How the Appraisal Impacts Your Home Sale

Market value, appraisal value, what does it all mean? How do these numbers impact your home sale? The short answer is that the market value determines the price at which you list your home. This is the price that a buyer is willing to pay for your home in the current real estate market conditions. Your local Realtor will be able to assist in pricing your home to sell quickly.

The appraised value of your home comes from a report completed by a licensed appraiser. The appraisal is a part of most real estate contracts, as the buyer's lender will not award a loan on a home that is priced above the appraised value. Because of this, some sellers may choose to have an appraisal done on their home before listing it for sale. It's important to keep in mind that, as the market shifts, the appraised value of a home may not be its true market value.

In a buyer's market, when inventory is high and demand is low, the market value of a home will usually fall below the appraised value. In a seller's market, when inventory is low and demand is high, sellers need to be careful of pricing their homes over the appraised value.

If an appraisal comes in below the offer price, then there are a few options. The seller may decide to lower the price to the appraised value, or the buyer can bring extra cash to the table to purchase the home. The buyer's lender will not approve a loan on a home that is higher than the appraised value, so one way or the other, the money will have to be adjusted.

How to Prepare
Although many items that are covered in the appraisal are fixed within a home and the attached grounds, there are some things you, as a seller, can do to ensure your home is rated at its best value. Many of these things are also recommended when staging your home, so if you have taken those steps before listing, you will be ready to go.

• Clean up - A clean home will always make a better impression than a cluttered, dirty one. Cleaning your home also makes it easier for the appraiser to move about and get where he needs to go.
• Maximize curb appeal - Mow the lawn, tidy up the landscaping, and put a fresh coat of paint on that porch. Small maintenance items like these can go a long way in making a first impression.
• Feature your updates - Any permanent changes that you have made to the house should be documented and shared with the appraiser, if possible. This is especially important for less apparent updates like a new HVAC system or roof. The appraiser will appreciate having these pointed out to him.
• Show comparable homes - Your local Realtor should be providing you with current market updates before and while you are on the market, but if you don't have some comparable homes on hand, she should provide this for you and present it to the appraiser.

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 - 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.

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).

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.

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.