Fairfax County VA Home Search Website Blog

As an owner of one of the homes or condos in Arlington VA, one of the biggest traps you can fall into is over improving your home. 

Turn on any home improvement channel, and they will show you all the latest and greatest in must haves for your home or condo in Arlington VA.  What they don’t tell you is that even the best upgrades won’t guarantee an increase in your resale value.  In fact, most remodel jobs only recoup 60% to 70% of their costs.

Here are some tips to help you avoid over improving your home: 

Assess the value of homes and condos in your neighborhood. 

Unless you plan on staying in your home forever, do some research on the home values in your neighborhood before you begin any home renovations. Ideally, you want to add improvements that increase the resale value of your home while staying within the average market price of homes in your neighborhood. 

For example, if the homes or condos in Arlington VA sell for an average of $250,000, with the highest priced home in the area going for $350,000, make home renovations that increase the value of your property to the average home price of $250,000 or less.  You do not want to be the highest priced home in your neighborhood.  And, the last thing you want to do is to put more money into your home than you can get back. 

Pick the projects you want to tackle. 

Start with home maintenance and repair projects like fixing the foundation, roofing, painting, carpeting and upgrading windows.  If your home isn’t well cared for, it will show and potential buyers will move on to the next home for sale.

“Kitchens and bathrooms sell homes.”  Sound familiar?  Excluding location and price, this is a true statement.  Updating your kitchen and baths are excellent projects to tackle to increase the value of your home.

Refinish or replace rather than completely renovate. 

You don’t have to do a complete kitchen or bath renovation.  Minor improvements such as refinishing cabinets, replacing old hardware and adding new fixtures make a big difference in the appearance of baths and kitchens.  And, you’ll conserve your financial outlay.

If you’re planning to renovate your home or condo before putting it on the market, I can help you identify the projects that will increase your resale value or get your home sold faster.  Give me a call today 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

Selling Alexandria VA homes for sale by owner takes a lot of time, energy and expertise.  You need to know how to set a fair market value for your home, promote your home to pull qualified buyers and negotiate the final terms and sales price. 

One of the most important skills you need to learn in order to find qualified buyers for your Alexandria VA home for sale by owner is how to sort out the lookers from the serious buyers. 

Lookers are people who aren’t serious about buying a home.  At the least, they waste your time and energy.  At the worst, lookers could be a security problem.  They could be checking out your home to determine if you have valuables worth stealing.

Serious buyers are people who are interested in buying a home within 30 to 90 days and are pre-approved for a mortgage.  Spend your time and energy on these individuals.

So, how do you identify qualified buyers?  Before scheduling a time to show your Alexandria VA home for sale by owner to potential buyers, ask them these four questions: 

1. Are you pre-approved for a mortgage?  If they’re pre-approved for a mortgage, they’re serious about buying a home.  If buyers aren’t pre-approved, suggest they contact a mortgage specialist and get back in touch with you when they have their pre-approval letter.  Mortgage specialists check the buyer’s credit score, income and debt ratios. They also verify that the buyer has enough money for down payment and closing costs.
2. How much are you pre-approved for?  Make sure they’ve been approved for a big enough loan to be able to afford your home.  If your home is valued at $500,000 and they’re only pre-approved for $150,000, they cannot afford your home unless they can pay the difference in cash.  If the buyer is purchasing your home with cash, or using cash for a large down payment, ask the buyer for a bank statement to verify his or her funds.
3. Do you have your pre-approval letter?  Verify that they are pre-approved for the amount they say they are.  Ask the buyers to email or fax their pre-approval letter to you or bring it with them when they tour your home.
4. What’s your possession deadline?  Your move-out timeframe needs to be close to the buyer’s move-in deadline.  How close?  Close enough to negotiate the difference.  If they don’t want to take possession of your home for 6 months, and you need to sell immediately, they’re not a serious buyer for your home.

To successfully sell your home, you need to know if a potential buyer is qualified to buy your home.  The sooner you know this, the less time you’ll waste chasing after lookers and unqualified buyers.

Tired of going it alone?  If you’d rather have an experienced real estate agent handle everything for you from finding qualified buyers to negotiating the sales contract, give me a call today 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

There are a few misconceptions about how to set the sales price for your Fairfax County Virginia real estate.  Here are five common pricing myths and the reality behind them.

Myth #1:  It’s OK to test a high price on your Fairfax County Virginia real estate just to see if anyone will buy it at that price. 

Truth: If you’re serious about selling your home, don’t play games.  In this buyer’s market you have a very small window of opportunity to pull in serious buyers when your home first enters the market.  If you play games, like over pricing your home just to test the market, buyers will stay away in droves. 

Myth #2:  You should price your Fairfax County Virginia real estate higher than the market value to allow for room to negotiate.

Truth:  No matter what your reasoning or rationale, overpricing your home is never a good idea.  When your home is overpriced, very few potential buyers inquire about it or visit it.  If no one wants to buy your home, you won’t have anyone to negotiate with.

Myth #3:  The appraisal value of your home has no impact on the sales price of your home. 

Truth:  Lenders consider the value of your home to be the price for which the home is appraised.  For example, if you and your buyer have agreed on a sales price of $300,000, but the appraisal comes in at $280,000, the lender considers the value of the home to be $280,000, not $300,000.   When this occurs, buyers will want to renegotiate the sales price of the home to match the appraisal price.

Myth #4:  Real estate agents want to price homes high because they’ll make a higher commission.  

Truth:  If you’ve done the work needed to find a great Fairfax County Virginia real estate agent, you should trust him or her to price your home correctly.  Because of their experience, real estate agents understand more than anyone else the importance of properly pricing your home.  If they’ve incorrectly priced your home, it won’t sell, and the agents earn nothing.

Myth #5:  Real estate agents want to price homes low because they’ll sell faster and easier without the agents having to do any work.

Truth:  Professional real estate agents know that setting the price too low can be almost as harmful as setting the price too high. Buyers who are looking in a specific price range may not consider your home because of the low price tag.  They assume it will not fulfill their needs or worry that there’s something wrong with it.

If you’re ready to sell your home, I can help you price it right.  Give me a call 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

Here are a few tips to help your Alexandria VA home for sale show better and sell faster.

1. Get rid of the excess:  Eliminate as much as possible, and then do it again.  Remember when staging your Alexandria VA home for sale, less is best.  Swap out personal photos for framed art.  The main idea is to remove as much as possible and replace personal items with neutral objects so that people can imagine their things in the home.
2. Repair and paint:  Before painting, fix all those minor dings that don’t really bother you.  Buyers notice everything.  A missing piece of baseboard, an outlet that doesn’t work, or a closet door that won’t stay on track all seem minor, but they can have a huge affect on how a buyer views your home.  The next step is to apply a fresh coat of paint in a neutral color.  Freshly painted walls make a room look cleaner and larger.
3. Improve the curb appeal:  You have to get people in the door before they’ll buy your Alexandria VA home for sale.  If your house looks bad on the outside, buyers won’t waste their time taking a look at the inside.  Improving your curb appeal doesn’t mean you need to hire a landscaper.  It can be as basic as trimming your hedges and trees, especially those closest to your house.  Repair or replace loose porch railings and make sure the exterior paint is not chipping.  If needed, scrape and paint; peeling paint is a real turnoff to buyers.  Keep the lawn mowed.  Put away bikes, toys and garden tools.

Following these simple steps will go a long way to getting your home sold quickly.

Ready to sell your home?  I can help.  Call me today 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

Marketing your Fairfax County VA home for sale can be tough enough in this economy without having other sources working against you. That’s why you should double-check your property’s public records. Large discrepancies between your property description and what’s listed as public record could be turning potential buyers away.

If the public property report for your house is not up to date, you could appear as if you’re inflating its qualities, such as the square footage or the number of bedrooms and bathrooms. Don’t let something so simple hurt your property’s sale. Consider taking the following steps to ensure your home is being portrayed accurately.

1. Review your property’s public record.  If it matches the information that you and your real estate agent have been promoting for your house, then you’re good to go. It won’t take long, and it will give you peace of mind.
2. Ensure that your house’s updates, renovations and additions are all included. Evaluate the report to determine if any updates have been made but not recorded. Was there an addition added without a building permit or a basement finished to include another bedroom? Every square foot counts!
3. Fix any discrepancies. Check with your county tax assessor about updating your public record; they’ll want an accurate report for tax purposes anyway. While this might take some time and effort, having an accurate description of your property could help you sell it faster and avoid more months of mortgage payments.

Not only could an inaccurate public record hurt your Fairfax County VA home for sale, it could also hurt your house’s value.  Typically, real estate appraisers only consider square footage that they can verify through a building permit. If your records aren’t up to date, you may end up getting less than your property is worth.

If your Fairfax County VA home for sale has yet to sell and you’d like more information on how to check its public records, give me a call 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

Do you know how closing costs actually work? Or, how you’d use CMAs (comparative market analysis) to evaluate Fairfax County Virginia real estate? And, can you decipher all of the abbreviations and acronyms, such as FDR, lo dues and MLS.

Purchasing a home is frustrating enough without having to go through the frustration of decoding all the complicated speak and legalese. If you brush up with a real estate dictionary  before your home-buying search, you’ll gain valuable knowledge and save yourself a lot of time and headaches in the long run.

Basic lingo every Fairfax County Virginia real estate buyer or seller should know …

• ARM - This stands for Adjustable-Rate Mortgage, which is a type of mortgage where the interest rate periodically adjusts.
• Closing costs – These are miscellaneous expenses buyers and sellers pay upon closing; they usually include brokerage commission, escrow taxes, recording fees, etc.
• CMA – This stands for Comparable Market Analysis, which is a report of recently sold, comparable homes in the same market as the home you’re selling.
• ERV – Estimated Rental Value 
• FDR – Formal Dining Room
• Fixture – Anything that is permanently attached to the home, such as door knobs, carpeting, light fixtures and landscaping
• FP – Fireplace
• HDW – Hard Wood Floors
• Lo dues – Dues paid to the homeowners association
• MLS – Multiple Listing Service, which is an organization that compiles multiple listings into one report and distributes it to all of their realty members.
• PSF – Per Square Foot
• Sale price – The actual price at which the property sells.

Don’t let the hectic housing market overwhelm you.  If you understand Fairfax County Virginia real estate lingo, you’ll be more knowledgeable and able to easily achieve your real estate goals.

If you have questions about any of these terms or want help achieving your real estate goals, 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

Good news for the housing industry!  Nationwide new home starts increased 14.6% in January, reaching its highest rate in four months and increasing more than analysts expected.

During the International Builders’ Show in Orlando, David Crowe, chief economist of the National Association of Home Builders, projected single-family housing starts to rise 21% in 2011.

To what can we attribute these actual and projected increases?  The four key elements driving new construction in 2011 are:

• Sustained job growth.   Lawrence Yun, chief economist of the National Association of REALTORS®, projects about 2 million jobs to be added in 2011.  Unemployment is expected to drop to 9.2 percent.
• Increasing U.S. population.  Over the past 10 years, the U.S. population has increased by 27 million. Continued population growth will also stimulate construction and sales of homes and condos in Arlington VA. “All the indicator trends are pointing to a gradual housing recovery,” Yun says.
• Low interest rates.  The 30-year fixed-rate mortgage for homes or condos in Arlington VA is forecast to rise gradually to 5.3 percent around the end of 2011.
• An increase in the multi-family category.  The majority of the new construction projects were for apartment buildings and other multi-family units.  The rate of starts for single-family homes was the lowest in almost two years.  Independent economist Joel Naroff  said, “What is nice to see is that developers seem to be picking up the slack by putting up rental and condo units instead, a trend that is likely to continue.”

Another boost to the housing market will come as lending opens up with safe underwriting standards for creditworthy buyers.

If you have any questions about buying or selling homes or condos in Arlington VA, or about our local real estate market, please give me a call today 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

You’ve found the perfect Alexandria VA home for sale you want to buy, and you’ve hired a professional home inspector.  But, wait!  You’re job isn’t done.  You still need to personally participate in the inspection on your Alexandria VA home.

Here are 5 reasons why you should attend your home inspection: 

1. See for yourself.  There’s a big difference between reading a report and seeing first-hand what’s right and wrong with the home.  Armed with this knowledge, you’ll be able to determine if a problem is serious enough to walk away from the home if the seller is unwilling to fix it.
2. Learn practical information about your home.  You’ll discover where things such as the water valve and electrical box are located.
3. Experience your prospective home through the eyes of an expert.  This is a valuable educational opportunity.
4. Ask the inspector questions.   If there’s anything that looks suspicious or anything you don’t understand, ask your home inspector about it.  You’re paying the inspector for his expertise, so take full advantage of his time and experience to learn all you can about the house and its features.
5. Comprehend the home inspection report.  While it’s your home inspector’s job to discover and disclose the condition of the Alexandria VA home for sale in the home inspection report, being present for the inspection helps you visualize and understand all the items in the report.  This information makes negotiating a financial solution to any potential problems much easier and much more straightforward.

What should you do during the home inspection? Your primary tasks are to watch, listen, learn and ask questions.  A professional home inspector will welcome your participation in the process.

Need a referral to a professional home inspector to give you a report on the Alexandria VA home for sale you wish to purchase?  Give me a call today 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

Looking to buy a new house? Do you have a specified budget in place? Are you going to need to take out a loan? In such a tumultuous Fairfax County Virginia real estate market, there are many frustrating financial hurdles that you need to jump before you can purchase your home. However, with a pre-approved loan you could reduce stress and move in quicker.

A pre-approved loan is when a bank provides you with an amount they would be willing to lend you for Fairfax County Virginia real estate and a period of time for which this offer is good. They determine this amount based on several criteria that you must provide and prove, such as your current income, bank statements, income tax returns and credit history. 

Perks from pre-approval

• Know what you can afford –Using a mortgage calculator, you can see an estimate of the monthly mortgage payment to help you determine if it is within your budget.  By obtaining a pre-approved loan, you’ll know exactly how much money you can spend on a house.
• Gain credibility – Real estate agents and sellers take you more seriously if they have proof that you can come up with the money to purchase the property.
• Save time – When you know exactly how much you can spend, you won’t waste your time looking at houses out of your price range. This allows you to spend more time scrutinizing the houses you can afford.
• Close quicker – With a pre-approved loan, you’ve already completed part of the time consuming work toward getting your mortgage. Without pre-approval, you might endure heartache if you find your dream home, but can’t find the funds.

If you’re searching for Fairfax County Virginia real estate without a pre-approved loan, stop wasting time. Analyze your income, talk with a lender and get pre-approved before beginning the house hunt.

Need a referral to a reputable mortgage provider?  Give me a call today 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

Despite all the stories you hear on the news, buying foreclosures in Fairfax County VA doesn’t have to be a negative experience.  Here are 3 tips to make the process smoother and more profitable for you:

Tip #1:  Allow plenty of time for the whole process. 

Foreclosures in Fairfax County VA take longer to get to closing than traditional homes.  What takes so long?  As you probably know, there are a lot of foreclosures happening now.   Therefore, it takes longer due to a large foreclosure backlog. 

Another common problem that extends the buying time for foreclosures is title issues. Before closing, the new mortgage lender needs to prove that you have a clean title so they feel safe lending the money.  Each step of a foreclosure increases the amount of time before you can close. 

If you can’t be patient, don’t drive yourself crazy by purchasing a foreclosure.  But if you can be patient, the wait can be well worth the savings.   

Tip #2:  Flash your cash. 

Because bad loans weaken the banks’ bottom line, they will usually accept a lower sales price with a cash offer over a higher sales price that requires financing.  So, the more cash you can flash, the better your chance of getting a great deal.

Pay close attention to the condition of foreclosures in Fairfax County VA. 

Foreclosures are offered “as-is.”  Do a walk-through of the property before making an offer to ensure it’s worth the price.  Include a final walk-through in the real estate contract to assure the home is in the same condition as it was when the offer was made.  By including an escape clause, if the current residents trash the place, you have the option to walk away.

If you’re in the market to buy a foreclosure, I can help.  Give me a call today 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