12 REASONS TO LIST YOUR PROPERTY DURING THE HOLIDAYS 

The weather may be colder, yet the real estate market is still plenty warm!  Don’t let anyone tell you differently!  If you’re ready to sell your home, don’t wait! Here are some great reasons to list your home during the Holidays.

 

1.      People who look for a home during the holidays are more serious buyers! Everyone is busy in December, so the buyer must buy! They are not “just looking.”

 

2.      Serious buyers have fewer houses to choose from during the holidays. Less competition means more money for you.

 

3.      Since the supply of listings normally increase in January, there may be less demand for your particular home. Less demand means less money for you.

 

4.      Houses show better when decorated for the Holidays.

 

5.      Buyers are more emotional during the Holidays, so they are more likely to pay your price.

 

6.      Buyers have more time to look for a home during the holidays than they do during a working week.

 

7.      Some people must buy before the end of the year for tax reasons.

 

8.      January is traditionally the month for employees to begin new jobs. Since transferees cannot wait until spring to buy, you must be on the market now to capture that market.

 

9.      You can still be on the market and have the option to restrict showings during the six or seven days during the holidays.

 

10. You can sell now for more money and provide for a delayed closing or extended occupancy until early next year if needed.

 

11. By selling now, you may have an opportunity to be a non-contingent buyer during the Spring, when many more houses traditionally are on the market for less money. This will allow you to sell high and buy low.

 

12. Lenders are traditionally less busy this time of year. Therefore, their service is more responsive.

April 18, 2024

To Sell or Not to Sell: What to Know Before Buying a New Home

Here’s what to consider when thinking of selling your home for a new one.

 

Are you considering selling your home to fund your next property purchase? Perhaps you're wondering how to buy a new home without selling your current one first. Many homeowners face the dilemma of needing funds from their current home sale to purchase a new one. Can this be managed? Let's break it down step by step and know the strategies and solutions in these real estate scenarios.

 

1. Check with your lender. Before making any decisions, consult with your lender. Find out if you can get approval to purchase a new home without selling your existing one. This initial step is crucial in understanding your financial capabilities.

 

2. Consider loans or financing. You have two main options – Firstly, if your lender allows it, you can make a minimum down payment on your new home and then adjust your loan terms through a recast once your old home is sold, accommodating changes in interest rates. However, if you can't get approval for this approach, consider utilizing bridge loans or private syndicate financing. These alternatives allow you to purchase your new property while still owning your current home until it's sold.

 

3. Manage your stress to avoid being homeless. One of the primary goals of these transactions is ensure a smooth transition without facing homelessness or undue stress. Our company's commitment is to assist clients in smoothly transitioning from one property to another, minimizing disruptions and financial strains.

 

Working with knowledgeable lenders is key to exploring and implementing these strategies effectively. By understanding these options and working with experienced professionals, you can navigate the complexities of buying and selling homes with confidence.

 

We welcome any questions or inquiries you may have regarding these strategies. Feel free to reach out to us for guidance tailored specifically to your situation. Our lines are open to take your calls and we will be happy to respond to your emails as well. We look forward to assisting you in your real estate journey!

Posted in Real estate
April 10, 2024

Unlocking the Power of Buyer Agency in Real Estate

How buyer agents safeguard your interests in the home buying journey.

 

Navigating the real estate market as a buyer can be a complex and daunting task. With the evolution of buyer agency, those looking to purchase homes now have dedicated advocates to guide them through this process. Originating over 30 years ago, the concept of buyer agency has significantly improved how buyers are represented in real estate transactions.

 

Feel free to watch the full message above or use these timestamps that will direct you to various points in the video:

 

0:00 — Introduction

 

1:28 — They strategize with you

 

2:10 — A buyer’s agent is your fiduciary

 

2:37 — They know the right people

 

3:58 — They work in the background

 

4:45 — Coming soon

 

5:38 — Wrapping up

 

If you're considering buying a home and want to understand more about how a buyer agent can assist you, don't hesitate to call or email. We're here to provide transparency, answer your questions, and help you navigate your home-buying journey.

Posted in Real estate
March 8, 2024

Tear Down and Build a New Home, or Sell and Buy?

Here’s what you need to know about tearing down your old home. 

 

Should you tear down your house and build on your lot or just buy another house? In our area, we have a lot of old homes on expensive plots of land. As a result, many people want to retain the value of their lots while building a new home. Today, I’m going over the pros and cons of this question so you can make an informed decision. 

One thing to keep in mind is that if you plan on tearing down your house, you’ll need to find a new place to move to while you’re building your new home. Typically, this process will take six to 18 months, and it largely depends on finding a good builder. A year-long build can be pretty typical, so you’ll need to have money to rent a place while your construction is ongoing. 

Finding a good builder is also crucial. You’ll likely want an experienced, semi-custom builder since they’ll have more knowledge on how to meet your exact needs. Smaller builders who tend to do similar homes likely won’t have the experience to do any custom construction you need. 

"If you build a new home, hire an experienced, semi-custom builder."

 

If you go and buy another home, you might want to consider a spec build. This is a new-construction home where most of the decisions have already been made for you. However, you’ll still get a lot of say on things like paint color, flooring, and more.

At the end of the day, which option is better for you depends on your situation and where you want to live. We’ve helped people through this situation countless times, so don’t hesitate to call or email if you have any questions. We look forward to hearing from you!

 

Posted in Real estate
Feb. 20, 2024

Navigating the Spring Real Estate Boom: Key Insights for Success

Get a glimpse of what’s going on in the early spring real estate market.

 

In the opening months of 2024, the real estate market is mirroring the trends of recent years, witnessing historically low home supplies, leading to a surge in multiple offers. As evidence, a recent property listing received a staggering nine offers, while another property, yet to hit the MLS, already has 30 private showings.

This scarcity of available homes indicates a robust demand from buyers who, despite uncertainties in recent years, are now showing a keen interest in making significant real estate investments. The anticipated question of whether the Federal Reserve would adjust interest rates has been addressed, with current indications suggesting a stable rate environment in February, potentially subject to change in March.

Prospective homebuyers should be prepared for a competitive market. To help navigate this landscape, we will be hosting a Zoom home-buying seminar on March 5, 2024, focusing on strategies to succeed in this competitive environment.

 

"This scarcity of available homes indicates a robust demand from buyers."

 

For those considering selling their properties in 2024, early spring is predicted to be a lucrative period. Historically, presidential election years have seen a robust early spring market with high buyer demand and multiple offers. As the year progresses, the market may experience a slowdown and reduced movement during the summer months of July and August. Additionally, as the election approaches, potential sellers are advised to act sooner rather than later to secure favorable deals.

Timing is crucial, and sellers may find opportunities to negotiate favorable terms, such as extending closing dates or even a post-settlement arrangement. The spring of 2024 is projected to be the ideal time for sellers, offering the best chances of securing optimal offers.

Conversely, for buyers, there may be opportunities to strike favorable deals as the market slows down during the summer and approaches the election. By carefully timing purchases, buyers may find sellers willing to accept lower offers, especially if there is ample supply.

If you have questions about the current real estate landscape in the DMV area or seek guidance on market predictions, feel free to reach out to us via phone or email. We are here to assist you in making informed decisions in this dynamic and competitive market.

Posted in Real estate
Feb. 12, 2024

Buying a Home in the DMV? Come To Our Webinar

Here’s what you need to know about our upcoming home-buying webinar. 

Are you planning to buy a home in the DMV area in 2024 and wondering how to make it happen? Join our virtual home-buying webinar on March 5 at 6:30 p.m. to learn strategies for success in this market.

We'll cover topics like:

  • Crafting the right offer with your agent
  • Timing your entry into the property market
  • Finding the best agent for your needs
  • Winning in multiple-offer situations, where there are often 10 to 20 competing bids
  • Best lending practices to ensure you have the strongest offer possible

Join us for this free event on March 5 at 6:30 p.m. It's all happening online, so sign up using this Eventbrite link. Call or email us with any questions; we look forward to seeing you there!

 

Posted in Real estate
Jan. 29, 2024

How Permits Can Make or Break Your Home-Buying or Selling Experience

To ensure you have a smooth transaction, you need to check the permits.

 

Buying or selling a home is a significant undertaking, and one crucial aspect that often goes overlooked is the importance of obtaining proper permits. Today, we'll delve into a recent settlement experience that highlights the significance of ensuring a property is appropriately permitted.

We recently concluded a settlement, representing buyers in the purchase of a single-family home in a Northern Virginia county, during the due diligence period back in October. Part of our thorough checklist during this period involved confirming that the county had all the necessary permits in place to protect our buyers.

To our surprise, we discovered a complaint against the property that triggered an investigation by the county. However, thanks to a well-crafted contract with a protective title clause, we ensured that our buyers were not obligated to proceed with the purchase in case of ongoing investigations or potential permit-related issues within the jurisdiction. Leveraging this clause worked out in the best interest of the buyers.

When purchasing a home, it's crucial to visit the county website and verify that the property has the correct permits. Any active investigations or unresolved permit issues should be addressed before the closing to avoid complications down the line. This commitment to due diligence is an integral part of our values and contract practices.

 

"Whether you're buying or selling a home, prioritizing permits is essential."

 

The importance of permits isn't exclusive to buyers; sellers should also be proactive in ensuring their property complies with local regulations. If you've made modifications to your home, such as adding a bathroom without obtaining the necessary permits, addressing these issues before listing the property is vital. Failure to do so could result in significant delays and potential complications during the selling process.

We conduct thorough investigations to uncover any unpermitted additions or ongoing permit issues. Taking care of these matters before listing your property ensures a smoother settlement process and avoids unforeseen problems.

Confirming the property's compliance with local regulations not only protects buyers but also ensures a seamless selling experience. If you have any questions about permits or want to discuss the intricacies of various jurisdictions, feel free to call or email us. Your peace of mind during real estate transactions is our top priority.

Posted in Real estate
Jan. 15, 2024

Maximize Your Home’s Potential: Join Our Seller Workshop Zoom on January 25

Join our exclusive Zoom workshop on January 25 at 7 p.m. for expert tips.

 

Happy New Year! Join us for an informative seller workshop event via Zoom on January 25 at 7 p.m. It’s entirely online and will cover essential topics related to market preparation for your home and any tangible aspects you wish to explore.

Wondering if now is the right time to sell your property? We'll answer that and more during the workshop. Gain valuable insights into the market and make informed decisions about your property.

Don't miss out on this opportunity! Click here to reserve a spot for the workshop. I look forward to seeing you there. If you have any questions about the event, call or email me. I’m always happy to help.

 

 

Posted in Real estate
Dec. 11, 2023

Building and Buying in DC’s Resource Protection Areas

Resource protection areas: Essential info for DC area properties.

 

In the DC area, including Northern Virginia, a critical aspect that impacts property value and building potential is the Resource Protection Area (RPA). It's essential for property owners and potential buyers to understand what an RPA is and how it can affect real estate decisions.

An RPA, or Resource Protection Area, is essentially a zone that's more challenging to build on due to environmental protections, often linked to streams or creeks leading into the Chesapeake Bay. These areas are designated to protect the Chesapeake Bay and are particularly significant in Northern Virginia. They can substantially impact the value of your property, as they impose certain building restrictions.

For example, I recently handled the sale of a property that, under normal circumstances, would have been valued at over $1 million. However, because it was located along a creek and fell within an RPA, its value was affected. While properties in RPAs are not unbuildable, construction is more complicated, often requiring more detailed civil engineering and closer relationships with county officials.

 

"If you're in the market to build or buy in an RPA zone, it's vital to check the property's status."

 

If you're considering a teardown on a property within an RPA, it's crucial to understand that you may be limited in terms of expansion, often only allowed to add about 1000 square feet to the existing structure. Nevertheless, properties in RPAs can still be valuable—particularly as rental properties. For instance, the buyers of the property I mentioned earlier chose to rent it out rather than tear it down.

If you're in the market to build or buy in an RPA zone, it's vital to check the property's status. While it might be more challenging to build in an RPA, it doesn't necessarily mean that the property isn't valuable. If you have questions about RPAs, how they might impact your property's value, or if you're considering buying in an RPA zone, don't hesitate to reach out. My team and I are well-versed in navigating these areas and can provide the expertise you need to make informed real estate decisions.

 

Posted in Real estate
Nov. 9, 2023

Understanding Real Estate Contracts

Make informed decisions when evaluating offers on your property.

 

If you're a seller receiving an offer, you might have questions about your options. One of the most common inquiries I hear from sellers is whether they must accept a full-price offer. The short answer is no. Even if you receive an offer at the asking price, you are not obligated to accept it.

A crucial aspect of evaluating an offer is understanding both its monetary and non-monetary terms. Monetary terms include the sale price, closing cost assistance, and the earnest money deposit. Non-monetary terms encompass contingencies related to appraisals, financing, and title work. Carefully review these aspects to make an informed decision.

It's equally important to gauge the buyer's commitment. Are they pre-qualified or pre-approved for a mortgage? Distinguishing between these two can save you from potential complications down the road. Ensuring that the buyers are genuinely interested in your property helps minimize the risk of them walking away after a contract is in place.

 

"Navigating offers in today's real estate market requires attention to detail and careful consideration of the terms and buyer's commitment."

 

In today's real estate landscape, contracts are arriving daily, and accuracy is paramount. Verify the details, including the correct seller's name, especially in situations involving estates or trusts. An inaccurate contract can render an offer non-binding. Ensure everything is in order from the start to avoid complications later on.

If you have questions or need advice when navigating offers, don't hesitate to reach out to professionals like us. While we can't offer legal advice, our experience in handling numerous contracts over the years makes us valuable resources for your real estate decisions.

Navigating offers in today's real estate market requires attention to detail and careful consideration of the terms and buyer's commitment. If you have any questions or need guidance, we're here to help. Feel free to contact us for valuable insights tailored to your unique situation.

 

Posted in Real estate
Oct. 30, 2023

Unlocking Opportunity: The Perfect Time to Purchase Your New Home

Despite the news headlines, it’s actually a great time to buy a home.

Are you considering purchasing a new home? If so, you're in for a treat because the timing couldn't be better. In this article, we'll discuss why now is the ideal time to make that important decision:

1. Pent-up demand. Many prospective homebuyers have been holding off due to rising interest rates. They've been hoping that rates would eventually decrease, but this delay has created pent-up demand. When those rates finally do drop, we can expect a surge in buyers. This surge could lead to significant price escalations, as we've witnessed in the past.

2. Avoiding higher costs. Waiting to buy could mean paying a higher price than you would today. Your housing payments might even end up being more than if you purchase now and leave room for future refinancing opportunities.

3. Potential for price appreciation. Buying a house today at the current market prices is a smart move. Chances are, home prices will likely increase over the next 12 to 18 months. While no one can predict the future with certainty, experts, including Zillow, are forecasting a 6% nationwide price increase. By buying now, you lock in a lower price, and this could provide you with the option to refinance when interest rates become more favorable.

 

"Start by discussing your options with a trusted lender."

 

4. Timing your refinancing. If you're wondering when the right time to refinance is, consider the general rule of thumb: wait until interest rates are at least half a percent lower than your current rate. While there are some costs associated with refinancing, there's a special program available that might interest you. If you buy now and refinance before the end of 2025, you can save on lender fees. Plus, with no prepayment penalties on our loans, you won't incur additional fees when you decide to refinance.

5. Start with a lender. To navigate this journey effectively, it's essential to start by discussing your options with a trusted lender. We recommend our preferred lender, who specializes in helping prospective homeowners. In a follow-up post, we will delve deeper into how to initiate this crucial conversation.

If you have any questions or need guidance, feel free to reach out to us by phone or email. We're here to assist you every step of the way. Now is the perfect time to make your move into the housing market. Don't hesitate; the future is bright, and the opportunities are waiting for you.

 

Posted in Real estate