Tuesday, March 29, 2016

What Does A Seller's Market Mean in Northern Virginia and DC?

By now, you may have heard about a lack of inventory in the real estate market or noticed it for yourself as you begin house-hunting in Northern Virginia and DC. Inventory has been trending on the lower side for months and while it may be frustrating for buyers, it has contributed to what's called a "seller's market."

A seller's market is one in which homeowners have the upper hand, which can lead to quicker and easier sales. For buyers, it likely means more competition for the house of your dreams in the NoVA area.

If you are a home seller this year in Northern Virginia and DC, mind the following ways you can prepare for a successful sale:

Inspect and disclose
As a homeowner, it is wise to disclose any known issues associated with your property from a roof leak to a plumbing problem. Once you have a deal with a buyer, the control becomes theirs and it could be more costly to you than repairing the problems ahead of time or making the buyer aware prior to the deal so they can factor that in their offer.

Decide how to deal with offers
In a real estate market with lower inventory, you may find that multiple offers are on the table. Devise a plan for how you will deal with them or wisely defer to your real estate agent for assistance. Each strategy is dependent on the specific area— for instance, it may make more sense to accept an offer right away in one area versus waiting a given amount of time to review all offers in another.

Analyze the competition
This is one perk of working with a real estate agent! Prior to listing your NoVA home, I will analyze comparable properties in the area to find the best listing price. I have decades of experience in helping sellers price their homes competitively so buyers will take notice!

Questions about selling your home? Give me a call today! I'm happy to help walk you through what it takes for a successful sale! 

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. 

Tuesday, March 22, 2016

5 Money-Saving Tips for Northern Virginia Homebuyers to Follow This Spring

While we are only days into the new season, this spring is already projected as a stand-out period for first-time buyers to enter the real estate market. Mortgage rates are low, home prices are rising in addition to rents and first-timers are ready to invest into something of their very own in Northern Virginia.

But when you are new to purchasing a home, you can overlook the many ways you can potentially save money in the process. Keep the following in mind as you house hunt this spring and as always, do not hesitate to reach out with any questions!

Look past cosmetic issues
Many first-time buyers in NoVA tour a home only to write it off because they didn't like the paint colors. Remember that these are only minor cosmetic issues and can easily be fixed! Look past the paint and if the home could work for you, you might want to act before the competition does!

Get pre-approved
This step may not save you money, but it will save you time when a seller is reviewing offers. A pre-approval letter shows you are serious about the purchase and that you have the funds to back up your offer. 

Don't open new credit cards
If you want to set yourself up to receive the best possible interest rate for your mortgage, it is wise to steer clear of opening any new lines of credit prior to applying. These hard inquiries on your credit report will remain there for up to two years and as a result, can cause a drop in your score.

Shop around for a mortgage
Even seasoned homebuyers in NoVA forget to shop around for a mortgage! Gather rates from different lenders on the same day in order to accurately compare terms and rates. Even the smallest different in percentage can equate to thousands over the life of the loan.

Work with an agent
Did you know working with a real estate agent saves you more money when both buying and selling a home than if you tried it on your own? I have decades of experience in assisting buyers navigate the market and can help you negotiate the best offer possible.

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. 

Tuesday, March 15, 2016

Your Guide to 2016 Easter Egg Hunts in Northern Virginia and DC

St. Patrick's Day is already just two days away and Easter is steadily moving closer! If you have yet to ink your plans for the upcoming holiday, you will be glad to know Northern Virginia and DC have a myriad of events planned for the local communities!

Egg Hunts, for instance, are on the top of the to-do lists this time of year for NoVA and DC families and as your local real estate expert, I've rounded up a selection to share with you!

Dinosaur Egg Hunt
March 19-20, 2016; 12:15 PM, 1:30 PM, 2:45 PM, 4 PM
Hidden Oaks Nature Center
Annandale VA
Admission $7-$9

Eggnormous Egg Hunt
March 19, 2016; 10 AM to 11:30 AM
Brown's Chapel Park
Reston VA

Herndon Easter Egg Hunt
March 19, 2016; 9:30 AM
Herndon Municipal Center
Herndon VA
Admission $9

Easter Egg Hunt at Ticonderoga Farms
March 20-21, 26-27, April 2-3, 2016; 10 AM to 5 PM
26469 Ticonderoga Rd
Chantilly VA

Bull Run Easter Egg Hunt
March 22, 2016; 10 AM to 11:30 AM
Bull Run Regional Park
Centreville VA
Admission $10 in advance, $12 day of

Annual Easter Egg Hunt at Lee-Fendall House Museum
March 25, 3-4:30 PM, March 26, 10:30 AM-4 PM, March 27, 12:30-4 PM
Alexandria VA
Admission $12, ages 1-10; $5 for older children and adults

Falls Church Easter Egg Hunt
March 26, 2016; 10 AM 
Cherry Hill Park
Falls Church VA

Reston Zoo Easter Egg Hunt
March 26-27, 2016; 9 AM to 4 PM
Vienna VA

White House Easter Egg Roll
March 28, 2016; 8 AM to 5 PM
White House Lawn

If you have questions about available properties in the area, buying or selling a home in Northern Virginia, do not hesitate to give me a call! I'd be happy to hear 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. 

Tuesday, March 8, 2016

5 Things to Avoid That Will Turn Off Alexandria, Arlington, Fairfax VA Homebuyers

With the majority of buyers today starting their home search online, it is important to wow them during this initial look. If NoVA buyers see something they don't like just from flipping through listing photos, they are less likely to ever make it to the front door for a showing or visit an open house.

So how do you pique the interest of buyers in Northern Virginia without turning them off? Below are five things you will want to avoid as a home seller in Alexandria, Arlington, Fairfax, Falls Church, McLean and the surrounding areas:

Do not convert your garage
Keep in mind that a large number of buyers who will begin house hunting this spring are first-timers who are tired of renting, with others simply in the market for more space (which includes a place to park their car). Avoid converting your garage to anything other than what it was intended for— that means no living room, gym or media space.

Do not convert your spare bedrooms
If you have multiple bedrooms in your NoVA home, you can get by with keeping one as an office space while it is on the market as this can easily be changed back. But if you have built-in media equipment, wine storage, craft or workbenches in additional bedrooms, it could be a major turn-off for buyers who are looking for more space for their family.

Do not lay carpet over hardwood
Buyers today love wood floors, so don't cover them up if you have them! Older homes are more likely to have a layer of carpet over wood flooring and you might consider removing it before buyers arrive.

Do not leave out your dog accessories
Of course you love your pets, but a potential buyer may not. Pick up any toys or beds that are scattered around the house and consolidate them to one area.

Do not install bold fixtures
A helpful rule of thumb for Northern Virginia home sellers this year is to create a neutral space that appeals to the majority of buyers. That means swapping out your over the top light fixtures with those more on the simple side. 

Selling your home may seem like uncharted territory, but I have decades of experience in assisting homeowners! Give me a call today with any questions you have about listing your home or how you can prepare your property for the busy spring real estate market

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. 

Tuesday, March 1, 2016

Northern Virginia Home-Related Deductions You Can Take on Your Taxes

Being a Northern Virginia homeowner does have its perks— from additional storage that renters just don't have to the tax benefits associated with your home. However, many NoVA residents are not aware of certain deductions available to them and as a result, skip them entirely. 

If you have not yet filed your tax return, there is still time to look over the following list of home-related deductions you are able to claim. 

The mortgage interest deduction
NoVA homeowners are able to deduct their mortgage interest, which you claim on Schedule A of your tax return. Interest paid on a mortgage of up to $1 million, or $500,000 if you are married filing separately, is deductible when you use the loan to buy a home, build a home or improve a home

If you have a second mortgage, home equity line of credit or home equity loan, and use the loan to buy, build or improve a second home, that amount does count toward the $1 million limit. It is also important to keep in mind that any other loan secured by your home for other purposes, like your child's college tuition, does still qualify for the mortgage interest deduction (up to $100,000 for single filers or $50,000 for married filing separately) as your home secures the loan.

The property tax deduction
Homeowners in Alexandria, Arlington, Fairfax, Falls Church, McLean, Springfield and the surrounding NoVA communities are able to deduct real estate property taxes on Schedule A. The amount you paid in property taxes will show on your annual escrow statement if you have a mortgage with an escrow account.

The private mortgage insurance deduction
If you were required to take out private mortgage insurance (PMI) on your home loan, you can deduct the cost on Schedule A if you itemize your return and your income is less than $100,000 (or $50,000 if married filing separately). This also only applies to loans taken out in 2007 or later.

The energy-efficient upgrades deduction
Installing new energy-efficient features—like windows and appliances—in your home does allow you to claim a specific tax credit. The credit does have a lifetime cap of $500, so you will need to subtract any energy-efficency tax credits you claimed in previous years from this limit.

Ready to become a homeowner for the first-time this year? Or simply looking to move to your next dream home in Northern Virginia? 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.