May Market Update & Newsletter

The real estate market in Northern Virginia never ceases to amaze me. We continue to see a very low number of homes for sale with high demand even as interest rates continue moving slightly upward. This phenomenon is leaving us with less than a one month’s supply of homes, which means if no additional homes came on the market, every single home would be sold in just over two weeks. Wow. In  looking at the inventory levels in the three years before the pandemic, we averaged 5,247 homes for sale during the last week of April, and in the years preceding that we had even higher numbers of homes for sale. This year that number is just 1,529. Wow again. Normally, this is the time of year when we get the Spring splurge of inventory. People try to time their move to coincide with the end of the school year, and because of the warmer weather, yards look more appealing. This is not happening this year and I don’t believe it will happen for some time. You may ask why inventory levels are so low. The number one reason is homeowners are mortgage rate locked into their homes. They were wise to refinance when rates were in the mid-2s and mid-3s, and they are not willing to give those rates up for rates that are currently in the low to mid-6s. The old golden handcuffs. But there are numerous reasons to move and to move up that go beyond the change in monthly payments. For those who are willing to move and give up their rate, there is nothing for them to buy so they are reluctant to put their house up for sale. For those of you who find yourself in this situation, reach out to me. There are a number of potential solutions. These issues combine to make the low number of houses for sale today. The low inventory levels and high demand have prices continuing to climb, which compiled with the current rates makes it difficult for some people to qualify for higher mortgages. I believe we will be in this conundrum for the foreseeable future—do you agree? I suppose only time will tell. As I mentioned, we have very high demand at virtually every price point which regularly results in multiple contracts on most homes. Yes, and most people are waiving many if not all contingencies to get into a home, and they’re often bidding well above the list price. But there are still overpriced listings and pockets of opportunity if you have a great broker and you have a great team of service providers lined up. Man is that important these days. We are even seeing sight unseen offers. See above where I said this market never ceases to amaze me! If you are considering selling or buying, I am here to help give you the best advice and strategies to help you achieve your goals.

It’s a good life.

Chris

 

3 THINGS TO CONSIDER WHEN STAGING YOUR HOME FOR THE SPRING

Read the full article on news.remax.com

With temps rising and flowers starting to bloom, it’s evident spring has sprung – and in the world of real estate, so has the busy spring selling season. As the market continues to rebalance in many locales, today’s homebuyers are enjoying more options and sellers are putting extra thought into how they prepare their property. Staging – a key way to show a home to prospective buyers in the best possible light – is an integral component of increasing the appeal of and interest in a home. Staging doesn’t always involve overhauling existing furniture for a completely new look. In   addition to consulting a qualified real estate agent, consider these three factors when staging a home to sell this spring.

First impressions start outside

The old adage says you never get a second chance to make a first impression. The same is true with a house for sale. When prospective buyers arrive to tour a home or attend an open house, their initial impression is based largely on what they see on the outside. And after a long winter, the front yard can look a bit worse for wear. Focus on curb appeal and tidy up the exterior of the home. Remove any lingering leaves, clean up flower beds of weeds or debris, and lay a fresh coat of mulch wherever it’s needed. It’s even time to break out the lawnmower and tame matted grass growth from the winter, while also making sure to trim walkway edges for clean lines. Plus, it’s time to unearth and clean patio furniture, including chairs or decorations that live on the front porch. Create an inviting scene at the front of the house with chairs, a new welcome mat, and decorative planters filled with seasonal flowers.

Spring cleaning is imperative

Interior staging starts with curating a space that prospective buyers can envision themselves living in. First and foremost, clear out the entryway by storing away winter-specific items like coats, boots, snow shovels, and more. While avoiding making it feel empty, it’s important to keep rooms minimal and airy by eliminating clutter, hiding away personal mementos like family photos, and overall pairing down on the amount of items on each surface. A deep cleaning is essential, too. In addition to the standard washing of windows and surfaces and vacuuming of floors, don’t forget about dusting overlooked places like baseboards, ceiling fans and windowsills.

Match colors with the season

Spring is the season of nature coming back to life, so it makes sense that colors associated with spring are often bright and refreshing. When it comes to the interior of a home, however, many sellers still opt for a predominantly neutral palette regardless of the season. Those considering repainting walls this spring may opt for lighter, neutral colors that brighten up the space – especially in smaller rooms. When it’s time for a showing, make sure to open all shades and curtains to maximize natural light. Then, to add in pops of cheery color for a warm springtime welcome, try placing flowers in a vase as a table centerpiece or on the kitchen counter. Throw pillows and blankets are an easy way to transition the home’s appearance to match the season, too.

 

Recipe of the Month

Berry Dream Cake

Total Time: 45 minutes ~ Serves: 15 servings

INGREDIENTS

  • 1 package white cake mix (regular size)
  • 1-1/2 cups boiling water
  • 1 package (3 ounces) cherry gelatin
  • 1 package (8 ounces) cream cheese, softened
  • 2 cups whipped topping
  • 4 cups fresh strawberries, coarsely chopped

DIRECTIONS

-Prepare and bake cake mix batter according to package directions, using a greased 9×13 baking pan.

-In a small bowl, add boiling water to gelatin; stir 2 minutes to completely dissolve. Cool cake on a wire rack 3-5 minutes. Using a wooden skewer, pierce holes in top of cake to within 1 in. of edge, twisting skewer gently to make slightly larger holes. Gradually pour gelatin over cake, being careful to fill each hole. Cool 15 minutes. Refrigerate, covered, 30 minutes.

-In a large bowl, beat cream cheese until fluffy. Fold in whipped topping. Carefully spread over cake. Top with strawberries. Cover and refrigerate for at least 2 hours before serving.

 

RENTERS: 6 SIGNS YOU’RE READY TO BUY A HOME

Read the full article at news.remax.com

With the housing market balancing in many places, many people are finding that now is a great time to purchase a property of their own.

Renters looking to buy are usually in the pursuit of more living space, creative freedom to decorate, and ownership of an asset that can appreciate in value over time. Renters, are you tired of spending money each month to pay someone else’s mortgage? It may be time to consider buying a home. Here are the signs to look for.

You need more square footage

Upsizing is a common reason renters venture toward homeownership. With more heads under one roof – from children to aging parents to pets and more – an extra bedroom, in-law suite, or garage space can go from being a want to a need. Whether you find a place that has everything you want or a fixer-upper that can be turned into your dream house, owning property offers the potential of adding more space.

You’re looking for outdoor space

Having access to the outdoors – especially for those renting an apartment – has become an increasingly more important factor to prospective homebuyers. This can be especially true if you welcomed a new pet into your life recently. The options for your outdoor spaces are much greater when you own the property, whether you want to add a fence around the yard for the dog, put in a swimming pool, or lay out a patio for entertaining guests.

You want the flexibility to customize your home

One of the many luxuries of owning a home is having the freedom to do what you please with your space. Oftentimes when renting, tenants are unable to paint walls, drill holes, upgrade aspects of the kitchen, and more. Each household functions differently, so it can be comforting to live in a space custom-tailored to your needs. If you’re handy with DIY projects or can hire professionals, your options for making a new space feel like home are endless.

You’ve saved up for a down payment

Many people start the homebuying process once they have saved up enough money for a down payment. With a budget in mind, check out available financing options (like first-time homebuyer or military housing grants) that may help determine how much you can afford.

The down payment isn’t the only cost associated with buying a home. Don’t forget to save up for additional fees associated with the process, including closing costs, a home inspection and other potential service expenses. When the time comes that you’re ready to put in an offer on a home, you’ll already have these funds set aside.

You’ve saved for maintenance, emergencies and repairs

Owning a home inherently comes with more responsibility than renting. When buying a home, it’s helpful to have money set aside for necessary repairs and unexpected emergencies. Being financially prepared ahead of time will make the inconvenience of a things like a broken appliance or leaky roof more manageable.

You’re looking for an investment (financial and emotional)

If you’re tired of renegotiating terms, paying higher rent, or moving each time your lease expires, then purchasing a home is a great solution. But in addition to peace of mind, owning a home can pose long-term financial benefits, too.

Likely the largest financial transaction a person will make in their lifetime, a home is an investment that may, potentially, help you create generational wealth. Best of all, the money you pay each month to a landlord can be used instead to pay down your own mortgage.

 

FEATURED LISTING

Just Sold in Fairfax City!

A truly collaborative effort = incredible success! The sellers purchased this property several years ago in a fierce bidding war. We won that war, without the best bid, because I knew and had worked with the listing agent  previously. Then the owners did some smart, tasteful and well thought out improvements. Finally, we read the market correctly, passed on some great numbers beforehand, generated multiple offers, and sold for over $75,000 more than the same model did the week before! If you want to enjoy this type of  success, call me and let’s see what we can accomplish together on your next transaction!