Will 2015 be the year of the first time home buyer?

There is a lot of talk about 2015 being the year that many millennials will choose to purchase their first home. The shock of the great recession and rising student loan debt has pushed back home ownership for many, but the effects of time and some policy changes are putting first time home buyers on better footing to finally have a home of their own.

Here are a few reasons why 2015 my be the year of the first time home buyer: 

Job growth is up. Many people who were without the steady income needed to purchase a home are finding themselves in full time employment. Making the choice of where to settle easier.

Securing a loan is getting easier. In addition to countless loan options for first time buyers, mortgage rates are still at historic lows and new programs from FMH and VHDA are providing more flexible down payment options that were available even a year ago. State legislatures are also trying to help as well with programs like Virginia's First Time Home Buyer's Savings Plan.

Rent rates continue to increase. Rent keeps going up at the fastest rate seen in years, making the decision to buy even more appealing to long time renters.

Interests rates are predicted to rise. Interest rates have been low for long enough that it's widely predicted that they will begin to creep back up starting mid 2015. Savvy home buyers who've been waiting for the right time are likely to recognize the opportunity to lock in to our current low rates.

Given these points, and because I am personally sitting on the oldest edge of the millinnial generation (so I have a front row seat as all friends go through this) this year I've decided to regularly host a free seminar for first time home buyers. It's a pretty casual event where a local lender and I will walk you through the 8 steps to the home loan and home buying process while answering questions from the attendees. Our goal is to make sure that everyone who is thinking of buying a home this year starts out on the right foot.  If you'd like to attend please visit my website for more info about the Free First Time Home Buyer Seminar.

Whats an "affordable townhouse" in Northern Virginia?

I get asked a lot about "affordable townhomes" in Northern Virginia. 

The smart first question is "Well my friend, what do you consider affordable?" Since that can be quite different from family to family, person to person. Each buyer is unique in their needs and wants with their new home purchase. 

My focus is largely in townhomes in the Fairfax County Parkway corridor of Northern Virginia from Centreville east to Lorton. I live in West Springfield and talk about Burke VA a lot too. 

As a thought exercise let's say you're looking to purchase a town house in NOVA and want to spend $300,000 or less. Here's an idea of what your options would look like right now: 

As you can see there are a few options in the Springfield/Burke area, but not many. You'd have MUCH more choice in your new home if you chose to consider Centreville in your search. 

But let's say that Burke is where you want to end up - an increase in your price opens up many more options in Burke. 

  

I hope that this was informative for anyone thinking about buying a town house in Northern VA. If you'd like to discuss this in depth I'd be happy to chat, give me a call 703-303-2889.

3 Great Reasons You Need a Realtor - Explained with memes

As a Realtor I serve as an expert adviser for people looking to buy or sell a home.

It sounds simple, and in some ways it is:

     Step 1. Know all the things!
     Step 2. Tell people about all the things!






With the introduction of the internet to the real estate space, it is absolutely true that anyone who wants to can become educated about how real property is bought and sold, best practices for each step of the process, and what is for sale at any given time. There are books, and classes and websites and YouTube videos... the info is out there.

but

My guess is that if you can afford to own a home, you likely have something taking up most of your time already, something other than becoming an expert in real estate - much less a expert in the local market where you want to buy or sell.

That's why I'm here.

I work full time to stay current on all aspects of the Northern Virginia market and you have access to my time and expertise when I become your Realtor®. Whether buying or selling, my job is to protect your interests and save you money as I walk you through the process making sure you know everything you need to, each step of the way: decreasing your stress through what is a very complex and stressful process, while increasing the success of your end result.

There are a ton of articles online explaining why my job is a thing that still exists in the age of the internet. Here are a few for your consideration. Below I've summed their points up in meme fashion because this is my blog and I can. Enjoy!

If you'd like to read more: 

http://www.forbes.com/2010/05/25/why-you-need-real-estate-agent-personal-finance-commission.html

http://www.realestate.com/advice/why-you-need-a-real-estate-agent-93132/

http://www.washingtonpost.com/blogs/wonkblog/wp/2013/08/22/why-do-real-estate-agents-still-exist/

http://www.realtor.com/advice/why-you-should-use-realtor/

https://www.facebook.com/notes/nicole-duffey/food-for-thought-the-best-deal-in-real-estate/1519200464978284?pnref=lhc

When should I talk to a Realtor?

You're thinking about the future.

There are thousands of reasons people buy and sell homes.

    Maybe your last child graduating from high school soon.
    Maybe you're getting married next spring.
    Maybe you're growing your family and know that you'll need more space.
    Maybe your dreams are coming true, or your heart is getting broken.

Trust me, as Realtors we have heard it all, and we are honored to be a part of your family's journey no matter where in your story you are.

When should you talk to someone about buying or selling? Even if you think you are years away from sitting at the closing table, if you have any questions about how to get there, there is no reason to not have them answered today. It doesn't hurt to ask.

You may find there are things you can start doing now to set yourself up for success.

Just drop me a line.

Nicole