Let’s Talk Real Estate!

Tuesdays in May are Especially for Sellers!

Fall Properties' FREE Seminar Series is back, and we're focusing on different topics each month. May seminars are targeting home sellers, still on Tuesday evenings from 7-8pm.

May 1 - How is fair market value determined? Appraisers and Realtors rely on specific sales information within the most recent 6 month time frame to arrive at approximate market value. Ideally, they compare apples to apples in terms of style, age and location. Please join us for an informational seminar on determining fair market value, including a discussion of hard to appraise properties such as historic and non-subdivision homes. Appraisal forms will be available for reference and we will have plenty of time for Q&A.

May 8 - Pre-Sale Projects - Getting your home 'show ready'   

May 15 - What legal documentation is required when you sell?

May 23 - Will you owe taxes? Understanding your 'basis' and capital gains

You Only Have One Chance to Make a First Impression...

So I've put together some tips to help you maximize your home's curb appeal. A well maintained landscape will draw people into your home, and can add as much as 10% to its value. Early Spring is a perfect time to get started.

Apply fresh mulch. It's inexpensive, easy to work with, and it makes your beds look neat and cared for. It's the perfect background for all of your flowers & plantings. Think of mulch as a neutral -- it will really make the colors in your garden pop!

Brighten up outdoor containers. Give them a good scrubbing, trim away any dead leaves or faded blossoms, and use them at your doorways and on your patio or deck.

Add some instant color. Annuals are relatively inexpensive, and slipping a few into your beds will add interest and appeal.

Groom your trees and shrubs. Get rid of dead branches and leaves, and prune them wherever they look overgrown. If they are blocking windows, trim them back as much as you can. You'll get the benefit of more natural light inside, too.

Tidy up your perennials. If you have plants that aren't healthy, now is the time to replace them. (And if you have plants you want to take with you when you move, this is a good time to dig them up.)

Power wash dirty surfaces. Either rent a power washer or hire someone with one to come out and clean your sidewalk, driveway, siding, fence, deck, patio -- anything that's looking grimy and faded. They will look NEW!

If the outside of your home is neat, inviting, and well maintained you are on your way to a successful sale.

 

 

Selling (or Buying) a Home with an Incurable Defect

I know you're thinking 'What the heck is an incurable defect?' and does my home have one? An incurable defect is something that will always be there, no matter what improvements or updates you make to your home. There are several types, but we're going to focus on location-related problems. Some examples are:

• Location on or near a busy road
• Steep driveways
• Adjacent to a cemetery
• Proximity to power lines or railroad tracks
• Located in a floodplain
• Near schools or sports areas
• Noise from nearby highways or airports
• Odors from factories or farming

These are all issues that cannot be remedied. Although you can frame your defects as benefits -- close to schools is great for young families, busy roads often mean easy commutes, cemeteries are quiet -- adjusting your pricing is usually the best way to address them

Pricing your home below market will help you compete with other homes that do not have the same challenges. And chances are when you purchased your home, it was priced below market for the same reason.

If you're a buyer who has found the perfect home at a price that seems to good to be true, look for the incurable defect. It doesn't mean the house isn't right for you, but be aware that these problems will follow you when you go to sell your home. And location defects are just one type. Layout difficulties can also impact the saleability of a home...but that's an article for another post.  

 

Is Your Roof Showing Its Age?

It just might be time to repair or replace it. Here are some guidelines to help you decide exactly what your roof needs are.

You should get in the habit of checking your roof at least once a year. Signs inside your home that you might need to make some changes sooner rather than later include dark areas on ceilings, paint peeling on the underside of roof overhangs, damp spots alongside the fireplace, and water stains on the pipes that vent your hot water heater or furnace.

Take a pair of binoculars and check your roof for cracked caulk or rust spots on the flashing, shingles that are buckled, curled or blistered, or worn areas around chimneys, pipes and skylights. If you see any of these problems, especially on an older roof, have a professional take a look at it. Most local roofers will do this for free in hopes of securing the job.

Leaks in an otherwise sound roof can often be repaired for a moderate fee. But if you need to replace your roof, it's a big ticket. Remodeling magazine's Cost vs Value Report for 2011-12 puts an average cost of $18,672, with $12,098 recouped at sale. If you need to take this step be sure to get several bids.

Once you choose a contractor, be sure they are licensed and insured. Be clear on exactly what their bid includes: disposal of old roofing materials, hourly rate for structural repairs, gutter costs, damage to your landscaping. For additional information on your options, here's an article at houselogic.com. While you're at that website, take a look around...it's a terrific resource.

It's Almost Time for (UGH) Spring Cleaning!

I know it seems like we've hardly had much of a winter, but Spring is just around the corner anyway. And even though we haven't had much snow, our families and our pets have tracked in a lot of dirt. Let's buck up and get everything sparkling for the new season!

I found a terrific source online from S.C. Johnson, Spring Cleaning Room by Room that has downloadable check lists for every room. Each list contains tasks, suggestions for who should do them (adult, child or professional), tool and product recommendations, and some great tips.They suggest that you print out each list, make assignments and tape the list to the door so you can mark things off as they get done.

This might seem over-organized, but it does help you go from thinking about Spring Cleaning to actually accomplishing it. And if you make it a family project, with a reward at the end (pizza party, night at the movies, whatever your gang likes), it will go faster. And think about having a yard sale -- it's a great way to turn the things you don't use anymore into a little cash. Happy Cleaning!

What a Terrific Year this has Been!

We'd like to take a moment to thank all of our clients -- We are wrapping up the most successful year Fall Properties has had since we opened the doors in 2003. We sold over 80 homes this year, with gross sales over 50 Million dollars.

Our 'Days on Market' remained pretty consistent -- 21 days in 2010, 22 in 2011. But the average price of the homes we listed and sold was $658,380 compared to $491,573 last year. That's another strong stat for us.

We focus on the close in suburbs of Northern Virginia: Our clients bought or sold in Falls Church, Arlington, McLean, Alexandria, Annandale, Fairfax, Vienna -- we even had a few far flung sales in Gainesville, Manassas and Fredericksburg! And the business was evenly distributed among our six full time Realtors.

Our new location in the City of Falls Church increased our exposure, and the agents who joined us in 2010 really spread their wings in 2011. Our distinctive signs were everywhere!

Fall Properties represents everything that an independent brokerage should be: we offer personalized customer service, strong internet marketing, and substantial knowledge of our local market. Our agents are well trained and fully supported by a strong administrative staff. And because we are "locally owned, locally operated," we have a flexibility you won't find at a national agency, and a determination to see your contract through to closing.

Even in a challenging economy, we have managed to survive and thrive. We owe it all to you. Thanks again, enjoy the holidays, and we'll see you in the Happy New Year!

4 Reasons to See Open Houses this Weekend - Maybe One of Ours!

Yes, I know it's a very busy holiday weekend, regardless of your religious affiliation. But this is the height of the Spring market -- homes that are in good condition and priced right are selling in a matter of days, with multiple offers.

Low interest rates, lack of inventory, and an improving economy have all helped turn the market around, but four big financial reasons should be pushing you out the door to see what's available:

    1) Interest rates are increasing. That means housing will cost more, even if prices stay low. Waiting for the market to "bottom out" isn't making as much sense as it did just a few months ago.

    2) The 30 year mortgage may be on its last legs. The government's role in supporting home ownership is changing, with the possible elimination of Fannie Mae and Freddie Mac, and a guaranteed 30 year rate may soon be a thing of the past.

    3) Qualifying for a mortgage is going to get tougher. Minimum credit scores of 690, 20% down payments, increasingly conservative debt ratios -- these are all proposed changes to requirements for a qualified residential mortgage.

    4) Rents are going up. As the supply of available rentals decreases, and demand for them increases, rental costs are expected to go up accordingly.

So pack your gang into the car and take a look at some of the fine homes open this weekend. We have two Open Houses on Saturday - 211 S. Lee Street in Falls Church City and 306 Commerce Street in Old Town Alexandria.

And on Sunday, you could stop in at 2748 S. Buchanan Street or 4839 Little Falls Road, both in Arlington, or 1824 Westmoreland Street in McLean. We even have a listing at 427 Lincoln Avenue in Falls Church City that's open Sunday. Follow the links for more photos and information.

Enjoy your holiday, and then get out there and see what the Spring real estate market has to offer you. It's a great time to buy!

More FREE Seminars for April and May!

Our series of FREE seminars "Let's Talk Tuesdays!" continues to draw people into the  office, so we're keeping them going with some new topics and the repeat of some popular ones. Every Tuesday evening from 7-8pm we offer real estate related seminars, with time for questions afterward. You can sign up online or call 703-536-7001 to reserve your place.

• April 5 - First Time Homebuyer
• April 12 - Home Inspections - common issues
• April 19 - Empty Nester
• April 26 - Growing Pains - expand or build?
• May 3 - Staging your Home to Sell
• May 10 - Home Mortgage update (Frank/Dodd bill implementation)
• May 17 - Homeowner's Insurance - information
• May 24 - Seniors Housing Choices
• May 31 - Estate Planning

Hope to see you here this Spring! And if there's a topic you'd like to see us include in the future, please suggest it. We're always open to your ideas.

 

 

 

 

Thinking of Selling? Here's Why You Should Do it Now!

Normally, the best time of year to put your home on the market is Spring, once the weather has stabilized and things start to bloom. But this year, for a number of reasons, you should try to get a jump on the market.

Interest rates, which have been historically low, are starting to move up. This will help move buyers forward, but quickly will limit what they can afford to buy.

Although prices may still be soft, this can work for you, especially if you're planning to move up. That home you dream about will never be more affordable than it is right now.

Buyers are out EARLY. With the economy showing signs of life, people who have been sitting on the fence are out looking at open houses and planning to buy. Their purchasing power right now is HIGH...as interest rates go up, that power will go down.

Inventory is only going to increase. Getting your home on the market sooner rather than later will help you avoid additional competition.

The foreclosure mess is still very much with us, but those homes haven't been feeding into the market recently because of the robosigning disclosures. Eventually, those foreclosed homes will be released, and their prices will be discounted (40% on the average). Beating these homes to the market will only help your bottom line.

So if you've been toying with the idea of selling this year, it's time to make up your mind and get that FOR SALE sign in your yard. And we'd love to see it hanging from a Fall Properties sign!

 

Will You Buy a Home in 2011?

After the erratic market we've had in real estate these last few years, there's a lot of pent-up demand for housing. Will 2011 be the year when buyers get off the fence? If you're one of those hesitating, here are some things to consider:

Why do you want to buy a home? The main reasons have little to do with finances. We buy our homes to have a good place to raise our children, a safe place for our families to live; to have more space, and control of that space. There is talk of 2011 being the year a house again becomes a home (as opposed to a short-term investment). If you do buy this year, be sure that you are buying a home that you can live in comfortably for awhile.

How long is awhile? At least until you can make some money when you sell -- experts are projecting a cumulative appreciation of over 10% by 2015 for homes purchased in 2010. And prices are still down, so buying before they start back up makes a lot of sense.

Have home prices stabilized? In most of the country, they may slip a little bit more in 2011. But interest rates are starting to creep up, so you need to keep your cost (monthly payment) in mind when you are crunching numbers. Waiting for the rock bottom price won't do you any good if the interest rate came up while you waited. That teeny percentage stretched out over the life of your mortgage can cost you more in the end.

So go ahead and look. Your home is one of the largest investments you will make, and whether you're making your first purchase, trading up for a more substantial home, or downsizing, 2011 could be a great year in real estate. Sit down at your computer -- over 80% of home searches begin on the internet. It's the perfect activity for ffffffffreezing February!