Fairfax County VA Home Search Website Blog

As you are looking for the ideal home for you and your family, you may find yourself trying to decide between two similar homes. You could have worse problems than this on your home search, but how do you decide which one of the Fairfax County VA homes for sale is better for you and your family?

Here are primary points to consider:

1. Location. This is where you are going to live. You need to consider how far away the Fairfax County VA home for sale is from work, schools, and shopping. You probably want to do as little driving as possible. A home close to where you will be spending your time away from home may be the better choice for you.

2. Home repairs. What will you need to do to the home once you move in? Think about the time and money you will have to invest in the home before making your decision. A home in slightly better shape may be the better option for you so you can concentrate on getting settled in your new home after moving in.

3. Age of appliances. This can make a big difference in your choice. Do you really want to have to replace the appliances soon after you move in? Your might be better choosing a home with newer appliances.

4. Hobbies. Is there a car lover or avid crafter in your family? Look at which home has the most to offer these people. Perhaps one garage has been expanded or has built-in work benches. Maybe a closet already has a space to organize craft supplies.  

Let me help you find the Fairfax County VA home for sale that best fits your lifestyle. 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

The FHA, or Federal Housing Administration, has helped many a homeowner buy one of the Fairfax County VA homes for sale by providing mortgage insurance through FHA-approved lenders. However, a change in policy, announced in January, may make it harder for those with poor credit.

Before we talk about FHA’s change in policy, let’s cover a few of the basics about the FHA and how it might help you buy a Fairfax County VA home for sale.

What is the FHA?
The FHA is a government agency that provides mortgage insurance to approved lending institutions.  It assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults.  This encourages lenders to make loans to borrowers who might otherwise not be able to get a loan.

What is an FHA Loan?
An FHA loan is a loan provided by an FHA-approved lender and insured by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make mortgage loans.

An FHA loan might help you get a mortgage by providing:

• Lower down payments
• Lower closing costs
• Easier credit qualifications

Now let’s talk about the changes FHA is making…

The Future of FHA Loans
Until recently, the FHA has managed to weather the real estate turmoil rather well. In fact, the turbulence surrounding other lenders had potential homebuyers flocking to take advantage of FHA loans. However, even FHA’s bank account is starting to suffer. In order to shore up capital reserves and keep 34 million families in their homes, the FHA is changing the rules.

Before the changes, borrowers were required to pay a down payment of 3.5% of the cost of the home. Now, borrowers with a credit rating below 580 will be required to pay at least a 10% down payment. As well, the good upfront mortgage insurance premiums of 1.75% are increasing to 2.25%. The FHA is now trying to get Congress’ approval to raise the annual premiums from 0.55%, although the amount it will seek is still unknown.

What This Means for You
If you’re interested in buying one of the Fairfax County VA homes for sale, but haven’t because you’re waiting for the market to bottom out, you may end up losing out on a great deal. With almost record low mortgage rates, home values lower than they’ve been for eight years, the first-time and upgrade homebuyer tax credits and a wide selection of homes, there may never be a better time to buy.

Whether you want to use an FHA loan or a traditional loan, I can help you cash in on this great buyer’s market. 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

Not everyone decorates their home for Valentine’s Day, but enough do that it brings to mind the question, “How much decoration is too much when you have one of the Fairfax County VA homes for sale?”

Decorations, although beautiful to you, are a matter of personal taste and style. Since this is a buyer’s market, something as simple as the wrong decorations can push a potential buyer from saying “Yes!” to saying “No.”

Rules for Decorating Fairfax County VA Homes for Sale
Here are a few tips on decorating for Valentine’s or any other day when you’re trying to sell your home:

• Choose decorations that are small and unobtrusive. Large decorations put too much emphasis on themselves. When you’re trying to sell your home, these take away from the overall appearance of the interior.
• Finding buyers is all about allowing them to see themselves living in the home. When choosing your decorations, or deciding to decorate at all, keep this firmly in mind. Ornamentation made of bright colors may be fun, but can also be overwhelming.
• If you’re ever at a loss on how to decorate or stage a home for sale,  take a trip through furniture stores. Stores that sell furniture often have furniture set up in “living” displays so people can see what the pieces look like together. Look at the displays, take pictures and notes, and then apply the knowledge you gain to make your own home look like a display.

Decorating and staging correctly can make a huge difference on how buyers see Fairfax County VA homes for sale. The few tips above can help make your home shine.

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

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

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

The real estate industry is full of numbers and metrics that can influence your Fairfax County VA home for sale. Here are just a few you need to know before putting your house on the market:

1. Pricing – Do you have one of the Fairfax County VA homes for sale that is worth more than you bought it for? Even now, it’s a possibility. Check the average sales prices for the homes in your area, neighborhood and street. You might be pleasantly surprised. Contact your local agent for the information.

2. DOM – Days on Market is the time period a home sits on the market before closing. Currently, the average days on market in almost any area are rather high, but the actual metric may change depending on the price of your home. If you’re faced with a timeline and have a set goal for the sale, the average days on market for your area is a number you need to know. Again, you can ask your local real estate agent.

3. List Pricing – The average list price tells you how much your competition is going for. If you’re trying to sell your house way above the average list price, it probably won’t leave the market.

4. Competition – How much competition do you really have? How many “For Sale” signs are up? The higher the inventory, the lower your chances of selling the home quickly.

Of all the numbers to know, these are at the top. As every agent knows, the best way to sell your Fairfax County VA home for sale is to do the research – and then hire a proven real estate agent!

If you want to sell your home and need current information, 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

Government loans are in line for a record year as 2009 comes to a close, with FHA loans leading the way. In the wake of the subprime mortgage collapse, borrowers in Virginia and across the country are turning to these government-backed loans because of their safety and security. 

FHA loans are insured by the federal government, a guarantee that helps boost lending and often translates into competitive rates for qualified buyers.

Drawn by that security and the agency’s low down payments, borrowers across the country have flocked to FHA loans in the last 18 months. The Federal Housing Administration will wind up approving more than 1.67 million loans this year.

FHA loans come with a host of significant benefits. Down payments are as low as 3.5 percent, and buyers with less-than-perfect credit may still qualify for an FHA loan. Even borrowers with a history of bankruptcy or foreclosure may still be eligible based on the FHA’s lending requirements. 

Other benefits include:

• Competitive rates compared to conventional loans (within about .125 percent)
• Borrowers may qualify to finance most or all of their purchase.
• Borrower can roll the cost of private mortgage insurance (PMI) into the loan
• There are no financial penalties for loan pre-payment
• There are higher debt-to-income ratios than most conventional loans

FHA loans have long been a staple for first-time home buyers. The government’s $8,000 tax credit for first-time buyers is helping spur the surge in FHA loan applications. Qualified borrowers can use this “credit  extended through the spring of 2010″ to help cut down payment or closing costs.

Like other government loan programs, the FHA has a lending limit based on geography. Limits vary throughout Virginia and the DC metro area. For Fairfax County, the loan limits are: $729,750 for a one-family unit; $934,200 for a two-family; $1,129,250 for a three-family; and $1,403,400 for a four-family.

Are you thinking of buying one of the Fairfax County VA homes for sale? Owning a home can be a sign of independence and success.  It allows you to build up equity and the mortgage interest and property taxes are tax-deductible.  Can you afford it, though? 

Reputable lenders look at a list of criteria to decide how much they’ll loan you.  This list includes:

• Credit score
• Existing assets including cash
• Car leases or loans
• Credit card balances
• Debt consolidation loans
• Home equity loans
• Installment loans
• Student loans
• Other monthly debts
• Size/source of your down payment

If you’d like to get an idea of what you can afford before talking to a lender, here are a few tools you can use to decide whether buying one of the Fairfax County VA homes for sale is within your budget:

1)  As a rule of thumb, your house hunting budget shouldn’t be more than 2.5 times your pre-tax annual income.  If you earn $50,000 a year, your budget for house hunting should be around $125,000.

2)  Your Housing Expense Ratio, which is principal, interest, taxes and insurance (PITI) shouldn’t be more than 25% to 28% of your pre-tax monthly income.

3)  You’re Debt-to-Income Ratio should be no more than 36% of your pre-tax monthly income.  This is the ratio between how much you owe and how much you earn.

4)  Use an online calculator to figure how much home you can afford. 

“Qualifying for” and “can afford” are two different things.  Shopping for Fairfax County VA homes for sale that are within your budget will save you a lot of heartache now and in the future.

If you’d like help determining how much mortgage you can really afford, 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’re looking at Fairfax County VA homes for sale, want to buy a home and are waiting around for better prices, you might want to rethink your strategy.

If you’re a market watcher, soaking up the information overload across news media and Internet websites, you’re probably overwhelmed with confusion by now. Is the housing market getting better? Is it getting worse? Was there really, when it gets down to it, a housing bubble collapse? And, if so, who popped it?

First, the quick answers. Yes, the housing bubble collapsed, and everybody had a hand in popping it: the government, the lenders, the investors and the general public. Now the hard answers: it’s getting better – and worse.

The truth is that market predictors are all on the fence. With the ARRA (American Recovery and Reinvestment Act) giving first time homeowners some incentive to buy Fairfax County VA homes for sale, there has been a steady increase of sales. However, once the tax credit deadline hits at the end of this month, the numbers are once again expected to drop.

Again, though, it’s better and worse. While the housing market is still dropping in some areas, such as the southeast in Mississippi, Alabama and so forth, there are definitely some strong markets in the country.

For instance, Boulder, Colorado holds 60% of the share of increasing home values. The average value is about $350,000, but there’s a limit in place on the amount of homes allowed in the area. In Binghamton, New York, the average value of a home is around $112,000. They also have a housing limit, which means a small supply, so prices probably aren’t going to plummet.

Just because this is a buyer’s market, doesn’t mean you’ll get the exact price you’re looking for. If you want to buy a home and you’re waiting around for the prices of homes to plummet into a “sweet deal,” make sure you don’t wait yourself into an expensive mistake.

Instead of checking market forecasts, potential homebuyers need to look at things the way we always should have. Do I want to buy a house? Can I afford one of the Fairfax County VA homes for sale the way things are now? By researching, crunching numbers and answering the important questions, you’ll find the sweetest deal you could ever have: a wonderful house you can afford.

If you’re looking for a place to call your own, I can help. Call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com now for more information.

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

Potential first time homebuyers are racing the clock to find the perfect Fairfax County VA homes for sale. Who’s going to reach the finish line first?  And… why are they racing?

Many of you have probably heard of the American Recovery and Reinvestment Act of 2009 (ARRA) by now. For those looking for Fairfax County VA homes for sale that haven’t heard of the ARRA, first time homebuyers can receive up to $8,000 back in tax credits from the U.S. government. Singles and those married but filing jointly, have an $8,000 threshold, while married individuals filing separately have a $4,000 threshold.

Sounds wonderful, doesn’t it? With the tax credit, your taxes are matched dollar-for dollar. This means, if you owe $9,000 in taxes for 2009 and get the full $8,000 tax credit, you’ll only owe $1,000 in taxes. That’s quite a bit of money to save, especially now. Better yet, if you don’t owe anything, that tax credit may become a tax refund – $8,000 of refund, to be exact.

With all the homes available, why are first time buyers racing? Aren’t there enough homes to go around? Of course there are – in fact, millions of homes in the U.S. are waiting for a buyer. However, first timers want to take advantage of the tax credit, and it only goes until November 30, 2009.

You may think that’s still plenty of time, but it’s not, really. To qualify for the tax credit, you have to have the keys to your new house in hand and the sale finished by the ARRA ending date.

Should you be racing, too? Well, that depends. If you want to buy one of the Fairfax County VA homes for sale, can realistically afford it and have been waiting for the best time, that time is here and almost past. However, if you want to buy a home, but can’t afford it yet, don’t let the tax credit push you into a tight monetary situation you can’t get out of. Take the time to build up equity and savings until you can buy a home you can afford! 

If you’re a first time buyer wanting to take advantage of the tax credits, 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