Fairfax County VA Home Search Website Blog

Have you ever heard of the 203k rehab loans offered through the Federal Housing Administration (FHA)?  If you’re rehabbing Alexandria VA homes, it might be just the loan you need. 

What is a 203(k) Loan?
The FHA developed the 203(k) program to help revitalize homes throughout the country.  This program provides insured loans that can be used to rehab, rebuild or modernize existing Alexandria VA homes.

What are the Benefits of a 203(k) Loan?
This is a one-stop loan, which means one loan finances both the purchase and rehabilitation of your property.

The mortgage amount is based on the projected value of the property after the work has been completed.  The mortgage takes into account the cost of the rehab including labor charges, permits, drawings, etc.  The mortgage can’t exceed 110% of the “As Repaired Value.”

FHA approved lenders can offer this program and it can be combined with other approved programs.

Who is Eligible for a 203(k) Loan?
This program is open to individuals as well as non-profit organizations.

What Properties are Eligible for 203(k) Loans?
The 203k loan can be used to purchase and rehab one- to four-family dwellings that have been completed for at least one year.  For all the additional eligibility requirements, carefully review the “Eligible Property” section on the web page about 203(k) loans. 

If you’re looking to buy a Alexandria VA home for sale, whether you’re using an FHA loan or not, 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

According to Remodeling Magazine’s 2010-2011 Remodeling Cost vs. Value Report, nine out of the top 10 most cost-effective projects (based on value recouped) are exterior replacement projects.  Here are the four most cost-effective exterior replacement projects:

1. Steel entry door replacement.  This project returned the most money, with an estimated 102.1 percent of cost recouped when the Arlington VA homes were resold.  It’s the only project in this year’s report that is expected to return more than the cost. 

2. Midrange garage door replacement.  This is the first year this project ranked high enough to make it into the report.  It’s expected to recoup 89.9 percent of costs.  According to the report, a “midrange” price for a garage door replacement is about $1,200.

3. Siding replacement.  This project is expected to return more than 70 percent of costs.   The most cost-effective siding project was upscale fiber-cement siding  replacement, recouping 80 percent of costs.

4. Window replacement.  This project ranked the same as siding replacement with a return of more than 70 percent of costs.   Covered, upscale vinyl window replacements were expected to recoup the most with a 72.6 percent return upon resale of Arlington VA homes.

According to the 2010-2011 Remodeling Cost vs. Value Report, replacement projects usually outperform remodel and addition projects in resale value because they are among the least expensive and contribute to curb appeal.

Since resale value can vary by region, it’s smart for owners of Arlington VA homes to work with a Arlington real estate agent through the remodeling and improvement process.  An agent can provide insight into projects in his or her neighborhoods that will recoup the most when the owners are ready to sell.

Want help identifying the improvement projects that will recoup the most value when you sell your home?  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

In this competitive real estate market, how do you make your Alexandria VA home for sale shine without breaking the bank?  Here are three inexpensive projects to help your Alexandria VA home for sale rise above the competition.

1. Low-cost kitchen countertops.  Simply upgrading the countertops can change the whole look of your kitchen.  Even on a limited budget, you can have granite.  Shop around for the best price on granite slabs.  Some colors are less expensive than others.  To save even more, go for granite tiles.  Both options provide the granite countertops buyers love.

2. Economical bathroom projects.  There are many reasonably priced products available to bring your bathroom into the 21st Century.  New tile, whether on the floor or the walls, is an obvious way to upgrade the look of any bathroom.  The way to get the most for your money is to use budget-priced tile for most of your project and save the expensive tile for accents.  If you’re redoing the bathroom floor, the addition of in-floor heating is a good investment.  No need to call the pro’s for this one; in-floor heating has become a do-it-yourself project.

3. Budget-friendly floor updates.  Floors are an area that can run into big bucks, if you don’t know where to splurge and where to save.  Carpeting is one place you want to spend a little more.  Cheap carpet stands out and so does poor installation.  You want something durable and stain-resistant in a neutral color.  Wood flooring is a great choice.  There are a few options to pick from depending on your budget.  Laminate is not a recommended choice; it’s equivalent to vinyl.  If solid hardwood is not in the budget, then engineered hardwood is the best choice.  It’s durable and long lasting.  Also, it can be sanded and refinished just like solid hardwood.

If you’d like to put your Alexandria VA home up for sale, and want ideas on how to make it stand out from the competition, 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

Do you think you have a good handle on what a reasonable price would be for your Alexandria VA home for sale? In today’s rollercoaster real estate market, the right price could be the difference between a quick sale and your house sitting for months without a single bite.

REALTORS® are experts when it comes to housing market values. However, if you’re planning on selling your house yourself, do you even know where to begin? Below are four tips the pros use to set a price that gets potential buyers in the door and still allows you to get the most money from the sale of your property.

Four tips to price your Alexandria VA home for sale like a pro:

1. Study your history – Take a look at what properties in your neighborhood sold for when you bought your house and then look at recent sales. Have prices increased, decreased or remained the same? This will give you a good idea of how the market value of your property might have progressed over time.

2. Research comparables – Check around to see what houses of similar square footage and style are actually selling for in your area. Then you’ll be able to get an objective idea of what your house is worth without letting attachments to self-done projects like bathroom upgrades or landscaping influence your judgment.

3. Tour other houses – REALTORS® take the time to personally visit almost every property on the market.  If you’re going to price your home like a pro, you should tour a multitude of houses in your neighborhood.  By going to open houses in your area, you can determine how your home stacks up to the competition.

4. Consider your location – As the old adage goes, “Real estate is all about location, location, location.” Are you in the most desirable neighborhood? If so, you may be able to command a higher price for your house. Make sure your price reflects your neighborhood, lot and surroundings, to set a realistic price.

If you need help pricing your Alexandria VA home for sale, please call me 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

Low home prices combined with low interest rates makes this a great time to purchase Fairfax County Virginia real estate investment property.  One of the most popular real estate investments is rental property.  Investing in rental property can be profitable, if you pick properties that meet the following criteria:

1. Require minimal maintenance.  Fairfax County Virginia real estate with newer appliances, smaller yards and that have been well-maintained, are typically easier and less expensive to continue to maintain.

2. Attract long-term, well-paying renters.  Your goal is to get renters who will take good care of your Fairfax County Virginia real estate, stay a long time and pay on time.  While lower-priced properties near colleges may be easy to rent, they typically attract students who tend to be loud, messy and short term renters.   On the other hand, rental properties that are in the highest price range may attract renters who are in jobs that require them to move frequently or who will quickly purchase homes of their own.

3. Located in highly-populated, low-crime areas.  Steer away from rural areas where there are fewer potential renters.  Look for homes in neighborhoods that have low crime rates and good school districts.  Neighborhoods near public transportation, grocery stores and shopping malls attract renters.

4. Zoned for renting.  Always check to be sure the property you intend to lease is approved to be rented by local zoning or home owners’ associations.

5. Priced properly.  Your purchase price must be low enough to allow you to set the rent within a range the local market will bear and that will earn a profit for you.  Be sure to take into consideration every expense of owning, maintaining and renting this property, when considering if you can turn a profit and have a positive cash flow from the start.

Interested in buying a rental property?  I can help.  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

The Internet has made researching real estate easy for anyone who knows how to surf online. Whether researching real estate to sell homes or to find for their next big investment, many property owners and home buyers think they’ll save a lot of money by doing all the work themselves.

However, statistics show that you’re more likely to sell your property quicker or find your dream house faster when you work with a professional Fairfax County Virginia real estate agent.  Working with an agent provides you with an expanded housing database, years of property-purchasing knowledge and valuable contacts for everything from inspections to loans. 

The trick is to find the right Fairfax County Virginia real estate agent to fit your needs.  Here are 5 tips to help you find your perfect fit:

1. Knowledgeable – You’ll want to find an agent who is experienced and doesn’t always agree with you. If they’re constantly telling you yes, then they may not be working in your best interest.
2. Hard working – Agents who’ve been in the real estate business for decades could be burned out and new recruits might not be as skilled. Look for an agent who has experience in your neighborhood, loves the work and has the energy to get the job done.
3. Responsive – Communication is key, so you want to find an agent who gives you constant updates.
4. Objective – When it comes to your home, making decisions can become extremely personal. You want an agent who will keep a level head and help you ensure you’re not making emotional or irrational decisions.
5. Innovative – A resourceful real estate agent who is always looking for new ways to market your property or looking in new places to find you a house will help you achieve your goals quicker.

Don’t endure the frustration of marching through the real estate maze alone. With the right agent by your side, you’ll experience less stress, get what you want faster and save money in the long run.

If you’re looking for an experienced, energetic, resourceful Fairfax County Virginia real estate agent or just have a few questions, 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

When buying or selling your home, there are many long-term conditions you should take into consideration for future planning. Will you look back years from now and wish you had not sold? Will your new home be something that you’ll love long term?

In today’s chaotic Fairfax County Virginia real estate market, jumping from one home to another every few years may no longer be a financially viable option. When purchasing a home for the long term, here are a few questions you should ask yourself:

Questions for long-term Fairfax County Virginia real estate planning:

• Death in the family – If you’re a couple, what would happen if one of you passed away? Would the home you currently live in still work? That acre lot may not look as attractive, if you’re going to be the only one caring for it.
• The option of renting – If you want to move, but you can’t get the money you need out of your house to justify a sale, will it make a good rental property? Renting your home may be a great way to maintain some cash flow while still downsizing your living space during your retirement years.
• Location – If you’ve envisioned an activity-filled retirement, will your location allow you to fulfill that dream? Is there a college nearby to pursue that master’s degree you’ve always wanted … can you go to cooking school … what about volunteering at a community center?
• Flexibility of home – Have you considered how your home will be able to adapt to your changing needs? Maybe an upstairs master bedroom was attractive when you had children, but if you happen to face limited mobility, those stairs might put a kink in your lifestyle. Before purchasing, use a floor-planning tool to determine the types of spaces that are important to you.

Don’t put yourself in a situation where you’re forced to sell your home because it doesn’t fit your future lifestyle. Make sure you invest in a home where you can create life-long memories.

If you need help with your long-term Fairfax County Virginia real estate planning, please call me 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

Buying a home or condo in Arlington VA is one of the few occasions in which some form of negotiation is the rule rather than the exception.  Just because it is the norm, however, does not mean that most people are good at it. 

Here are a few tips to help you negotiate the best deal when buying your next home:

1. Know your bottom line.  Determine your bottom line and stick to it.  This sometimes means you have to be willing to walk away from a deal.   It also means being realistic about what you’re asking from the seller.  Many sellers are faced with the fact that their home or condo may not be worth what they paid for it.  This puts limits on the concessions a seller can offer.

2. Stay flexible.  For example, what if the home or condo in Arlington VA you’d like to buy needs a new heating system.  The seller is unwilling to replace the unit but is willing to put $3,000 toward your closing costs.  The $3,000 you’re saving in closing costs will cover the cost of a new heating system.  If all you focus on is the seller replacing the heating system, you miss the chance to achieve your overall goal, which is purchasing a home without paying for a new heating system.

3. Find out how long the property has been for sale.  If the property is newly listed, the seller is less likely to lower the price significantly or offer other concessions.  However, if the home or condo in Arlington VA has been for sale for 12 months or longer, the homeowner is more motivated to sell, and you’re more likely to get a great deal.

4. Work with a pro.  No one is better at knowing what sellers want and how to negotiate great real estate deals than professional real estate agents.  Unless you are an experienced, savvy negotiator, leave it to the pros. 

Thinking of buying a home or condo in Arlington VA?  I would be pleased to represent you in your next real estate purchase.  You can reach me by phone at 703-909-3939 or send me an email Steve@HomeSearchWebsite.com.

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

Buying your first Alexandria VA home for sale is exciting, but it can also be expensive, especially if you’re unaware of the mistakes frequently made by many first-time home buyers.  Here are six common mistakes many first-time home buyers make and how to avoid them:

1. Going it alone.  Buying a Alexandria VA home for sale involves a lot of little (and big) details.  Additionally, buying a home is the most expensive purchase you’ll most likely ever make.  All that adds up to needing a professional on your side.

2. Hiring your cousin.   Although your cousin (or cousin’s best friend) may be a real estate agent, it doesn’t mean she’s the right agent for you.  Do your homework.  Interview at least three buyer’s agents to find the agent who meets all your criteria.  If your cousin meets all your criteria, then hire her.  But only after you’ve done all your homework.

3. Working with the seller’s agent.  One of the most costly mistakes you can make when buying one of the Alexandria VA homes for sale, is working directly with the agent who is selling the home you want to buy.  They are not looking out for your best interests.  They are looking out for the best interests of the seller.  Instead, hire your own buyer’s agent. 

4. Assuming your lender is giving you the best deal.  Lenders are not required to give you the very best terms.  It’s your responsibility to shop for a mortgage the same way you shop for anything you buy.  Consider this:  You’re not just buying a home; you’re buying a very expensive financial product — a mortgage loan.  Getting the best mortgage terms can save you thousands of dollars.  For example, if you get a mortgage for $250,000, at 5 percent interest and keep that loan for a full 30 years, you end up paying $229,910 in interest alone.  Insist on the best mortgage terms, or find a new lender who’s willing to give them to you.

5. Making an unappealing offer.  Yes, this is a buyer’s market, but that doesn’t mean sellers automatically accept any offer that comes their way.  Make your offer impossible to resist by offering the highest price you can, making the largest down payment possible, getting preapproved for a mortgage and attaching a copy of the preapproval letter to your offer.

6. Forgetting about resale potential.  Statistics show that the average first-time home buyer only stays in a home for four years.  That means you need to consider the home’s resale potential now, before buying it.  You may love the hustle and bustle of life on a busy street, but the majority of buyers do not.  You may only need 2 bedrooms, but the average buyer wants 3 or more bedrooms.

If you have any questions about buying your first Alexandria VA home for sale, or avoiding the mistakes many first-time homebuyers make, 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

Today’s turbulent real estate market means the days of selling condos in Arlington VA without any planning or preparation are a distant memory for most people. Don’t put all of your eggs in one basket, because there is tons of competition and buyers are not hunting condos in Arlington VA in a hurry like they once were. To sell your condo quickly, staging and well-thought-out marketing plans are now necessities — not luxuries.

Do you know how to best present your property? What are the most effective ways to get buyers in the door? Using the tips and techniques below, you can begin to emerge from your rabbit hole and quickly move on to your next home with as much money in your pocket as possible.

Selling techniques for condos in Arlington VA:

• Price it Right – No amount of marketing or staging will help if your property is overpriced. For most people, it’s hard to look at their home or condo objectively.  Compare it to other properties for sale in your neighborhood, and take into account square footage, upgrades, location, and amenities, as well as, current market trends.
• Develop a Marketing Plan – You have to decide the best and most cost-effective way to get potential buyers in your home. Rarely is a newspaper ad or an Internet posting enough. Today’s competitive real estate environment requires more aggressive techniques which includes everything from social media marketing to prompt follow-up chats with potentially interested buyers.
• Stage your Condo – You want your condo to appear its best every time a potential buyer comes to see it. If buyers see dirt and stains, they might begin to wonder about how diligently the rest of the property has been maintained. De-clutter and depersonalize. Turn on all your lights and open all the blinds to make your condo appear as light and open as possible. For open houses, take the extra time to add fresh flowers, build a fire in the fireplace and have something baking in the oven.

Do you need egg-stra help preparing your home or condo in Arlington VA for sale? 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