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.

5 Unusual Items to Advertise When Selling Your Home

The great thing about homes are that every single one is unique. When you prepare to sell your home, the best things to focus on are the standout features of your individual residence. Of course buyers want to know about the kitchen, bathrooms, and outdoor spaces at a minimum, but there are some less obvious items that should not be overlooked when advertising your home to sell. See if your home boasts any of these 5 items, and shout it from the rooftop... or at least get it in the property description.

Storage
Everyone has stuff, and everyone needs places to put it. If you have large closets, built-in bookshelves, a pantry, or even an unfinished room in the basement, don't be shy about it. Buyers want to know that they can bring their collection of antique figurines or their massive library or whatever else is important to them. Plus, they want to make sure they can store their clothes and kitchen items with ease. Storage is a huge asset for any buyer.

Amenities
Does your neighborhood have a pool? A playground? A clubhouse? Walking trails? If you are nearby to any community amenities, let buyers know. Convenience can be a big motivator for buyers to make a move, especially if there are multiple homes in the same price range in your area. If you don't live in a neighborhood with a ton of amenities, think about other features of your location. Proximity to major roads, shopping, schools, and entertainment are all worth mentioning.

FlexibilityMany buyers look to stay in their home for several years and through multiple stages of life. Just because they are a young couple starting out doesn't mean they will stay just two. Buyers look for homes that have potential to grow and change with them. Empty nesters may look for a home with the option of single-level living to ease the way into old age, families might look for space in the yard for an addition, or a buyer might prefer an unfinished basement to add in a workshop or theatre room. 

EfficiencyEnergy Star- rated appliances, LED lightbulbs, tankless water heaters, multi-paned windows, and blown-in insulation are all items that should be advertised when selling your home. These features lower energy costs and are often things that buyers will not have to worry about or replace very soon after purchasing a home. An educated buyer will look for long-term saving options like these when searching for a home.

Eco-friendlinessGoing green is not just a trend anymore. The use of recycled materials in your home is something to share with potential buyers. Bamboo or cork flooring are beautiful materials that stand out in a listing description, as do recycled glass countertops or composite decking made from recycled plastic and wood products. Items that are eco-friendly are often also energy-efficient and long-lasting, so it's a win-win for the new owner. 

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

Mortgages With Low Down Payments

Most of the news about the housing market has been good in recent months; we are recovered and moving on up. That's good news for buyers and sellers, but we are now seeing more buyers entering the real estate market than before the crash. At first the market recovery was almost too quick for many buyers; prices were rising fast, but we now see a steadier market with better affordability. The other big change we see is that the tightened lending regulations are able to open up at this point. More buyers are now able to buy with low or no down payment options.

VA Loan
The Department of Veterans Affairs provides guaranteed home loans to qualified veterans. Borrowers can buy with zero down payment, and there is no mortgage insurance. The borrower does pay a funding fee, which can range from 2.15-3.3%. That funding fee can be added into the total loan amount and paid as part of the monthly payment. The funding fee is determined by the type of service the veteran gave, whether it was National Guard, Reserves, or enlisted/officer in the military and by whether or not it is the borrower's first VA loan.

Navy Federal
Navy Federal Credit Union offers mortgages with no down payment to members of the military, Department of Defense, and their family members. The loan must be used for a primary residence, and it has a funding fee, like the VA Loan. The Navy Federal loan is only 1.75%, which gives it an edge over the VA Loan.

USDA
The Department of Agriculture supplies home loans, and not just for rural areas. They usually run out of money because of the popularity of this program. USDA loans have no mortgage insurance. They charge a 2% guarantee fee upfront, and then each year the borrower is charged 0.5% of the loan balance.

Mortgage Insurance
For borrowers with strong credit, this option allows a down payment as low as 3%. Private mortgage insurance (PMI) has stricter requirements than an FHA Loan (below), but it can cost less over the loan term. Another advantage of this over an FHA loan is that the PMI can be cancelled once the loan is under 80% of the mortgaged home's value.

FHA
The Federal Housing Administration offers loan products to borrowers with imperfect credit and not a lot of cash. This isn't the cheapest loan option, but it gives more buyers the opportunity to enter the real estate market, which is better for everyone. There is a premium of 1.75% charged at the start of the loan, and if the borrower paid the minimum down payment (3.5%), there is also an annual premium of 1.25%. This makes for a higher monthly payment on a similar property to a conventional loan, so borrowers' affordability is lowered in comparison.

No matter what your credit situation and down payment ability is, it is crucial to talk to a qualified mortgage professional before beginning your home search. Contact Preferred Realty Partners today for some great recommendations and to start your home search.

Originally posted on www.sarahknobbs.com.

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.

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).

5 Tips for Selling a Northern Virginia Home in Winter

Many people say that spring and summer are the best times to sell a home. While each season has its advantages and disadvantages, winter is actually a great time to sell your home in Northern Virginia. Keep reading to get tips and advice to make your home stand out and get it sold for the best value in winter. 

 

1. Dress up the front of your house to make it feel warm and inviting. Don't go overboard!  You want to make sure that you enhance the curb appeal of your home, not hide it. Strategically placed lights and greenery are often enough to create the idea of a welcoming home.  As in other seasons, you want to create that great first impression with curb appeal.

 

2. One of the biggest things is a simple one-- make sure to keep the house clean and all walkways clear of leaves, snow, and other debris. If buyers need to trek through a few inches of snow on the way into your home, or if they enter a kitchen with dirty dishes all over the counter, that sets the wrong tone for the showing.

 

3. Don't be shy with the light and the heat. When you sell a home in the winter, turn on all the lights before showings and open the blinds. Allowing more light creates a more welcoming atmosphere, and buyers will see your home at its best. Also be sure to keep your thermostat set at a comfortable temperature all day when you have a showing. Not only does a cold home make buyers feel uncomfortable, but they will also start questioning whether your HVAC system is working.

 

4. Something many do not consider when preparing a home for showing is providing sound, specifically music. You could put on jazz, classical, or any other music you feel wouldn't distract from the house. Having soft music in the background makes the home feel more alive, and buyers will be more comfortable moving around and evaluating the home.

 

5. Be sure to take advantage of the lower inventory in the wintertime and highlight the unique features of your home. Your Realtor should have all items of significance listed in the MLS and in their in-home flyer, but you might take the time to place a small notice outside of each room to point out the important features. If you have a new water heater, you might notate that outside of your utility room, or you could list the materials used in your beautiful kitchen renovation so buyers know exactly what they are getting.

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

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.