Will your Chantilly or Northern Virginia home go up in value this year? Who knows, but there has been some good news recently, along with the reality of foreclosures.

Housing has been rough since at least 2007, with home values down nearly 20% nationwide. Don’t forget though that our Northern Virginia housing situation has been far better than most areas of the country.

Obviously, low mortgage rates are good for Chantilly area home buyers.  Low rates plus low prices has led home affordability to an all-time high. As you’ll hear in this 4-minute interview with NBC’s The Today Show, carrying a mortgage now costs about 25% less per month as compared to just 3 years ago.

A few other noteworthy points:

• There are more buyers out looking for homes today, which leads to more sales
• The housing market is expected to get gradually better, month-by-month, in 2012.
• There are still lots of foreclosures, but at least they are working their way through the system.

With low housing inventory, Northern Virginia buyers may find their best “deals” today — before the Spring Buying Season begins in February.

Of course, remember that each area has its own dynamics.  Cities and neighborhoods have differences, and I am here to help you with the particulars of our area.

My team and I are always here for you.  Let me know how I can help you!

Further info on the HARP program guidelines.

You may benefit from checking out this program.

Tuesday, Fannie Mae and Freddie Mac communicated new lender instructions for the government’s revamped HARP program.  This may trigger loads of refinancing activity, so The Kathy O’Neal Team wanted to share this information.

You may already know that HARP stands for Home Affordable Refinance Program. The new changes are intended to give “underwater homeowners” an opportunity to refinance at today’s low mortgage rates.

Since the program’s launch two years ago, it has helped fewer than 900,000 homeowners.

The new and improved version may reach many more.  We’ll see.

There are 4 primary criteria to apply for HARP:

1. The existing mortgage must be guaranteed by Fannie Mae or by Freddie Mac
2. The existing mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
3. The mortgage payment history must be perfect going back 6 months
4. The mortgage payment history may not include more than one 30-day late payment going back 12 months

For HARP applicants, loan-level pricing adjustments are waived in full for loans with terms of 20 years or fewer; and maxed at 0.75 for loans with terms in excess of 20 years.

This should significantly lower mortgages rates for HARP applicants — especially those with credit scores below 740.

An additional benefit:  HARP applicants are exempted from the standard waiting period following a bankruptcy or foreclosure, which is 4 years and 7 years, respectively.

These two benefits should greatly widen the net of potential HARP participants.

But there are a few provisions which exclude some potential applicants:

1. The “unlimited LTV” feature only applies to fixed rate loans or 30 years or fewer.  ARMs are capped at 105% loan-to-value.
2. Applicants must be “requalified” if the proposed mortgage payment exceeds the current payment by 20%.
3. Applicants must benefit from either a lower payment, or a “more stable” product to qualify

Remember also that HARP is a one time deal.  It can’t be used twice.

Fannie Mae and Freddie Mac will have minor variations, so work with your loan officer on these eligibility standards.

And if you need help getting a good lender I can provide a few referrals, as well as help you in any aspect of your home buying or selling goals.  Email or call us anytime!  I also invite you to view our Testimonial Video.

Open House - Sunday, Sept 25, 2011 - 1 PM to 4 PM

This home is in superb condition and is sharp in all details.  If you are in process or even just starting your home search, this is one that is worth an “in person” look.  And it is in Pleasant Valley, a terrific community of homes very well located close to the Route 28 corridor.

You can get more details and take a Visual Tour here, and if this home looks interesting to you, do come by for the Open House this Sunday, September 25 (1 PM to 4 PM).  And feel free to contact me with any questions.

15200 Bannon Hill Court - Chantilly, VA 20151

This an extremely well-cared for, and recently upgraded home, with a terrific floor plan and in popular and conveniently located Pleasant Valley.

With its especially attractive landscaping design along with a load of recent upgrades and remodeling work, we think you will find this one worth a careful look.

Start by taking a quick Visual Tour right now, and if you would like to know more, or have any questions at all, just let me know.

This is a normal sale property, NOT a foreclosed or distressed property, so you won’t have to take the potential risks – and experience the stresses  – associated with distresses properties.

Please be in touch if you want to know more!

Price:  $410,000

MLS#: FX 7682089

More information:  please click here and you will see the property on our Featured Listings page.

PS – If you are relocating to Northern Virginia, we can get your questions about the area answered quickly.

A stand-out at 4360 Silas Hutchinson Drive in Chantilly VA 20151

Nicely located in the community of Pleasant Valley, this exceptionally well-cared for home at 4360 Silas Hutchinson Drive in Chantilly, Virginia (20151) is super clean.

The lot is also above average.  Just like the home, it is well-maintained, elegant, and has the feeling of being fresh and new.

If you are searching homes for sale in the Chantilly or surrounding area, take a quick Visual Tour and you can get a sense of what this home has to offer.  If you have questions, just let me know. If you want to see this home in person, please contact me and we’ll arrange a showing.  

Also, please be aware this home is a normal sale property.  You won’t have the stresses and challenges associated with distressed properties.

We are here if you want to know anything more about this exceptionally attractive home.  I believe it will make its next owner very happy!

Price:  $419,900

MLS#: FX 7659681

More information:  please click here and you will see the property on our Featured Listings page.

PS – If you are relocating to Northern Virginia, we can get your questions about the area answered quickly.

We see from a Census Bureau report that seasonally-adjusted, single-family Housing Starts were up in March by  8 percent over February’s 2-year low.

But don’t take this data too literally, because there is a statistical problem in the data’s margin or error.

As noted in the footnotes, there’s no “statistical evidence to conclude that the actual change [in Housing Starts] is different from zero.”

It is possible that housing starts went down or up, given this margin of error.

What may be more noteworthy is Building Permits data. As compared to February, permits were up by 6%.  Permits can be a good forward indicator of housing.

After permits are issued, 86 percent of them will typically start construction within 60 days.  The implication is that new home sales and housing stock should follow the Building Permits report trend, but on a 2-month delay.

All four regions showed increases last month:

• Northeast : +2.6 %t from February
• Midwest : +10.0 % from February
• South : +5.3 % from February
• West : +5.3 % from February

Amidst all of the other challenges, this may be at least one good piece of information.

Will the market be less favorable for those looking at new construction say five or six months from now?  That is certainly possible.  In any case if you are looking at homes for sale in Chantilly or elsewhere in Northern Virginia, we will help you get the best deal either on new construction, normal resales, or distressed properties.

Let me know how my team and I can help.  We are here for you!

You can get to the “Retreat” by turning off Route 50 at Poland Road.  You will notice the Steetz gas station at this intersection.  Just a very short drive along Poland Road and you will see the marquee to enter the Retreat.

This is a single-family home community featuring Winchester Homes.  It borders South Riding.

Also check out the nearby community of Ridings at Blue Spring.

Here are CURRENT LISTINGS IN THE RETREAT AT SOUTH VILLAGE.

Please note that if you do not see any listings for sale in the above link, it is typically because there are none listed at that time.

If you want more information on properties in The Retreat at South Village or any area communities, or if you are interested in FORECLOSURES, SHORT SALES, and BANK OWNED properties, just CONTACT US and I will give you information on whatever is available.

Here are a few other links that will give you more information about this community and others in this general area:

MORE INFORMATION ON THE RETREAT AT SOUTH VILLAGE.

MORE INFORMATION ON  CHANTILLY-FAIRFAX COUNTY, CHANTILLY- LOUDOUN COUNTY, CENTREVILLE AREA, and  NEARBY COMMUNITIES.

Moving to the Northern Virginia area?  Check out our Area Living, and of course call or email Kathy if you want quick answers to any questions about property in the Chantilly or Northern Virginia area.

This home will be Open on Sunday, April 26, from 1 PM to 4 PM.

The location:  4519 Silas Hutchinson Drive – Chantilly, VA 20151

4519 SILAS HUTCHINSON DRIVE - CHANTILLY, VA 20151

This home is in Pleasant Valley, a popular neighborhood that is well located for easy access to all the area employers.  To get there, you turn off Route 50 on to Pleasant Valley Road, then turn left on Cub Run Road.  Proceed on Cub Run to Silas Hutchinson Drive.

I have worked with many buyers who like this community so well they wait for their “just right” home to come on the market so they can live in this neighborhood.

The house sits on a quiet street and has any number of amenities including a nice-sized fenced yard.  This one is not a foreclosure or bank-owned property, so forget the hassles, setbacks, and disappointments.

We invite you to take a quick Visual Tour so you can get a sense of the property.  And, if you miss the Open House, let me know and I can answer any questions.  You can also easily arrange a tour if that would be of interest.

Price:  $370,000

MLS#:  FX7030066

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.

CHANTILLY PARK AT ROUTE 50 & CENTREVILLE ROAD

Here are CURRENT LISTINGS IN CHANTILLY PARK.

For list of FORECLOSURES and BANK OWNED properties just CONTACT US and I will get that information to you.

Here are a few other links that will give you more information about this community and others in this general area.

MORE INFORMATION ON CHANTILLY PARK.

MORE INFORMATION ON:  CHANTILLY-FAIRFAX COUNTY, CHANTILLY- LOUDOUN COUNTY, CENTREVILLE AREA, and  NEARBY COMMUNITIES.

Moving to the Northern Virginia area?  Visit our RELO CENTER.

A "Sweet Spot" in Chantilly's Pleasant Valley

If it stays on your short list, let me know what other information I can provide, or to arrange a tour.

First, let me share what this home does NOT have to offer.  No bank-owned financial hassles, or endless fix-up costs, or any of the host of other issues that can be associated with either of these two conditions!

No, this home is just one of the nicest in the community, with a floor plan and interior design that most people really love.  It is clean, fresh, well maintained, and has that overall feel of being a “cut above” the competition. 

It has a spacious deck and tranquil backyard, loads of room inside including an additional first level room that can be a 5th bedroom or office, playroom, etc. Nice 2-car garage too, with good storage space.  

On top of being a first-class property, it has  a very competitive price, so it is a real value.  

If you are considering this area and price range, you should at least give this one a look.  In a crowded field, this one stands out.

To take a Visual Tour of this property please click here.

Price:  $424,900

MLS#:  FX6949799

More information:  please click here and scroll down to this property.

If I can answer any questions, please Contact Us.