Northern Virginia Real Estate Market Update

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, click here obtain a Free Home Value Report. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

 

We were doing a bit of market research lately and found some information you might find helpful.

The expert analysts over at Keeping Current Matters have filed their report for the Fall of 2015, and as you probably already know things are looking up in real estate.

According to numbers gathered by the Federal Housing Finance Agency (FHFA), home prices have risen in every region since this time last year.

The FHFA report shows that every state is appreciating at a different rate. While some states are experiencing more rapid appreciation than others, there is a very good chance your home has gone up in value regardless of where you live.

The above map is just a general overview of home appreciation by state. To get a more specific idea of how much your home has appreciated, we recommend using our free home evaluation tool.

You might be surprised by how much your home is really worth. Simply follow the link:

AlexandriaHouseValues.com

This broad home appreciation is indicative of a recovering market. As home prices recover, and even rise above their pre-recession levels, the market will begin to normalize.

According to the Home Price Expectation Survey, by the end of this year, values will have appreciated by 4.1%. Next year, prices are expected to rise 3.7% before flattening to just over 3% from 2017 to 2019.

This expected slowdown in home appreciation is the result of a normal, healthy market.

As a homeowner, now is a great time to cash in on the equity you’ve built in recent years. With interest rates as low as they are, there is no better time to sell your current home for top dollar and lock in an incredibly low rate on your new one.

Obviously, whether you’re ready to sell is ultimately up to you. We just wanted to let you know how favorable the market is for sellers right now.

If you’ve been waiting for ideal market conditions to sell, it won’t get much better than this.

Again, if you’re simply curious about how much your home’s value has increased in recent years, don’t hesitate to use our free home evaluation tool: 

AlexandriaHouseValues.com

If you’re really serious about taking advantage of these great market conditions, and want to begin the home search now, we’ve got you covered as well:  

http://www.homesearchwebsite.com/search/advanced_search/

Or, if you’re unsure about what to do and would like more information about the Northern Virginia market, give me a call or shoot me an email! It’s my job to keep you in the loop with what’s going on in our area, and I would love to hear from you!

We hope you found this information helpful!

What's the Difference Between an Inspection and an Appraisal?

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

Many people don't realize there is a difference between an appraisal and an inspection. They're different components of a real estate transaction that you should be familiar with if you plan on buying or selling a home.

• Inspection: A home inspection is done 7 to 10 days after an agreement has been reached on the sale of a home. It is conducted by the buyer and at their expense. The inspector will look for problems with the structure and functionality of the home, so that the parties can agree on final terms. 
• Appraisal: An appraisal is similar to a home inspection but has some technical differences. It usually takes place 3 to 4 weeks after the principal agreement of the home sale. It's typically ordered by the home buyer's lender to make sure the home is worth what the buyer says it is before money is exchanged. The lender will view the home in question and compare it to other homes in the area. Within 3 to 5 days the lender will determine whether the deal is fair so it can close.

In short, the inspection is beneficial to the buyer; it's a way to be confident the house is everything the buyer says it is. An appraisal, on the other hand, is a way for the lender to be sure they are not lending an unnecessary amount of money. Essentially, both of these ensure a seller prices their home at a fair market value based on comparable home sales.

If you have questions about this topic, or would like us to address another question in a later video, give us a call or shoot us an email. We would love to make your real estate experience as smooth as possible.
 

Where Can You Find the Most Reliable Real Estate Information?

 
With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

One thing we get asked about a lot is the accuracy of the data produced by home search engines like Zillow and Trulia. While these sites can be a huge asset to your search, it's important to take their information with a grain of salt. These websites use algorithms that have specific variables such as square footage, number of bathrooms, and number of bedrooms - but they fail to take many other important factors into account.

Having an actual Realtor look at your home is the best course of action to make sure the information is accurate. The last thing you want is incorrect information to negatively affect the buying and selling process. Keep in mind that these search engines don't know where the market is headed, either. They don't know if it's on the rise, on the decline, or neutral. Where the current housing market is at in your area can significantly impact the value of your home. In some cases, Zillow reported a home as being worth nearly 50% less than what it sold for.

So call a Realtor, find out what's happening in the market and how it affects your home price. Always be sure to call me if you're interested in buying or selling a home. Thanks for joining us, hope to hear from you soon!

What Kind of Mortgage is Right for You?

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

When buying a home in northern Virginia, it's important to know you have options when it comes to the type of mortgage you buy.

We want to share some information that will help you decide what kind of mortgage is right for you.

Some mortgage economists are predicting conventional 30-year fixed-rate mortgages to rise to 5.5% before 2015. Because of the higher rate, you may want to consider a hybrid mortgage if you are thinking about buying a home this year.

Here's why:

• It provides a fixed-rate for a predetermined period, anywhere from 5 to 10 years. 
• You can convert to a rate that can change annually.
• There is a potential for substantial monthly savings.

It's important to remember that there's still a case to stick with a conventional fixed-rate mortgage, because interest rates remain at historic lows.

The question to ask yourself is how long you plan to stay in your new home. If you are a new buyer looking to buy a smaller home and upgrade to a larger one down the road, the hybrid may be your best bet.

As always, the best choice is ultimately the one you're most comfortable with.

If you're unsure about these options, give us a call at (703) 909-3939 or email us at Steve@HomeSearchWebsite.com for advice on which mortgage is right for you!

How to stand out as a serious buyer in a competitive market

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

How to stand out as a serious buyer in a competitive market
In a competitive market with a very small amount of inventory, like the one here in Northern Virginia, you need to stand out as a buyer in order to get the homes that you desire.

One of the ways in which you can accomplish this would be to make a confident and trustworthy offer on a property to prove to the seller that you're serious about purchasing a home.

While most buyers get a pre-qualification letter, we require our buyers to get a Pre-approval letter with a direct under-writing report. This essentially turns you into a cash buyer, and this is much more desirable in the eyes of a seller.

You will also want to put down a large Escrow payment in order to show good faith. The more that you put down, the more trustworthy you will appear to the seller. Shoot for $5,000-$10,000 depending on the purchase price, not $500 or $1,000.

Also, be careful with appraisals because a property is really only worth the amount that the buyer is willing to pay for it. In my experience, two different appraisers can have wildly different prices for a property. If you waive the appraisal and agree to cover any shortfalls, you will become a much more desirable buyer.

Hopefully these tips will help you to be competitive in our real estate market here in Northern Virginia. If you're serious about buying, my best suggestion to you would be to contact me and my team of professionals. We can help guide you through this crowded market.

Thanks for tuning in!

Narrow Down Your Home Search with our Blueprint Program

With the real estate market of Northern Virginia becoming more active every day, there is a constant surge of property in demand. If you're a prospective buyer, CLICK HERE for a Full Home Search, or if you're interested in placing your property on the market, obtain a Free Home Value Report RIGHT HERE. For any other questions about current market conditions or the value of your property, contact me at (703) 909-3939.

Northern Virginia Home Buyer's Blueprint Program
Before we even begin to search for a home for you, we like to sit down and discuss all of your particular needs. A lot of buyers become over-eager to search for homes and go looking before they even know what they want.

My solution to this problem is for you to arrange a time to sit down with us and discuss your particular needs. During this consultation we will determine what you're looking for in a home, such as the number of bedrooms or the type of neighborhood that would suit you the best.

When you sit down and outline your goals, it is much easier for us to find a satisfactory home for you. If we know what you want, it is much easier for us to find out. This way there is no wasted time spent looking at homes that would not work for you.

This is our way of making our service quicker, easier, and less painful for our buyers. It would be a disservice to all of our clients if we did not take these first steps with them.

If you're searching for a home in Northern Virginia, please do not hesitate to contact me and my team of professionals. We would be happy to set aside the time to consult with you and narrow down your home search.

Thanks for tuning in!