Northern Virginia Real Estate Market Update

The DC regional housing market is strong. Closed sales and new pending sales were up 10% versus last April and half of April's homes sold were on market for only two weeks or less! This is the highest number of pending sales we've seen since July 2005. 

Northern VA home prices continue to increase as the median home price in Fairfax County was $479,700 for April 2015, up 3.2% from April 2014.

Interest rates are rising. For the past 3 weeks interest rates have been creeping up, however they are still lower than they were this time last year and remain at historic lows. Experts are predicting they will continue to rise throughout 2015.

Overall activity is up this Spring, with lots of both buyers and sellers entering the market. This balanced activity has lead to a slowing of regional price growth. My opinion is that this month is a healthy balancing out of last months spring fever.  

Home Owner Tip: Spring cleaning helps your home maintain it's value!

If you're like me then winter helped you rack up a few too many to-do items around the house. Here are some tips and reminders to help you motivate and make the most of your spring cleaning.

• Serious top-to-bottom, take-no-dust-bunny-prisoners, company is coming style cleaning, helps you turn back the clock on the look and feel of your home. It also helps it maintain value!
• Tackle the every once in a while items that aren't on your regular cleaning schedule: washing/vacuuming the drapes, de-bugging light fixtures, polishing hardware (door hinges, cabinet knobs etc.), replacing grungy switch plates,replacing or repairing peeling or sagging weather stripping, and changing out old stove-top drip pans. 
• Change the direction of ceiling fan blades to help cool warmer rooms and reduce your summer energy bills. 
• De-clutter if you want to. If the items in your home make you happy and you don't feel overwhelmed by them, then clutter is not an issue! If they are driving you up the wall, or making you feel sad then it's time to tackle your stuff.  

Home Owner Tip: Save money by paying your mortgage off early

Buying a home is often the biggest financial choice most Americans will make in their lifetime. In addition to providing a stable secure place to live for years to come, your home is also a wealth building tool, as the equity in your home grows over the years. While your monthly mortgage payment is something you may "set and forget", taking steps to pay down your home loan faster can save you a lot of money in the long term. What it boils down to: make a habit of sending your lender more than the minimum amount. Finance Guru Dave Ramsey recommends a few simple ways to think about how you can pay down your mortgage more quickly in this blog post.

Northern Virginia Real Estate Market Update

The Northern VA market continues to improve as the median home price in Fairfax County was $461,00 for March 2015, up 2.8% from March 2014. The DC regional housing market is strong. The median sales price in March in the DC Metro Area was up to $400,000 - the highest March level we've seen since 2007. Interest rates remain stable and under 4% - helping buyers enter the market, and saving money for home owners who are ready to refinance. Personally, I’ve been seeing multiple offers in the past couple of weeks on properties that are priced right for their condition! Things are moving quickly this spring, as buyers and sellers have both turned out in force. Everyone’s been busy.

Home Owner Tip TLC for your HVAC

Now that the weather is getting nicer it's a good time to inspect the outdoor part of your unit and clear away any debris that may have rested there in our recent storms. Remember: Experts recommend that you have your HVAC system professionally inspected every fall and spring. 

You should also be replacing your air filter every 90 days. So if you've not replaced yet this year, you should add that to your to-do list for the first week of April. Not sure what size filter you need? Check your home inspection report, or do what I do: sneak a peak at the one currently in the unit and snap a quick photo of the size with your phone so you have it handy when you get to the hardware store.  
 

Northern Virginia Housing Market Update

The Northern VA market remains strong as the median home price in Fairfax County was $447,450 for February 2015, up 6.9% from February 2014.  

Townhouses on the rise: The percentage of sales in our region that that are townhomes is increasing, as are townhome prices. This may be a sign of a foretasted wave of first time home-buyers expected to enter the market this year.

Interest rates remain under 4% - helping buyers enter the market, and saving money for home owners who are ready to refinance. 

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.