Showing posts with label real estate market. Show all posts
Showing posts with label real estate market. Show all posts

Tuesday, July 19, 2016

What You Need to Know About Homeowner's Insurance in Northern Virginia

When you buy a new home in Northern Virginia, one of the next steps you take will be protecting it with homeowner's insurance. However, this can be a major source of stress for first-time buyers who have never navigated the process before. 

 But don't worry! As your local real estate expert in NoVA, I've included answers to a few common insurance questions below so you can cross this task off of your list of homeownership to-do's!

 Question: How much will I pay every month?

 Your monthly payment is determined by the following:

  • Your credit score
  • Your home's location and age
  • The costs to rebuild your home
  • Your distance to a fire department and hydrant
  • Your pets— certain breeds may mean you need more coverage
  • How much coverage you choose
  • Your claims history

Question: What is covered by my insurance?

 Typically, homeowner's insurance policies include coverage for damage by fire, hail, lightning, vandalism, windstorms and the like. Water damage is also commonly covered, whether it be from burst or frozen pipes. But be aware, earthquake and flood damage may not be included and could require a separate policy.

 Question: Do I need to secure insurance before I buy a home?

 You do not technically need to purchase homeowner's insurance before you buy a home, but your lender may require proof of your insurance before you can secure your loan. 

 Question: How much coverage will I need?

 Your coverage will be based on your assets and their value. It may help to take inventory of your home, writing down each item and how much you paid for it. Keep this inventory list in a safety deposit box or other safe area outside of your home in order to access it in case of emergency or loss. This list will also help your insurance agent determine how much coverage you need.

 Do not hesitate to contact me with any questions you have about buying a home in Northern Virginia this year! I can help you find the best home and assist with your timeline to becoming a homeowner. 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. 
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Tuesday, July 12, 2016

Northern Virginia Home Buying Advice You Should Ignore This Year

While you are shopping for a home in Northern Virginia this year, your friends and family will likely offer all kinds of tips and advice relating to the purchase— things they learned from their experience with home buying or information they've heard about the current real estate market. But that doesn't mean you should follow every tip they give you; in fact, it is always best to consult your real estate agent with any questions you have.

 As your local real estate expert in NoVA, I've included four pieces of home buying advice NOT to follow this year to help steer you in the right direction and avoid any regrets later:

 Wait until prices drop to buy a home
When it comes to talk of timing, you may hear you'd be better off waiting until prices drop to buy a home in NoVA. However, that just isn't the case! Home prices are not expected to go back down, instead they are predicted to rise over the next 12 months. Don't put off buying a home over this idea, you'll only cost yourself more money.

 You don't need to use a real estate agent
The thought of cutting out commission may sound appealing to you, but don't be too quick to act alone. The home buying process is best navigated with an experienced real estate agent that knows the market, what you're looking for in a property and how to put together the best offer. You won't regret working with a pro!

 Start with a low offer and work up
Making a low ball offer is not always the best move, in fact, you could risk losing the home to another buyer if you don't start with your best foot forward. Your real estate agent will know how low is too low and the offer that will help you score a successful sale.

 Let the listing agent work for you
It may seem like an easy route to let the listing agent represent you as well, but remember that they do not have your best interests in mind. The seller's agent represents the seller first, so take the time to find an agent you trust that will work for you!

 If you have questions about buying a home this year in Northern Virginia, do not hesitate to give me a call! I will put my decades of experience to work for you to help you find the best possible home 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. 
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Tuesday, July 5, 2016

Real Estate Dealbreakers for Home Buyers in Northern Virginia

As you're shopping for homes in Northern Virginia, you're likely taking note of features like paint color, flooring, the number of bedrooms and bathrooms and even yard size. These are all essential in determining whether a property is for you, but there are also a few others that should ultimately raise red flags and cause you to move on to the next home in your search.

 With over three decades of experience in helping buyers in Northern Virginia find their dream homes, I have included three deal breakers below to ensure you're not purchasing a home that will be a source of stress later.

 Floor plan
Cosmetic elements like paint colors and flooring can easily be changed, but altering the floor plan of a home may not be in the cards— and may be extremely costly. For instance, a small, enclosed kitchen is not ideal for many homebuyers and opening up the space into the living room oftentimes requires a large budget, construction crew and installing overhead beams to re-distribute the weight of the home. If you love only certain aspects of the home, but the floor plan is not for you, move on.

 Location
Many times homebuyers think they find "the one" in terms of updates, floor plan and square footage, but the location leaves much to be desired. Homes that are located near major highways, busy intersections or even next to shopping centers can be valued much lower than similar properties away from the hustle and bustle. If you're considering the home for the school district, you'll want to weigh the pros and cons of the area before deciding, otherwise, it's best to keep looking.

 Placement
Older homes tend to have different placement on their lot than newer homes— for example, close to the street, in busy areas, or on corner lots. If you prefer to have more privacy with a home set back on the lot, or in a place where you don't need to drive by your neighbor's home to get to yours, you'll want to pass on these ill-placed homes. Not only will it affect the value, but it may keep you from feeling truly at home.

 Questions about buying a home in Northern Virginia or what should make or break a deal? 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, April 5, 2016

How to Downsize to a New Home in Northern Virginia

This spring, it is not just first-time homebuyers that are taking the real estate market by storm. Seasoned buyers looking to both upgrade and downsize their current homes are house-hunting right along side of them! 

 With decades of real estate experience in hand, I know the process of moving to a new home, a new neighborhood and especially a new city can be overwhelming— even if you are moving to a smaller home! So as your local real estate expert, I have provided a few tips for downsizing to a new property in Northern Virginia this spring:

1. Take inventory
When downsizing, it may be useful to pare down your belongings— but in order to do so efficiently, you will need to take inventory! Use a spreadsheet or write all of your belongings (and their conditions) down on paper as you walk through each room. You can then go over the list later to decide which items can go and which you will keep.

2. Draw out your new home
Another exercise that can help you make the most of your new living space is drawing out the floor plan. Sketch each room and where your furniture pieces will go. If you don't have room for something, it may be time to part with it!

3. Stay ahead of schedule
Downsizing your Northern Virginia home can take time, so don't leave it until the last minute!  Forcing yourself to scale down your belongings quickly may result in getting rid of something you intended to keep or donating an item you actually need. Make a packing list ahead of schedule and ensure everything is accounted for on Moving Day.

 Are you planning to downsize to a smaller home in NoVA this spring? Do not hesitate to contact me! I can provide a list of available properties that meet your criteria and assist with your move from one home to the next!
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, 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. 
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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. 
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Tuesday, February 2, 2016

Homeownership in Northern Virginia, DC Still More Affordable Than Renting

There is no doubt that homeownership in Northern Virginia and DC provides more benefits than renting, but given the latest news about rising costs, it is even more apparent. Experts predict rents will surpass inflation in 2016, rising three to five percent across the country.

 A high demand for renting in past years has driven up costs and as a result, nearly half of all renters cannot afford to make the monthly payment. 

 How is this so? Experts recommend that renters keep housing costs limited to no more than thirty percent of their monthly income. However, Harvard's Joint Center for Housing Studies reported the number of renters who now spend more than this amount rose to just over 21 million last year.  

 Rents are increasing faster than wages and, as I mentioned above, are expected to rise above inflation this year. Homeownership is proving once more to be the more affordable option, thus prompting current renters to jump into the real estate market as first-time homebuyers.

 What's more, mortgage rates are still dropping. The rate for a 30-year-fixed-rate mortgage is averaging 3.7 percent, while the rate for a 15-year-fixed-rate mortgage remains at just over 3 percent. Homebuyers in the Northern Virginia and DC area may be able to purchase a home for less than the cost of their rent payment! 

And while lower inventory may tend to push housing prices higher, it is the low mortgage rates that signal an opportune time for first-time homebuyers to find their ideal property. 

 If you are ready to purchase a home in NoVA, do not hesitate to contact me! I have decades of experience in assisting buyers and together, we can find the best home that meets your needs and budget before the busy spring season arrives!
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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