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%  

Why the fed rate hike is important for home owners and home buyers

Why the fed rate hike
is important for home owners and home buyers 

Photo Credit CNN Money

I talk about rates in my monthly newsletter because it's a piece of the economic puzzle that has a real impact on my clients. I've found there are two main types of consumers when it comes to information like this - those who can't get enough data, and those who want me to sum it up. So here's the short version and some resources for further learning. 

What's going on?

The Federal Funds Rate is a benchmark number in financial markets. It pertains to how much it costs banks to lend and borrow money. The rate is determined by the central banking system of the US, the Federal Reserve System (aka "The Fed").  For the first time since lowering it nearly 10 years ago during the recession The Fed has increased that rate.  It is a small change that was expected, and is seen by many as a vote of confidence in the US economy. 

All this explained via Rube Goldberg Machine 

US historic interest rates explained via sound effects 

Home Owners: 

If you have an adjustable rate mortgage or a home equity line of credit with an adjustable rate, it will likely have a higher rate at your next adjustment. 

Home Buyers: 

Mortgage rates are not predicted to shoot up, but they are almost certain to start increasing now. An increase of half a percentage point for 30 year fixed mortgages is anticipated by the end of 2016.
 
To demonstrate how even a small change can effect your bottom line take the example given by Michael Fratantoni, chief economist of the Mortgage Bankers Association, consider a $200,000 home with a 4% fixed interest rate. Change the rate to 4.25% and your payments go up by $30 a month, potentially adding another $11,000 over the life of the loan. This can also effect the debt to income ratio for a potential home buyer. A recent analysis by the National Association of Realtors found that an increase of half a percentage point to the 30 year fixed rate mortgage (as some economists are predicting will take place by the end of 2016) could result in as many as 7% of potential borrowers not being approved simply because of the rate hike.

Everyone: 

Credit cards have variable rates which are directly impacted by the rate set by the Fed. This 0.25 increase is relatively small so you shouldn't see this impact your budget much, but as the rate climbs so will your credit card bill.   

Savings accounts can look forward to increased returns in the near future. Though some major banks including JP Morgan Chase, Bank of America and Wells Fargo have already increased their prime rate on the money they lend in accordance with this news, they have not yet made any adjustments to their rates for savers. That change is widely expected to come. 

Bottom line: things are changing - they are changing slowly - and all of these rates are still at historic lows. If you carry credit card debt that is now getting more expensive, and if you were waiting for rates to fall lower before making a home purchase than you should probably start evaluating that strategy :) 

US Economy Statistics
News Round Up: Economist, Reuters, NY Times, CNN Money, Washington Post, Market Watch, Marketplace's In-depth Coverage

Northern Virginia Real Estate Market Update

November 2015

Regional Market Update: The DC regional housing market continues to see strong sales activity with year over year increases in activity for the past 12 months. November sales volume across the region was slightly below $1.7 Billion, up 14.3% compared to last year. If you had any doubt that our market has recovered from the recession, check out the below chart. 

NOVA Market Update: Northern VA home prices remain stable. Year to date median prices in most jurisdictions are up. The only one lagging behind is Falls Church City (down 3.8% YoY). Fairfax County median sales price year to date was $475,000 for November.

Rate Update: On 12/16/15 the Fed announced a rate hike for the first time in nearly a decade. I will be posting about this soon. 

What to do when you find mice in your house

I recently got to spend some time with my favorite pest guy who not only knows his stuff (like he's an entomologist y'all) but likes to explain things to me in terms I can understand. It's fun, and it can take the edge off of some gross stuff.

At a routine termite inspection recently he was telling me about the last job he'd done - a routine mouse treatment.

"So what should you do if there's a mouse in your house?" I asked

1. Do something. Ignoring them will just invite more. Mice are social creatures and when they find a place that's comfy they invite friends - and they invite their friends- and they invite their friends... Before you know it you've got rodent Burning Man in your laundry room. 
2. Clean until you find the nest. As good little party hosts, chances are good that they have been nesting somewhere. Do you have a place in your house where things are "stored" (see: forgotten) and you can't get to it easily, or often. That's a very likely candidate. If they've been partying in there for a while you may smell them too. They pee around the nest to help their friends find them. They also sometimes die nearby (especially if you maybe put out some poison) and that will make a smell too. 
3. Call a professional. Like so many things in home ownership, if you want it done right you really should get someone in with the expertice and experience and tools to help you make the problem go away. Most of the things you will think to do (put out traps/ poison / etc.) if not done correctly for the particulars of your situation will just drag out the process. You'll be calling them in a few months anyway. A pro will also be able to more easily assess if you've got a full on party, or just a few scouts and treat accordingly. They will be able to tailor the treatment for your family (dogs/ kids) and help keep everyone safe... everyone but the mice. 

Northern Virginia Real Estate Market Update

October 2015 

Regional Market Update: The DC regional housing market continues to see strong sales activity. The median prices for all home types in the region continue along a slow and steady rise. 

NOVA Market Update: Northern VA home prices remain stable and activity rising over the same time last year. Falls Church saw a 8.1% increase in medial sales price over last October. Fairfax County median sales price year to date is $475,000.

Rate Update: Interest rates on home loans have risen slightly in light of the recent good jobs numbers. Speculation about the Fed raising the prime rate this year continues. Freddie Mac announced that for the week ending November 12, 30-year fixed rates rose to 3.98% (up from 3.87% the week before). 

Home Owner Tips: The value of big home improvements

 

What should you spend your money on?

If you want to know what big ticket projects will be of the most value to you (and increase the sales price of your house), the answer is that it really depends on what you'd enjoy, when you think you may sell, and how out of step your home's finishing/repair is with the others in your neighborhood. Please know I'm happy to stop by and chat about this anytime. 703-303-2889

To start your research online, I recommend this article from HouseLogic which is based on data from Remodeling Magazine's 2015 Cost to Value Report (which is very data and add laden, but I have it if you'd like to see it). The short version is you'll get the best ROI from: a steel front door, things that add living space, things that increase curb appeal (like new siding, garage door), energy efficient windows, and kitchen remodeling. It's not cheap, but great kitchens really do sell houses.   

Northern Virginia Real Estate Market Update

Regional Market Update: The DC regional housing market continues to see strong sales activity.  The median prices for all home types in the region continue along a slow and steady rise. 

NOVA Market Update: Northern VA home prices remain stable and activity rising over the same time last year, with the exception of Falls Church which saw a 15% decrease in sales activity over last September. Fairfax County median sales price year to date is $478,000.

Rate Update: After a small increase this summer interest rates are holding steady for the time being. Experts are not forecasting any major change in the Federal Interest Rate this fall, possibly this year. Consensus is the global economy remains too volatile for the Fed to be comfortable at the present time. 

Home Owner Tips: Fall Maintenance

A few items to take care of before the winter hits.
 

Check your gutters and roof
Since it's not at eye level you may not have thought about your roof lately. Take a few minutes next time you're outside to look carefully at what you can see of your roof and gutters (use binoculars if you have them). Is the flashing in tact? Any damage from debris? Gutters should be cleaned twice a year (usually in the fall and spring). 

Feel a draft? 
Homes can loose a lot of heat in the winter from small leaks around doors and windows. Use the back of your hand (or even your face) to feel around these areas for any air movement, and stop up the gaps with weatherstripping. 

Inspect your walkways
Make a special stroll down your homes exterior walkways looking for cracks or loose stones. Repair those now to help prevent falling accidents when things get slippery this winter. 

Prepare your fireplace 
Now is a good time to have your chimney cleaned if you've been putting it off. As far as I know there is not a good rule to follow regarding how often one should have a chimney cleaned, but if you have even 1/8 of an inch of build up you need to have it done soon. When in doubt please er on the side of caution when dealing with fire. 

And after all that, if you're looking for ideas for actual FUN activities this the fall check out http://fall.virginia.org/ for a ton of ideas from the VA tourism authority! 

Northern Virginia Real Estate Market Update

Regional Market Update: The DC Regional housing market continued to see strong sales activity in August. An increase in inventory resulted in a slight decrease in median sales price for the region, and increased median days on market. 

NOVA market Update: The median sales price in Northern VA declined slightly in August, but remains healthy (and higher than the 5 year average). Fairfax Co. median sale price was $476,500, down 0.3% from  August 2014.

Rate Update: Interest rates are still holding steady, though analysts continue to point to the trouble in China's stock market as a possible reason the fed may hold off a bit longer before raising them significantly. 
 

Home Owner Tips: Staging your home to sell

A few simple things can make a big impact with potential buyers.
 

I get asked about staging pretty frequently. With the caveat that each property is unique, there are some good basic rules of staging you need to consider when getting ready to sell your house. 

Getting rid of your stuff.

Put away personal photos, religious or political images/posters. Anything that makes your house yours should be put away when you're not home. You want the buyer to imprint their own idea of what their life will be like in the home, and that's hard to do when looking at Mr & Mrs Seller's beautiful and distracting wedding photos. 

Clutter Kills. Take away everything you can so that the space feels bigger (renting a storage unit can help if you're selling b/c you need more space) organize what must stay, including the pantry and your closets. The buyer will open every door in the house and if the closets are packed tight and unkempt they will assume the house does not have enough storage space

Take good advice regarding color choices.

Neutral is always best.

From paint, to flooring, to counters, to furniture (yes the brightly colored side chair is distracting) have an outside opinion from someone you trust, someone who does not look at the house every day. Someone like your Realtor :)

The way we live in a home is not the way we sell it for top dollar. 

Most home sellers expect to clean the house and make it neat for the photos. To truly stage a house to sell you must keep the property in that condition every day.

All clothes off the floor, beds made, dishes put away, mail neatly stacked etc. This is hard to do, even harder with small children, but it makes a huge difference to the potential buyer when their first impression of the property is a positive one with it in A+ condition. 

Northern Virginia Real Estate Market Update

Regional Market Update: The DC regional housing market continues to see strong sales activity. The median prices for all types of homes in most sectors of the region continue along a slow and steady rise.

NOVA Market Update: Northern VA home prices remain stable. Arlington and Fairfax City saw the biggest gains at 10.6% and 13.0 % median price increases from this time last year. Fairfax County saw an increase as well 3.6%. Fairfax County median sales price year to date is $479,945.

Rate Update: After a small increase this summer interest rates are holding steady for the time being. Sean Becketti, chief economist for Freddie Mac is on record that we may still be looking at a potential rate hike in September.

Home Owner Tips: Keeping Cool in the Summertime

A few simple things can make a big impact on the feel of your home.
 

• It's probably time to change your air filter again. Help your AC function it's best, if you don't have pets, don't spend the extra money on fancy filters. The basic store brand ones will do the trick, and are easier for your unit to pump air through. 
• Ceiling fans have a Summer setting. Your fans have a switch on them that changes the direction the blades spin. One direction will push air down (for use in the Summer) and the other direction will push air up (use this in Winter). It's easy to forget to change the direction for the proper season. 
• Give your vents a taste of freedom! None of the vents in your home should be covered or blocked by anything – doing that makes your heating and cooling work overtime. 
• Invest in a smart or programmable thermostat. Automating the temperature changes in your home can make sure you have it at the appropriate level - to save you time and money. Research shows that a smart thermostat may be the way to go here. 

Northern Virginia Real Estate Market Update

Regional Market Update: The DC regional housing market continues to see strong sales activity.  Regional sales activity is at it's highest level in nine years, and the median prices for all types of homes in most sectors of the region continue along a slow and steady rise. 

NOVA Market Update: Northern VA home prices remain stable. Arlington and Alexandria saw 3.9% and 3.0 % increases from this time last year. Fairfax County saw a slight decrease (0.3%) in median sales price but a significant increase in sales (19.3%).  

Rate Update: Interest rates are rising. Good news in our economy has been steady for long enough that we are starting to see the rates increase as predicted. For example: 30-year fixed rates recently rose to 4.09% from 4.04%. While they are going up, do keep in mind that rates are still historically low making this a good time to buy.

Home Owner Tip: Summer Vacation Home Safety

When you are out and about on your summer holiday keep these things in mind to make sure you return to your home just as you left it. 

Take action to make your home look lived in while you are gone  - don't let an opportunistic thief know you're not home.  

• House sitter If you have someone who can stay at your place while you're gone, not only can they water your plants, but they can keep an eye on things.
• Flyer collector If you don't have someone house sitting, ask a friend or neighbor to check out your front door periodically to make sure flyers or other marketing materials aren't showing off that you're not home. Some criminals will use fake service flyers to help determine who is away on vacation. 
• Cut the grass Do you cut your grass every week? Ask a friend or hire a lawn service to come in the weekend you're gone to make sure it gets done. 
• Use a timer Putting some lamps on an automatic timer is a very effective and inexpensive way to make your home appear occupied. Simple ones do the trick too! Timers are great for exterior lighting as well! 
• Hold the mail Reach out to your local post office and ask them to hold your mail. The service is free and can last for up to 30 days. Along these lines you also want to stop all automatic deliveries - newspapers sitting on your front stoop (or other packages) are a huge give away that you are out of town. Put a hold on your Loot Crate or Birch Box or whatever things you have sent to you automatically. 
• Free parking Ask a neighbor to park in your driveway/spot to give the impression that someone is home. 
• Unplug any electronics that won't be used. This will save electricity and remind you that you did NOT leave the coffee pot on... you unplugged it. 
• Be careful with social media If you are not sure about every single person on your friends list, or if you have any doubts about your privacy settings, err on the side of safety and don't tell the world you're away.