Archive for January, 2011
Remodeling your Northern Virginia home before selling: Which projects pay off?
January 30th, 2011 categories: Home Life, Seller Strategies, Uncategorized
Thinking about a remodel project to get your Northern Virginia home ready for sale?
If you are remodeling for that purpose, you do need to think it through. Start by taking a look at the latest report from Remodeling Magazine.
They took a look at average costs for 35 projects with an eye toward how much value the project adds to resale. Interesting findings that are worth knowing about.
For example, kitchens projects and custom vanities are giving back less value to homeowners in Chantilly – and elsewhere - on a percentage basis, than energy-efficient doors and windows, as one example.
Here is a sample of what they found regarding cost recovery:
- Attic Bedroom Remodel : 79.90 percent cost recovery
- Bathroom Addition : 74.90 percent cost recovery
- Bathroom Addition (Upscale) : 72.80 percent cost recovery
- Home Office Remodel : 63.40 percent cost recovery
- Minor Kitchen Remodel : 85.20 percent cost recovery
- Major Kitchen Remodel : 75.90 percent cost recovery
- Roofing Replacement : 73.90 percent cost recovery
- Window Replacement (Wood) : 85.30 percent cost recovery
You can see that “green” projects do pretty well.
CNNMoney.com has a “Will This Renovation Pay Off?” calculator on its website, using data from this study.
If you are in the Northern Virginia area, and you are thinking about a project for this purpose, don’t hesitate to call me and I will be glad to give you some feedback on what we are seeing in this area regarding home improvements that are worth considering. Keep in mind that you should be taking a number of factors into consideration before you plan the project. and I am happy to give you insights on a few minefields as well as what is working for resale purposes.
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Giving your Northern Virginia kitchen a health inspection
January 22nd, 2011 categories: Home Life, Uncategorized
Even though Northern Virginia home owners spend a lot of time commuting, like most people, they also spend a lot of their in-home time in the kitchen.
That’s why I thought this two-part, 6-minute video from NBC’s The Today Show is worth your time. There are lots of great health reasons to be aware of the tips and techniques covered in this video.
Also, you may find these ideas will help keep an environment where the movement of flu bugs and infections is more controlled.
The techniques are not complicated, they just require being aware of some of the things we do routinely. Take a look and see what you think.
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Getting your credit card interest rate down
January 19th, 2011 categories: Home Life, Mortgage & Finance, Uncategorized
Want to get your credit card interest rate down in preparation for buying your Chantilly or Northern Virginia home?
Take a few minutes to listen to David Bach’s practical suggestions.
In this 4-minute video from NBC’s The Today Show, you will get quick advise on things you can do pretty easily. And it may well result in more money in your pocket each month.
Some of the ideas covered in the video include:
- Compare your current rate to the rate offered to new customers. Ask the lender for “new customer rate” if it’s lower.
- If your credit score has improved since application, ask for an interest rate more reflective of your current credit score.
- Be very considerate to the person you talk to….it may make all the difference, and it certainly won’t hurt.
It may take some persistence. Don’t be put off if you don’t succeed on the first try. Stay with it and you may very well get this done.
And if you are among the Northern Virginia area home buyers who are starting their search, we’d love for you to use any of the many resources on our other real estate web site, as well as this one.
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Foods That Don’t Belong In A Garbage Disposal
January 19th, 2011 categories: Home Life, Uncategorized
When you have a garbage disposal problem, calling a plumber in Chantilly will cost you the service charge along with whatever the “remedy” was to get things fixed.
You can avoid many problems just by knowing what you should not put in the disposal. It does have it limitations.
Most clogs are the result of how certain food waste reacts with water and there’s some items you should never flush down your sink. This is because everything sent through the disposal eventually must make its way down the waste line and that can include a trap.
Over time, the trap can get blocked.
Keep that in mind as you remember to avoid the things in this list:
- Rice and pasta : Small particles can never be completely pulverized, and will swell in the presence of water. This can clog pipes and traps.
- Egg shells : Tiny, granular waste can get “bound” with pipe sludge, creating a thick clog.
- Coffee grounds : same comment as egg shells.
- Grease : Liquid fats turn to solid when in contact with cold water. Over time, this creates a clog…think of it as plaque on an artery.
- Potato peels : Once ground, peels turn starchy like mashed potatoes. This can clog a drain pipe immediately.
A good rule is to not put anything down the disposal that you have doubts about. It has its limitations and knowing them can save money.
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Comparing Adjustable and Fixed Rate Mortgages
January 16th, 2011 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies, Uncategorized
ARM home loans are definitely not for everyone. Approach them with lots of awareness and caution.
That said, there may be some situations where they should be at least considered.
Compared to a fixed rate mortgages, current ARM pricing is very attractive. Freddie Mac’s weekly Primary Mortgage Market Survey places the 5-year ARM mortgage rate lower than the 30-year fixed rate mortgage by 1.02 percent.
For a $250,000 home loan, a 1.02 difference means a payment savings of about $149 monthly.
Here are a few situations where it may be smart to at least look at ARM options::
- Buying a new home with the intent to sell within 5 years
- Currently financed with a 30-year fixed mortgage with plans to sell within 5 years
- Interested in low payments; comfortable with longer-term rate and payment uncertainty
Also to consider, if you are a homeowners with an existing ARM that is due for adjustment, you may want to refinance into a new ARM, if only to push the first adjustment date farther into the future.
We always recommend you confer with your loan officer about your options. If you need a few referrals, we always have a few loan professionals that have served our clients well, and will be happy to give you their contact information. Let me know if this would be of any help.
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Foreclosure level drops again, but don’t infer too much yet
January 14th, 2011 categories: Buyer Strategies, Mortgage & Finance
Chantilly home buyers who are searching for homes in our area, and are considering distressed properties, may be interested in the numbers from the foreclosure-tracking firm RealtyTrac.
Foreclosure filings dropped for the second month in a row for December. There was a 21 percent drop in November, and now another 2 percent for December.
We may not be able to infer much from these numbers, because foreclosure processes have been strongly impacted by the issues related to “robo-signing”
“Foreclosure filing” includes things like comprising default notices, auctions, and bank repossessions.
As we have previously mentioned, it is still a small group of states that comprise about half of all foreclosures.
- California : 17% of all repossessions
- Florida : 11% of all repossessions
- Arizona : 6% of all repossessions
- Michigan : 6% of all repossessions
- Texas : 6% of all repossessions
- Nevada : 4% of all repossessions
Distressed properties are certainly being purchased by home buyers. They are about one-third of all home sales; typically sold at a steep 15 percent discount as compared to non-distressed properties.
You can get great deals, but do be careful. I strongly recommend you have professional help, or have lots of experience, if you are considering a distressed property. It is a different kind of “buy” than the traditional experience.
As always, if you are looking in the Northern Virginia area, or planning a move into Northern Virginia, I am here to be a resource to you. Feel free to contact us for a information on distressed properties, or for help in determining the options.
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Housing And Mortgage Predictions For 2011: Go With Your Current Reality
January 1st, 2011 categories: Buyer Strategies, Mortgage & Finance, Seller Strategies
As we start a new year, you can count on hearing predictions about what the year ahead will hold for real estate.
Go with your current goals and actual realities, not contradictory predictions.
Here is a sample of the contrasts and contradictions you will find:
- How about home prices will rise in 2011
- How about home prices will fall in 2011
- Or let’s say mortgage rates will rise in 2011
- On the other hand, let’s say mortgage rates will fall in 2011
Maybe a better route is to simply assess your own needs and goals based on what we know right now.
What we know at the present time is that mortgage rates are extremely low by any historical measure. We also know we have been in a deep housing slump for a long time, and that, at some point, we will start to get stronger momentum toward a better housing market, and maybe along with that momentum, somewhat less favorable buying conditions than we see now.
So…don’t worry too much about contradictory predictions. Go with what is real now for you and do remember that some of the best opportunities exist during times of stress. Looking back from a future vantage point, the current housing market may seem like a golden opportunity.
We are always here to give you honest feedback and genuine care, rather than a sales pitch. So call me if I can help you sort out any home selling or buying questions you have, and do use our many web-based real estate resources, including MARKET SNAPSHOT which will give you the actual selling prices of homes in your Northern Virginia community.
And by the way, if you are moving into the Northern Virginia area, we can help you with any questions on real estate in this area. I work with relocating families all the time, and have special appreciation for these kinds of moves.
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