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 Aside from paint, shine the door's hardware and consider replacements if the knobs are outdated or damaged.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
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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
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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



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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
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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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