Fairfax County VA Home Search Website Blog

The news is everywhere – and it’s good! Those who own or want to own one of the Alexandria VA home for sale can take a deep breath.  Home equity is on the rise, according to a recent study by Zillow.com, an online real estate valuation researcher.  And, Federal Reserve economists agree. Although home equity isn’t what it was three years ago, it’s on the rise.

The Fed’s most recent “flow of funds” survey indicates that the net equity of national homeowners grew by almost $1 trillion over the first three quarters of 2009, and rose further by $418 billion between June and September of last year. Compared to before the bubble popped, that’s really not that impressive. However, after three straight years of steadily dropping equities, it could signify the long awaited end of the housing crash.

In the housing markets of several cities, negative home equity is dropping; Los Angeles, San Francisco, Miami and Seattle are just a few examples. Good news for those with Alexandria homes, but even better news for some of the hardest hit cities, such as Phoenix, AZ, and Fort Myers, FL.

This is the best news yet for those trying to sell their homes, especially with most residential real estate markets‘ busiest season coming up. Rising home equity means the high possibility of more interested buyers. As well, a few things have been happening over the past couple of months that just might be the beginning of a run on housing sales:

• Median home prices are rising slowly but surely; potential homebuyers looking for Alexandria VA homes for sale are getting a little more serious. Rather than wait for a cheaper house, they’re starting to realize that it might not get any cheaper.
• The housing supply is shrinking. At the peak, we had 11 months worth of back supply. By the end of 2009, we were down to 7.2.
• 30 year fixed mortgages dropped to the lowest point of 4.95% (median), and are now slowly on the rise. Buyers waiting for lower mortgage rates – just like those waiting for lower housing prices – are getting serious about buying now.

Last and most importantly, consumer confidence is growing – something we badly need to get the economy on track.

What’s the moral of the story? If your house is one of the Alexandria VA homes for sale and you’ve been sick with worry that it might not get taken off the block, take a deep breath. Things are getting better and, if you hang in there, may end up better than you hoped.

If you’re trying 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

Okay, it never happened; when the Academy Awards were handed out, obviously, none went to one of the Alexandria VA homes for sale – but the Academy Awards are still relevant. Bear with me a moment.

When someone wins an Academy Award, don’t we expect more from him or her in the future? Why? Because the Award defines their abilities in some way, and here is where they’re relevant to your Alexandria VA home for sale. Just like the Awards, our homes seem to define us in some strange way.

Think about it. When you see a large home with manicured lawns, lighted pathways and a pool, don’t you automatically assume the owners have money? They’ve won the “dream home” award.

Likewise, if you see a home with a scraggly lawn and a bad paint job, you may assume the opposite. In other words, it doesn’t automatically occur to us that the people with the manicured home may just be good at money management or that the owners of the scraggly lawn home may make plenty of money but not manage it well.

We, as human beings, are good at judging a book by its cover. We assume certain things based on what we see, not reality. So what does the home you’re selling say about you? What will it say about the buyer? Would it win the dream home award?

Looking At Your Home with New Eyes
When preparing your home to sell, it’s important to look at the home you’ve lived in for years with new eyes.  Because you’re used to the cracks in the sidewalk, peeling paint or missing shingles, you probably don’t even notice it any more.

Potential buyers, however, are looking for Academy Award winners. Little things, such as unwashed windows, really can make all the difference. Trees with dead branches, lawns that haven’t been mowed, numbers falling off of mailboxes – all of these things may seem small, but they can quickly lose a sale.

Buyers see the outside of a Alexandria VA home for sale and have certain expectations of what the inside will look like. If the inside and outside don’t match, you have work to do. Don’t let the home you’re selling wallow on the market. If it’s been sitting on the selling block for months without a peep, it’s time to see what you can do about turning it into a dream home award winner!

If you’re ready 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

You probably will not be surprised to hear that in 2009, on the average, new-home buyers purchased smaller Alexandria VA homes for sale.  

To be exact, the National Association of Home Builders (NAHB) released information showing that the average size of a new home decreased by 40 square feet, from 2,520 square feet in 2008 to 2,480 square feet in 2009.  While 40 square feet may not sound like a lot, it is significant because it’s been 27 years since the average home size fell by that much.

Are You Missing a Bathroom?
This decline in square footage is also noteworthy because 40 square feet is about the size of an average bathroom.  Interestingly, NAHB’s statistics revealed that the number of homes with 3 or more bathrooms fell in 2009, for the first time since 1992.

What’s Fueling this Shrinkage?
There are 4 primary reasons the sizes of new Alexandria VA homes for sale are declining:

1. The recession.  People are reconsidering how much home they really need and are looking for ways to save money.  Results of a 2009 survey by Better Homes and Gardens magazine, showed that downsizing is a bigger priority.  Thirty-six percent of homeowners surveyed said they expected their next home to be “somewhat smaller” or “much smaller” than their current home.
2. The small-house movement.  This movement has been gaining steam in the United States for a number of years.  The recession accelerated it and home builders responded by building smaller homes.
3. The prominence of first-time buyers in the housing market.  This is being stimulated by the $8,000 first-time homebuyer tax credit. 
4. The increasing number of households with members 55 and older who are buying homes.  Folks over 55 prefer to purchase single-story homes, which tend to be smaller than two-story homes.

Considering one of the smaller Alexandria VA homes for sale? 
If you’re thinking of downsizing, 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

Even though it may sometimes seem like it, home building and design trends are not conjured up using a crystal ball.  They are the result of surveys, observations, lifestyles, socioeconomic issues, entertainment, technology, and most importantly, the needs and desires of buyers.

Here are some of the trends for national and Alexandria VA homes for sale to expect in 2010.

Green is growing. 
A study conducted by Burst Media in late December, 2009, found that 90 percent of Web users surveyed have incorporated some aspect of going green into their lives, and overall, they are willing to pay a premium for environmentally friendly products. 

Homes are getting smaller.
For 2010, home builders say they will focus on lower-priced and smaller homes. More than 95 percent of home builders surveyed by the National Association of Home Builders (NAHB) in January said that was the way they saw their businesses evolving.

Single-story homes are in.
Because of the rise in homebuyers who are 55 years of age and older, more single-story Alexandria VA homes for sale are being purchased.  According to NAHB, barely over half of new homes today are built with two stories or more. Two-story homes peaked at about 55 percent of the market in 2006.

Lower cost, more practical homes are being purchased.
In an attempt to respond to consumer demands for practicality, as well as hold the line on prices, home builders surveyed by NAHB are most likely to include these features as standard in their houses this year:

• Walk-in closets in the master bedroom
• Laundry rooms
• Insulated front doors
• Great rooms
• Energy-efficient windows 
• Linen closets
• Programmable thermostats
• Energy-efficient appliances and lighting
• Separate shower and tub in master bathrooms
• Nine-foot ceilings on the first floor

Here are the features builders said they are least likely to add to houses in 2010.  You’ll notice a lot of the items being eliminated are luxury features, as builders try to lower costs.  

• Outdoor kitchens
• Outdoor fireplaces
• Sunrooms
• Butler’s pantries
• Media rooms
• Desks in kitchens
• Two-story foyers
• Multiple shower heads in the master bath
• Smaller kitchens

Want to buy one of the new Alexandria VA homes for sale in 2010?  Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com to get started.

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

Thousands of potential buyers of Alexandria VA homes for sale are now homeowners, thanks to the first-time homebuyer tax credit. You could be eligible for a tax credit if you bought a home in 2009 or plan to buy one before April, 2010.  But which one are you eligible for?

If you have two or three hours to spend reading the information about the homebuyer tax credit, you’ll be able to figure out if you’re eligible.  But, most people don’t have the time or patience. To shorten your learning curve, here are a few tips, pointers and frequently asked (and answered) questions about the tax credit:

Three Kinds of Homebuyer Tax Credits
There are actually three kinds of tax credits:

1. The original first-time homebuyer tax credit, enacted in 2008, covers the Alexandria VA homes for sale that went off the market between April 9, 2008 and June 30, 2009. Rather than being a true credit, the money received is actually a 15-year, interest-free loan. In other words, it has to be paid back.

2. The second tax credit, raised from a maximum of $7,500 to $8,000, doesn’t have to be paid back. If you bought a home between January 1, 2009 and November 30, 2009, you may be eligible.

3. The third homebuyer tax credit, enacted in November 2009, is actually an expansion and extension of the second credit. It extends the deadline of November 30, 2009 to April 30, 2010 and expands the credit to include long-term homeowners who want to buy a new residence.

Tax Credit Qualifications
Just because you buy a home between April 9, 2008, and April 30, 2010, doesn’t mean you automatically qualify. Each homebuyer tax credit has its own eligibility requirements. For instance, the home has to cost less than $800,000, if bought after November 6, 2009. Long-term owners have to have lived in the same home for five consecutive years of the past eight. There are also income requirements, as well as other factors.

Automatic Ineligibility
To receive the homebuyer tax credit, there are a few things you absolutely cannot do. For example, the home you buy has to be a principle residence, which means it’s the one you live in most of the time. You can’t buy it for business. As well, the home you buy has to be in the U.S.

Another “can’t do” is selling the home or converting it to rental property. You have to live in the home as your permanent residence for at least three years. If you don’t, Uncle Sam will want the money back.

There are many great Alexandria VA homes for sale, and one of them might just be your dream home. However, if you plan to purchase and claim the homebuyer tax credit, make sure you know the facts first.

Have questions about the homebuyer tax credits?  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

Last November, when Congress approved an extension on the first-time homebuyer tax credit, potential homebuyers who missed the original deadline were excited. It was another chance to buy one of the Alexandria VA homes for sale and receive an often badly needed $8,000 on their tax return.

Real estate agents were excited as well, because the tax credit extension expanded to include “upgrade” buyers – those who wanted to replace their current home with a bigger one. The possibility of selling a home was higher than it’d been in a while. However, expansion to include upgrade buyers wasn’t the only change.

If you’re hoping to buy a Alexandria VA home for sale and take advantage of the tax credit before the new 2010 deadlines, here are a few things to keep in mind:

• Two dates are crucial.  You must sign a contract before April 30.  The closings must be complete by June 30. One of the best ways to make sure things go smoothly is to get pre-approved for a mortgage before you go home shopping. Pre-approval tells you, as well as the seller, exactly how much home you can afford. This way, you don’t waste your time or the seller’s.
• Negotiate without emotion. Potential buyers have lost the home of their dreams because they became competitive. If you’re negotiating for closing costs, housing price or anything else, make sure that your requests are reasonable. Don’t change something “just because.”
• Taxes must be mailed in.  Due to people trying to scam the system, you won’t be able to file your taxes electronically; you’ll have to mail them in. Make sure you’re using the right forms, and, if you need your tax refund by a specific time, you might want to file early.
• Documentation is truly priceless.  Again, thanks to scammers, buyers will have to include a signed mortgage statement, proof of residency and a driver’s license with their taxes.

You still have until April 30 to sign a contract on one of the Alexandria VA homes for sale to get the tax credit. Today’s real estate market is beneficial for buyers.  Put it to work for you!

Looking for Alexandria VA homes for sale?  If you’d like to take advantage of the homebuyer tax credit, I can help. Call me right away at 703-909-3939 or email Steve@HomeSearchWebsite.com now so we can beat the deadlines.

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

Any time supply is bigger than demand, businesses start looking for a way to set themselves apart from the competition.  If you have one of the Alexandria VA homes for sale, you’re probably doing the same thing. What is the competition like, though? Are you looking for similar houses, similar neighborhoods – or is the competition nationwide? By paying attention to homes that are selling nationwide, you can find out a lot about what buyers want.

Once again, CNN Money published their “Top 100 Best Places to Live” for 2009. If your Alexandria VA home for sale is in a place similar to the Top 10, you just might have a much better chance at selling, especially if you market those positive attributes. Here are just a few of the things these places have in common:

• Small towns: Whether a place is small or not is always relative. For instance, someone who lives in a town with less than 3,000 people would think Bryant, Arizona, with a population of almost 15,000 was a big place. However, the Top 100 list points the way; the population numbers range from 8,000 to 50,000. If your home is in a low population area, this could be a great selling point.
• Robust, needed industries: High-tech industries, energy services and health care are just a few sectors that haven’t been hit as hard by the recession. These industries will be needed for years to come, and the demand for trained workers is higher in areas with these industrial sectors than in others. If your home is located in an area with lower than average unemployment, brag about it!
• Low crime rates: For most, if not all of the top 100 places, crime is low, if not almost nonexistent. For instance, Papillion, New England has around 22,000 people. They also have less than one personal crime per 1,000 people. If you aren’t sure what the crime rate is around your home, check! Low crime rates are an excellent selling point; one that you could be missing out on.
• Education: Education has always been important to most people – a fact that is clear with the Top 100 list. The list averages 20 universities or professional schools within 30 miles, and over 71% of the population per place has had some college. Do you have great universities? Do you live in a highly educated community? It may not seem like a big deal to you, but it will to the buyer.

From population demographics to the number of recreational activities available, everything goes into making your Alexandria VA home for sale attractive to buyers. Do the research and find out what makes your area special.

If you’re trying to find your home’s selling points, 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

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

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

Once again, the clock is ticking for first-time home buyers to get one of the Alexandria VA homes for sale before the tax credit runs out. Extended in November, 2009, the first-time buyers’ tax credit is set to expire in April, 2010, and there are no plans for another extension.

What does this mean for you? If you’re a home seller, it’s time to look over your Alexandria VA home for sale, make sure all your t’s are crossed, i’s are dotted and that you’ve done everything you can to put your home at the front of the buying line. If you’re a first-time or repeat buyer hoping to take advantage of the credit, it’s time to start looking for your new home; the binding sales contract has to be signed by April 30, 2010, and close by June 30, 2010.

Making the Buying Process Easier
Many times, the buying process can take forever.  Red tape, failing negotiations and more has caused several possible sales to fall through. So, what can you do to make the buying process easier? Here are a few tips:

Find out if you qualify for the first-time or repeat buyer tax credit.
The home buyer requirements are many.  If you can’t afford to buy a home without the tax credit, make sure you qualify.

1. Shop for lenders before hand. Choosing a mortgage lender can be a lengthy process, so finding one you want to use before you start looking for a home will cut down on the time it takes to buy the house.
2. Get pre-approved. Getting pre-qualified is the first step in the loan process, but it’s based on an estimate, not verified facts. By getting pre-approved for a mortgage, you know exactly how much you qualify for, and how much house you can afford. Because this is a large part of the buying process, once you’re pre-approved, the lender can expedite the rest of the deal for a quicker closing.
3. Negotiate wisely. Remember that you’re on a time-line and try not to let negotiations with the seller turn into a contest of wills. Yes, negotiate, but make sure your counteroffer on the home is realistic.

Buying a great Alexandria VA home for sale before the tax credit expires is definitely possible, even with only four months to go.  Following the tips outlined above can make the sale go as smoothly and quickly as possible.

Have questions about the home buyer tax credit?  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