Despite recent reports of the Baby Boomer generation looking to downsize, it seems just the opposite is true in local Northern Virginia real estate Baby boomers have long dominated the single-family home market and aren't showing any signs of moving to smaller spaces just yet.
Previous real estate predictions of the past months (and even years) forecasted boomers downsizing once they hit the age of 65 and become empty nesters, believing they would move into a condo, townhouse or apartment. Now, even housing giants such as Fannie Mae are coming forth with a new outlook that has boomers staying put in their single-family homes.
"There's a perception, particularly in many media reports, that this massive generation born between 1946 and 1964 is altering its housing consumption," said one Fannie Mae researcher told the Chicago Tribune. "It's true that they're becoming empty nesters in droves. But by one measure, the proportion of boomers who live in single-family homes actually increased between 2006 and 2012."
In fact, a recent AARP survey found that 9 out of 10 boomers want to stay in their current single-family home as long as possible. For some, it could be due to their home value dropping or like some Northern Virginia homeowners, they could still be underwater in their mortgage and waiting for the right time to sell. Some baby boomers in Alexandria, Arlington, Annandale, Herndon, Mount Vernon or McLean may even wish to hold on to their low mortgage rate instead of selling their home.
And while some boomers in Northern Virginia may be looking to downsize, they will likely purchase a smaller single-family home instead of purchasing a condo or townhome.
If you're looking to purchase a new home in Arlington, Alexandria, McLean, or Fairfax I would be happy to show you properties from single-family homes to townhomes and condos. I have nearly 3 decades of local real estate experience and together, we can find you a home that works for you and your family, no matter what stage of life you're in. 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.
Summer is often a busy time in the local real estate market— many homebuyers take the opportunity to visit open houses and Northern Virginia properties that appeal to them. But do you know how to act at an open house? Just like all processes in Northern Virginia real estate, there are certain guidelines to follow. The same applies to homebuyer practices at Arlington, Alexandria, McLean, or Fairfax open houses. Take the following tips into consideration as you prepare to buy a home in Northern Virginia this summer.
Get a Feel for the Market
There is no better time to get a feel for the local real estate market than at an open house. Use this time to learn more about the state of the market without committing. New homebuyers in McLean, Fairfax, Mount Vernon, or Arlington should use these open houses in addition to online search tools, mortgage calculators and local news to find what they can afford. "Open houses are some of the best ways for buyer and agent relationships to start," says AOL Real Estate.
Watch the Other Buyers
When feeling out the local real estate market, it's important to be aware of your surroundings. You can tell a lot about a home if you see people walking in and out quickly— perhaps the home has issues that they are finding. Do you see other buyers hanging out and asking questions? On the opposite end of the spectrum, this can mean good things about the property.
Ask Questions
The real estate agent is there to answer any questions you may have about the property, especially during an open house. If you feel more comfortable, make a list of questions and funnel them through your agent; they can then direct them to the listing agent. But remember, if you're there, the agent on duty has a direct line to the seller and likely knows more than anyone about the home.
As you prepare to buy a home this summer in Northern Virginia , it's important to remember the basic guidelines and etiquette of real estate. Visit all of the open houses you can, take notes and watch the other buyers. You don't need to be a committed buyer at the time, but feeling out the market and gathering how others respond can really help you down the line. Have questions? I'm here to help!
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.
With the Fourth of July now just days away, you may be finalizing your plans to watch the fireworks and attend parades or other celebrations of our nation's independence. Northern Virginia has so many opportunities this year to celebrate the red, white and blue, with a host of other exciting events in nearby DC!
If you haven't made your Fourth of July plans just yet, below are a few around the Northern Virginia area that you might like to pencil in!
An American Celebration
July 4, 2014
George Washington's Mount Vernon Estate, Museum and Gardens
What better place to kick off the Fourth of July than in Mount Vernon, the home of our nation's first president? During this Independence Day event, there will be a daytime fireworks display as well as a naturalization ceremony for new citizens, military reenactments, a wreath-laying ceremony and of course, birthday cake. There will even be a special appearance by General and Mrs. Washington themselves!
Capitol Hill Independence Day Parade
July 4, 2014; 10 AM
Downtown Washington, between 8th and I Streets, SE
Washington, DC
A parade in the nation's capital that will include antique cars, community leaders, superheros, princesses, area schools, performers and even contestants from the Ms. United States Pageant. Leading this year's parade will be the Commandant's Own Drum and Bugle Corps and following the event, there will be a community fair held at Eastern Market Metro Plaza will more entertainment, food and games.
Falls Church Independence Day Fireworks
July 4, 2014; 7 PM and 9 PM fireworks start time
George Mason High School
Falls Church, VA
This event will kick off with music at 7 PM by Beatles tribute band, The Apple Core. Fireworks will begin just after 9 PM, but in case of rain, the event will be reschedule for the same time and location on July 5.
Great Falls Fourth of July Festival
July 4, 2014; 8 AM
Great Falls Village Center
Great Falls, VA
While there will be no fireworks at this event, guests can come to enjoy a 5K Run/Walk, parade for the kids as well as main parade for the whole family, in addition to food and fun on the Village Center Green.
Herndon 4th of July Celebration
July 4, 2014; 6:30 PM
Bready Park
Herndon, VA
The Town of Herndon will be hosting a fun event with games, activities including bingo and face painting, as well as entertainment, food and fireworks. The fireworks show will begin at dark, around 9:30 PM, and this year will be choreographed to music.
The Fourth of July is a great time to explore NoVA and all it has to offer, not to mention enjoying the holiday in Washington, DC! If you have questions about the local communities, feel free to contact me! I have nearly 3 decades of experience to help answer all of your questions and concerns.
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.
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.
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.
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.
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.
