you find a home that meets your homebuyer wish list and at the right price! Start building your future and your finances by making the decision to buy a home 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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Tuesday, May 6, 2014

Why Pets May Halt Your Northern Virginia Home Sale

Have you met my dog, Cowboy? All of us probably have a pet in our Northern Virginia homes and allow them to enjoy the property just as much as we do. And sure, you love your pet, but chances are other homebuyers will not when they come to tour your home. It many cases, pets can actually deter a home sale! So what's the way around it? Make arrangements for your pet to take a vacation during showings and open houses. Here are a few more reasons for you to consider that pet "holiday":

 Pets are a distraction to buyers
There is a staging rule for Northern Virginia real estate that you try to de-personalize the space as much as possible. In order for homebuyers to visualize themselves living in the home, the property should be free of personal photos and items— and that means, pets. They are a very personal part of your home and buyers can be easily swayed. For instance, you wouldn't walk behind buyers as they tour your home, so why let your pets?

 Some buyers have pet phobias
You never know, a buyer may fall in love with your Northern Virginia home, but be scared of dogs, cats, or whatever other critter you have as a pet. "If your pet is still in the hoe, that perfect buyer may not get much further than the front porch," warns MSN Real Estate. "Any other time, your pet can rule the roost, but during the critical selling period, be hyper-aware of potential anxieties and aversions."

 Dander and Hair
Now even if you remove your pet from the premises during showings, their hair and dander still remains. Take extra precautions to deep clean your home before a potential buyer passes through the front door— clean carpets to remove any trace of dust, dirt, or pet hair. One more thing— don't forget to remove the litter box which can also harbor these things.

 Keep your pets happy
You love your pets, so let them be as free as they typically are! Some home sellers think they can just lock their pets in a bedroom during a showing, but that restricts both the pet and the buyer. The buyer then cannot see that area of the home and the pet may make noise due to the situation. Keep your pets (and buyers!) happy and arrange for them to vacation somewhere else during this time.

 Want more tips for selling your homes in Northern Virginia? I'm happy to help! Contact me with any questions you might 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.

Earle Whitmore


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