Fairfax County VA Home Search Website Blog

At the beginning of 2008, it was predicted that green national and Fairfax County VA homes for sale would not only become a steady trend, but would also become the nationwide norm. As the home building industry struggled with economic upheaval, the building of green homes was one sector that kept growing.

Energy Star Designations
As of December, 2009, over 1 million homes have received the Energy Star designation since the program’s inception in 1995. Despite the many foreclosures, the glutted housing market and drowning homeowners, 75,000 more homes gained the Energy Star designation in 2009, raising the numbers to 1,024,200.

In 2007, 12% of single-family homes in the U.S. were Energy Star homes. In 2008, the numbers had reached 17%. Although the reports have yet to come in for 2009, there’s no doubt the numbers are increasing.

Two Other Green Home Certifications
Energy Star isn’t the only one with a green program; the U.S. Green Building Council (USGBC) also has a green home certification program. The number of participating homes is small (3,050 by the end of ’09), but noteworthy.

The National Association of Home Builders Research Center (NAHB) provides the National Green Building Certification, with over 500 participants.

The need for green national and Fairfax County VA homes for sale is, admittedly, consumer driven. Homebuyers want energy efficient homes - whether those homes are newly constructed or remodeled – and are willing to pay for them. Yes, the cost is higher, but most expect to make back the money spent on the house through future energy savings.

As we move forward in 2010, keep green in mind because energy efficient Fairfax County VA homes for sale are in high demand. If you’re trying to sell your home and can’t get it off the market, consider renovation towards a greener world.

If you’re trying to sell your home or find a green home to buy, I can help. Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Valentine’s Day is just around the corner.  Are you wondering what to get your loved one? Buying foreclosures in Fairfax County VA may not be on the top of your list, but maybe it should be. Do you need some extra room? Is it time to spread out? Are you a repeat buyer?

You’ve probably heard the term “buyer’s market” more often than you care to, but if you want to expand your living quarters, you might want to pay attention.

What is a buyer’s market?
The typical reply might be something like, “A buyer’s market is where the supply is greater than the demand; the heavier the supply, the stronger the buyer’s market.” What you really need to know is that a buyer’s market is heavily tipped in your favor. Mortgage rates, housing supply and negotiations are all pointed towards helping you find – and buy – the home of your dreams.

What’s so great about buying foreclosures in Fairfax County VA or other homes for sale now?
Whether you’re a first-time buyer or currently own a home and want to upgrade, there are plenty of reasons to get into the action now:

• Home prices are lower than they’ve been in 12 years.
• Foreclosures are going for rock-bottom prices as lenders try to make up their losses.
• The number of programs to help buyers get into a new home is higher than it’s ever been.
• Between government programs, lenders’ programs and private programs, the chances of getting into a home you can afford are high.
• Many sellers are eager to find qualified buyers. If you’ve been pre-approved for a mortgage, you have a better stance in negotiations.
• Mortgage rates are lower than they’ve been in a long time, but are slowly starting to rise again.

These are just a few of the reasons.

Why buy foreclosures?
Foreclosures are selling at much lower prices than other homes. In fact, many expect to save at least 30% when buying foreclosed property and that percentage isn’t unrealistic.

If you’ve been trying to figure out what to buy your Valentine, and you’ve been thinking about buying a home, look around at the foreclosures in Fairfax County VA. Not only can you find a fantastic deal, but you’ll also be able to celebrate Valentine’s Day in a new home!

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Not too long ago the “Greening of America” was just an idea.  Now, it’s a government mandate.  The latest requirements for new construction may just cause the cost of new Alexandria VA homes for sale and around the nation to rise.

In December, the Environmental Protection Agency (EPA) announced new stormwater management requirements for new construction.  These new requirements have the National Home Builder’s Association (NAHB) up in arms. In a news release posted on the NAHB website, the Chairman said the new housing regulations are unrealistic. 

It all comes down to stormwater. When it rains, water hits the ground and seeps into it. In most cases, that water is absorbed and filtered by the ground, and then replenishes the world’s water supply. Not so in developed areas, where pavement and roofing, among other man-made surfaces, prevent the water from being absorbed.

The remaining water becomes runoff, which, according to the EPA, damages the infrastructure of surrounding development, causes downstream flooding and bank erosion. In addition, the water carries pollutants, which are carried into streams and water supplies. The new regulations have a strict limit on pollutants in stormwater, as well as requiring that the stormwater has little to no soil or sediment in it.

While less pollution is a fantastic idea, NAHB says something is missing – such as understanding soil differences. Certain types of soil absorb water better, reducing the amount of run off, while other types of soil produce a naturally high amount of sediment. The cost for homebuilders to meet these regulations can be expensive – an expense that will be passed on to those looking for newly built Alexandria VA homes for sale.

The EPA has done some wonderful things for environmental protection, such as the Clean Air Act (CAA) and the Resource Conservation and Recovery Act (RCRA), that already affect construction costs. However, for newly built Alexandria VA homes for sale, this new stormwater requirement may end up not only being impossible to keep but impossible to pay for.

If you’re looking for new home construction that meets all necessary requirements, I can help. Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’re thinking about buying one of the condos in Arlington VA, it’s imperative that you know what you’re getting into, and how the past year has changed things. The rules and regulations for condominium mortgages have changed a lot in 2009…

In April, the two government-run mortgage companies, Fannie Mae and Freddie Mac, tightened their guidelines for those looking to own a condo in Arlington VA or any multi-family home. The restrictions make it harder for potential buyers to get financed through Fannie Mae and Freddie Mac, which makes a mortgage more expensive.

The April policy requires that the condominium association and operations be evaluated, as well as your credit qualifications. The new requirements touch on subjects such as:

• The association’s insurance
• Financial statements
• Status of dues receivable from those living in the condo
• Who owns what units
• How many units are empty

If the condominium you’re looking at doesn’t come back with a good report, you may have to go to a private mortgage insurer. Unfortunately, private insurers are becoming even pickier; some have quit covering condo mortgages all together. To be able to get a loan, even with good credit, you may end up paying as much as 40% down to get mortgage payments you can afford.

Even if the condo is approved, however, you’ll still need to come up with 25% or try government financing. Fannie Mae and Freddie Mac say it doesn’t matter what your credit score is. If you can’t pay 25% or more in the down payment, you’ll end up with a three-quarter point add-on penalty - $750 for every $100,000 borrowed. What’s the penalty for? Not buying a “traditional,” single-family home.

What’s the moral of the story? If you want to buy one of the condos in Arlington VA, spend more time researching than you normally might. Look for those that have at least a 50% occupancy rate. Find out if the occupants pay their dues, and if one person owns more than 10% (a big “no deal” for the two mortgage companies). Good condos are out there and available, but the rules make buying a hard game to play.

If you’re looking for a great condo that qualifies for Fannie Mae/Freddie Mac financing, I can help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

2009 was a rough stretch for many sellers and buyers of Fairfax County VA homes for sale, but new reports hint at possible stabilization in the housing market that may prove beneficial for everyone. As 2009 rolled to a close and 2010 opened into a new year, economic and real estate reports poured out good news, but bad news wasn’t far behind. For each positive note, there is always that unavoidable “but”:

• Mortgage rates are holding steady below 5%, thanks to government intervention. Thanks to the low rates, more people are buying and refinancing. However, the downside is that banks are more reluctant to refinance or loan. This leaves many, who want to buy one of the Fairfax County VA homes for sale, with the inability to do so. Ironic that, in a buyer’s market, it’s the banks with all the selling power.
• The other “but” is that the Federal Reserve program providing the low mortgage rates is set to expire in March. Rates could very well double shortly after, which is highly likely to drop the number of interested buyers. A drop in buyer numbers will only further shift the supply/demand ratio.
• As of December 10, 2009, the number of foreclosures in a month had dropped 16%, nationwide. The home buyer tax credit expansion, foreclosure prevention programs and loan modification programs have helped, as well as state mandated financing programs. As great as that is, there were still over 300,000 foreclosures in November, 2009, which is 18% higher than November, 2008.
• Home prices are “firming,” showing improvement over five consecutive months. Although the rise is considered mild, fewer homeowners are underwater, where they owe more mortgage than their house is worth. Because housing prices are improving, home sellers are more confident in the listing prices they’ve set.
• Many – who are currently unemployed – have ARM mortgages that will be resetting shortly. While they can afford their current mortgages, many won’t be able to afford a higher one. This could bring another round of foreclosures and another drop in housing prices.

What does all this mean for sellers and buyers of Fairfax County VA homes for sale? As Ben Franklin put it, “nothing in this world is certain, except death and taxes.” However, there is also the famous “nothing ventured, nothing gained.” 2010 could be rocky, but, if you’re careful and do your research, you’ll find smooth sailing ahead.

If you’re trying to buy or sell a home, I can help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

If you’ve recently applied for credit to finance a Fairfax County Virginia real estate purchase, and were declined, you might be wondering why a lender would deny you credit.  Most lenders have a checklist of qualifications necessary to get approval for a home loan, and some don’t have anything to do with what your credit score is.  Here are the basic reasons a lender may deny a mortgage loan:

• Little or no credit.  You may be under the mistaken impression that no credit is better than bad credit, but you’d be wrong.  A blank credit history is not something a mortgage lender wants to see.  A lender needs some idea of how you make payments.  You can build your credit history by getting a department store credit card, and only using thirty percent of your available credit to make a purchase.  Making regular payments will soon add up to good credit, and lenders will look more favorably at your loan application.
• Bad Credit.  It’ll be difficult to find a lender that will approve a person with bad credit.  It’s not the end of the road.  You can improve your credit score with a little hard work and still buy that Fairfax County Virginia real estate you want.  You’ll want to get a copy of your credit report from all three of the major credit bureaus.  If you have frequent late charges or many items in collections, you’ll need to call each company and arrange to get your accounts current.  You’ll be surprised at the difference each timely payment makes on your credit score.
• Credit-to-Debt Ratio.  Most mortgage lenders will decline a loan application if your credit to debt ratio is too high.  The ratio is figured by dividing the amount of credit available to you by the amount that you are actually using.  Using all or a high percentage of the credit available to you may leave the impression that you are short on money and will have trouble making loan payments.

Let me help you get on the road to a Fairfax County Virginia real estate loan.  Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

When home values started dropping in 2007, a lot of homeowners panicked and immediately began putting their houses on the national and Fairfax County Virginia real estate markets. The supply of homes for sale rose to a staggering amount and prices dropped lower, fueling more homeowners to “get out while they still could.”  However, as 2009 rolled to a close, a new trend that may mean a calming of the panicked markets began.

Meet the Nesters
During the real estate boom, house flippers popped up from everywhere. In fact, flipping houses became such a big industry that cable channel A&E began producing “Flip This House” for those who wanted to try it themselves. Houses had become financial investments, a way to build equity or even immediate cash. However, as prices dropped for national and Fairfax County Virginia real estate, investors found their investments failing.

So, if you can’t build equity, you can’t invest and you can’t flip homes, what good are they? Ask the “nesters,” who’ve decided that a home is something to hold on to and a good investment anyway.

2009 showed a 20% increase in the first three quarters for home construction according to NAHB (National Association of Home Builders),  and another 8.7% increase in the last quarter of the year. The amount spent on remodeling in 2009 hit $114 billion by October. What are these nesters doing?

While some paying for remodeling are trying to raise the quality of their home to sell it, most are fixing it up to live in. Most people move to get more space, but these nesters would rather expand the place they live in than buy a new home. As well, many contractors believe the number of home improvement bids have gone up thanks to the $1,500 energy tax credit for raising the energy efficiency of a home.

Whatever the reason, the rise in nesters may mean an evening out of the housing supply. Although the national and Fairfax County Virginia real estate markets may not stabilize immediately, a drop in the number of homes hitting those markets could make all the difference in a housing recovery.

If you’re looking for a beautifully remodeled home, I can help. Call me now at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

When you first start talking about buying Alexandria VA homes for sale, you’ll hear “Oh, you should get pre-qualified first,” or “you should get pre-approved first.” So who’s right? What’s the difference between the two?  Is there any difference at all?

Pre-qualified Loans
Before shopping for Alexandria VA homes for sale, you want to look at lenders. Not all mortgage lenders are created equal. Especially now, with the rocky economic times, you have to be especially careful who you get your mortgage through.  When you find a lender you’re comfortable with, you have two choices: start shopping for houses or get pre-qualified for a loan.

Pre-qualification for a loan is based on the best estimate of the loan officer, not “set-in-stone,” verified facts. The officer believes, because of the information you tell them, that you have good credit and can financially afford a specific loan amount. For this reason, because it isn’t verified, pre-qualification doesn’t hold as much weight with buyers. As well, you could still end up wasting a lot of time looking at houses you can’t afford.

Pre-approved Loans
The second step in getting a mortgage loan is pre-approval. With pre-approval, the lender has received verification that, yes, you are credit worthy and yes, you can afford up to a specific loan amount.

Pre-approval not only gives the seller the idea that you’re a good prospect, but it also helps you out while looking for a home:

• You already know how much home you can afford.  
• You already know that you’re qualified to buy any home you look at that falls within your verified loan amount.
• You have better negotiating power with the seller (who may be more willing to accept less than list price knowing that you are already pre-approved).
• The closing period can happen faster, narrowing the typical 30-day period to less than three weeks.

In short, when looking at Alexandria VA homes for sale, it’s better to be pre-approved, but you can’t get pre-approved for a mortgage without being pre-qualified.  So do yourself (and your new home) a favor and do both.

Need help selecting a mortgage lender?  I can help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

From national and Fairfax County Virginia real estate to the U.S. economy, the predictions for 2010 are in.  Like any predictions, they vary from somewhat bright and cheery to doom and gloom:

CNBC’s Realty Check predicts:

• the beginning of a housing market recovery mid-year
• higher foreclosure inventory
• rising mortgage rates, probably leveling off around six percent
• suffering commercial real estate

The National Association of REALTORS®’ (NAR) chief economist is projecting:

• A sustainable recovery.  The tax credit expansion will help to relieve extra housing supply through mid-2010.

• A rise in existing home sales.

• The NAR is expecting existing home sales to rise as high as 5.69 million, even with continuing unemployment issues.  That’s a 13.6 percent increase.

In fact, the U.S. forecasts for national and Fairfax County Virginia real estate are overall positive for 2010.

Housing Predictor, one of the first places to predict the wave of foreclosures, also forecasts positive numbers for 2010.  They anticipate rising home sales, market improvement and even value appreciation for some places. Again, the magic period for the start of stabilization is the middle of the year.

Although no one knows for certain what will happen in the future – especially for such struggling sectors as national and Fairfax County Virginia real estate – we can all gain a little hope from the 2010 forecasts. There is one thing that is fairly well agreed upon according to these predictions:  there will be a real estate recovery in 2010.

If you’re struggling to sell your home, I can help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com for more information.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939

Recently, I came across a show on the Bravo network. Three high dollar real estate agents push million dollar deals in the City of Angels, Los Angeles, California. I can’t say that it reminds me of when I was a new Fairfax County Virginia real estate agent.

Called Million Dollar Listing, the show is a “docu-series” with three young stars:

• Josh Flagg graduated high school in 2004, stepped into high-end residential real estate, made several record sales and became one of Los Angeles’ best agents.
• Madison Hildebrand graduated from Pepperdine University, sold his first home to a celebrity and now sells homes as high as $20 million.
• Chad Rogers got his real estate license at 18, rose through the ranks and is currently working for a prestigious real estate brokerage.

What does all of this have to do with being a Fairfax County Virginia real estate agent? Nothing – and everything. Watching the show, I can’t help but think, “If these young bloods can sell a $20 million dollar house in Beverly Hills, in this economy, we can certainly sell $450,000 homes in Fairfax County, Virginia.”

Okay, so they’re selling to a lot of celebrities. And, yes, people in Beverly Hills and the surrounding counties are famous for their big wallets. I also have to admit that it might be easier to sell a house with fifty natural selling points (huge pool with pool man, beautiful grounds cared for by landscapers, two-ton chandeliers, stables) than it is to sell an average house that has five selling points.

Having said all that, however, when times get tough remember that we have a beautiful city. We have beautiful homes for sale, nice neighborhoods and great communities. We have a lot of selling points to show off, at more affordable prices.

If you’re looking for a beautiful home, even if you’re not a celebrity, I can help. Call me now at 703-909-3939 or email me at Steve@HomeSearchWebsite.com.

Steve Hawkins
Long and Foster REALTORS®
Springfield, Virginia
www.HomeSearchWebsite.com
Steve@HomeSearchWebsite.com
703-909-3939