Fairfax County VA Home Search Website Blog

You’ve decided it’s time to sell your home. Now you’re dreading the process of finding a Fairfax County Virginia real estate agent. Don’t worry! There are many outstanding agents available. Just be sure to interview at least three agents and call a few of their clients to check their references before making your choice.

To help you through this process, here are six key questions to ask when interviewing Fairfax County Virginia real estate agents:

1. How many homes have you sold in this area in the last year and how long did it take you to sell them? Obviously, the more homes sold the better and the quicker the homes sold the better. Don’t go with a real estate agent who has sold nothing in the last six months. That most likely means they don’t know how to sell in the current market.
2. How much did the homes sell for? Hire a Fairfax County Virginia real estate agent who has sold homes priced similar to yours. He or she will know how to price and market your home.
3. Do you live and work in this area? It’s important to find an agent who thoroughly knows the local market. You want an agent who knows what homes are selling for in today’s market, what buyers in your area are looking for and what’s for sale in your area right now.
4. How do you market homes online? You’re looking for a Fairfax County Virginia real estate agent who is comfortable using Facebook, Twitter or YouTube to market homes. Look at agents’ websites to see how many photos and videos they’ve posted for other homes they’re selling.  Also visit real estate websites such as Realtor.com, Yahoo Real Estate, Trulia and Zillow to see how the agent showcases homes he or she is selling. Buyers like to see pictures and videos of homes, so you need an agent who provides this as a regular part of his or her service.
5. How do you market homes offline? While searching for homes online is by far the most popular way to find homes for sale these days, you don’t want to miss out on offline marketing. Choose an agent who markets your home in a multitude of mediums, which may include house-for-sale flyers, real estate magazines or newspapers.
6. What are the most common problems that come up when selling a home and how would you handle them? An experienced agent will be able to tell you what to expect throughout the process, as well as possible problems that may arise and how to avoid them.

I’d appreciate the opportunity to interview for the job of selling your home. Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com to schedule a time for our interview.

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

If you are in the market to purchase Fairfax County Virginia real estate, the first place you need to start is with your credit report.  If it has been more than a year since you reviewed it, now is the time.  Do not wait until you find your dream home before examining your credit report.  If there are problems with it, you could be turned down for the mortgage.

After you’ve received your current credit report, follow these five steps to spring clean your credit report before starting your search for Fairfax County Virginia real estate:

1.  Check your personal information: Is your personal information such as name, address, and social security number accurate?  If not, get that information corrected.

2.  Review all the accounts listed: Are they all yours? Are the account numbers correct? Are the account balances accurate?

3.  Get credit report errors corrected: Under the Fair Credit Reporting Act (FCRA), both the credit reporting agency and the information provider (that is, the person, company, creditor or organization that provides information about you to a credit reporting company) are responsible for correcting inaccurate or incomplete information in your report. To take advantage of all your rights under this law, contact the credit reporting company and the information provider.

4.  Contact the credit reporting agency about errors all errors on the report: Send a letter by certified mail and “return receipt request” so that you can document that the credit reporting company received the letter. Keep a copy of the letter and documents. Include the following in the letter:

• Copies (not the originals) of documents that support your position.
• Your complete name and address
• The facts about the problem and an explanation of why you dispute the information
• A copy of your credit report with the items in question circled.

5.  Contact the information provider about errors they made: In writing, contact the creditor or other information provider to let them know that you dispute an item they’ve placed on your credit report. Send a letter by certified mail and “return receipt request” so that you can document that the letter was received. Keep a copy of the letter and documents. Include copies (not originals) of documents that support your position.

The hardest part of buying Fairfax County Virginia real estate could be finding the right property for you, or it could be the six to twelve months it may take to clean up your credit report.  Call me today at 703-909-3939 or email me at Steve@HomeSearchWebsite.com with any questions you have concerning your credit and buying real estate.

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

Whether you’ve bought and sold a dozen homes or you’re a first-time home buyer, you probably know that after you purchase Fairfax County Virginia real estate, there is usually no option to return or exchange it. Because of this finality, you need to be sure your contract spells out all the conditions you want met before the deal can close. In real estate contracts, these conditions are called contingencies.

Contingencies are the requirements that both the buyer and the seller must meet in order for the closing contract to be valid. If something does not meet specific criteria, the contract must be renegotiated or it becomes null. Below is a list of contract contingencies every buyer should include in their bid — so that you don’t end up with an unexpected fixer-upper on your hands!

• Home Inspection Contingency – This is a really important contingency because you want to make sure there are no problems with the Fairfax County Virginia real estate. If any serious problems are discovered, such as wood-destroying pests, lead-based paint or a damaged roof, you can renegotiate your contract to account for the costs you’ll incur during repairs.

• Loan Contingency – This allows the buyer to shop around for a loan so that they can get financed under a particular interest rate and not get locked into high mortgage payments that they cannot afford. If a buyer can’t secure a loan that meets the contingency parameters, then the contract can be voided.

• Home Insurance Contingency – This means that you’re asking the seller to provide proof that the home is currently insured. This is needed because, in recent years, homeowners living in states with a history of household toxic mold, earthquakes, or hurricanes, have been surprised to receive a flat out “no” from the insurance carriers. You want to make certain that the home is insurable before you buy it. If there are serious issues with the home, insurance companies might reject it or charge astronomical rates.

If you would like to know more about contingencies or need help buying Fairfax County Virginia real estate, 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

There’s good news for buyers and sellers of Fairfax County Virginia real estate: The U.S. Economic and Housing Market Outlook that came out around February 23 is encouraging. According to this research done by Freddie Mac, the economy and housing market are showing cautious signs of recovery.

Here are some of the changes stimulating these improvements in both nationwide and Fairfax County Virginia real estate:

• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.

• Existing home sales were at the strongest pace in January since May 2010, according to the National Association of REALTORS®.

• Job gains exceeded expectations for the past two months.

• The unemployment rate fell to the lowest since 2009, in January. In December, jobless claims were at their lowest level since 2008.

• Weekly unemployment benefits applications decreased for the third consecutive week to 348,000, the fewest since the first week in March 2008.

• Home builder confidence continues to grow.

• Households are paying off their debts and at the same time accessing credit more easily.

• Historically low mortgage rates encourage home buying. According to Freddie Mac, the national average rate for a 30-year, conventional, fixed-rate mortgage was a record low 3.92 percent in January.

Please join me in celebrating the fact that there’s a lot to be positive about looking ahead!

Thinking of buying or selling Fairfax County Virginia real estate? Please give me a call at 703-909-3939 or email me at Steve@HomeSearchWebsite.com to talk about how I can help you take advantage of the upcoming spring and summer selling season.

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

Recently released figures indicate real estate nationwide and Fairfax County Virginia real estate are continuing to steadily improve. Here are seven signs that demonstrate the upturn:

1. Housing affordability has risen dramatically. This is due to a combination of reduced real estate prices and record-low mortgage rates.
2. Housing starts are increasing, driven mostly by multifamily starts.
3. Existing home sales increased in January, which is now three months of gains out of the past four months.
4. At the end of January, total housing inventory fell to a 6.1 month supply. According to Lawrence Yun, NAR chief economist, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers.”
5. There are plenty of home buyers and investors competing for foreclosure sales in almost all markets.
6. Purchases of homes by all types of buyers from seasoned investors to first-time home buyers are on the rise.

Most economists agree that the market is improving. Frank Nothaft, Freddie Mac vice president and chief economist says, “Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects.”

This is excellent news for the spring and summer Fairfax County Virginia real estate buying season that’s just around the corner. If you’ve been considering buying or selling a home, now’s the time to start that process so you’re ready for the hottest season we’ve seen in years.

Thinking about buying or selling Fairfax County Virginia real estate? Please contact me today at Steve@HomeSearchWebsite.com or 703-909-3939. I can help you achieve your goals.

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

The mortgage application process can be confusing — so you only want to have to go through it once when buying Fairfax County Virginia real estate.  Keep these tips in mind as you complete the application process to make sure you get the answer you want: Approved!

• Make Sure Your Credit is Clear: If there are any lingering issues on your credit report, get them resolved prior to application and get your credit in high standing for the best loan rates.
• Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere – car payments, student loans, credit card debt – your application may be denied.  Budget, save up and pay off as much as you can.
• Have the Required Income: With the tightening of regulations, any wiggle room you may have had before is gone. You must meet the income requirements for the loan.  Remember that not all income may be counted toward your loan – rental property income, for instance, is often excluded.
• Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any properties that could later be deemed distressed.  Issues turned up during the appraisal process should be addressed for loan purposes, as well as your own comfort and safety.
• Follow the Instructions: The stacks of paperwork documenting your application are a nuisance, yes, but they are required.  Do the work and make sure your application is complete.

Put these tips into action and your application is more likely to be approved.

If you’re ready to buy Fairfax County Virginia real estate, I can help. Whether you need help finding a reputable lender or a home to buy, 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

Is your family starting to feel cramped in your current house, or are you ready to quit renting and start investing? With the extra day added into this leap year, you have an additional 24 hours this month to decide if you’re ready to take a big jump and purchase Fairfax County Virginia real estate.

Not sure how to decide if this is the year? Whether you’re a property-purchasing pro or a first-time home buyer, take a look at the three points below to determine if you’re prepared to take the leap and invest big.

1. You have a sizeable down payment. Knowing what you can actually afford is half the battle. A good estimate is to triple your household income, and that will roughly be what you’ll want to spend. Whatever you’ve saved as a down payment can go on top of that or, if you’re frugal, can just be used to reduce your monthly payments. The larger the down payment you have, the smaller your mortgage payments will be, and it could possibly get you a better interest rate.
2. You have a good real estate agent. It’s important to find a trustworthy, competent agent before you find your dream house. Take the time to thoroughly interview agents and get referrals. You’ll want to make sure you have someone who is knowledgeable about the Fairfax County Virginia real estate market to help you make one of the biggest decisions of your life.
3. You have a brag-worthy credit score. Strike while the iron is hot! If you’ve taken the time to build up and ensure a great credit score, use your good standing to take advantage of today’s low interest rates.

If you meet all three qualifications, consider taking advantage of this month’s extra day, as well as the low interest rates and home prices, and leap into a new home. Please call me at 703-909-3939 or email me at Steve@HomeSearchWebsite.com if you have questions concerning your credit score and down payment, or want to work with a knowledgeable Fairfax County Virginia real estate agent.

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

The latest statistics indicate that the U.S. real estate market is at or very close to the bottom right now.

On January 18, Bloomberg News reported, “Confidence Among U.S. Homebuilders Climbs to Highest Since 2007.” Bloomberg said, “The confidence measure, which increased for a fourth straight month, improved in all four regions of the U.S. This is ‘yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide,’ Bob Nielsen, chairman of the National Association of Home Builders and a builder from Reno, Nevada, said in a statement.”

The official data on home prices might not show the recovery yet, because they are always months behind, but most other data indicates that in general the housing market has hit the bottom.

Right now, homes in America are the best value they’ve been in many generations. And right now, mortgage rates are off-the-charts low. In short, now is the time to buy Fairfax County Virginia real estate.

The reasons to buy now are incredibly basic:

• U.S. home prices are more affordable than ever – by far.
• Mortgage rates are down to record-low levels. 
• You can often pay below-market prices on short sales and REOs.

Of course, there is no guarantee that this is the bottom. But with prices this low and with very few other great places to invest your money, now’s the time to seriously consider buying Fairfax County Virginia real estate. If you can buy now and hold on to it for a few years, it could be one of the lowest-risk, highest-reward investments you ever make. 

If you’re still not convinced real estate is one of the best values out there right now, please give me a call at 703-909-3939 or email me at Steve@HomeSearchWebsite.com. I will share specific numbers with you about our Fairfax County Virginia real estate market.

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

Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so I thought it was a good time to do a refresher on who they are and what role they play in the Fairfax County Virginia real estate industry.

Who are Fannie Mae and Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.

Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.

In 2008, due to mismanagement resulting in billions of dollar of losses, Fannie and Freddie were taken over by the government.

How do Fannie and Freddie impact Fairfax County Virginia real estate?

• They contributed to the financial crisis and real estate downturn, by loosening underwriting standards, buying and guaranteeing riskier loans and increasing purchases of mortgage-backed securities.
• They are key players in the government’s Making Home Affordable foreclosure-prevention program. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.
• They influence mortgage interest rates and the availability of home loans. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level.

What’s going to happen to Fannie and Freddie?

Fannie and Freddie’s future is uncertain. The House Republicans and the Obama administration agree that Fannie and Freddie should be done away with. But this will not happen soon, if at all. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced.

If you have questions about Fairfax County Virginia real estate or how national or international events impact Fairfax County Virginia real estate, please give me a call at 703-909-3939 or email me at Steve@HomeSearchWebsite.com. I’m happy to help.

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

Appraisals are final when it comes to securing money from a bank, so don’t let a poor one ruin your Fairfax County Virginia real estate plans. Be proactive to ensure your appraiser is competent and has all the information he or she needs, because your purchase, sale or refinancing goals could be wrecked with a low-ball appraisal.

Minimize the risk of receiving an inaccurate appraisal by …

• Meeting the appraiser at the house. Show them around your Fairfax County Virginia real estate, just like you’d show a potential buyer. That way you can highlight some of your home’s unique features that they might otherwise overlook. Also, if they have any questions about when things were updated or replaced, you’ll be there to share all relevant information — instead of them just taking a guess.
• Establishing that he or she is geographically competent. Appraisers that don’t know the area can misquote, so be sure to ask them questions, such as how far their office is from the property and if they have access to local MLS data. If you feel the appraiser doesn’t meet geographic competency standards, then you can raise the issue with your lender.
• Providing him or her with comparables. You probably know the neighborhood better than the appraiser, so supply information on recently sold homes that you think are similar to yours. He or she might not use them, but it can’t hurt.
• Record any mistakes. Always ask for a copy of the appraisal to review, because appraisers make slip-ups all the time. Especially if the value is low, be sure to look over the details of the appraisal and call out any discrepancies. If this is the case, you won’t be able to change the designated value, but you can file a complaint against the appraiser. If the mistakes are big, ensure you get a second appraisal.

Don’t let an inaccurate home appraisal ruin your future financial goals. Take Fairfax County Virginia real estate appraisals seriously, be proactive, do your homework and definitely review the final version.

If you’re getting ready to sell your home or purchase a new one and have questions about appraisals, please 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