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!

Two Open Houses for You Today

13109 Pennypacker Lane, Fairfax VA 22033
Beautifully updated single family home in Greenbriar! NEW windows installed in 2011 and HVAC replaced in 2013! Large kitchen features ceramic floors, granite countertops, maple cabinets, and NEW stainless steel appliances. Walk out the sliding door into the huge fenced back yard. Separate Laundry Room on main level. Master suite includes two walk-in closets and an attached bathroom! Other bedrooms are large and  bathrooms are updated in neutral tones. Storage shed has electric! Located minutes to Rt 50 and Fairfax Co Pkwy! Close to schools, parks, and shopping!

24616 Nettle Mill Square, Aldie VA 20105
Bright and open gorgeous garage townhouse in Stone Ridge! 2-level bump-out with over 2400 sq ft of finished space! Hardwoods on main level, Granite Counters, Cherry Cabinets & Ceramic Backsplash in the eat-in kitchen. Master suite features vaulted ceilings, a walk-in closet, double vanity, separate soaking tub & shower. Finished basement has a gas fireplace, half bath, and walk-out to paver patio. Fenced yard and deck. Close to shopping and dining.

Leesburg Townhouse for Sale!

Today we listed this little gem in Leesburg's Potomac Station. Located at 43064 Sherbrooke Terrace, this interior townhouse features hardwood floors, neutral paint and 3 finished levels. Three Bedrooms, two full baths upstairs plus a powder room on the main level and a full bath in the lower level.

43064 Sherbrooke Terrace, Leesburg

Beautiful brick front townhome in delightful Potomac Station, community amenities include pool, basketball courts, tennis courts, sidewalks, walking paths and several tot-lots.

43064 Sherbrooke Terrace - Kitchen & Family Room

This property is a Short-Sale, so it may take a few months to negotiate with the lender, but it is a fantastic value!! Minor repairs needed in basement. Let us know if you have any questions.

 For more information and photos, visit our listing website here
You can also view the full Virtual Tour here: http://youtu.be/sH3nNeVMO6Q

Falls Church Updated SFH for Sale - OPEN HOUSE June 23 1-4pm!

Hello and Happy Tuesday!
I'd like to highlight one of our new listings today. This is a beautifully renovated cape cod in Falls Church with a beautifully landscaped lot that lives more like a walk in the park than a home with such a superb location.

Backyard features a deck, a stone patio, koi pond and pergolas for added shade. Beautiful mature landscaping. Storage Shed and a tree house just waiting for your next adventure

This kitchen features high-end appliances that will please the family chef, and the official (or unofficial) Culinary Quality Control representatives.

Beautifully designed master bath features neutral tile walls and tub-deck which highlight the oversized Jacuzzi soaking tub.

The attic has been renovated into a gorgeous master suite complete with luxurious bath, upgraded tile, expansive sitting room and built-in bookcases for added storage.

This home is currently listed for $769,000. Call or email our team for more information.

Home Prices are up!

I found this interesting article on Yahoo News today and I thought Virginia home owners might be interested in it. In summary it says that prices are up in many metropolitan areas and existing homes available for sale are at a 10 year low.

http://finance.yahoo.com/news/home-prices-increase-most-major-140227717.html

This is great news if you have a home to sell, we've seen similar trends of prices moving up in many local areas especially closer to the beltway. And coupled with historically low interest rates it makes now a great time to buy! If you happen to be in the market.

Rates are still CRAZY LOW!

We've been watching interest rates for a while now, and so far they are still at historical lows. If you own a home and you're not upside down in value, this is a great time to refinance!

If you're looking to buy, don't wait! These rates won't last forever and if your credit is good you can afford a lot more home at 3.31% than you can at 4.5%.

See this article from Inman News for more information.
http://www.inman.com/news/2012/11/21/give-thanks-if-you-qualify-record-low-mortgage-rates

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!!

Beautiful Manassas Home For Sale!

We are very excited to announce our new Manassas listing!
This is a gorgeous 4 bedroom 3.5 bath home with a 5 CAR GARAGE!! That's right, 5 cars.

You'll love the gourmet kitchen with upgraded appliances, granite & cherry cabinets.

Come to our Open House 
Sunday September 23 from 1-4pm and see for yourself!

Floor to ceiling stone fireplace in the 2 story family room.

Fabulous wet-bar in the finished basement

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

Gorgeous Condo just 4 Blocks from Rosslyn Metro Stop!

Welcome to The Belvedere, where you can have this breathtaking view of downtown Washington, D.C. from your enclosed glass balcony.

This two-bedroom condo complete with hardwood floors, beautifully updated kitchen and spectacular building amenities is available for purchase. Building features an outdoor pool, indoor fitness center with whirlpool, saunas and shower & locker facilities. Also included in condominium amenities are two outdoor lighted tennis courts, a party room, library, and car wash bays.

There is so much to love about this condo, we think you'll want to come and see it for yourself! But if you'd rather browse the listing online, we have a link for that too. 

Are you thinking about living in Reston?
We have a fabulous single family home for sale in a great location. You'll love the private lot nestled into mature trees. This home is located just off Lawyers Road in Reston convenient to major commuter routes. Click the link for more photos and information or Call our office! 703-674-1217

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.

Northern Virginia High School Rankings

If you are thinking about moving to (or within) Northern Virginia, it's possible the Schools are important to you. I saw an article in the news today that I wanted to share with you courtesy of the Washington Post Local. The Headline reads: "Stone Bridge High School ranked 10th best in Virginia." (Click the link for Washington Post article).

Wow! 10th in the whole State? That's pretty spectacular! Congratulations to the teachers, students and staff at Stone Bridge HS! According to this article they also placed 178th nationally, and earned a gold medal for the student's college readiness. The article from US News showing the rankings can be found here.

Other local schools placing high in national rankings according to this article, include:

• #2 -  Thomas Jefferson High School for Science and Technology in Alexandria, VA
• #19 - George Mason High School in Falls Church
• #55 - George C. Marshall High School in Falls Church
• #85 - McLean High School in McLean, VA
• #88 - James W. Robinson Jr Secondary School in Fairfax, Virginia
• #98 Langley High School in McLean, Virginia
• #122 - W.T. Woodson High School in Fairfax, VA
• #129 - James Madison High School in Vienna, Virginia
• #165 - Oakton High School in Vienna, Virginia
• #178 - Stone Bridge High School in Ashburn, VA
• #193 - Lake Braddock Secondary School in Burke, Virginia
• #207 - West Springfield High School in Springfield, VA
• #249 - Fairfax High School in Fairfax, Virginia

I'd like to point out that Chantilly High School ranked 15 in the state, and Westfield High School ranked 16. This means that 15 of the top 20 schools in the entire state are located in our own Northern Virginia area. Congratulations to Virginia Educators! We appreciate all you do for our children and our future!

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

It's Termite Season Again!

Hello Folks!
Yesterday I was sitting in my office looking out the window when I suddenly noticed a ridiculous number of what looked like ants with wings. That was when I realized, it's Termite Swarming season again! Termites are an insidious force that can do some serious damage to your home, and you may not even notice until they've been there for years. If you own a home in Northern VA keep an eye out for these little guys when the weather gets warm. If you see them, call your local pest control professionals right away before they have time to get into your walls.

Photo courtesy of www.bugmasters.com serving Southern California

 Now you may be thinking, "that's great but how do I know that they are termites and not ants?" Well here is a handy graphic to help you make that determination.

This photo is courtesy of all seasons pests serving St. Louis, MO

I was grateful to two very adorable birds yesterday afternoon who had quite a feast of termite swarmers right outside my window. Unfortunately, I didn't think to take a photo until the little fellas were eaten.

Inspections

One of the most important things to complete prior to buying a home is your home inspection. This is typically done within the first 10 calendar days after your contract is ratified. Be sure you hire a home inspector who is certified!

Your Home Inspector will walk through the house with you checking all the the basic systems and appliances. This is a visual examination, meaning they point out what they can see with the naked eye.

Your inspector will make a note of anything that they feel might need repair, with special attention to anything they deem a "major issue". These items can become points of negotiation between Buyer and Seller.

Here are a few other inspections/tests that may be recommended for your purchase:

• Radon
• Mold
• Lead Based Paint
• Termite (Wood Destroying Insect includes Carpenter Bees & ants are typically included)

These inspections are common for this area, but are not a comprehensive list as inspections vary based on the age of the home being purchased, the requirements of the lender, and the needs of the Buyers and Sellers.

For more information, inquire on our website:
www.yourprp.com

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.

Buyer Beware

Hello and Welcome to 2012!
We are excited for a new year of changes! One of the biggest changes that is happening for us right now is to the Northern Virginia Regional Sales Contract. Virginia is a caveat emptor state which means "let the Buyer Beware". This year the contract has changed to embrace that idea a bit more fully. Our team has been in several training sessions to learn the ins and outs of the new contract. And while first time buyers may not notice these changes, Sellers who have done this once (or multiple times) before may be really excited about these changes. Just a few of these changes are noted below.

1. Conventional, FHA and VA financing all have their own addendum, separate from the contract pages but intended to be included with the contract
2. The requirement for Plumbing, Heating, HVAC, and Electrical (major systems) is completely different. These items will now be negotiable after the home inspection, which may lead to buyers and sellers playing the game of "how badly do you want to buy/sell this house?".
3. Well & Septic testing has changed, which may help out our clients & friends in western Loudoun County may find that interesting.

That's just a brief summary of a few points that we've discussed. We are here to help you navigate the new contract whatever your questions or needs. We would love to hear from you!

FIRST TIME BUYERS - CLICK HERE FOR MORE INFORMATION