Can the Right Foreclosure Property be a GREAT deal?
YES. Most times people who are looking for foreclosures or bank owned properties are simply looking for great deals. This means a home purchase where they can get a little equity right off the bat by purchasing RIGHT.
If your goal is to build equity quickly, Foreclosures can be one source. Bank owned properties can be another. Fixer-upper homes that are NOT in the foreclosure properties are a third source. And beleive it or not there are some GREAT deals to be found for the savvy investor simply by looking for homes in the MLS.
The Source does not matter as much as the amount of motivation.
What type of home (foreclosure, bank-owned, or etc.) is not NEAR as important as how much motivation the owner has to sell. For example, a bank that is holding a property has DIFFERENT motivations for either selling it or holding it than you might think. So while sometimes there are good deals to be had, at...
How to Sell Your Home in Northern VA this spring
Home Selling Advice...Tip #1
Mindset! I recommend to my Sellers that they disassociate themselves with their homes. It is easier said than done. You must tell yourself that "this is no longer "my" home, this is a house that I need to sell." Look forward to your future and next location, don't look back. Remind yourself that this is a business transaction based upon the current market. While it is challenging to detach yourself from the home personally, this is a key and necessary step in the process.
De-Personalize Your Home! Tip #2
It is time to take down photos of your children, grand-kids, weddings, and promotions. We are not selling you, we are selling your home! Remove religious items, if you can. I know this can be sensitive; however, in our marketplace we have a...
If you are relocating to Virginia and exploring home purchases, the choices can often feel overwhelming.
Where is the best location? How will this home provide for your lifestyle? What is the process of buying a home like in Virginia? And then there is another choice: Condos vs Single Family Homes.
One of the great things about the Northern Virginia market is that we have a LOT of choices. It also can be one of the most difficult! I can help you walk step by step through the decision making process.
First we start with your location, and then we look at your lifestyle, and finally we look at what is available in your price range. Once I have helped you get that far, then we can look at what floor plans, amenities and other options appeal to you and fit with your situation.
Getting the MOST for your money in buying a home or condominium is often not as much about "getting the most" as it is about "buying right" and making the right decision for you...
How's the Northern Virginia Real Estate Market for 2018?
While this is one of the most common questions that I get asked, it is one of the most difficult to answer without further information. So that is what I am going to do here: Ask for some further information.
Where in Northern Virginia?
Actually where matters a lot. While there are some common factors that affect Northern Virginia real estate prices a lot (interest rates, the overall economy, the employment market, etc), the truth is that local specific development (rail lines, new sudivisions, new condo developments, school district changes will affect the real estate market MUCH more in most cases than other economic factors.
So let's start with WHERE and then I can help you in a much more specific way.
What are you doing? Buying or selling? What is your time frame?
This also affects the real estate market greatly. Real Estate...
Home Price Trends Vary
When you start to consider selling your home, one of the first things that is on your mind is "How much is my home worth?" and that is really a direct way of getting at "How much am I going to net from the sale of my home?" or "How much has my home appreciated.
If the last time you sold a home, you lived in a place like Florida or California, which have really volatile markets compared to other states, you could be expecting a chart like this one (courtesy of Gregg Camp, a REALTOR in Santa Cruz). On that chart you can see huge gains (and losses). A similar chart in the midwest might look very flat with smaller gains and very small losses by comparison.
So how does the chart look for Northern Virginia? To be honest, I do not typically post those kind of charts for a reason. Lumping all condos and all home prices together...
Have you ever wondered what a middle of the market home here would be worth in other areas?
I thought it would be fun to take a look. So let's start in our own back yard. Currently in Bristow, the median price of a home is in the upper 400's. (Here is a link to all of the Bristow VA homes currently on the market.) So let's use that as a frame of reference and go shopping in some other areas.
Most times we think that our area is more expensive than others, but the truth is that there are a lot of areas both above our prices and below.
In the suburbs of Memphis TN lies Germantown. It is an upscale neighborhood that is well known by Memphis residents and "the" place to live. Check out what the same $500,000 get's you there. More...
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation...
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the...
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates...
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your...