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. 
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Tuesday, February 23, 2016

Where Will Northern Virginia Home Values Go in 2016?

While mortgage rates continue to drop to record lows, there has been much speculation about where NoVA home values will go over the next year. 

The latest Home Price Expectation Survey found that values will appreciate by 3.7 percent in 2016, 3.3 percent in 2017 and 3.2 percent in the following two years and 3.1 percent in 2020. These predictions equate to an average annual appreciation of 3.3 percent over the next five years.

 On a similar note, many homeowners are holding back from listing as they underestimate their home's value and the amount of equity they have acquired. However, the truth is that they have more equity than they might realize! 

 According to a new study of 1,000 homeowners, 80 percent of homeowners underestimate the amount of value their home has gained since the housing recovery.

 And while their outlook about gaining equity is growing increasingly optimistic, still nearly half of homeowners believe they will see an equity gain this year. Over half say they expect their equity to increase between 1 and 5 percent and only a quarter of those surveyed expect an increase between 6 and 10 percent. 

 "Economists have largely predicted equity gains to be between 2.3 and 4.7 percent this year," reports Realtor.com. 

 It is now a great time to look into your Northern Virginia equity position as "home ownership can be an asset that [you] can now leverage to realize many dreams," says the chief financial officer of loanDepot who conducted the survey. "Whether [homeowners] choose to leverage their home equity now or reserve it for future needs, millions of homeowners have choices today not available just a few years ago."

 If you are thinking about selling your Northern Virginia home this year, 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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Tuesday, February 16, 2016

5 Ways to Enjoy Spring in Northern Virginia

We are just a few weeks away from the official start of spring here in Northern Virginia! And while the upcoming season does signal the return of many homebuyers and sellers to the real estate market, it's also an excellent time to discover everything the surrounding communities have to offer!

If you are moving to Northern Virginia this spring or are a current resident with a list of places yet to explore, you will want to add the following to your spring to-do list:

Tour NoVA By Boat
Alexandria Virginia offers numerous ways to take in the local sites on the water. Float by George Washington's Mount Vernon on a cruise, take a water taxi to the National Harbor or National Mall, or take a Canine Cruise so your four-legged friend can enjoy the Potomac too!

Go on a Bike Ride
Northern Virginia is home to many bike trails, including the Mount Vernon Trail, the Custis Trail, and the Washington and Old Dominion Trail to name a few.

Go Shopping
You will find some of the best shopping destinations in NoVA! For instance, Alexandria's King Street has everything from antiques to decor to unique men's, women's and kids apparel. Arlington is also home to hundreds of speciality stores!

Visit a Memorial or Monument
When the weather turns warmer, the timing is right to visit the local monuments you may have yet to see. The Arlington National Cemetery, Marine Corps War Memoral (Iwo Jima) and Pentagon Memorial are all in the area!

See the Cherry Blossoms
One of the Washington, DC area's favorite ways to celebrate spring is with the National Cherry Blossom Festival! Between March 20 and April 17, you can head into DC to marvel at this springtime wonder or stay in Northern Virginia and see the blossoms at locations like the Meadowlark Botanical Gardens.

Have questions about the real estate market, buying or selling a 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. 
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Tuesday, February 9, 2016

Features Buyers Are Looking for in Northern Virginia Homes This Spring

Homebuyers will soon be out in droves as the busy spring real estate season gets closer in Northern Virginia. If you've already taken the steps to list your property in Alexandria, Arlington, Fairfax, Falls Church, McLean or the surrounding communities or are planning to soon, the next step involves highlighting your home's key features that buyers will love.

 The following elements of your home may seem like nothing to you, but to buyers, they could be just what they are looking for! 

 Location
You've heard the phrase "location, location, location" before and it never holds more true than when assessing your home's value. Is your home located near restaurants, shopping and entertainment? Do you have an excellent commute time from your neighborhood? Buyers will want to know! And as your real estate agent in NoVA, I can help identify such selling points this year!

 Storage
Many NoVA buyers are diving into the real estate market simply because their current home lacks storage; this is also one of the reasons current renters will make the transition to homeownership over the next few months. A large garage, walk-in closet or pantry just might spark the interest of a Northern Virginia buyer whose sole purpose for moving is to gain more space.

 Layout
While Millennials are expected to make a big impact on the real estate market this spring, another group ready to make a move is seniors. Those whose children are all grown and out of the house will be looking to downsize and features like a ranch-style layout, zero exterior steps and minimal upkeep will be high on their list.

 I have decades of experience in helping home sellers attract the right buyers to their Northern Virginia properties. Contact me today with any questions about the home selling process, your home value or the current 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. 
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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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Tuesday, January 26, 2016

How to Protect Your Northern Virginia, DC Home From the Snow

This weekend's historic blizzard dropped loads of snow onto many Northern Virginia and DC homeowner's rooftops. And while some were prepared for the storm, others were scrambling to de-ice sidewalks and driveways and protect pipes after the fact. 

 In a previous blog post, I shared a few tips for preparing your NoVA home for winter and now I'm happy to provide a few more suggestions to protect your property from the snow. The cold, winter conditions can wreak havoc on your home and it's important to take the following steps ahead of time:

Shut off outdoor faucets
Be sure to shut off inside valves for your outdoor faucets and unhook hoses. Any excess water left in the exterior faucets should be drained ahead of a snowfall in Alexandria, Arlington, Annandale, Fairfax, Falls Church or the surrounding communities. When the temperatures dip low, the pipes leading to these faucets are susceptible to damage, so you might also consider wrapping them in a towel for added insulation.

 Protect indoor pipes
Cold air can also put your indoor pipes at risk of bursting. Open your cabinet doors under the sink to allow warm air from your home to circulate inside. If necessary, you can always turn up the heat inside your NoVA home to warm up the pipes.

 Clean the gutters
Prior to a snowstorm, your gutters should be clear of any leaves as ice dams can form and flood your home.

 Purchase salt and sand
Sprinkling salt or sand ahead of a snowfall can actually cut down on your shoveling time! A few hours before the snowfall, toss on walkways and driveways to be safe.

 Check carbon monoxide detectors
Gas appliances and wood-burning fireplaces have the potential to produce carbon monoxide, so it is always wise to conduct a routine check of your detectors. 

 As your local Northern Virginia real estate expert, I am here to answer any questions you might have about buying or selling a home in the winter months—as well as year-round—so do not hesitate to contact me!
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, January 19, 2016

Northern Virginia, DC Homebuyers: Should You Choose A New or Existing Home?

Even if you've already made your homebuyer wish list—detailing everything you want in a property from number of bedrooms to outdoor space—you may not have considered the age of the home itself. Should you choose a new construction home that includes the items on your wish list? Or should you go with an existing property in NoVA that you can make your own?

 Before you begin house-hunting, you should be prepared to answer these questions and as your local real estate expert in Northern Virginia, I'm including a few points below that can help you decide!

 New Home Pros
  • You'll be the first to live in the house.
  • Appliances are brand-new and covered by warranties.
  • Appliances, roofing and major household systems like plumbing and HVAC will have years before they need to be replaced.
  • New homes will have the latest energy-efficient and safety features.
  • Less maintenance.
New Home Cons
  • A new home will generally cost more per square foot. 
  • Even with new appliances and systems, new homes are subject to malfunctions and breaks just like any other home.
  • If customizing your home, you may have to compromise on choices like cabinets and flooring due to budget.
Existing Home Pros
  • Existing homes generally cost less per square foot and give the NoVA homeowner more value for their money.
  • You can channel the price difference into renovations and upgrades.
  • Move-in dates tend to be quicker than homes that need to be customized or finished.
  • Existing homes already have appliances, landscaping and features included— you don't need to choose prior to move-in.
Existing Home Cons
  • Appliances and major systems can be older and in need of repair when you purchase the home.
  • The home may have had multiple owners.
  • Existing homes, depending on their age, may have electrical or plumbing that is not up to current standards.
  • Renovations can uncover damage from previous years and owners.
Have an idea of which type of home you'd like to purchase this year? Need a little more assistance with your decision? I'm here to help! 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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