Northern Virginia Real Estate Podcast with Jody Donaldson

If you suffer from seasonal allergies, making a few changes in your home can reduce that suffering. Spring is here, which is a perfect time to freshen the air inside your home.  Here are five tips to maintain great indoor air quality for your home: 1. Use allergen-rated filters. Besides making sure your air filters are changed on an appropriate schedule, using a high-quality filter rated for allergen filtration will help clean the air as it cycles through your home.  2. Consider using an air cleaner. If those living in your home are experiencing negative health effects from invasive allergens, using an air cleaner in conjunction with a HEPA air filter for your HVAC system will dramatically increase the effectiveness of your home’s air filtration.  “These tips will allow you to breathe easier at home.” 3. Install ultraviolet lamps. These can be installed inside the heating and cooling units to kill the mold and bacteria that may develop around the coil due to moisture. There are also lamps available that can sterilize the moving air.  4. Ensure your home is properly ventilated. Bedrooms and kitchens need to be properly vented. Check your exhaust vents to make sure they’re unobstructed and working properly.  5. Utilize a dehumidifier. A dehumidifier removes excess moisture from the air, which helps prevent the development of mold and/or mildew.  As always, if you have any questions or you have any real estate needs I can help you with, don’t hesitate to reach out to me. I would be glad to help you.

If you’re shopping for a home right now, you’re likely looking at several properties. While this is great news for prospective buyers, there are five essential things you should look for when you walk through a home you’re interested in:  1. The roof’s condition. When entering or exiting a property, take a moment to look up and check out the roof. While you can’t always tell if a roof is well-maintained by looks alone, missing or warped shingles are signs that the roof has been neglected.  2. Rust. Check any major appliances in the home for signs of rust or any type of neglect. This means the HVAC system, the water heater, the vents, and other things of that nature. “If there are multiple listings on a given street, there might be a good reason why.” 3. Warping. Examine the angles of the rooms and the corners of the doors. If they’re tilted or warped a little, this could indicate settlement issues with the foundation.  4. Moisture. If the home smells musty or the wood around the windows is soft or rotted, there is likely some sort of moisture leak from a pipe, an improperly fitted or warped window, or a funky foundation.  5. Numerous listings. If there are lots of listings on a given street, there might be a good reason why. Do your research before purchasing a property in an area others may be trying to get away from.  If you have any questions about what to look for in a home you’re thinking of buying or you have any other real estate needs, don’t hesitate to give me a call or send me an email. I’d be happy to help you.

How is the real estate market in Northern Virginia? Let’s answer this question today with our latest market update. To begin, home purchase activity in our area has changed a little from what we saw at this time last year. New pending contacts are down 5.7% year over year. The number of closed sales has also decreased since this time last year, but not very much. This statistic has dropped just 0.3% since March of 2017. “Now is the time to sell.” The number of new listings has dropped by 11.6% year over year, but are actually up 46.4% since this February. The five-year average for new listings in March is 5,727 so our current figure of 5,589 new listings isn’t far off from what is typical. Moving on, the current median sold price of $459,000 is a 4.6% increase from last year. Another area of improvement is the current average for days on market. Currently, the average days on market is just 43, compared to last year’s 51. To summarize, we are in the thick of the spring selling season. Looking at the statistics for current closed sales, the year-over-year increase in sales price, and the reduction in average days on market, it’s clear to see that buyer demand is strong. In other words, now is the time to sell. If you have any other questions, would like more information, or would like to discuss your real estate goals, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Setting out to buy new furniture always starts on a high note, as you’re excited to enhance your living space with stylish and functional pieces that will be part of your home’s environment for years to come. Then reality sets in. A multitude of factors combine to make your shopping experience stressful, expensive, and unfulfilling. However, there is a method to the madness. Here are five important tips that can make shopping for furniture a positive experience all around: 1. Focus on one room at a time. If you have multiple rooms to outfit, complete one room at a time. Doing so will not only help you focus on the design of one space, but it will also help you focus on your shopping outings. 2. Shop online first. If your shopping trip is taking you to a name-brand retailer, pursue the inventory online first to narrow down the selection. Check out available fabrics, finishes, and measurements before making that visit to the store, and call ahead to see if your selections are in stock so you don’t waste a trip. 3. Measure access points. Before you get your heart set on that super-sized sectional or California King bed, make sure there is a way to get it into your house. Don’t just measure the spot where the piece will reside. Measure doorways and stairwells to make sure it will fit around the corner, and find out if the piece can be broken down into separate pieces for delivery. 4. Find out about assembly. Be sure that you’re clear on whether or not the furniture item you’re buying requires assembly. Decide if you are ready, willing, and able to take on the task if it does. “Shopping for furniture is a marathon, not a sprint.” 5. Time your buy. According to NerdWallet, you’ll find the best deals for standard premade furniture right before the spring and fall seasons, when new product lines are introduced. President’s Day, Memorial Day, the Fourth of July, and Labor Day are especially good for sales. Most importantly, make sure that you slow down. Shopping for furniture is a marathon, not a sprint. Ideally, these should be items that are part of what makes your house a home for years to come. Avoid overpaying and dissatisfaction by taking your time. I hope these tips will help make your furniture buying experience a little better. If you have any other questions about home maintenance or real estate in general, just give me a call or send me an email. I would be happy to help you!

What is an HOA resale disclosure packet? Under Virginia law, buyers who sign a purchase contract to purchase a home that’s either in a condo or an HOA neighborhood must be provided the resale package from the seller. The resale package must be given to the buyer in a timely manner after the contract is ratified. The buyer can cancel the contract within three days of receiving the package, and no reason needs to be given for that cancellation. If the buyer makes no objection during that three-day window, the purchase proceeds.  What does a disclosure packet contain? Any covenants, bylaws, financial disclosures, insurance information, special assessments, etc. The HOA will also conduct its own special inspection and evaluation to make sure it’s not in violation of any architectural guidelines and is in good shape. The HOA will also do a financial evaluation to make sure the current owners or sellers are up to date on all the dues and fees.   “For many of us in Northern Virginia, the HOA resale disclosure packet is a standard part of the home sale process.” If there is a violation attached to that property, the seller will need to comply so they can receive a clean letter from the HOA before settlement stating that they’ve complied and everything can move forward. If the seller doesn’t come into compliance, the buyer takes on that risk. Most of the time, those violations remain and transfer to the new buyer.  There is also an expense for the package that’s usually incurred by the seller, and it can be paid at settlement in most cases. Most of us homeowners in the Northern Virginia area have lived in an HOA neighborhood at some point, so this is a standard part of the home buying process.  If you have any more questions about HOA resale disclosure packets or you’re thinking of buying or selling a home in our market, don’t hesitate to reach out to me. I’d love to help you.

Even though it hasn’t felt like it lately, spring is right around the corner. Now is the time to take care of some home maintenance items. As winter wanes, your property may be in need of a little TLC. Here are five easy suggestions to groom your home for the upcoming spring season: “As winter wanes, your property may be in need of a little TLC.” Clean your windows. The windows in your home likely took a beating over the winter months. So, take an upcoming weekend to clean both the glass and the screens to give your windows a sparkling shine all spring long. Unclog the gutters. Built-up debris from the fall and winter months can cause gutter backups as spring rains begin. Grab a ladder and a safety spotter and go clean your gutters to avoid any potential damage. Power wash your home’s exterior. Now that your windows and gutters are free and clear, take a look at your patios, walkways, and siding. These exterior surfaces are often covered in residue following the winter months. If you have power washing experience, you can rent one and do it yourself. However, you can also hire a professional to get the job done. Start your spring garden. Whether you prefer flowers or edible growth, now is the time to create a plan of action for your spring garden. Update your interior accents. Once your exterior has been tidied up, it’s time to focus on the interior of your home. Swap out heavy winter window coverings for lighter versions and add pops of spring color to your home with throw pillows and other accent pieces. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The numbers for our January 2018 Northern Virginia market are in. As we head into the spring market, Northern Virginia home purchase activity has changed. New pending home contracts are down 3.6% since last year and the number of closed sales also decreased, going down by 3.6% to 1,834 sales. New listings are down 3.4% from January of last year but are up 73.9% from what they were in December of 2017. The number of listings on our market is currently just below the five-year average for January. The median sold price has increased 3.9% since January of last year, now sitting at $429,950. “Northern Virginia definitely has pocketed areas, but our market is still strong.” As far as the average days on market, listings this January saw an average of 62 days. This is an improvement from last year and from the five-year average of 67 days. To summarize, we entered the new year with low inventory but a steady buyer demand. Northern Virginia definitely has pocketed areas, but our market is still strong. So, if you’ve been thinking of listing your home, now is the time to start preparing. The spring market will be here before we know it. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Today I’d like to take a moment to wish each and every one of you a happy, safe, and healthy holiday season. This time of year may be great for some, but it can be a very difficult time for others. I encourage you this year to spread some joy. Consider greeting a stranger in the grocery store, at the bank, or anywhere else. You can never be sure how much a small gesture might mean to someone who needs it, since we never know what a person may be going through. “We’re so grateful to help you achieve your real estate goals each and every day.” Speaking of support, we appreciate all of you who have made 2017 a record-breaking year for The Donaldson Team. Thank you to everyone who voted and made us the Top Real Estate Team for Northern Virginia for the third year in a row in the Virginia Living Magazine poll. We’re so grateful to help you achieve your real estate goals each and every day. My team and I look forward to connecting with you in the new year. As always, feel free to give me a call or send me an email if you have any questions about real estate. I look forward to hearing from you soon.

What’s going on in the Northern Virginia real estate market? The latest numbers from October 2017 are in, so it’s time to highlight what’s happening as we head toward the end of the year. Home purchase activity has changed a little year over year. New pending contracts are up 4.1% from October of 2016, and the number of closed sales increased by 4.6% to 2,877. New listings in October are up 4.2% year over year but down 16.6% from September of 2017. There were 3,502 new listings, which is below the five-year average of 3,808 new listings for October. October saw 7,108 active listings in Northern Virginia, which is also below the number active listings in October 2016 and the five-year average of 8,400 listings. “If this winter is mild, the spring market can start at the beginning of the year.” The median price is $426,500, which is a 1.8% increase from $419,000 last year. The average days on market this October was 46, which is just under the five-year average of 50 days on market. What do all of these statistics mean for you? We are entering the winter market with very low inventory and steady buyer demand, as is reflected in the number of closed sales and the reduction in the average days on market. Certain pockets of Northern Virginia are busier than others, but our market is still strong and continues to do better year after year. Traditionally, the holidays are a tough time to sell your home. If you are thinking of selling, now is the time to get your home ready to go on the market at the beginning of the year. If we have a mild winter, the spring season can start as early as January 1, 2018. If you have any questions about our current real estate market, please don’t hesitate to give me a call or send me an email. I would be happy to help you!

Do you have questions about the home buying process? If so, you’re in luck. Buying a home can be both thrilling and scary, but it’s never dull. You’re bound to have a lot of questions throughout the process. Here are the eight most common home buying questions that I receive, along with my answers. Without further ado, let’s get to them: 1. What kind of home can I afford? Most of this depends on your income, but the first step is getting pre-approved. A pre-approval doesn’t cost you anything, but it will allow you to know exactly how much you can afford. You’ll need one to submit an offer on most homes anyway, so it’s best to get this taken care of before you start seriously looking. 2. Can I buy and sell at the same time? The answer is yes, but it’s not a simple process. One strategy we’ve found success with is writing contingent offers. This means that you will only purchase the house once your current home sells. Whether or not this kind of offer is accepted has a lot to do with the kind of market you’re in. 3. How many homes should I see before making an offer? This depends on the individual buyer. Most usually check out at least five to 10 before putting in an offer. However, it might be the first home you see (or the 30th). To streamline the process, focus in on some specific neighborhoods that you’d like to be in. 4. What will the seller accept as a fair price?Typically, knocking 3% to 5% off the list price is a good rule of thumb and won’t ruffle too many feathers. You never know how low a seller is willing to go. If they’re eager to move, you could luck out and score a deal. “Contingencies are the best way out of a transaction.” 5. How do I know if a property is a good deal? With research, you can keep the surprises to the minimum. I advise you to look at the recent comparable sales in the area and whether those numbers have been trending up or down. 6. How quickly can I close? The average loan process takes 30 to 45 days, giving you plenty of time to handle all of your contingencies and inspections. 7. Should I get a home inspection? The answer is absolutely yes. An inspection takes a big weight off your shoulders by thoroughly looking at the condition of the property. If there are any issues, they can be addressed after the inspection. 8. When can I back out of the transaction if I change my mind? Although buyers can always back out of a deal, doing so without a good reason may cause you to forfeit your earnest money deposit (typically 1% to 2% of the purchase price). Contingencies, like the inspection and appraisal contingencies, are the loopholes that will allow you to get out of the contract and get your earnest money back. If you have any other home buying questions or questions about anything else, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.

Even though it hasn’t felt like it lately, the end of the year is drawing to a close. Fall is here and winter is on its way. This means there are a few home maintenance and repair projects you should take care of before the weather gets colder and the days get shorter. 1. Care for your trees and shrubs. Also, remember to rake your leaves and clear out the underbrush. Now is a great time to do this, since there aren’t as many spiders or snakes out and about at this time. 2. Clean gutters and downspouts.Making sure these are both clear will help you prepare for any oncoming rain or snow in the months ahead. 3. Make exterior repairs. If there are any projects you meant to take care of earlier in the year but didn’t, don’t put them off any longer. Take care of anything leftover on your to-do list for the exterior of your home. Exterior repairs like fixing your mailbox or removing wood rot shouldn’t wait any longer. 4. Seal the gaps. You don’t want any unwanted pests entering your home, so make sure you seal up gaps. Also, add weather stripping to any windows or doors where it’s needed. This will help keep your home energy efficient 5. Check the walkways, railings, stairs, and driveway. Making sure all of these features are secure and free of holes, since this kind of damage won’t be visible once it’s covered in snow or leaves. “There are a few home maintenance and repair projects you should take care of before the weather gets colder and the days get shorter.” 6. Stock up on winter supplies. Make sure that you have plenty of gas for the snowblower, salt and sand for the walkways, windshield washer fluid for your car, and any other items that will help you prepare for the coming season. 7. Shut off exterior water. You probably won’t be needing your hoses or outside spigots for some time, so make sure that you shut them off and store these items in a dry and safe place. 8. Check safety devices. Make sure that your flashlights, smoke detectors, carbon monoxide detectors, and fire extinguishers are in working order. Also, replace the batteries in your smoke and carbon monoxide detectors regularly. This is something that is frequently overlooked, but is very important 9. Clean your dryer vents. Making sure this is taken care of on a regular basis will help you prevent fires. 10. Schedule a chimney cleaning service and HVAC system maintenance.These items should be taken care of before winter strikes. Preventative maintenance is key, but if you think your HVAC system might need more extensive repairs, hire a professional to help. 11. Check and purge your closets.Look over these areas, as well as your cabinets and garage, for any infrequently used items that you can donate. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

The latest numbers are in for our real estate market here in Northern Virginia so we wanted to highlight a few of the changes we’ve seen for you. Home purchase activity is a little different than it was at this time last year. Pending contracts have dropped off by about 4.4% from last year, but the number of closed sales increased 2.6% to 2,802. New listings are down 2.5% from last year. In July, we had just 7,779 active listings. This is well below the five-year average. The median sale price of $449,000 is up 2.7% from last year. At the same time, the average days on market is way down from last year. Homes are selling in an average of just 35 days now. “We’re entering the fall in a strong seller’s market.” We’re entering the fall market with very low inventory and a steady stream of buyers. Northern Virginia is in a strong seller’s market for now, but if you’ve been on the fence about making a move it might be time to consider doing so. Right now, you have an opportunity to sell high and buy low before interest rates go up. When they go up, you might not be able to afford that perfect home that you could afford right now. If you have any questions for us, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

I frequently get asked questions about home upgrades and the returns they may or may not bring. Many people wonder whether they’ll get the money they invest into improving their home back. The simple answer is that upgrades don’t always equate to a profit. Upgrades that seem valuable to you may not be valuable to potential buyers. Knowing what kind of upgrades are and aren’t worth the effort is essential. So today, I’ve got five common upgrades you should avoid. For as common as these upgrades are, they actually have some of the worst return on investment, according to an article by Trulia. 1. Adding a swimming pool. This upgrade can be hit or miss. One of the biggest factors that goes into determining whether or not adding a pool will be a good investment is location. If you are selling a home in Florida, or anywhere else a pool might be used year-round, a pool will be more likely to have a better return. However, even in circumstances like these it’s unlikely you will exceed or even earn back the money you invested in installing the pool to begin with. 2. Highly personalized or customized designs. When something about your home is too personalized, you are vastly decreasing the number of people who will find it appealing. Unless you are going to be staying in your home for years upon years to come, you should avoid making design choices that are too risky. Buyers’ tastes won’t always align with your own.  This causes issues not only in attracting buyers, but in other ways as well. Buyers looking at a home that is too customized will take into consideration the cost of changing features that simply aren’t their style. If that price isn’t worth it to them, you’ll be losing a lot of offers. “Upgrades that seem valuable to you may not be valuable to potential buyers.” 3. Room conversions.When buyers search for homes, they do so with a checklist in mind. They’ll often be seeking out a certain number of bedrooms and bathrooms. If you’ve converted one of these spaces into something unusual, you’re actually harming your home’s resale value. 4. Incremental square footage gains. While making significant gains in square footage is a good upgrade to make in your home, smaller gains aren’t really worth it. Insignificant square footage gains aren’t like you much return on your investment. Placement, also, is important. Even though a half bath on the first floor might be nice, buyers will be put off if they have to walk through or directly past it to get to the kitchen, for example. 5. Over-improving.While this may seem counter-intuitive, you don’t want to be the highest-priced home in the neighborhood. If you have the most expensive property around, your investment isn’t as likely to be returned. When making upgrades, keep your neighborhood’s baseline in mind. Overall, there’s nothing wrong with making improvements to your home because you enjoy doing them. The important thing to remember is not to give yourself the false hope that all of these upgrades will bring valuable returns when it comes time to sell. If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Because the weather has been miserable with near-record days of rain, we’ve seen fewer showings than we did earlier in the spring. Hang in there though, because **we’ve still got plenty of buyers and low inventory. ** Compared to last April, both sales and units sold were up 8.99% and 6.6%, respectively. The average for days on market dropped from 53 to 51. This April compared to last April, the number of new listings was down. Additionally, closed sales this April shot up 24.7% from the month before. In Loudoun county, the number of units sold fell 1.42%, but the average for days on market improved to 49 days this year from 68 last year. Nationally, home prices are up 6%, and up 2.6% compared to last year. “HOMEOWNERSHIP IS A GREAT INVESTMENT, BOTH FINANCIALLY AND EMOTIONALLY.” Looking ahead to future projections, waiting until next year could cost you almost $200 more in your mortgage payment. This proves why homeownership is a great investment both financially and emotionally. Harvard University’s Joint Center of Housing Studies recently released a study showing the top reasons why. Financial Reasons: Financially, housing is typically the one leveraged investment available, because you’re paying for housing, whether you own or rent. Housing is usually a form of forced saving. There are tax benefits to owning. Owning is a hedge against inflation. **Emotional Reasons: ** Owning a home is a good way to build wealth that can be passed along to your family. You have an actual structure providing space and safety for your family. You have control over your space, like renovations or updates. Owning a home provides a place to raise children and give them a good education. Although rates are still low, waiting to buy could be costly for your monthly mortgage payment. Call your lender today and get pre-qualified. If you have any questions about real estate in Northern Virginia, please don’t hesitate to reach out to me!

We’ve all hear the term “curb appeal,” but does it really help sell your home? Homes that look good from the street - that is, homes with good curb appeal - should help you get a higher price and take less time to sell. To improve your curb appeal, you don’t need to make a bunch of renovations to the exterior of your home. We’re talking about **regular maintenance and some extra beautifying tasks that will go a long way. ** The question becomes which projects will give you the best payoff? Here’s a list of what we think is worth your time: Wash the front of your house. Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the front of your house. This will help show your house in the best light. A power washer is an ideal way to do this, but a bucket of soapy water and a long-handle, soft bristle brush can get the job done as well. Don’t forget to take care of the sidewalks and driveway while you’re at it! You should also wash your windows inside and out, wipe the cobwebs from the eaves, and wash out your downspouts. Don’t forget to wash off your garage as well. Freshen the paint job. After power washing or scrubbing the front, the most commonly offered advice I share with clients is to give the exterior of the home a good paint job. Buyers will instantly notice it and appraisers will value it. Painting can be an expensive and time-consuming facelift, but it is usually well-worth the effort. Address the roof. The condition of your roof is one of the first things buyers notice when they drive up and that appraisers assess. Missing, faded, or curled shingles add nothing to the look or value to the house. If your neighbors have maintained or replaced their roofs recently, yours will look especially shabby. If the roof is in obvious disrepair, it’s in your best interest to bite the bullet and invest in new shingles. “Doing these eight things will make your home stand out from the competition” Clean up the yard. A well-manicured lawn with fresh mulch and pruned shrubs boosts the curb appeal of any home. Replace your overgrown bushes with leafy plants and colorful annuals, surround bushes and trees with dark mulch to give a rich feel to the yard, put a crisp edge on garden beds, pull the weeds and invasive vines, and plant a few geraniums in the pots. You also need to green up your grass with lawn food and water, cover any bare spots with seeds and sod, and get rid of the crab grass and mow it regularly. Add a splash of color. Even a little color attracts and pleases the eyes of would-be buyers. Plant a tulip border in the fall that will bloom in the spring, and dig a flower bed by the mailbox and plant some pansies. Consider placing a colored bench or Adirondack chair on the front porch as well. These colorful touches won’t add to the value of your house, but beautiful colors enhance the curb appeal and can help you sell your house faster. Spruce up your mailbox. An upscale mailbox, architectural house numbers, or address plaques can make your house stand out. You can get a really nice mailbox for anywhere from $50-150, or you can just repaint your current one and add new fresh home numbers to it as well. Just make sure any changes you make comply with the HOA guidelines for your neighborhood. Fence yourself in. A picket fence with a garden gate to frame the yard is an asset. Not only will it add visual punch to your property, but appraisers will give extra value to a fence in great condition. Expect to pay around $2,000-3,500 for a professionally installed gated picket fence. If you already have a fence, make sure it is clean and in great condition. Again, be sure to check with your local HOA before you make any purchases. Maintenance is a must. Nothing looks worse from the curb and sets off subconscious alarms like hanging gutters, missing bricks, or peeling paint. Not only can these deferred maintenance items damage your home, but they could decrease the value of your home by as much as 10%. Doing these things will make your house stand out from the competition, and will help you put your best foot forward when you list your home on the market.

You’ve seen the signs: I’ll sell your home in 60 days, or I’ll buy it. I want to take a minute and share with you how those programs work, and what you should be aware of when considering this type of program. Personally, I don’t have a guaranteed sale program. I can’t offer something in good conscience that, in my opinion, is a bait and switch marketing tactic. I have nothing against the Realtors that use these programs, and a lot of the most successful agents in this country have some form of this program in their business plan. However, if you were to talk with several of these agents, very few end up having to buy the home from their client. Even fewer of the clients choose to list their home under these programs. That’s partly due to what’s in the fine print. There are several criteria that the seller must agree and comply with in order to make these programs work. Some of these programs include an agreed upon list price, which is solely based on recently sold properties and not current market conditions. Other programs include a pre-agreed upon price reduction every 7 days, and that can be a significant amount. Still more programs include an upfront marketing fee of $1,500 to $2,500 and pay for staging and any other things the Realtor recommends. “If this program seems too good to be true, it probably is.” In addition, the pre-agreed upon price that the agent would pay for the home is usually well below market value and includes the same seller commissions and fees as a regular transaction. The reality is that these types of programs might work for a small percentage of people, but ultimately, guaranteed sale programs are a marketing tool to get the agent’s phone to ring, and it often works. I’ve talked to several who use these programs, and they all say that it’s a huge lead generation system for them. Bottom line, if it seems too good to be true, it probably is. If you’re a motivated seller and you’re willing to do what your agent recommends, price your home aggressively based on the current market conditions, and combine that with a fantastic marketing plan, then your home should sell. If you have any questions, please don’t hesitate to give me a call or send me an email. I look forward to hearing from you!

Today we are excited to talk about both the perceptions, and realities, of homeownership in Northern Virginia. The National Association of Realtors recently released a report saying Americans at every age and income level agree that homeownership is both a smart financial decision, and part of the American dream. We’ve talked about some obstacles to homeownership in the past, but as studies like this have shown, many obstacles are perceived. They aren’t real. A recent study by Fannie Mae revealed that many consumers are either unsure or misinformed regarding the minimum requirements to obtain a mortgage. We are going to break down three such challenges today. Down payment perceptionsMany renters have mentioned that the lack of an adequate down payment is the thing that most prevents them from buying. According to the Fannie Mae report mentioned above, 40% of all renters don’t know what kind of down payment is required, while 15% think you need at least 20% down and 4% believe at least 10% down is required. The reality is, there are tons of programs out there from Fannie Mae, Freddie Mac, and FHA that offer 3% down programs. VA and USDA loans offer 0% down programs. The average down payment for a first-time buyer is 6%. “The average credit score for FHA loans is 687.” Credit score perceptionsMany renters have also mentioned that the lack of a good credit score is the thing preventing them from buying. According to the same Fannie Mae report, 54% of all renters don’t know what credit score is required, and 5% think you need at least a score of 740. Actually, many mortgages are granted to purchasers with a score below 700. The average credit score for FHA loans is 687, and the average score on all loans is 722. Debt-to-income ratio perceptionsMany renters say they carry too much debt, but 59% of renters surveyed by Fannie Mae don’t even know what ratio is acceptable. Lenders like to see a back-end ratio that does not exceed 36% of the buyer’s stable monthly income. All of this leads us to the bottom line: Don’t let a lack of knowledge or misinformation keep you from buying this year. If you don’t know where to start, or have any other questions about the market, we would be glad to help. Give us a call or send us an email. We look forward to being in touch!

I just wanted to take a moment today and wish you all a Merry Christmas and a Happy New Year. **My team and I hope you enjoy and cherish the time spent with loved ones this time of year. ** “Merry Christmas and Happy New Year!” For our military personnel, we continue to pray for your safe return home to your families. For our public safety personnel, stay safe out there and come home at night. From the entire Donaldson Team, we wish you the happiest of holidays, and look forward to connecting with you in the new year!

Last time we covered how to prepare for winter on the inside of your home, and in this episode we’re going to discuss how you can winterize the outside of your property. You can start by performing some preventative yard maintenance. This will include raking your leaves, clearing your gutters, fertilizing your lawn, and perhaps even mowing the lawn one last time. Clearing your gutters is important for keeping snowmelt away from your foundation in the spring. It’s also crucial that you drain your sprinkler pipes so that they don’t burst during a hard freeze. You might need to hire someone to blow out your pipes if you cannot do so yourself. Right now is also a good time to touch up on the paint covering your siding, decks, and patio. “Don’t forget to clear your gutters of debris.” Something else that is often overlooked is replacing or adding caulk and weather stripping to your doors and windows. This will help insulate your home and will even save you money on your energy bill. If you have a real chimney or fireplace, have it checked by a professional to ensure that you won’t encounter a problem during the middle of a blizzard. If you have any questions about these issues, please don’t hesitate to contact me. I look forward to speaking with you!

Today’s topic is preparing your home for the winter, the indoors edition. This is part one of a two part series, and we’ll cover the outside of your home on the next video. It may not feel like winter now, but it will be here before you know it. To make sure you are prepared for the weather and all that it brings with it, we want to give you some tips today for getting the inside of your home all ready for winter. Right now is a great time to go through and thoroughly clean the interior of your home. We’re talking sweeping, vacuuming, dusting, and even hiring a carpet cleaning service to steam clean or shampoo your floor. **We recommend mopping and sweeping those hardwood, tile, or linoleum floors as well. ** “Pay special attention to the bathrooms and kitchen.” One area of your home you should pay special attention to is the bathrooms and the kitchen. Deep clean the countertops to refresh them for the season and get rid of those lingering cold germs. Now is also a great time to perform preventative maintenance on your heating system. It’s not a bad idea to have a service contract with a company to check your heater a few times a year, which will help prolong its life. Finally, make sure you check those smoke and carbon monoxide detectors and replace their batteries. **Also, check and purge your closets, cabinets, and garage of any unnecessary items and donate them to charity. ** If you have any questions for us about winterizing your home, give us a call or send us an email. We’ll be back with part two next time, and we look forward to hearing from you soon!

Have you ever wondered what the first step in the home buying process is? Today, Tim Curtin from Americorp Mortgage Services is here to help answer that question. Before you even start looking at homes, the first thing you need to do is get pre-qualified. You simply call your lender, talk to them about what you want to do, and then they will take your personal information, income, and assets to figure out what kind of loan you will qualify for. A pre-qualification is different from a pre-approval. The pre-qualification is more of a preliminary step. A pre-approval is when the lender goes through and verifies the information you provided during the pre-qualification. The documents you need to provide to the lender include 30 days worth of paystubs, your W-2s from the last two years, two years of tax returns if you have investment income or are self-employed, bank statements from the last two months, and a photo ID. “Get pre-qualified before you look at homes.” The whole process lasts about 30 days from getting approved to taking the loan to closing. You may even qualify for more than what you can afford. The lender allows you to borrow as much as their guidelines will allow, but that might be more than you can afford. Budget out your monthly mortgage payments in order to know what you can actually afford to spend on a home. If you have any questions for Tim, you can call him at 703-930-1765 or email him at T.Curtin@Americorp-HomeMortgage.com. As always, if you have any real estate questions, please don’t hesitate to reach out to me. I look forward to hearing from you!

Today we have got the latest market update for you for Northern Virginia, and we are excited to share the great numbers we have been seeing. Here’s what’s been happening in the Northern Virginia real estate market: New pending contracts increased 14% from August of 2014 Inventory was up as well, for the 25th consecutive month. There were 4,418 new listings added in August, a 1.5% increase over last August Our current active inventory in Northern Virginia is high, and sits at 10,599 The median sale price of $430,000 stayed pretty similar to last year The average days on market is up 8.89% So, we are entering the fall market with high inventory and the days on market increasing. However, buyer demand in Northern Virginia continues to increase, while significant gains in new contracts and closed sales continues to be a trend. “Closed sales are up for the 9th straight month.” Our market is still very strong and continues to improve every year. If you are on the fence about buying now, just know that an impending increase in interest rates could push you out of the price point that you could afford today. So don’t wait, get prequalified today. If you don’t have a trusted lender, we have plenty that we can refer to you. If you have any questions for us at all, give us a call or send us an email. We look forward to hearing from you!

If you’re thinking of buying a home in the next three months or so, I’m going to give you three questions you need to ask yourself before you dive into the home search.1. Why am I buying in the first place? This is the most important question. For most people, the reason has nothing to do with finances whatsoever. People want a safe place to raise their kids. They want more space for their family, and they want control of the space that they have. Where are home values headed? When looking at future values, the Home Prices Expectation Survey provides a fair assessment. Every quarter, a nationwide panel of economists and real estate experts make projections for the next five years. Home values will appreciate by 4% through 2015. Even the more conservative experts project an accumulative appreciation of 15.1% by 2019. Where are mortgage rates headed? A buyer must be concerned about more than just home price. The long-term cost of a home could be dramatically impacted by an increase in mortgage rates. Mortgage rates will increase by one percentage point over the next twelve months, so keep that in mind. “Only you can determine the best time to buy a home.” The bottom line is that only you and your family can determine the best time to buy a home. These three questions will guide you with that decision. If you have any questions for me, give me a call or send me an email. I’d be happy to help you.

Today, I want to discuss what a home appraisal is and why they are needed when purchasing a house. An appraisal is an unbiased professional opinion of a home’s value. In a purchase and sale transaction, an appraisal is used to determine whether a home’s contract price is appropriate given the home’s conditions, location, and features. Lenders want to make sure that homeowners are not over-borrowing for the property because the home serves as collateral for the mortgage. If the borrower defaults on the mortgage and forecloses, the lender can recoup the money by selling the home. Because the appraisal primarily protects the lender’s interest, the lender will usually order the appraisal. The value found by the appraisal is influenced by recent sales of similar homes, current market trends, the home’s amenities, floor plan, and accessibility. The appraiser must do a complete visual inspection of the interior and exterior and note any condition that might adversely affect the property’s value, such as needed repairs. “An appraisal is an important part of the transaction process.” Next, the appraiser provides a comprehensive report that includes an analysis and conclusions about the property’s value. An appraisal typically costs between $400-$500, and generally, the borrower pays the fee. When you’re buying a home and you’re under contract, the appraisal will be one of the first steps in the closing process. If the appraisal comes in at or above the contract price, the transaction proceeds as planned. On the other hand, if the appraisal comes in below the contract price, it can delay or derail the transaction. Chances are, neither you nor the seller want the transaction to fall through, and as a buyer, you have an advantage in that a low appraisal can serve as a negotiating tool to convince the seller to lower the price so the transaction can move forward. If you’re a seller, it might be a good idea to get an appraisal before you list your home to get a better idea of what the current market value of your home is from a third-party perspective. When everything goes smoothly, the home appraisal is just another box to check on a loan closing checklist, which is the goal for buyers, sellers, and lenders in the transaction process. If you have any questions about this topic, or if you need real estate assistance of any kind, don’t hesitate to reach out to us. We would love to hear from you!

Buying a home is one of the biggest investments you can make in your life. You want to make sure it’s protected in the event of a disaster or accident. For a home, you will need dwelling coverage, which covers the bricks, mortar, and everything attached to the house. In the event of a fire or total loss, you can rebuild and get back into your home with this type of insurance. However, dwelling insurance doesn’t cover detached garages, outdoor sheds, or any other standalone structures on your property. “We can help put you on the right path to success.” For your personal property, you want to make sure you’re covered under your homeowner’s insurance policy. Think of your home as a dollhouse. If you picked it up and shook it, everything that falls out would be your personal property. Watches and jewelry are covered, but you may need endorsements or additional coverage based on your collection. When you’re trying to figure out where to start, talk to a real person like an insurance adviser or real estate agent. We can help put you on the right path to success. If you have any questions, feel free to give us a call or send us an email. We look forward to hearing from you!

Today, we share some tips to help you save money on your home insurance! Megan Merkosky of Brown & Brown Insurance is here to explain. Deductibles play a part in your home insurance and can help drive down your premium. We recommend a deductible of $1,000 or more, because the higher the deductible, the lower your insurance prices will be. In other words, the lower your deductible, the higher your monthly payment will be for insurance. “It is beneficial to have all your insurane policies (home, auto, etc.) in one place.” A deductible higher than $1,000 will keep you from filing claims that aren’t necessary. Fires, thefts, a flooding basement: these are things that you should file claims for, not things a handyman could fix. To maximize your insurance discount and save you more money, it’s beneficial to have all your insurance policies (home, auto, etc.) in one place. By reaching out to someone at Brown & Brown Insurance, you will maximize your time, get a second pair of eyes, and an advisor to help you. A home is one of the biggest purchases you’ll make, so you want to make sure it’s insured correctly! Give us a call or shoot us an email if you have any questions, or you can reach Megan directly at 571-229-1443 or MMerkosky@BBDCMetro.com. We look forward to hearing from you soon!

The latest real estate numbers for Northern Virginia just came out, so I wanted to take a second of your time to update you on them. New pending contracts increased by 9% from 2014 The 4,308 new pending sales was just above our five-year average The number of closed sales increased by 17% to 3,118 Inventory went up for the 21st consecutive month, and we have 9,522 listings right now **Median sales price of $425,000 remained the same ** Half of the homes sold in April were on the market for 53 days or more “It is a great time to buy or sell” In summary, the spring market is here, and we have a very large amount of inventory. Buyer demand is continuing to improve, so it’s a great time to buy or sell, especially when you consider that interest rates are still sitting at historic lows. Please don’t hesitate to contact me if you need any help buying or selling real estate in Northern Virginia. I am always more than happy to help you!

Buying and selling a home is a stressful process and lots of different things can go wrong. However, a home warranty can solve a lot of these problems. Here are a few reasons why I believe that a home warranty is a good option. “Overall, getting a home warranty is a great way to secure peace of mind.” Base plans protect systems and appliances: This is always a good thing to have, and it should provide a lot of peace of mind for you. You can also upgrade your package so that more of your belongings are protected. Products are tailored to your geographic area: Maybe you live on a flood plain, or in an area that’s prone to fires. Wherever you are, the warranty will cover your specific area’s needs. Service guarantee: Warranty companies provide great vendors that always do their best to provide excellent customer service. I’ve also seen that most claims made on warranties are handled quickly and efficiently. Sometimes, if they cannot respond fast enough, they’ll allow you to hire a local contractor. Peace of mind: The biggest advantage of a home warranty is the peace of mind it allows you to have when you move into a new home. On average, every homeowner goes through two mechanical failures every year. If you have a warranty when something goes wrong, all you have to do is give them a call, pay your deductible, and you’re set. Even if you’re selling your home, you can purchase a home warranty during the period of time that it’s on the market. This way, if something goes wrong, you can get it fixed quickly and not spend your time worrying when you’re just trying to sell your home. You can also use it as a valuable marketing tool when you sell, because buyers like to see homes that are under warranty, and it’s easy to transfer the coverage to buyers. Overall, getting a home warranty is a great way to secure peace of mind. Please don’t hesitate to ask me about any of this information, I’d be happy to help you!

Real Estate Business Intelligence, which studies our local real estate market with the George Mason University Center for Regional Analysis, has just released some numbers for our market. New pending contracts increased by 13% The number of closed sales increased by 41.2% There are 8,000 active listings, which is a 26.6% increase over this time last year Our median sales price of $415,500 is a 4% increase over last year Our average days on market is sitting at 67 days, which is a two week decrease from last March Buyer demand continues to improve, and seller activity is also beginning to pick up On top of all of this, mortgage rates continue to be very low, so it is a phenomenal time to purchase a home. If you’re looking to buy or sell this spring, now is the time to get prepared. **You don’t want to miss out on this market! ** “If you’re looking to buy or sell this spring, then now is the time to get prepared.” Contact me now for a free home consultation! I would love to help you sell your Northern Virginia home.

People often debate whether to remodel their current homes or simply sell their current property and build a new one. Some things to consider before committing to such a process are the costs, if it will add value down the road, and what might be best for you and your loved ones. In my own experience, I think it’s easier to remodel than to build new, but your case may not be the same as my own. Will you be able to finance the home improvement yourself? Or will you have to take out a loan? If you need to finance your project, you will need to consider how much equity you have in the home. If you have a solid amount of equity, you’ll be able to get a line of credit or a home equity loan. What you’ll also need to think about is whether it’s feasible to remodel your home. How much will this new addition add to the value of your home when you finally go to sell it? Most additions that include bedrooms and bathrooms will be a solid investment into your home. This can make your home more marketable when you go to sell, which is an important aspect of remodeling. “In my own experience, I think it’s easier to remodel than to build new, but your case may not be the same as my own.” You’ll also need to consider your local zoning codes, because these will dictate whether you can actually build the way that you want to. If you are part of a Homeowner’s Association, you will need to submit your plans to the HOA for approval before you start to build. One of the last things you might want to consider is whether or not there are any affordable properties in your area that would fit your needs. Sometimes it might be too cumbersome to move, but it’s worth checking the MLS to see if you can simply move into a new home instead of living in a construction zone for a while. Please contact me and I would be happy to speak with you about whether or not an addition to your home would be beneficial. Of course, it’s always your decision at the end of the day, but I’d rather not have you pour money into something that will not benefit you down the road. I’m always available to speak with you!

The question of whether to rent or buy is a difficult one, and has persisted with consumers for a long time. What you should know is that the price of both buying and renting is rising, and the 2014 national median home price was $208,500, which is an increase of 5% from 2013 (according to the National Association of Realtors). The average rent payment has also increased by 12% from January 2013 to December 2014. Buying is currently a very attractive option because interest rates are incredibly low (below 4%) and loan products from Fannie Mae and Freddie Mac only require a 3% down payment. But potential home buyers should remember that owning a home is not a liquid asset, even though it’s a good thing to add to a portfolio. Of course, buying is only a good option if you have a stable job that doesn’t require you to move around a lot. **Also, if you’re only expecting to stay somewhere for 3-5 years, it’s probably better if you rent. ** “Buying is currently a very attractive option because interest rates are incredibly low.” Even people with enough money for a down payment on a home are choosing to rent. If you’re living a lifestyle where you’re constantly moving around and relocating, then I would not suggest that you purchase a home. It will be more trouble than it’s really worth. It’s important to consider all of your options before making a decision, and I would be extremely happy to help you come to a decision. Whatever you decide, I know professionals that I can refer you to in order for you to find housing that matches your needs. Please refer to me with all of your Northern Virginia real estate needs.