Northern Virginia Housing Market Update

March 2016 Regional Market Update: The median sales price for the region was down only slightly (0.3%) from March last year and up 5% over last month. Inventory is way up (20% year over year) and at it's highest level since 2007.

Despite that increase, inventory remains low making now a great time to sell in most Northern VA jurisdictions. If you'd like a detailed analysis of what your home would sell for in today's market, please email nicoleduffey@kw.com with your street address.

NOVA Market Update: The data for Northern VA home prices varies rather significantly from location to location. Median sales price year to date in most Northern VA locations were flat or turned slightly down in March. Fairfax County is holding steady with a median sales price year to date at $460,000 (down 0.2% from this time last year).

Rate Update: Mortgage lending rates have gone down slightly over the past month to their lowest point in almost three years. The current average rate for a 30 year fixed mortgage is 3.67%

Spring Cleaning Link Roundup

Spring Cleaning Now is the time to chase the dust bunnies away!    72% of households report spring cleaning each year. Since taking care of your home is the best thing you can do to maintain it's value, this month I've compiled some great links and tips to hopefully make it easier for you to get finished with the housework and back out there enjoying the beautiful weather.   Clean walls easily with the vaccum's brush attachment Clean base boards after cleaning floors since that tends to kick debris up onto the baseboards Clean windows more easily with a squeegee  Health and safety: New batteries in your smoke and carbon monoxide detectors Replace your HVAC's air filter Common Spring Cleaning Mistakes Martha Stewart's Spring Cleaning Checklist The anti-martha-stewart way to spring clean PRINTABLE checklist from Clean Mama Do we have to spring clean? From FlyLady who has some very useful tips on home care and cleaning in general

Northern Virginia Real Estate market Update

February 2016 Regional Market Update: The median sales price for the region was down 2.6% from February last year. This marks the third month in a row of year over year median price decline. Sales activity remains strong with increases in volume of sales across all property types. NOVA Market Update: The data for Northern VA home prices varies rather significantly from location to location. Median sales price year to date in Lorton is up 38%, Oakton is down 23% and Fairfax County is holding steady with a median sales price year to date at $444,000 (down 0.8% from this time last year). If you'd like a detailed analysis of the home prices in your neighborhood please reply to this email with your address.   Rate Update: Mortgage lending rates have gone up and down slightly over the past month with no significant increase yet. The current rate for a 30 year fixed mortgage is 3.73%

Home Buyer Tips How to Save Yourself Some Heartbreak

Home Buyer Tips
How to Save Yourself Some Heartbreak  

Setting you up for success by finding your lender first
 

As you may know I offer a free seminar every month for First Time Home Buyers to help anyone thinking about buying a home to start wrapping their head around the process. One of the questions I'm often asked is "Why can't I shop for the house and then shop for my loan?" We can all understand where this question is coming from. Someone may be hesitant to really get too far into the process if they're not sure Mr. or Ms. Right House is out there. Well, as a professional "house & new owner matchmaker" I can assure you it's out there! You just have to be realistic about what you need and be READY to sweep that house off it's feet when you find it.  

The fact of the matter is you need to be pre-approved for your home loan Before you shop for your new house for several reasons:

1. Save heartbreak by knowing your price point - Our region has homes of many different shapes, sizes, and price points. Without first knowing what price you can afford there is no way to find your house. Nothing is more heartbreaking than falling in love with a house you can't have. Online calculators can give you a ball park, but many specific factors about your financial situation come into play when a lender is reviewing your application, and so only your lender can give you real numbers.  
2. Save heartbreak by being ready - The best houses that are priced right for the market sell quickly. You're looking for the very best thing for your budget and your needs, and so is everyone else. If you were to find the house and then try to go through the process of applying for a loan, the time lost could easily mean not getting the house because while you were trying to get your financing together, someone else contracted to purchase the house instead of you. 
3. Save heartbreak by writing a competitive offer - In our market the sellers want to know that their potential buyer is serious from the very beginning. Taking the house off the market for someone who is not ready, willing, and able to buy the house will cost a seller precious time and money. Including a pre-approval from your lender along with your offer to purchase the house shows the seller that you are serious and have the ability to buy it. The stronger your offer the more likely that you will be the one buying the house. 

There are many steps to the home buying process, and by following them you will find a new home you can love.

Happy Valentines Day!  

DC Metro area real estate market update

January 2016 Regional Market Update: The DC regional housing market saw a 2.5% dip in median sales price from January 2015 (From $385,000 to $375,500). Sales activity (up 5.8%) and volume (up 2.7%) remained strong. We saw a decrease in pending sales and new listings, likely due to the historic storm.  

NOVA Market Update: Northern VA home prices remain stable. Fairfax County median sales price for January was $444,000 up 1.1% year over year. 

Rate Update: Good news for buyers! Rates are still not rising at the rates anticipated when the Fed made changes in December. The current rate for a 30 year fixed mortgage is 3.72%  

Home Owner Tips: Keep Cozy this Winter

Home Owner Tips
Keep Cozy this Winter

The way your home feels is what makes it home! 

Making your home a brighter warmer place to live is always a good idea for this time of year. With the first major snowfall likely to hit us this weekend, here are a few tips for feeling more snugly. 

Flame on! 

Anthropologists can go on about why humans love fire, but all that matters is that having some flames, or flame like things, about will change the feel of your home and possibly your mood. Good old fashioned candles, and fancy new electric candles are a great way to check this box as well as simply using your fireplace. If you don't have a fireplace consider a gel fuel fireplace, or an electric space heater with flamey character. Using warm colors in your decorating can also help (in case you wanted an excuse to paint a room orange!) And if none of that sounds good, maybe download a fireplace app for your phone, or check it out on Netflix. 

SAFETY FIRST! Please always follow directions and use common sense when dealing with fire. Check your smoke detectors and fire extinguisher before busting out those winter candles. 

Lighten up 

It's a really simple thing, but dusty light bulbs and fixtures can impact the amount of light you're seeing from them. Especially with how long lived bulbs are these days, make sure you're getting the best from your lights by taking the time to dust your bulbs and fixtures. 1. Turn off the electricity to them 2. Wipe with a dry cloth to prevent water getting into any of the electronics. Same goes for dirty windows. 

Seal air leaks 

Use an incense stick to watch the way air moves in your home and find drafts. Seal them appropriately depending on the nature of the draft. This can make an impact on your utility bill as well.

Focus on Hygge

Hygge is my new favorite Danish word which loosely translates to cozy with a side of it's cold outside, but I have the love of my family and friends. Further reading: Fight the winter doldrums with Hygge, Blog post with more ideas on how to Hygge and the best part is how to pronounce Hygge.

Northern Virginia Real Estate Market Update

2015 Regional Market Update: The DC regional housing market continued to see strong sales activity in 2015 with year over year gains in sold volume every month. The median sales price for the region was $410,000, up 1.1% from 2014, and comparable to the median price at the height of the market in 2007.  

NOVA Market Update: Northern VA home prices remain stable. Fairfax County median sales price year to date is $474,844, up 3.2% from year end 2014.  

Rate Update: You may have heard about the Fed raising rates in December. And if you didn't (or if you want to know more) you can check out my blog post about it here. Mortgage lending rates have done what most experts expected for the initial time being and not changed significantly. The current rate for a 30 year fixed mortgage is 3.73%