March Market Update & Newsletter
As we step into March, a time that seems to effortlessly slip by us, it’s a reminder of how fast time moves. With March comes the excitement of March Madness and the anticipation of the Final Four, alongside the gradually lengthening days that breathe renewed energy into our routines. The thrill of victory and the agony of defeat on the court mirrors the high-stakes nature of the real estate market here in Northern Virginia. (I’ll bet you were wondering where I was going with all the basketball stuff).
We find ourselves amidst a dynamic real estate landscape, where multiple offers on homes of all price ranges have become the norm. Within this competitive arena, some home buyers revel in the triumph of securing their dream home, while others grapple with the frustration of missing out. Sellers, in particular, emerge as the victors in this scenario, benefiting from a historically limited inventory and a surplus of eager buyers.
Even with the backdrop of rising interest rates, buyer demand remains robust, painting a picture of a market in constant motion. At open houses and showings, we’ve seen a steady stream of visitors, further defining the present real estate climate. However, amidst this fervent activity, certain buyer profiles such as VA buyers, FHA borrowers, and first-time home buyers find themselves in the position of underdogs, while cash offers reign as indisputable favorites.
To bridge the gap and fulfill the dream of homeownership for all, additional housing inventory is the key. That is not the reality we are in right now, yet success as a buyer is still possible. It has NEVER been more important as a buyer to have exceptional representation and a solid team strategy so that your journey to finding your dream home can come to fruition. That is what I’m here to provide. I can’t tell you how many successful wins for my buyers in recent years have come from not just a great game plan but through previous relationships I’ve had with those on the other side, garnered from the 34 years I’ve been in the business.
Wishing you the best of luck in all your pursuits this month, whether it’s choosing your winning bracket or exploring real estate opportunities. Feel free to reach out with any questions or real estate needs at any time–I am never too busy for you or your referrals!
It’s a good life.
Chris
“HOW MUCH HOUSE CAN I AFFORD TO BUY?” – HERE’S HOW TO KNOW
Read the full article at news.remax.com
If your biggest question right now is “Can I afford to buy a home?” – or “How much home can I actually afford to buy?” – you aren’t alone. As the real estate market continues to shift, many people are wondering how far their money will take them. Here are five ways to help determine how much house you can afford.
1) Check up on your credit score
Before you’re ready to start the homebuying process, familiarize yourself with your credit score. If you aren’t satisfied with the number, you’ll want to give yourself time to raise it before you apply for a loan – this will be a key factor a mortgage professional takes into consideration. Many major credit card companies will give you monthly updated credit score reports on their websites and apps.
2) Get pre-approved for a home loan
Seek out a local mortgage professional to help you understand what you qualify for and set a realistic homebuying budget. A mortgage prequalification provides a basic estimate of how much you can borrow based on your stated financial situation. When you’re ready, complete a mortgage application in which a lender confirms your qualifications with more stringent documentation and can then provide a formal pre-approval. Working with a mortgage broker may provide an easy way to explore different lenders and loan products that meet your unique needs.
3) Consider how much money you have saved
It’s essential to figure out how much money you’ll be able to put toward a down payment on a home – and this number will impact what your monthly mortgage payments will be, too. For renters, if your monthly mortgage payment will cost more than your current rent, are you able to afford the difference? Be prepared to cover costs for closing and moving, various fees that may come up in the process, home insurance, private mortgage insurance (if you put less than 20% down), and more.
4) Seek advice from a financial advisor
Meeting with a financial advisor can help you prioritize financial concerns, learn how to manage your money, and plan ahead for the future.
5) Look at data for your local housing market
When it comes to home prices, no two markets are the same – and the cost of living (which includes the expense of homeownership) varies depending on location. That’s why it’s helpful to find an experienced real estate agent who you trust to help with your important transaction. They can help demystify local housing market data, prioritize your wants and needs in your purchase, and get the ball rolling in the home search process.
Understanding local market conditions will also help establish a realistic expectation of what kind of property you can afford in your desired area. Looking at active and recent listings is one way to get a better feel for what home prices are like.
Recipe of the Month
Slow Cooker Corned Beef & Cabbage
Yield: 6 Servings – Total Time: 5 Hours
INGREDIENTS
- 1 medium yellow onion, cut into wedges
- 3 large carrots, cut into thirds
- 2 stalks celery, cut into thirds
- 1/2 pound baby potatoes, halved
- 2 pounds corned beef brisket
- Salt
- Freshly ground black pepper
- 1 package pickling spice
- 3 sprigs thyme
- 2 bay leaves
- 1/2 green cabbage, cut into large wedges
DIRECTIONS
- Add onion, carrots, celery and potatoes to bowl of your slow cooker. Place corned beef on top and season generously with salt, pepper, and pickling spices. Scatter thyme and bay leaves over meat and fill slow cooker bowl with water until it is almost completely covering the meat.
- Cook on high for 4 to 4 1/2 hours, until meat is tender. Add cabbage to slow cooker and cook on high for 45 minutes to 1 hour more until cabbage is tender and cooked through. Remove meat and vegetables from slow cooker, slice and serve.
9 WAYS TO ADD VALUE TO A HOME FOR SALE THROUGH UPGRADES
Read the full article at news.remax.com
As soon as you list your home for sale, the meaning of “home value” immediately changes. It’s time to pack up those memories – along with your dishes, lamps, and sofas – and focus on all the ways to make your home appeal to as many buyers as possible. Here are nine spots to focus on for value-adding updates that are sure to be big wins – helping make your home the move-in-ready listing today’s buyers are looking for.
Give your landscaping some love
It’s not just what’s on the inside that counts. First impressions make or break a home sale, and increasing your curb appeal goes a long way towards boosting that initial impression. Tend to your garden by mulching, cleaning up your edges, and pulling the weeds.
Update fixtures
Sconces, chandeliers, and pendant lights are opportunities to modernize and change the feel of your home without undertaking a huge project. Simple, classic designs in timeless metal finishes are great choices because of their mass appeal, and small pops of color or unique pieces can add lots of character if used sparingly throughout the home.
Invest in appliances
Updating your home doesn’t just apply to design – it applies to ease of use and lack of future maintenance, too. Equipping your home with modern appliances is a must-do if you’re thinking about a potential home sale. They help underscore a turnkey experience for buyers, and they can be well worth the cost of investment.
Make needed repairs
Don’t overlook the non-glamorous updates and deferred maintenance if you’re hoping to maximize on your investment with your home sale. Everything needs to work the way it should: faucets that don’t leak, decks that don’t sag, doors that open according to code, etc. Start by checking up on your roof and HVAC system, and move your way down the list in search of necessary repairs.
Finish unfinished spaces
If you’ve been waiting for a reason to finish your basement, before selling is a great time. If you have a space in your home that doesn’t serve a specific purpose or function, it can be a red flag in the eyes of a buyer. Your home value may skyrocket just by clearly defining each space throughout the property.
Focus on your kitchen
Kitchens, without a doubt, are the heart of the home. That means that they are typically the first space potential buyers consider when evaluating a home purchase, and kitchen investments are some of the best kinds you can make to increase your home value.
If your kitchen is relatively new, consider smaller upgrades like fresh hardware. If your kitchen is dated, in need of love, or under-functional, you should seriously consider a kitchen renovation to help your home compete with new builds and win the hearts and minds of buyers.
Open your floor plan
A spacious, open living area is a desired feature in today’s real estate market. Floor plans with lots of walls and too many separate rooms tend to inhibit a communal feeling and often lack natural light, which can be detractors from your home’s value. Consider opening or removing some of the non-load-bearing walls in your home to form an open floorplan within your living space.
Create an outdoor experience
If your backyard is just a patch of grass, that means it’s full of potential opportunity to increase home value. A covered patio, pergola, fire pit, or an outdoor eating area are all great ways to set the scene for an experiential outdoor lounge space – and appeal to buyers
Transform your bathroom into a spa
Self-care is in, and that means buyers are looking for bathrooms that emulate a spa. Incorporating spa-like finishes will help your bathroom feel luxurious, relaxing, and indulgent. That could entail adding sleek finishes, a soaking tub, and a light, airy color palette.
UNDER CONTRACT IN HERNDON!
Under contract the first day listed!
Rarely available 2 car garage townhome in the heart of Herndon. This 2,300 sq foot home features a versatile floorplan and 3 bedrooms/4 baths. Walk to everything!
