Tuesday, June 24, 2014

Simple, Summer Updates for Your Northern Virginia Home

Summer is here in Northern Virginia and with many homebuyers motivated to snag a great deal, it might be time to give your home a necessary makeover. Curb appeal is just one way to transform the overall feel of your home in Arlington, Alexandria, McLean, or Fairfax or simply give it a quick update. From the front door to the patio, these easy ways to add curb appeal just might get homebuyers through the front door, boost your home value and even take your home off the real estate market quicker than you expected.

The Front Door
Start at your Northern Virginia home's front door and work your way back. This summer, you can give the door a pop of color like red or blue to make it stand out and catch a homebuyer's eye. "Your home's front entry is the focal point of its curb appeal," said Better Homes and Gardens. Aside from paint, shine the door's hardware and consider replacements if the knobs are outdated or damaged. In addition, remember you always want to make a homebuyer feel welcome— adding a wreath can do the trick and complete the look.

Think of Symmetry
Symmetry might not have crossed your mind when you were planning your outdoor or landscaping projects this summer. However, it's worth a mention. Symmetry is pleasing to a Northern Virginia homebuyer's eye and is simple to arrange. If you've added a flower pot on one side of the door, do the same to the opposite side. If you've added outdoor lighting or sconces flanking the doorway, consider matching them to the door's existing hardware.

Gutters and Downspouts
Even these two features play a role in your Northern Virginia home's curb appeal. If your home is older, chances are the gutters and downspouts are seeing peeling paint, rust and other problems that can come from years of wear and tear. "Replace the old system with newer, snap-fit vinyl gutter systems that go together with few tools and require no painting," added Better Homes and Gardens.

The Driveway
Your home's driveway is one of the first features homebuyers will notice as they approach the property. Be sure the driveway is not cracked and doesn't have weeds growing inside. To update this area of your home in McLean, Fairfax, Mount Vernon, or Arlington, you can take a weekend and reseal the drive, repair the cracks, kill the weeds and even widen the path by adding flagstones or pavers to the sides.

If selling your Northern Virginia home is on your to-do list this summer, first take some time to get your home in order. Boosting curb appeal is important for every homeowner, especially in terms of adding to your home value. If you have questions about what it takes to sell this time of year, I'm here to answer!

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

Tuesday, June 17, 2014

NoVA Homebuyers May Be Overestimating Down Payments

When preparing to purchase a home in Northern Virginia, many homebuyers concentrate on the neighborhood, the size of the home, and of course, the price. And with all of the paperwork that comes with putting in an offer, the one aspect homebuyers actually may be focusing too much on is the down payment. 

According to the vice president and head of single-family sales at Freddie Mac, many consumers are overestimating how much of a down payment they need to purchase a home. 

Most believe they need between 11 and 15 percent in order for a lender to approve them for a mortgage, found one survey of renters and non-homeowners. What's more, 39 percent of those surveyed admitted they believe they need at least 15 percent of the purchase price of their Northern Virginia home to even qualify for financing and just 28 percent believe they would qualify at all. It seems today's homebuyer has a skewed image of down payments in Northern Virginia real estate, when in reality, they can qualify for a mortgage loan with much less. 

In today's local real estate markets, homebuyers can qualify for a conventional mortgage with as little as 5 percent in a down payment and at times, even 3 percent. In the past five years alone, Freddie Mac has seen their numbers for down payments of less than 10 percent more than quadruple. Realtor.com even states that, for 2014, 1 in 5 borrowers on a conventional mortgage put down at least or less than 10 percent. While homebuyers are overestimating how much they need to save to purchase Northern Virginia real estate, their dreams of becoming homeowners may very well be already within their reach.

"Letting more consumers know how down payments are determined could bring more qualified borrowers off the sidelines," said the Freddie Mac executive. "Depending on their credit history and other factors, many borrowers can expect to make a down payment of about 5 percent or 10 percent."

Buying a home in Alexandria, Arlington, Annandale, Herndon, Mount Vernon or McLean may seem a bit less daunting now, but keep in mind that any down payment of less than 20 percent will require a homebuyer to purchase mortgage insurance. Ready to make the real estate leap? Contact me today! I'm happy to help find you a property that fits within your budget.

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

Tuesday, June 10, 2014

Father's Day Events in Northern Virginia This Weekend

Father's Day is this Sunday and many will be wondering what to do, what to get Dad and how to celebrate. Why not get out and explore Northern Virginia  taking in the sights or visiting a few of these local events? From Father's Day at Mount Vernon to a musical performance by Beatle Ringo Starr, there is much to do this weekend in Alexandria, Arlington, Vienna, Fairfax and DC!

Father's Day at Mount Vernon
Saturday, June 14 through June 15, 2014; 8 AM to 5 PM

George Washington will be posting for photos, speaking about our nation's history, and the Mount Vernon Inn's sunken garden will be hosting a barbecue with roasted pig. What a great day to spend time with dad and experience history at its finest. Admission ranges from $8 to $17. 

Ringo Starr and His All-Starr Band
June 12, 2014; 8 PM
The Filene Center at Wolf Trap National Park for the Performing Arts
Vienna, VA

Ringo Starr of Beatles fame will be performing with other well-known musicians, including members of the band Utopia, Santana, and Billy Joel. What's not to love about an event with great music and even better musicians?

Louisiana Swamp Romp
Saturday, June 14, 2014; 2 PM
The Filene Center at Wolf Trap National Park for the Performing Arts
Vienna, VA

Do you or Dad love the sounds of the Big Easy? Then this event is for you! including Stooges Brass Band, New Orleans sounds will be heard far and wide in this celebration of all things New Orleans, Louisiana. Admission is $30. 

Father's Day Fish-A-Rama
Sunday, June 15, 2014; 9 AM to 6 PM
Great Country Farms
Bluement, VA

Maybe Dad would rather spend the day fishing, in which case you should pack your bags for the Fish-A-Rama in Bluemont. Famous fisherman Bryan Kelly will be showing visitors spin tackle and fly casting before the fishing contest.

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



Tuesday, June 3, 2014

Northern Virginia Home Sellers, It's Your Market!

The Northern Virginia real estate market is heating up for summer! And while you may have seen some changes recently—rising mortgage rates, rising housing prices, changing inventory— the fact remains that it's a great time for sellers to break into the market. More homebuyers are now serious about purchasing a home in Alexandria, Arlington, Fairfax, and McLean and as a result, more home sellers now have their pick of offers. Below are just a few more reasons why now is the right time to sell your Northern Virginia home:

Properties in Demand
Inventory is indeed rising nationwide, but as it continues to build, Northern Virginia properties are in demand. Many homebuyers pushed off buying a home this winter due to extreme weather and sat back during spring to see where the market was headed. Now, buyers are out with confidence and motivation and home sellers can really benefit from listing while the market is hot.

The Process is Quicker
According to Keeping Current Matters real estate, "one of the biggest challenges of the 2014 housing market has been the length of time it takes from contract to closing." Banks have ramped up the paperwork they require to approve a mortgage and as the summer moves forward, will soon be swamped with application and loan inquiries which draws out a closing time. However, Northern Virginia home sellers can beat that now and taking advantage of a quicker, simpler process.

There's No Time Like Now
There's no time like the present and that is especially true if you consider how much prices will appreciate just in the next few years. Is your current home just not big enough anymore? Moving up has never looked more appealing. "Prices are projected to appreciate by over 19% from now to 2018," reported KCM. "If you are moving to a higher priced home, it will wind-up costing you more in raw dollars (both in down payment and mortgage payment) if you wait."

There's a lot to consider when selling your Northern Virginia home and I'm here to answer any questions you might have. With nearly 3 decades of experience, I know we can work together to find you your next dream home.

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