Northern Virginia Real Estate Market Update - 1st Quarter 2016

For anyone who has been actively buying or selling real estate in Northern Virginia so far in 2016, it has been a wild ride. $2.3 billion in real estate was sold since January 1. Over the last few months, most of our listings have been selling in less than two weeks-- some in only a few days. That means our sellers are getting multiple offers and buyers are having to make quick decisions about which home they want to buy. Throughout Northern Virginia, there has been an upswing in the amount of activity in the real estate market. Let's take a look county-by-county. 

6678 Barrett Road, Falls Church VA

Fairfax County VA Real Estate Statistics
$1.46 billion in real estate changed hands in Fairfax County VA in Q1 of 2016. 2796 homes were sold with an average sale price of $523,532. That average sale price in Fairfax County VA would purchase a 3-bedroom 2.5-bathroom single family home on about 1/3 acre. The most expensive home was sold for $7.15 million - a new 14,165 square foot 6 bedroom, 8+ bathroom home in Ballantrae Farms resting on almost an acre. The lowest-priced home went for $70,000. This was a 3-bedroom 2-bathroom manufactured home in Chantilly. The average days on market for listings in Fairfax County VA was 75 days.

42703 Chisholm Drive, Broadlands VA

Loudoun County VA Real Estate Statistics
In Loudoun County VA, 1194 homes sold in the 1st quarter for a total of $562 million. The average sale price was $472,095, which would purchase a 4-bedroom 2.5-bathroom single family home on 1 acre. The highest price paid for a home in Loudoun County VA was $3.2 million. This purchased a 6-bedroom, 7.5 bathroom, 8700 square foot estate on 22+ acres in Big Spring Farm. On the low end, a 1-bedroom, 1-bathroom, 666 square foot condo sold for $73,000 in Leesburg. The average days on market for listings in Loudoun County VA was very close to Fairfax County at 76 days.

9633 Bedder Stone Place, Bristow VA

Prince William County VA Real Estate Statistics
1445 homes sold in Prince William County VA for $499 million. The average sales price for Q1 2016 was $345,197, which buys a 4-bedroom, 2.5 bathroom single family home on about 0.4 acres in Prince William County VA. The most expensive home was sold in Gainesville for $2.2 million. Located in Lake Manassas, this 5-bedroom, 6.5 bathroom home has 11798 square feet of living space and sits on 2.3 acres. The lowest-priced home sold for $60,000 in Manassas. It was a 1-bedroom home on 0.2 acres. The average days on market for listings in Prince William County VA was 77 in the first quarter of 2016.

Are you buying or selling a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started.

The Cost of Selling Your Home

Everyone knows about closing costs, but what are they really? Can we estimate the cost of settlement before we even get the home on the market? The answer is YES. As part of the listing presentation, your Realtor should introduce you to this topic and give you a general idea of the costs involved in selling your home. Make sure that your agent not only educates you about the price at which your home will sell, but also how much it will cost.

So, what common closing costs can you expect when you are selling your home?

1. Settlement/Closing Fee – $300-500 – This amount varies depending on the settlement company you choose. They charge this fee to sellers and buyers to complete the final closing. Your Realtor should recommend a great settlement company to you. You do not have to use the same company that the buyer does.

2. Release of Liens/Trusts – $100-200 – This money pays for the certification that the lien on the property (mortgage) has been released and the property can be transferred.

3. Recording Release – $41 – This goes to the courthouse to record the transaction.

4. Document Delivery Fees – $50-100 – This ensures that documents are transported swiftly and securely between the settlement company and the other involved parties (courthouse, bank, etc.)

5. Grantor’s Tax –  $1 per $1000 of sales price or assessed value (whichever is greater) – This is a tax charged to all sellers. It essentially grants you the privilege of selling your home in Centreville VA.

6. Regional Congestion Relief Fee – $1.50 per $1000 of sales price or assessed value (whichever is greater) – As of July 1, 2013, all sellers in the Cities of Alexandria, Fairfax, Falls Church, Manassas, and Manassas Park as well as the Counties of Arlington, Fairfax, Loudoun, and Prince William are required to pay this tax as a way to offset the cost of improving traffic congestion in the area. I think anyone who lives in Northern Virginia can attest that the worst part of living here is the traffic!

7. HOA/Condo Disclosures – $100-350 – If your home is part of an HOA or condo association, you will need to provide the documents for that association to the buyer. The fee varies depending on the association, but more and more offer electronic delivery, which will usually save you some cash.

8. County Property Taxes – varies based on date of settlement and property value – You will be responsible for the property taxes due up until the date of settlement. This amount will be credited to the buyer at closing.

9. Brokerage Commission Fees – 6% of the sale price – The agents’ commissions are typically paid by the seller at settlement. If you have hired a great agent to sell your home, they will have sold your home at top dollar and should be well worth that commission.

10. Seller Contributions – 1-6% of the sale price – Sometimes the buyer will request seller assistance to close. This is certainly not a requirement to sell your home, but when you have the right buyer, it may be something you consider.

Please note that the costs listed above are not meant to be all-inclusive. They represent the most common costs that are incurred when selling a home in Centreville VA. Don’t forget that in addition to these items, you will be paying the balance of your mortgage. Your Realtor will go over an estimated cost of settlement with you so that you can see the approximate balance you will have after the sale of your home.

Are you buying a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started!

Originally posted on www.sarahknobbs.com.

5 Ways to Protect Your Finances When Buying a Home

The search for your next home is always exciting, but it can often be filled with traps and pitfalls if you are not careful. Below you'll find 5 great ways to protect yourself in your next home purchase. Don't be a statistic; do your due diligence and get settled in a home that you can afford comfortably.

1. Be cautious about distressed properties
Many buyers seek out short sale homes or homes in foreclosure as a way to get a bargain on a new home. While some of these homes are still in good condition, many are not. It's important when you are considering a foreclosure or short sale home to do your homework. Be sure to hire a competent home inspector, and if major issues are found, hire a licensed contractor to analyze the problem and see if you can afford the fix. Even if a home is priced below market value, a fixer-upper can cost you more at the end of the day.

2. Watch out for overpriced FSBOs
Some buyers will talk to FSBOs (For Sale By Owner) because they want to cut out the Realtor commission and save themselves 3% on the price of the home. In theory, that could work, but many times FSBOs are actually priced higher than the market value because they haven't been priced by a professional. Be sure to talk to your buyers agent about the neighborhood values to ensure that you are not being wooed by an enthusiastic owner to pay too much for your home.

3. Don't borrow the full amount your lender offers
When you sit down to talk to a lender, they will review your financial situation with you to determine what you are able to borrow. They all have their systems in place that will give you a price they feel you can afford in the long-term. However, it's not always the best idea to shop at the top of your budget. While the lender knows a lot about your credit and expenses, they can't decide what monthly payment you are comfortable with. That needs to be a discussion between you and anyone else who is sharing that monthly mortgage payment with you.

4. Maintain a cash reserve 
Besides determining the amount of money you want to borrow to buy a house, you have to look at what liquid funds you have at your disposal. It's never a good idea to spend your entire savings on a down payment for a house. Keep a reserve available for taxes, utilities, repairs, and maintenance. Many homebuyers don't realize how much they will need to spend to move into a new home, especially first-time homebuyers. Keep your spending conservative with your home purchase, and you will be able to comfortably enjoy it for years to come.

5. Hire a strong buyer agent
This is perhaps the single best thing you can do to protect yourself when buying a home. A strong buyer agent will guide you through all of the above and more. They will make sure you see the best homes in your price range, and that you understand all of the costs involved in living there. A knowledgeable agent will know about the local HOAs, any special assessments, and they will be able to negotiate the best sales price for you. Don't sell yourself short; hire a strong buyer agent to help you and get to closing without the headaches.

Are you buying a home in Northern Virginia this year? Contact Preferred Realty Partners today to get started!

Originally posted on www.sarahknobbs.com.

New Listing: 42546 Longacre Drive

Preferred Realty Partners is proud to present an absolutely stunning Ryan Homes Courtland Model in South Riding's Cedar Hunt. Enjoy over 5000 finished square feet of living area!

The Gourmet Kitchen features upgrades including an extended island, morning room, granite countertops, and stainless steel appliances.

The 4-foot Family Room Bump-out gives plenty of space to relax with friends and family.

Upstairs you'll find a luxurious Master Suite complete with Sitting Room, Tray Ceilings, and Walk-in Closet.

Who wouldn't love this sumptuous Master Bath with soaking tub and separate shower?

The second bedroom has an Ensuite Bathroom.

Whimsical bedrooms 3 and 4 share a bright hall bath with a double vanity.

The lower level is brilliantly designed to include a Theatre Room with custom lighting.

The Wet Bar features heated tile floors and a walk-out exit to the spacious yard.

You'll find the 5th Bedroom and full bath with heated tile floors in the basement.

This gorgeous property backs to trees and has a large deck that's perfect for summer cook-outs.

Are you or someone you know moving to Chantilly VA this year? We’d love to help. Contact Preferred Realty Partners today to see this home and any others on the market in Chantilly VA.

Northern Virginia Real Estate Market Update – January 2016

Between Snowzilla 2016 and the aftermath of the holiday season, January 2016 was a relatively slow month for Northern Virginia real estate. Just under $700 billion in real estate was sold in Fairfax County VA, Loudoun County VA, and Prince William County VA combined compared to over $1 billion in December 2015. Keep reading for the details of each county.

4078 Clovet Drive, Fairfax VA

Fairfax County VA Real Estate Statistics
$401 million in real estate changed hands in Fairfax County VA in January 2016. 787 homes were sold (decrease of 33% month-to-month) with an average sale price of $520,796 (decrease of 5% month-to-month). That average sale price in Fairfax County VA would purchase a 3-bedroom 2.5-bathroom single family home on about 1/3 acre. The most expensive home was sold for $2.85 million – a brand-new 6500 square foot home on 1/2 acre with 5 bedrooms, 5 full bathrooms, and 3 half bathrooms in the Franklin Forest neighborhood of McLean. The lowest-priced home went for $97,500. This was a 1-bedroom 1-bathroom 652 square-foot condo in the Mount Vernon Lakes neighborhood of Alexandria. The average days on market for listings in Fairfax County VA was 58 days (decrease of 15% month-to-month).

42546 Longacre Drive, Chantilly VA

Loudoun County VA Real Estate Statistics
In Loudoun County VA, 338 homes sold in January (decrease of 35% month-to-month) for a total of $163 million. The average sale price was $491,854 (increase of 2.5% month-to-month), which would purchase a 4-bedroom 3.5-bathroom single family home on about an acre. The highest price paid for a home in Loudoun County VA was $2.8 million. This purchased a 5-bedroom, 6+ bathroom, 9500-square foot estate on almost 10 acres right outside of Middleburg VA. On the low end, a 1-bedroom, 1-bathroom, 666 square foot condo sold for $81,000 at the Cavalier Arms in Leesburg. The average days on market for listings in Loudoun County VA was very close to Fairfax County VA at 60 days (decrease of 10% month-to-month).

4414 Windermere View Place, Woodbridge VA

Prince William County VA Real Estate Statistics
587 homes sold in Prince William County VA (decrease of 33% month-to-month) for $133 million in January 2016. The average sales price for December 2015 was $339,461 (decrease of 1.5% month-to-month), which buys a 4-bedroom, 2.5 bathroom single family home on about 0.4 acres in Prince William County VA. The most expensive home was sold in Occoquan for $830,000. Built in 2008, this 2-bedroom, 3.5-bathroom home has just 2710 square feet, but includes a boat slip and sits right on the river. The lowest-priced home sold for $60,000 in Manassas. It was a 1-bedroom, 445 square foot home on .2 acres. The average days on market for listings in Prince William County VA was 64 in January 2016 (increase of 1.5% month-to-month).

Local 5K Races to Keep Your New Year's Resolutions Strong

Many of us made lofty resolutions for 2016, and statistically, we are reaching the point where we want to modify those goals and take an easier road. That doesn't have to be the case for us in Northern Virginia! We are lucky to live in an area with plenty of gyms, workout groups, yoga studios, martial arts schools, dance classes, hiking trails, swimming pools, and on and on. One of the most economical ways to get in shape is running. Fortunately, even if you aren't a serious runner, there are plenty of 5K races to run or walk in Northern Virginia, and many of them offer you fun swag for participating.

Pre-Game 5K Run/Walk in Leesburg VA
Sunday February 7, 2016 - 8am

Run or walk through the beautiful grounds of the National Conference center on Super Bowl Sunday! You know you're going to spend the rest of the day parked in front of the TV with your perfectly-planned Super Bowl party menu, so why not start the day off with a little exercise? Plus, you get a t-shirt just for participating.

Love the Run You're With 5K in Arlington VA
Sunday February 14, 2016 - 9am

This course runs through the shops of Pentagon row. Run with friends, walk with your S.O., just get out and move for Valentine's Day. Participants will enjoy the after-race party and awards presentation at CHAMPPS as well as a karaoke contest. Even if you don't party, they'll send you home with a cozy blanket.

Lucky Leprechaun 5K in Reston VA
Saturday March 12, 2016 - 8:30am

You've got 60 minutes to meander your way through 3.1 miles of Reston Town Center streets. The luck of the Irish awards you a technical t-shirt for participating. Enjoy food and drink after the race, and you can download your race photos for free.

Dionysus Dash 5K in Leesburg VA
Sunday April 17, 2016 - 8:15am

Some of us need a little motivation to run. If the scenic views at Tarara Winery aren't enough, runners over 21 get to complete a wine tasting and take home the glass. Even better, you still get a race shirt and a goody bag. Tarara is only one of dozens of gorgeous wineries in the area, so why not make a day of exploring Loudoun's wine country?

The Prison Break Dash Run in Lorton VA
Sunday April 17, 2016 - 9am

The Lorton Workhouse Correctional Facility now houses an art center, but that doesn't mean you can't recreate the drama of a prison break in a 5K, does it? Race the others through the complex to freedom and receive "surprise prizes" or dress up to win the costume contest. Food and drinks provided, including donuts!

Glow South Riding in Chantilly VA
Saturday April 30, 2016 - Dusk

Let your inner light shine, or just wear a bunch of glow sticks. This race is untimed, so there's no pressure for speed. Just dress as brightly as you can, and you may win some prizes. All participants get a glow-in-the-dark t-shirt and a glow stick. Everyone is invited to the pre-race party as well. You choose either the 5K race or 1-mile fun run.

There are dozens of other races to check out in Northern Virginia from 1-mile runs all the way up to ultra marathons. You decide where and how to run, and maybe we will see you at one of these great events.

Contact Preferred Realty Partners to find your next home near jogging trails, gyms, pools, or any other fitness amenities you need.

New Listing: 2850 Bradley Acres Court

Located in desirable Bradley Acres in Herndon VA, our latest listing has been meticulously maintained and is ready for its next owner. This home has a new roof, new windows, and new siding. The owners cut their energy bill in half with these upgrades!

The carpeting is like-new throughout the house. It is plush and clean and only a few years old.

Neutral paint colors mean this home is ready to be personalized. Classic details like chair rails and crown molding are featured in the dining room.

The large gourmet kitchen has hardwood floors that were refinished at the end of 2015. The beautiful stainless steel refrigerator is a recent upgrade. The countertops are marble, and they shine in person.

The kitchen includes an eat-in breakfast area with a sizable bay window. Enjoy your large backyard with mature trees while you have your coffee in the mornings.

Skylights and a vaulted ceiling make the family room a bright and pleasant room to spend time. The wood-burning fireplace is great for cool winter nights.

A giant loft space can be used as an office, playroom, workout area, and so much more. Look down on the main living area and never be far from the rest of your family.

The master bedroom features vaulted ceilings and large windows facing the rear of the home. Enjoy peace and quiet here every night.

The master bathroom has separate vanities so everyone has plenty of space to get ready each morning. You'll also find a separate tub and shower and ceramic tile floors.

The master walk-in closet includes built-in shelving to keep you organized. The space has been maximized so you can fit more but still see it all!

The 2nd bedroom faces front and has two large windows. The carpet is like-new. This bedroom shares a bathroom with the other room upstairs.

The 3rd bedroom also faces the front of the home. It's a quiet street so noise is at a minimum.

Down in the finished basement, there is plenty of room for entertaining or working out. A sliding glass door leads out to a concrete patio. There is a large unfinished area for storage and the laundry is located in the basement as well.

The fourth bedroom is located in the basement, and it has a full bathroom nearby. This is perfect to give guests some privacy while they visit.

The view from the deck is beautiful in any season. Enjoy a barbecue in the summer and relax in your own private oasis.

The patio leads straight out from the basement and overlooks the sloping yard.

A small stream runs on the property between the mature trees.

Are you or someone you know moving to Herndon VA this year? We'd love to help. Contact Preferred Realty Partners today to see this home and any others on the market in Herndon VA.

DIY Guide to Decluttering Your Northern Virginia Home

The new year causes many of us to reflect on the previous year and set goals to improve. For some, they decide to go to the gym more often or eat better. Others set work or professional goals to achieve.

This post is for the people who want to take back their homes from the clutter in the new year. Clutter often builds up slowly over time until you look around and wonder how it all got there. Fear not! There is a simple 3-step method to make it all go away.

Define Your Goals
Before beginning, you want to take the time to make a plan. Go through each room of your house and decide what needs to be done in each location. Track this either with pen and paper, or use something like Google Docs or Evernote to ensure you don't forget the details.

Once you know what has to be done, determine the priority of each area. Is your office overflowing with outdated paperwork? Are your kitchen cabinets bursting with cookware you never use? Decide which location will give you the most satisfaction when it is not full of clutter, and make that your #1 priority. Rank the other areas in relative importance from high to low.

The last (and often overlooked) part of goal-setting is choosing a timeline. If your kitchen is the first location to tackle, maybe you want to sort out all the old cookware by Sunday evening, so you can cook without the clutter through the workweek. Whatever the timeline is, make sure you stick to it so you complete the other items on your list.

Decide How to SortSorting as you go through the clutter is important. You can make your sorting process very simple by dividing everything you encounter into 3 categories: Keep, Trash, and Storage. 

Keep - these are items that you use on a regular basis that are functional or items that bring you joy. What does that mean? Anything that you can instantly recall the last time you used it and you know it works, keep it. If you have something that you would use if it wasn't broken, but it just sits on a shelf waiting for you to fix it for months and months, just get rid of it. An item that brings you joy could be anything from a sports jersey to a toy from your childhood to a family heirloom. These items might not be very practical, but their existence makes you happy.

Trash - If an item is broken and can't be easily fixed, trash it. If you haven't used something in over a year (and it's not a seasonal item), trash it. If you're keeping a horrible gift solely out of obligation to Great Aunt Mildred, trash it. Trashing it doesn't have to mean you fill endless garbage bags as you go through your house, however. Many items can be recycled or donated, or you could have a yard sale. 

Storage - For seasonal items, or for things with emotional significance that don't fit elsewhere in your home, storage is the way to go. Whether it's your own attic/basement storage, or you pay for a storage unit, take the time to organize what you store. Items that you pull out for holidays should be easily accessible. If you are keeping things because you plan to buy a larger house one day, those might not need to be as accessible.

Set Aside Time to Work
Even if it's only 15 minutes a day, or 1 hour on Saturdays, commit to that time. If you skip it, the clutter will stay. If you struggle with this, make it a game. Get someone to join you in the activity and make it a contest, or give yourself a reward for keeping to your schedule. However you do it, you just have to make sure that it gets done. The best reward to keeping to your schedule will be the new, clean look your home has when you are done. 

Thinking of selling a home in Northern Virginia in 2016? Contact Preferred Realty Partners today to get started.

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!

Sell Your Home Quickly with Preferred Realty Partners! Here's the Proof

If you are planning to sell your home, the most important thing you can do is choose a great Realtor. In 2015, Preferred Realty Partners has helped dozens of families to buy and sell their homes.

Below you'll find the homes that we sold in 2 weeks or less for 99% of list price overall. The average listing price to sale price ratio is closer to 96% in our area.

$525,500 - SOLD in 1 Day

43443 Quigley Lane
Chantilly VA 20152
Closed March 6th

4 bedroom, 3.5 bathroom, 2185 sq ft Single Family Home

$440,000 - SOLD in 6 Days

5557 Sequoia Farms Drive

Centreville VA 20120

Closed May 15th

4 bedroom, 3 bathroom, 1592 sq ft Single Family Home 

$538,000 - SOLD in 6 Days

26083 Nesbit Lane

Chantilly VA 20152

Closed May 18th

5 bedroom, 3.5 bathroom, 2914 sq ft Single Family Home

$816,400 - SOLD in 2 Days

105 Pearl Street

Herndon VA 20170

Closed June 1st

4 bedroom, 4.5 bathroom, 4125 sq ft Single Family Home

$690,000 - SOLD in 8 Days

13128 Bradley Farm Drive

Herndon VA 20171

Closed July 30th

4 bedroom, 3.5 bathroom, 2446 sq ft Single Family Home in Bradley Acres

$570,000 - SOLD in 5 Days

42930 Tippman Place

Chantilly VA 20152

Closed August 28th

5 bedroom, 2.5 bathroom Single Family Home in South Riding

$450,000 - SOLD in 5 Days

3812 Tedrich Boulevard

Fairfax VA 22031

Closed September 9th

4 bedroom, 2 bath, 2072 sq ft Single Family Home in Fairview

$634,400 - SOLD in 5 Days

25767 Rawley Springs Drive

Chantilly VA 20152

Closed October 15th

5 bedrooms, 4.5 bathrooms, 5087 sq ft Single Family Home in Chantilly

$322,000 - SOLD in 11 Days

6129 Stonepath Circle

Centreville VA 20120

Closed October 22nd

3 bedroom, 3 bathroom, 2118 sq ft Townhouse in Centreville

$225,000 - SOLD in 3 Days

11835 Shire Court #32C

Reston VA 20191

Closed October 27th

2 bedroom, 2 bathroom, 1073 sq ft Condo in Hunters Woods Village

$460,000 - SOLD in 8 Days

20773 Cross Timber Drive

Ashburn VA 20147

Closed November 2nd

3 bedroom, 3.5 bathroom Single Family Home in Belmont Ridge

Whether it's winter, summer, spring, or fall, you can depend on Preferred Realty Partners to sell your home for a great price in the shortest amount of time. Contact us today to get started!