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

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.  

 

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!

Free Seminars at Fall Properties

Our series of free seminars, "Let's Talk Tuesdays!" is back in full swing -- on Tuesday evenings from 7-8pm, we're presenting a great lineup of seminar topics. You can sign up on our website, or by calling Karen at 703-536-7001. There's always time for your questions, so come in and talk to a professional about your concerns. Here is the schedule through the end of March:

Jan. 25 - Tax Deferred Exchange - What you should know about buying and selling investment property

Feb. 1 - Home Inspections - We will explore common problems to look out for

Feb. 8 - Rent vs Buy - We will provide budget tips for first time homebuyers

Feb 15 - Build, Remodel or Move - We will discuss three options facing homeowners looking to expand

Feb. 22 - Empty Nester - What options you might consider after the kids move out

Mar. 1 - Home Staging and Decluttering - Great tips before you start your Spring cleaning

Mar. 8 - Curb Appeal - We will discuss home exterior tips and landscaping

Mar. 15 - Buying Investment Property - Tax tips and key considerations you should be aware of

Mar. 22 - Inheriting Real Estate and Estate Planning - Local professionals will present these topics

Mar. 29 - How To Choose a Realtor - What makes some Realtors better than others

Join us at our offices at 212-A N. West Street in the City of Falls Church. 

Start Your Home Ownership with this terrific Condo at Fairlington Mews

  

On Sunday,8/22, take a drive to South Fairlington and come to an Open House at our new listing - 4656 S. 34th Street, #B1, in Arlington 22206. This is a top floor 1bedroom+loft, 1bath unit with soaring cathedral ceiling with skylight and ceiling fan. It draws your eye up the spiral staircase to the enclosed loft, featuring a custom garden-style window--what a great room!

This home features a cheerful bright kitchen with recessed lighting, separate dining room, laundry, spacious bedroom, and storage space in the attic. The refinished hardwood floors, replacement windows, and decorative moldings all speak to pride of home ownership. With interest rates unbelieveably low, you should really think about buying. This home is priced at $320,000, and it will be a terrific beginning for someone -- why not you?

Stop in at the Open House from 1-4pm!

Seminar Series Starts in August

Fall Properties has put together a series of seminars as a service to our clients and community.

These seminars will be held in our new office in the City of Falls Church:

Tuesday, August 10: Preparing your home for sale: Curb appeal and Staging tips

Tuesday, September 14: Inheriting Real Estate: What you need to know

Tuesday, September 28: Home Affordability: Loan Financing Options

Tuesday, October 5: Subdividing Property: What you need to know

Tuesday, October 19: 'Green Tax Credits': Home Improvements that pay you back 

These seminars will be held at the Fairlington Community Center in Arlington:

Tuesday, August 3 and 17: Home Affordability: Loan Financing Options

Tuesday, September 7 and Thursday, September 16: Preparing your home for sale: Home Staging Tips

All seminars will run from 7-8pm, with time after for questions. Please call us (703-536-7001) or sign up on our website to reserve a seat for any of our seminar topics

Thinking About Making a Move? Come to our Open Houses on Sunday

Yes, it's crazy hot outside, but these homes all have air conditioning!

First we have a darling 1 bedroom 1 bath top floor condo in Fairlington Village - at 2847 S. Abingdon Street, #C-2, Arlington 22206. It features a primo kitchen with granite counters and ceramic tile floor and backsplash, upgraded bathroom, and the walk-in closet in the bedroom has a professionally installed organizational system. HVAC and hot water heater were new in 2007. Linda Aldave will be holding it open on Sunday from 1-4.

Next is a perfect 2 bedroom 2 bath penthouse condo at West Village at Shirlington - 4069 S. Four Mile  Run Drive, #402, Arlington 22204. This unit is like new (3 yrs young) with 1135 sqft of living space. Gorgeous eat-in kitchen with granite and stainless steel, formal dining room, and grand living room that opens its French doors to an enclosed sun room. With great amenities -- pool, state of the art gym, free shuttle to Metro -- and walking distance to all that Shirlington has to offer. Michelle Sagatov will greet you there from 1-4 on Sunday.

Finally, Bruce Fall will be sitting the open house at his listing in North Old Town Alexandria - a sweet 1 bedroom 1 bath condo at 529 Bashford Lane, #3, Alexandria 22314  . This 2nd floor unit is cheerfully bright, with exposure on 3 sides, and comes with a wood burning fireplace, antique hardwood floors, and an amazing commuter location: only one light and just minutes to downtown DC. Open Sunday from 1-4.