5 Reasons to Buy a Home in Northern Virginia before the New Year

The New Year is approaching quickly, but there's still time for you to find your dream home in Northern Virginia this year. Many buyers take time off at the holidays if they haven't found a home, so for the serious buyer, it is an ideal time to ramp up the home search. Here are 5 reasons why you should buy a home in Northern Virginia before January:

#1: Competition is low
Serious buyers will be looking at homes no matter the time of year, through rain, sleet, snow, or hail. Not all buyers are serious, however, or at least not serious enough to keep up the same pace through the holiday season. If you are still actively searching around the holidays, you will be one of the few.

#2: Sellers are motivated
If a home is still on the market during the holidays, chances are it's been there for a while. Usually that means the house was overpriced for a time and missed the "sweet spot" to sell quickly. What that means for you is that you can get a great house that may have been overlooked when the market was hot, and you can get it at a lower price from the motivated seller.

#3: Rates are going up
Just this month, the Fed upped the mortgage rates for the first time since 2006, and every prediction has them going even higher in 2016. Secure a lower monthly payment for yourself by making an offer on a house now. Waiting for the spring market could cost you more than you realize.

#4: Inventory will go down
New Year's Eve brings about many thoughts for change in the new year, and many sellers decide that they will wait for the spring market to sell if they haven't sold their home in December. It serves you well to take the time to search for homes now before the inventory is too low and your selection is limited.

#5: Start the new year fresh
While it's important to make sure your new home meets your needs, it will also be a huge weight off your shoulders to know that you are under contract on your new home and well on your way to a brand new home for a brand new year. You will have beat the rush, earned a great value on the new house, and bought yourself some peace of mind. What a great way to start 2016!

Are you buying a home in Northern Virginia? Whether it's this year or next, contact Preferred Realty Partners to help you get the best value of the season!

Enjoy Fabulous Mountain Views every day for $335,000!

Open House Sunday June 23rd 1-4pm

Looking for a relaxing weekend retreat? Or a home just west of Winchester with spectacular views?
Come see our 3 Bedroom, 2.5 bath house with main level library, fabulous great room with floor to ceiling stone fireplace and gourmet kitchen complete with granite, double wall ovens and gas cook-top.

You'll love the views from the main and upper level decks, take in the Shenandoah mountains with your morning coffee. This home features the privacy and serenity of a mountain retreat with the features and amenities of a D.C. area luxury home...with the added bonus of a full rear deck with screened porch.

Community features include playgrounds, lake with beach and 9 hole golf course

New Listings

Hello World!
Last week was a little bananas, we had 3 new listings hit the market in NOVA, plus two for our Northern Kentucky/Cincinnati Team. Things have been busy and that's the way we like it!

Here is an appetizer of information on our new listings, along with a link to more information should you find yourself curious:

Ashburn - 42882 Nashua Street, Ashburn 3 Bedroom Brick TH $340,000

Sure I could post another photo of the front of this townhome, but I thought you'd like to see the bright cheery living room instead. This townhouse is bright and welcoming, with a spacious deck and a private two-car driveway in the back. No more shoveling out your parking space just so the neighbor can steal it!


South Riding - 25406 Upper Clubhouse Drive 3 Bedroom Garage TH  $329,000

I chose this photo to represent this listing because, well  you know how most townhomes look into a neighbor's backyard? Do you see all that wide-open space? That's common area. All the way back to the trees. Sure there are other townhomes nearby, but how many townhouse lots give you this much room to breathe? We're very excited about this townhouse! Click the link above for full details or to email us for more information.


And finally our Alexandria Listing on Sacramento Mews...which was under contract in just a few days, and we're so excited we had to mention it!!

Reston Single Family Home! Great new price!

Hello and welcome to Thursday! I hope your week is treating you well.

We just had a price reduction on this house on Handlebar Road in Reston, this posting is tagged on the street. The location is fabulous, tucked into mature trees just off Lawyers Road in Reston.

 The price was just reduced to $519,000 and we are having open houses to increase your access! Watch for dates on the virtual tour link here

This house features hardwood floors, neutral carpet and paint, and a fabulous tree lined lot on a quiet cul-de-sac. Call or email for more information tiffany@yourprp.com

Chantilly Single Family Home

We have a gorgeous Single Family Home for sale in Chantilly in the Bridle Ridge community.

The sellers have just replaced the carpet with new top-of-the line neutral carpet, additional features include hardwood floors, security system, deck, hot-tub with privacy screen, finished lower level and a ton of other amenities! Here are a few photos, for the virtual tour and more information click this link.

Short Sales and the MDRA of 2007

If you are a homeowner who bought your Northern Virginia house in 2004-2006 you may be significantly upside-down in the value of your home. Meaning that the full amount owed on your mortgage, may be higher than the current fair market value of the home.

The Mortgage Debt Relief Act of 2007 made it generally possible for taxpayers to exclude the deficiency (amount still owed after negotiating for a short-sale) from their taxable income when filing their taxes in the years 2007-2012. There is a lot more information available regarding this act from the IRS, who frankly know a lot more about it than we do. The most important thing for Virginia Consumers to note, is that if you are thinking about a short-sale you probably shouldn't sit on the idea for too long. Most short-sales take more than 4 months to negotiate, and there is not a lot of inventory on the market right now...so homes are selling quickly!

If you are a buyer looking at short-sales, please pay close attention to the time frame given by the listing agent. If we tell you it will likely take 4 months, we mean it. Sometimes a short-sale can be approved in 3 months, but typically it is longer.

Should you have any questions about Real Estate, please submit an inquiry to our website. We would be happy to answer any questions you have!

I'll leave you with some photos of our latest Reston Virginia listing, which was under contract in just a few days! Email us for more information about this property as well.

Handlebar Road - Gorgeous Rambler with Mature trees

Fully enclosed Sunroom with fabulous view of the tree lined backyard

 Photos Courtesy of Dan McCutcheon

Reston Condo on the Lake

One of the many perks of working in Real Estate is the chance to see all kinds of homes, all kinds of decor, and all kinds of lifestyles. Last week we listed a condo in Reston that backs right up to lake Thoreau. We had the honor of listing another Harbor Point Condo last year, and I fell in love with the serenity of the location. There's a grocery store AND a Starbucks literally around the corner from here, you're convenient to a commute, and you get to wake up every morning and look out your master bedroom & living room windows at this.

This particular Reston Condominium conveys with a boat slip, so you can kayak or fish in your back yard. What a magnificent place to live!
For a google map view, click here

Are Short Sales a better Deal?

Honestly? The answer is "maybe".
A short sale can be a fantastic deal. Some are in need of repairs, and some are in beautiful condition. The important thing to remember is just because a home is a short-sale, that doesn't mean the bank(s) will take ANY offer, even if the Seller will. Take for example this fabulous townhouse we have listed for sale in Chantilly Virginia.

This three bedroom two bath townhouse is currently listed for $355K, a great price on this size townhouse in South Riding. The issue? It's a short-sale which means any buyer who submits an offer has to understand that there will be a negotiation period of at least 3, possibly 6 months to obtain approval from both the first and second trust. They also need to understand that just because the Seller agrees to the terms of their offer, doesn't mean the bank is required to.

We have already received several calls from agents asking if they could offer $20K below list price, one with a cash buyer who was certain that would make all the difference to the bank. Any contract on a short-sale home is subject to third party approval, and the 3rd party doesn't see Cash as any more appealing than an FHA loan or a VA loan. Truthfully, the bank/investor couldn't care less where your money is coming from. They care about two things.

First - they want  to mitigate their losses. This means THEY WILL NOT TAKE JUST ANY OFFER THAT YOU PUT IN FRONT OF THEM. They are going to do the research. Before they agree to accept your offer they will have a local realtor or appraiser who is a neutral third party give them a value for the property. Let's face it, they're losing a LOT of money. Often in the 100 thousands. In many cases recently the bank actually comes back and asks the buyer for MORE than they originally offered.

Second - they care that you aren't doing anything fraudulent. They don't want you to buy the house for your cousin or your sister and let them rent it back from you at a lower cost because well, frankly that's unethical. They will likely require you to sign a statement saying that you are not in any way related to or affiliated with the Seller and that you do not intend to let them remain in the property after settlement.

This doesn't mean that you can't negotiate. But if you are a short-sale buyer, be cautious about looking at the top of your price range because you could end up waiting for 6 months only to find out that they will sell the property to you, but only if you are willing to pay another $15K that you may not have. So if the listing agent tells you you need to be "committed" to this offer and you need to be "reasonable with the market value" they aren't trying to gouge you, they're just trying to avoid months of stress for themselves, their seller and you that ends up being fruitless.

Spring in Real Estate

Good Morning Northern Virginia!!
I know that it's bleak and foggy and 42 degrees but I can assure you that Spring is here in Real Estate!
For those of you who don't follow the Real Estate buzz-words, let me explain. In my 8 years in Real Estate I've noticed some generally expected trends. These trends tend to occur within the same general time-frame every year.

One of these trends that gets a lot of hype is the "Spring Market". Which can be loosely defined as; "the time that buyers stop hunkering down for the holidays and start shopping for homes again". Most years we see a Real Estate Spring between mid February to Mid-March. This year our "Spring" started a few weeks ago and is in full swing now!

Just as an example, my last post was about 4 open houses we hostessed this past Sunday. Of those four homes, one was under contract by Sunday (went on the market Friday). Two others we are expecting offers on within this week. Also two of the Realtors I work with are writing (or have written and submitted) offers on other homes in the area.

What does this mean for you? Well, if you're a Buyer...it means you absolutely MUST have your lender letter with you before you start looking at homes. This is generally a best practice anyway, but it is an absolute necessity in "Spring". It also means you won't always have days to decide if you really want to write a contract like you would have a month ago.

If you're a Seller, this means it's a great time to put your home on the market. But be mindful of your comparables and don't price yourself above the market. This is a great time to take advantage of our FREE 1 hour Real Estate Business Planning appointments. No obligation. No hard sell. Just an honest assessment and valuable information. Email us if you'd like to schedule an appointment.

South Riding home for sale

We're hosting an open house Saturday from 1-4 at this lovely South Riding home!
New paint, new carpet, backs up to a gorgeous tree preserve with a screened porch and slate patio. MUST SEE!

 

SEE MORE PHOTOS HERE!

Now with Hardwoods and Granite!

Welcome to the big holiday weekend folks! I hope you all have some exciting plans. 

We are hostessing an open house this Sunday at the lovely home pictured below. They've just replaced their kitchen counter tops and floors and now have absolutely GORGEOUS Granite and Hardwoods.  The Sunroom is spectacular.

See the Virtual Tour

This townhome is on Latrobe Street in South Riding, if you find yourself in the area Sunday between 1-4 stop on by and say hello to Linda. She'll be happy to give you the tour!!

Iverson Drive Beauty

We love it when we have the privilege of listing a home with so many enchanting details, so unique that it truly blows the competition out of the water. This single family home on Iverson Drive in South Riding features gorgeous professional landscaping, upgraded tile, Brazilian Teak hardwood floors, granite countertops, Stainless appliances, and a finished basement with custom granite wet bar and legal 5th bedroom! Too many features to list here. Come see the Open House this Saturday from 1-4. We can't wait to show it off to you!

Looking for a new home?

Call or email for details about this fantastic estate home for sale in Fairfax County Virginia, tucked away on a 5 acre tree lined parcel in Centreville. You'll love the location almost as much as you'll love the custom upgrades!  Here are just a few:

• Three car side-load garage
• Flagstone Terrace with surround sound
• Four finished levels
• Master suite with sitting room, coffee bar, dressing area and luxurious bath
• Finished lower level with theater room
• Seven bedroom suites each with a private bath 
• Library with floor to ceiling bookcases and private full bath

  

  Stunning gourmet kitchen

  

  

  Main level library