Archive for April, 2010
Outer Banks Investor Video Series: Maintaining a Rental Property
April 30th, 2010 categories: Outer Banks Focus
Thinking about buying an investment property or second home in the Outer Banks?
In this video and podcast series we equip you with answers to the kinds of questions potential Outer Banks buyers should be asking, but don’t always know to ask.
This episode is focused on what an informed Outer Banks investor or second home buyer should know about maintaining their property in order to maximize rental potential and bring back satisfied rental customers.
We also encourage you to check out any of the previous videos such as Four Wheel Drive Area, Corolla, Southern Shores, Investment vs Full-time Living, among others. Go to Outer Banks Focus to see all in the video series.
After that, listen to our 6-part series on “Investing in the Outer Banks” on Chantilly Radio. You will get information you really should have before you start the home search process.
The Kathy O’Neal Team of REMAX Premier in Fairfax and our Outer Banks strategic partner, Barb Connery of REMAX Ocean Realty, are a dynamic team to help you get all the information you need in a very relaxed and deliberate manner. Their decades of combined experience will give you an immediate sense that you are getting the “straight scoop” on Outer Banks real estate.
Let us know how we can help!
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Tips on Cleaning the Grill for Better Food
April 29th, 2010 categories: Home Life
If you are driving through Chantilly neighborhoods around dinner time, your will start to notice the smell of grilling in the air.
If you are starting to use your outdoor grill this 4-minute video from Lowe’s is a nice primer on simple steps to keep it clean and well functioning.
This is one of those things were prevention is a lot easier than cure. You can keep the grill in tip-top shape with a few minutes of cleaning that will save a lot of time later. Also, food is better and safer when the grill is well maintained. The video has a lot of useful information no matter what your level of involvement in the “grilling arts.”
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Home Resales Up As Tax Credit Comes To A Close
April 27th, 2010 categories: Buyer Strategies, Seller Strategies
National home sales were up in March with 7% more closings as compared to February.
Compare that to one year ago (March 09) and the volume was up 16 percent.
“Existing home sale” is the technical term for a home resale; a home previously inhabited by a person. It’s the opposite of a “new home sale” which is a sale of a newly-constructed home.
Data on Existing Homes Sales from the National Association of Realtors® also has some interesting things:
- Year-over-year sales are up for the 9th straight month
- 19 percent of all homes purchased came from investors
- 44 percent of all buyers were first-timers
There are still lots and lots of REOs and foreclosures out there. And if you have a buy or sell coming up, do use any of the many tools on our other website. If you are moving into the Northern Virginia area and need to know about prices and neighborhoods, let us know are we’ll be here to get you whatever relocation information would be helpful.
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High Real Estate Tax Assessment? Check this!
April 23rd, 2010 categories: Buyer Strategies, Seller Strategies
Ever wonder if your Chantilly or Northern Virginia area home is incorrectly assessed for your property taxes?
One trade group claims that is the case for 60% of U.S. households.
Take a few minutes to watch this 4-minute video from The Today Show if you have this concern.
Some estimates suggest that nearly half of the property owners that give this a try are successful in getting the value lowered.
Another thing that you will find helpful is Market Snapshot. It will give you a fast way to get the actual selling prices of homes in your community, if you live in the Northern Virgina area.
It is there for your immediate use, so feel free to take advantage of it.
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FHA and Conventional Mortgage Loans: Good Information Before You Start the Process
April 20th, 2010 categories: Mortgage & Finance, PODCASTS
EPISODE 35 – REAL ESTATE IN CHANTILLY
If you are a Chantilly or Northern Virginia area home buyer, and you are looking for the best mortgage loan program for your needs, this discussion of both FHA and Conventional loan program will give you added insight on the realities of the current market.
Robert A. Martinson, Loan Officer and Sales Manager with Bank of America, gives us a candid description of the basics of these two major categories of loan options, along with insights on what you can expect as you enter the mortgage loan research and application process.
He will talk about advantages of FHA loans, while addressing many of the common questions loan applicants have about this very popular federal program. In addition, he offers current information on Conventional loan programs.
As always, if you are in the search for an experienced and integrity-based loan professional, don’t hesitate to contact Kathy for several referrals.
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Buying Bank-Owned Homes in Northern Virginia
April 18th, 2010 categories: Buyer Strategies
What has been happening with foreclosure statistics? Well, filings went up 20% nationally during March as compared to February. That would be 13 straight months with total filings over 300,000.
Also of note is the fact that bank repossessions reached an all-time, quarterly record. During the first three months of 2010, banks repossessed more than 257,000 homes.
Remember that four states were responsible for a fair share of the foreclosure activity.
California, Florida, Arizona and Georgia accounted for more than half of bank repossessions. Together, these 4 states represent just 23 percent of the U.S. population.
The RealtyTrac report had other interesting stats to talk about:
- Last month, foreclosure activity was up in 40 out of 50 states
- Bank repossessions were up 9 percent compared to the same quarter last year
- Nevada topped the state foreclosure rate for the 13th quarter in a row
Overall – and remember this will vary a great deal from locale to locale – distressed homes are about 35 percent of the resale market.
There is value out there, but keep these points in mind:
- Buying bank-owned homes can take a whole lot longer… could be 120 days to close or more.
- Foreclosures aren’t always listed for sale publicly. Some properties are privately-held.
- Bank-owned homes are often sold “as is.” There may be defects and complications that render the homes mortgage-ineligible.
As we always counsel, know what you are doing and have seasoned help. And if you are in Northern Virginia or moving to the area, we are always here to answer your questions and help in any way possible with distressed as well as “normal sale” properties. Let us know how we can help!
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Freshen-up that Pre-Approval Letter
April 16th, 2010 categories: Buyer Strategies, Mortgage & Finance
Chantilly area home buyers, and those across Northern Virginia and elsewhere, are down to the wire as the federal home buyer tax credit nears its April 30 conclusion.
If you are trying to get that contract signed in time, and if your pre-qualification and/or pre-approval letter is more than 8 weeks old, get your lender to “re-pre-approve” you. Guidelines for mortgages have been dynamic so your original letter may not be workable at this time.
Long story short: over the past 6 or so months lenders have generally reduced risk tolerance, especially regarding things like maximum debt-to-income ratios, minimum allowable credit scores, and calculation of “assets in reserve”
As an example, it you are a condominiums or co-op buyer, property itself is coming under tougher scrutiny.
The mortgage application is now more of a complete package, to include more than just a qualifying income.
This “re pre-approval” could help you on several levels. It can uncover potential problems that could hurt more if discovered later rather than sooner.
Talk to your real estate and mortgage professional about this, and get their best counsel. And if you are starting fresh, we are always here for you. Let us know how we can help!
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Totally renovated Pleasant Valley home: 4531 Cub Run Rd in Chantilly VA
April 15th, 2010 categories: Chantilly Fairfax County, Featured Listings
If you are doing your home search in the Chantilly and Centreville area, either for your primary home or an investment rental property, this is one to know about. The location is 4531 Cub Run Road in Pleasant Valley (Chantilly, VA), a well-maintained community of over 500 single-family homes.
The home has been fully renovated from top to bottom. It sparkles with a long list of features. And we are not talking about cosmetic features simply to enhance appearance. This property has been updated and renewed with “the works!” It is worth your time to check out if the location and price range fit your guidelines. And if you are considering a rental investment property in this area, this would be one to also consider.
4531 Cub Run Road in Chantilly, VA
This is a normal sale home…so you can put aside the worries about bank-owned and other distressed property issues..
If you are looking in Chantilly in this price range, take a quick Visual Tour to see if you want to take a look at the actual property.
And of course, if you’d like to see the property, just contact Kathy to arrange a convenient time, or if you have any further questions. We are always here for you.
Price: $ 369,900
MLS# FX7277407
More information: please click here and you will see the property on our Featured Listings page.
If I can answer any questions, please Contact Us.
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Kitchen knives: keep them sharp
April 14th, 2010 categories: Home Life
Using a household knife for food prep is one of those simple tasks we do without thinking much, but a dull knife can be more dangerous and a lot harder to use than a properly sharp knife.
Take 2-minutes to watch this video on how to use a knife steel and you won’t have to ever wonder again about the correct way.
Of course, you always can get one of those electric sharpeners, but they can get pricey.
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Investment Properties and Tenants: Basic Tips
April 12th, 2010 categories: Buyer Strategies
Real estate investors in Chantilly and elsewhere are still able to take advantage of some significant opportunities. Arguably, things are a fair amount better now than they were when this NBC Today Show interview first ran in March 2009.
There are deals to be had, but there are risks as well, so you have to do your homework and know what moves to make. You can get hurt if you are not careful.
The simple but often overlooked guidelines offered in the video include:
- Buy in your own area
- Start small and build based on the knowledge you acquire
- When it comes to screening tenants pay attention to rent receipts
Do remember that the video is over a year old when you hear the stats. I think the general guidelines are as good as ever.
And if you are looking for a bank owned or other property as your first of next investment, we’d love to be of help. Contact us anytime!
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