NAR Data Shows Now Is a Great Time to Sell!

We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.

See more here.

5 Reasons to Hire a Real Estate Professional When Buying or Selling!

Whether you are buying or selling a home it can be quite an adventurous journey, which is why you need an experienced real estate professional to guide you on the path to your ultimate goal. In this world of instant gratification and internet searches, many sellers think that they can For Sale by Owner or FSBO.

The 5 reasons you NEED a real estate professional in your corner haven’t changed, but have rather been strengthened by the projections of higher mortgage interest rates & home prices as the market continues to pick up steam.

Read more here.

Selling Your Home? Is Your Listing ‘Pet-Friendly’?

One of the many benefits of owning your own home is the freedom to find your ‘furever’ friend. By pointing out the aspects of your home that make it ‘pet-friendly’ in your listing, you’ll attract these buyers rather than alienate the 61% of American households that have a pet!

If you are one of the many homeowners looking to list your home for sale, how do you stand out to the millions of pet parents searching for their dream homes?

Whether a dog person, a cat person, or someone who prefers the company of another pet species, 99% of pet owners say that they consider their animal to be family. When finding a home, 95% of animal owners believe it is important that a housing community allows animals.

Read more here. 

How to Avoid the Biggest Remodeling Mistakes

Selling your home? Get a free home value report

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I recently came across a great video from Consumer Reports about home updates and remodels that I just had to share with you.

Did you know that some of the best upgrades to add value to your home are actually some of the smallest ones? Big changes like a new addition won’t always make you all of your money back.

This video is all about seeking the help of professionals when you want to make updates, repairs, or remodels on your home. If you’ve been in your house for more than a few years, odds are that the value of your house could improve with some upgrading or remodeling. 

Now, it doesn’t always have to be expensive, but it’s important that you do it right. In this market, there is a lot of money to be made with the right upgrades.

Whether you want to make your home more valuable because you’re thinking about selling and want to get top dollar, or you just want to add to future resale value, it’s important to avoid falling into a money pit. 

Start by figuring out what you want to accomplish. For most people, that starts with finding out the value of their home at this time. That will go a long way in determining what kind of investment you should make in order to maximize the value of your home for the least amount of money.

For an accurate idea of your home’s value, use our free home market analysis tool. Send info like the number of bedrooms and bathrooms, along with a few photos of your home - especially the important rooms like the kitchen and master bedroom - and we can quite accurately predict your home’s selling price, too.

The estimate won’t be perfect, but it will be extremely close. 

We can recommend upgrades or remodels that will bring you the best return on every dollar. As the Consumer Reports video shows, a survey of 300 contractors revealed that homeowners changing their minds in the middle of a job can increase costs by 10%!

Similarly, don’t waste your time with a contractor who isn’t licensed. Accredited contractors are better at keeping the cost to you down when you come across budget overruns. Since many hidden costs come from unseen structural problems, a pre-inspection may be your best bet to help you find out what you’re getting yourself into with a big project. 

Finally, we see that their survey showed that many contractors are, in fact, willing to haggle on an estimate. Your odds are better if you’re a repeat customer or are having work done on multiple rooms.

You can see the full video here.

As an expert in the Northern Virginia market, I can also help you pinpoint areas of your home that will maximize your return when it comes to upgrades and remodels. I know exactly what buyers in the area want and can tell you exactly where your money is best spent to get the most out of your home. Send me an email, give me a call, or check out our free home market analysis tool to get the conversation started.


I hope to hear from you soon, and good luck!

Holiday Decorating on a Budget

Selling your home? Get a free home value report

Buying a home? Search all homes for sale 

The holidays are approaching. Today, we thought we'd do something a little different and share this festive video on holiday decorating tips from HGTV. Designer Angelo Surmelis shares several great ideas to spread holiday cheer throughout the home. Here are some of our favorites.

1. Pay attention to the mantle. If you don't have some already, buy some kind of garland to drape over the mantle. Next, use leftover ornaments and candles to add light and texture. When choosing ornaments and candles, ensure they are in the same color-palette. This helps make your mantle a great focal point!
2. Use smaller Christmas trees. Every house has their main Christmas tree. In addition, you can also purchase smaller, inexpensive, eco-friendly trees to place throughout the home. Decorate these trees with strips of fabric from a T-shirt in holiday colors to save money for the main tree.
3. Use what you have. Be resourceful. Adding a plate charge and place mat to your everyday dining set adds some jazz to your table. Fresh-cut flowers and candles will help finish the look. You don't need grand, expensive candles -- a little candlelight goes a long way!

As you can see, it doesn't take much to make your home feel more festive. If you have any questions, give us a call or send us an email. We would be happy to help you!

How to Organize Your Home Before a Showing

Selling your home? Get a free home value report

Buying a home? Search all homes for sale 

  
I recently found a good video on HGTV that I thought would be helpful to you if you're preparing to sell your home. It's essential that when you show your home to buyers, it's clean, organized, and decluttered. You'll want to empty out your closets, or at the very least, get them organized.

One thing you can do to get organized is put up shoe hangers in your doors, and store everyday items inside them such as cleaning supplies, utensils, or anything else that you can fit in them.

Another way to cut down on clutter is to use labels, or pick up storage bins to keep items like cords or wires in.

A tip for organizing your closet is to divide your clothes into four different sections: hang, sell, donate, keep, and fold. Once you have something marked out for every category, you can then organize your closet in any way you see fit. Here's an extra tip: you can use belt hangers to hang your necklaces and other jewelry.

I just thought this video would be useful for organizing your home, whether you're selling or if you just want to tidy up a bit.

If you need any assistance with staging, decluttering, or selling, please don't hesitate to contact me!  

Most Frequently Asked Questions About Refinancing Your Home

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Many people tend to oversee the fact that when interest rates are low, they have a significant impact on more than just people buying a home.  Low interest rates, in fact, have a HUGE impact on the overall cost on a mortgage so when people refinance their existing properties under lower rates it translates to thousands and thousands of dollars in savings.  Not only that, if these same homeowners who opt to have their homes refinanced also reduce the term on their mortgage, the savings are unprecedented.  

To help explain some of the most widely asked aspects of the refinancing process, here is a list of questions and answers that shed light on the issues that will help you in determining whether refinancing is right for you.


What Are Some Reasons To Have Your Mortgage Refinanced?

The current real estate market today is experiencing all-time low, historic interest rates on mortgages.  For many professionals in the industry, this is the first time they have witnessed rates at this level.  Reasons for obtaining refinancing on a property include reducing interest rates, reducing the overall term on the mortgage i.e. going from a 30-year loan term to a 20-year term and also to be able to leverage equity that is held up in an existing property.

How Does A Term Reduction Look On Paper?

When the number of years of a mortgage loan is reduced, also called a term reduction, payments may or may not remain the same but the time within which the loan must be paid off is significantly less.  For example, a previous mortgage at 6% for a 30-year term can be refinanced at 3.5% payable in 15 years, which adds up to a savings of hundreds of thousands of dollars and reduces many years off the loan repayment schedule.

What Factors Go Into Eligibility For No Closing Costs Refinancing?

Many mortgage companies are now crediting closing costs.  Though this is a facility that is scrutinized based on an applicant’s eligibility, the savings add up. Eligibility is determined based on specific criteria including the applicant’s credit report and credit score, plus whether or not there is a second mortgage.  Credit score expectations are within the low to mid 700 range, with the higher score translating to better concessions.

How Does A Loan Officer Decide On A Refinance Application?

Each borrower’s situation is different.  Mortgage lenders consider what the loan’s value is, the credit scores, home value and how the market is performing such as in a depreciating market. 

What Is PMI And Can I Avoid It In A Refinance?

Private Mortgage Insurance, or PMI, is required by lenders of most homeowners that borrow at least 80% of the home’s value.  It works as a protective measure in case of default. In cases where the current mortgage is owned by Fannie Mae or Freddie Mac, there is a provision for appraisal relief that can result in exemption from PMI.

What Is The Typical Time Frame For A Refinance Process?

Most applications take about 4-6 weeks if it is a straightforward case. If there is a second mortgage it involves another bank and entails coordination and additional time for processing.

Can I Use Refinancing For Leverage In The Market?

Refinancing would unlock any equity in your home, allowing you the leverage to use those funds in a new purchase.  Not only will it boost the sale process on a new home but it could also eliminate the need for PMI if you put at least 20% down.

What Documents Are Required For The Initial Consultation?

In order to initiate the application process, people applying for a refinance should produce the last two paycheck stubs, W2 statements from the previous two years and the previous two months’ bank statements.

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Regardless of if you are selling, refinance should be considered to be able to reduce monthly payments on a home.  This is also a good time for investors to cash in on the opportunity. For a customized assessment, it is advisable to consult with your Realtor.

Top Home Improvement Projects; Understanding How Enhancements Impact Your Bottom Line ROI

 

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Everyone needs to value and protect his or her assets, especially with the current economic situation. One of the best ways to do this is to maintain, manage and make strides toward constant betterment. In a house this can mean any number of things. Whether you choose to enhance an existing bedroom, extend your kitchen, install new flooring in the basement or even replace the garage door – all these and significant others – are excellent ways to strengthen the value of your property. With these home improvement projects, you will enjoy continued returns on the investment that you make in your most cherished asset.

How Does ROI Work?

In real estate it is the formula that is used to compare the cost of remodeling projects with the value those projects will retain at resale. With a little time, energy and effort, you will undoubtedly get back lasting value, increased enjoyment and an enhanced return on your investment. In terms of home improvements, making adjustments to outdated areas of your home, will not only make the space more enjoyable to live in, but it will also increase the resale value of the property. So while it may seem costly to redo the entire kitchen cabinetry and countertops, the chance that you will recover most of the monies spent on the improvement are very high.

Home Improvement Projects Yield Great Returns
Kitchens

Since the kitchen is usually the area in a home that gets the most traffic, it is often one of the first aspects of a home that is judged during evaluation by buyers. Updated, modern and functional kitchens are an important selling feature. If yours is lacking in any of these areas, by embarking on a kitchen remodel project you will could see significant ROI. While the cost of improving a kitchen can be relatively high, the returns of as high as 72% make the initial investment bearable.


Doors and Windows

One of the easiest ways to change the look of a home while increasing its value at the same time is to update the doors and windows. Considering the growing penchant for energy-efficiency in homes, the installation of doors and windows with high-end, energy-efficient sealing and construction will be a welcome addition to any home. When you look at the amount of money saved each year on energy bills, that alone makes the decision to update this aspect of your house an easy one.

Also with the growing security concerns many people are feeling these days, the confidence level of homeowners (and prospective buyers) will soar with the inclusion of solid, quality entry-exit points and windows. While there is a fluctuation based on the type of doors and windows on costs recouped from the initial expense, in general the returns are significant.

A new and improved garage door is a significant change for the better in most homes and one that has seen a ROI of as much as 84%.

Systems Upgrades

In many cases the core systems of a house, like the heating/cooling system or plumbing – tend not to be changed until they break down. When considering ways to improve a property, examine the condition of these systems and, if applicable, maintain or manage them to a level of improved function. If possible, replace parts or entire ensembles. The returns on these investments will be impressive.

Cosmetic Changes

A fresh coat of paint can do more than just spruce up the look of your home. If you are in the market to sell your house, a simple yet highly impacting project like repainting the walls or installing new flooring in your home, can have an immediate impact on prospective buyers. The additional bargaining power you will get from making such adaptations will be more than worth it.

Outdoor Elements

Not surprisingly, many people give great important to the quality and condition of decks and other outdoor spaces in a home. Whether this means your patio and recreation area, the landscaping or even the type and style of boundary fence – an often underestimated aspect of properties is outdoor care. According to Realtor Magazine, a deck addition can yield as much as nearly 73% return on investment.

Structural Enhancements

This is an often overlooked part of a home since it’s not really visible as much as the elements inside the house. As is the case with system-wide functions, the structural aspects are usually tended to when there is a need for major repairs. Prevention is one way to keep a roof, for example, in top condition and ready for any sudden burdens that may arise such as a storm. Siding is also important when determining a home's overall condition and one that cannot be ignored, especially when you plan to put your house on the market. The difference between having quality vinyl siding installed versus a less-than-desired state can be significant. With an ROI of as much as 70-80%, there is an excellent financial incentive to improve these areas as well.

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No matter which area of your home you decide to improve, the results are unmistakable. Not only will the quality of your life be greatly enhanced but also when it does come time to sell, the value of your home will be significantly increased, giving you an exceptional ROI as a result of those home improvements.

How Much is Too Much Remodeling?

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For many homeowners, selling their home is an event that usually only takes place once or maybe twice in their lifetime.  For this reason, the experience is completely foreign to them and they may be carrying old ways of thinking in terms of how to prepare the home for sale.  Where once some things may not have been a turn off to sellers, in the current marketplace there may very well be different standards.  It is highly recommended to consult with a professional prior to having any significant work done on a home – especially if the prospect selling the property is in the near or short-term future.  Here are a few reasons why homeowners should proceed with caution before embarking on any major repairs, renovation or remodeling their homes.

New Owners May Not Have The Same Tastes

Though there are a few “clean slate” type design looks that are fairly universal, one can never tell how potential buyers might react to particular design elements in a home.  Aside from keeping a fairly neutral color palette and updating kitchens and bathrooms to a modern state, generally less is more.  In some cases, sellers deliberately leave areas in their home that require a lot of work for their future buyers to contend with.  When rolled into negotiations, it can end up saving the sellers a lot of money while sparing buyers a lot of headache at the same time.

Housing Values May Already Be Topped Off

Depending on the market, your home may already be at the maximum limit in terms of value in the neighborhood.  If your home is already among the ones valued higher than other nearby homes, then putting in any more money toward the property could end up being a waste of money.  It is a good idea to leave some room for a home to increase in value over the years.  If there is a significant amount of investment made to improve the home but it falls outside of the value range for the neighborhood, it could be a huge turnoff to buyers resulting in fewer offers.

Hidden Costs Could Surface During The Remodel

If you expect to sell your home soon, the last thing you want to do is to get involved in a lengthy renovation project only to discover that there are hidden issues lurking behind the walls.  Many times unsuspecting homeowners encounter hidden problems that end up costing a lot more money than they ever expected.  Had they spoken to a Realtor in advance, they might have learned that a better strategy would be to allow potential buyers to decide whether they preferred the change.

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When you make the decision to incorporate some changes to your home, be sure to sit down and consider all the current and potential factors at hand.  Many homeowners do not realize how beneficial meeting with their real estate agent can prove to be if done prior to beginning any major work.  Before overdoing any of the “redoing” in your home, set up an appointment with a professional!