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.

New study shows rents increasing

Your rent keeps going up and it's not likely to change any time soon.

According to newly released data from the Bureau of Labor Statistics, rents are rising at the fastest pace in six years. Combined with vacancy rates at 20-year lows it is currently a "landlord's market" in American real estate with rent rates increasing faster than inflation.  

Builders are working on the demand side of the equation and more multifamily units are being built, however they will take time to be completed. Vacancy rates are projected to stay low for at least two years. 

Is it time for you to stop paying your landlords mortgage and start building equity in your own home? What questions are standing between you and home ownership? Attend my free class for first time home buyers to learn more. 

It's the most wonderful time of the year...

There are many reasons to buy or sell a house in the Winter.

"But winter is the slow time for real estate Nicole!"

      ...Exactly! :D

It's all relative, and slow does not mean non-existent. There are ALWAYS people in the market place - especially here in Northern Virginia. Fewer people in the market means fewer people who are competing with you - no matter if you are buying or selling. The market functions on supply and demand; lower competition can lead to successful transactions for both buyers and sellers. The people who are in the market this time of year are motivated ready to make it work so great transactions happen in the colder months.

Traditional 'wisdom' is that winter is a slightly better time for buyers, since they are less likely to be competing with other buyers - but data also shows that winter home sales in recent years have sold faster, with a increased chance of getting better than the asking price.

My take on this is that more often than not, those people who are in the winter market are taking a reasonable approach to the process. The Spring Fever can lead to unrealistic expectations on both sides, but in winter cooler heads often prevail.

No matter the time of year a home in good condition, priced correctly for the market, will sell quickly. No matter the time of year a buyer with great representation will be able to find the best home for them and negotiate a great contract for it.

If you'd like to talk more about Real Estate in Northern Virginia email me
nicoleduffey@kw.com

Novmber 2014 Northern Virginia Housing Market Update

The median sales price DC Metro area continues to rise - November 2014 saw a 1.3% increase from last year. The number of closed sales fell slightly, but the number of single family homes closed increased 6.3% from this time last year.

What that means for DC metro homeowners is a pretty balanced and stable market. New lending options requiring only a 3% down payment for 2015 are poised to make this a great year for first time home buyers, and move up, or right sizing sellers.

The median sales price of a home in Fairfax County was up 3.4% in November from last year.
November 2013   $439,900
November 2014   $455,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.


Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help. 

nicoleduffey@kw.com

703-303-2889

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.

October 2014 Northern Virginia Housing Market Update

The median sales price DC Metro area is on the rise - October 2014 saw a 5.3% increase from last year. The number of closed sales fell slightly, but the reduction was from the distressed properties section of the market.

What that means for DC metro homeowners is a pretty balanced and stable market. Active listings are on the rise and have been increasing since the lows of the recession. This is good news as more homeowners find their property values sufficient to pay off their mortgages, and more houses for sale means more choices for buyers.

The median sales price of a home in Fairfax County was up 2.3% in October from last year.
October 2013   $440,000
October 2014   $450,000

If you've not been tracking the housing market since the recession (and who could blame you) we are back to a stable and more "normal" market. The foreclosures, short sales and bank owned properties are more or less gone (back down to pre-recession levels) and so the inventory we have is mostly healthy "normal" home owners selling and buying. The balancing has caused some investors to back out of the market for now, which is great news for more traditional home buyers who won't be as likely to compete with cash offers from investors.


Monthly Reminder: Real Estate is always a LOCAL market. Just because your home (or your dream home) is in the DC Metro area doesn't mean that this analysis will apply to that property in particular. If you'd like a detailed analysis of a particular neighborhood because you're thinking of buying or selling then give me a call or send me an email - I'm happy to help. 

nicole.duffey@gmail.com

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