Tuesday, October 27, 2015

Rents to Increase in Northern Virginia and DC, Home Affordability Improving

When you look at your history as a renter, chances are that your payment has gone up every year. And according to the latest finding from an apartment research firm, these price hikes will not slow down any time soon.

 Renters have been advised to "brace themselves" as costs show no signs of stopping. Annual rent growth last month was recorded at its highest level since 2011—an increase of 5.2 percent—and also marked the eighth consecutive month that rate has been 5 percent or higher. 

 Compared to one year ago, rent growth is up one full percentage point and has shown the longest sustained period of strength. This cycle of rent growth has already lasted five years, whereas the previous concluded at four.

 On the opposite side of the housing equation, homeownership continues to provide advantages that renting just cannot. And while lower inventory in the real estate market has kept renters in their current position, housing affordability has actually been improving. 

 The median price of single-family home slowed in August, while family income moved higher, according to the National Association of Realtors Housing Affordability Index. Combine those statistics with mortgage rates still holding under 4 percent and affordability was able to rise to its highest level since May!

 Buying a home has proven more affordable this year than last, even with slightly higher prices in the NoVA market. And just as you think mortgage rates are as low as they will get, they inch lower, which can help any area buyer gain an edge and increase their buying power. 

 So as you continue to mull over the decision between renting and buying, consider where rental prices will be one year from now as well as who you are paying with each monthly payment. When you rent, you are paying down your landlord's premium, versus owning where you are paying down your own!

 I'm here to help you find the best home for your needs within your price range this year, so 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, October 20, 2015

Fun Halloween Events to Attend in Northern Virginia and DC

Halloween is only ten days away and the events are abundant in Northern Virginia! From costume parades to trick-or-treating to fall festivals to haunted trails and tours— the whole family is sure to find something to enjoy this time of year!

 As your local Northern Virginia real estate expert, I'm happy to share a few of these spooky events with you and provide more recommendations for getting to know the communities of NoVA. Add the following to your calendar this month and do not hesitate to give me a call with any additional questions about how you can call NoVA your home!

Boo at the Zoo
October 23-25, 2015; 5:30 PM
The National Zoo, Washington DC

 A chance to trick or treat with your favorite animals at the zoo! With over 40 treat stations, animal demonstrations, jugglers and fun decorations throughout, the National Zoo is the place to be this Halloween!

 Annandale Parade
October 24, 2015; 10 AM to 12 PM
Columbia Pike from the Annandale Shopping Center near Gallows Road to the bowling Alley-Safeway

 There will be plenty of candy and activities for the entire family at this free parade and fall festival! Visitors are encouraged to come in costume to make it a Halloween parade to remember!

 Air & Scare
October 24, 2015; 2 PM to 7 PM
Steven F. Udvar-Hazy Center, Chantilly VA

This free event at the Air and Space Museum offers a safe, indoor trick-or-treating environment with Halloween activities galore! There will be an area for the little kids to play and listen to stories while the older kids gather candy and participate in the festivities!

 Haunted Happenings in Manassas
October 24, 2015; 10 AM to 1 PM
Historic Downtown Manassas 

 The businesses of downtown Manassas will be handing out candy from morning until early afternoon this Saturday, so watch out for the goblin and ghouls trolling the streets— or bring your own to collect the goodies!

 Mount Vernon's Halloween
October 30, 2015; 3:30 PM to 6:30 PM
George Washington's Mount Vernon

 Attendees to this Halloween event can come in costume for a chance to win a prize in the parade, head off on the scavenger hunt or wagon rides and watch demonstrations in chocolate making and even taste some! Admission ranges from $5 to $10. 

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, October 13, 2015

How to Avoid Buyer's Remorse with Your Northern Virginia Home

House-hunting can be a lot of fun for new buyers in the Northern Virginia market, but your judgement can also quickly get away from you. It is easy to focus more on features of the home rather than costs like upkeep and utilities and buyer's remorse can set in after you've signed on the dotted line.

But as your local NoVA real estate expert, it is my priority to ensure buyer's remorse never crosses your mind! I will work with you to determine your wants versus needs as well as what is realistic for you in terms of price and home size. 

In the meantime, keep in mind the following four common sources of homebuyer's remorse, especially as you tour available properties in Alexandria, Arlington, Annandale, Fairfax, Falls Church, McLean and beyond:

Awkward layout
The kitchen is one of the most important areas of the home and buyers underestimate the layout all too often. Walk around the space and think about your usual cooking habits and food prep patterns. You may think that kitchen island will be a life saver, but not if it will get in the way of your routine.

Too big of a home
Moving up to a larger home in Northern Virginia involves more than just buying additional furniture. There are extra costs—like higher heating and cooling bills, more time spent cleaning and outfitting the extra rooms with furniture—that need to be considered in your decision. As a homebuyer, you may later regret the expense and upkeep of buying a bigger home.

Buying for the trends
If you purchase a home for the trends it has, like steel countertops or brass light fixtures, you may find it much harder to sell as styles change. In fact, your own style is subject to change and you will be faced with the expense of renovating. Look for classic, timeless features instead! 

Consider what the home does not have
Both builders and the property's current owners will remove certain features to give it a cleaner, more modern feel— but buyers may find that they miss them after they move in. A larger shower seems like a win-win until you realize you'd like to have a bathtub as well. Consider the extra costs of adding the features the home does not have and you will avoid this source of remorse.

We can work together this year to find available homes that best fit your needs and determine the most practical option! 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, October 6, 2015

New Mortgage Closing Rules Will Help Northern Virginia Homebuyers

If you are planning to purchase a home in Northern Virginia going forward, you're in luck! New mortgage closing rules took effect on October 3 and are expected to help buyers understand the terms much easier than with past documents.

 Prior to these new mortgage closing changes, homebuyers were given numerous sets of disclosures containing unfamiliar terminology— if you are not in the real estate industry or have purchased a home before. The new rules have reduced those disclosures down to two sets, containing eight pages in all, with clearer answers to common questions and streamlined information.

 What do the new disclosures involve? Here are the two new documents you will see when you secure a home loan in NoVA:

 1. Loan Estimate
The loan estimate is one of the two new disclosures included in the TILA-RESPA Integrated Disclosure Rule or TRID and you will receive this once your loan is approved. The loan estimate outlines the following:

Note that there is now a 10-day grace period for buyers to shop other loan options, from 15 to 30-year mortgages and adjustable and fixed-rate products.

2. Closing Disclosure
This document now replaces the HUD-1 Settlement Statement and Truth-in-Lending form given to buyers at closing and is available three days prior to your scheduled closing. This disclosure outlines the following:
  • Final costs for both buyer and seller.
  • Exactly what you will need to pay at closing.
  • How much is paid to each real estate agent.

All part of the new "Know Before You Owe" initiative, these new mortgage rules will undoubtedly help Northern Virginia buyers avoid any surprises at the closing table. However, homebuyers in Alexandria, Annandale, Arlington, Burke, Falls Church, Fairfax and the surrounding areas should note that closings may now take 15 days longer— extended from 30 to 45 days.

If you have questions about buying a home in Northern Virginia, 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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