Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

July 1, 2020

Buy A Home Alexandria VA | What Are Experts Saying About The Rest of 2020

What Are Experts Saying About the Rest of 2020?

What Are Experts Saying About the Rest of 2020? | MyKCM

One of the biggest questions on everyone’s minds these days is: What’s going to happen to the housing market in the second half of the year? Based on recent data on the economy, unemployment, real estate, and more, many economists are revising their forecasts for the remainder of 2020 – and the outlook is extremely encouraging. Here’s a look at what some experts have to say about key areas that will power the industry and the economy forward this year.

Mortgage Purchase Originations: Joel Kan, Associate Vice President of Economic and Industry ForecastingMortgage Bankers Association

“The recovery in housing is happening faster than expected. We anticipated a drop off in Q3. But, we don’t think that’s the case anymore. We revised our Q3 numbers higher. Before, we predicted a 2 percent decline in purchase originations in 2020, now we think there will be 2 percent growth this year.”

Home Sales: Lawrence Yun, Chief Economist, National Association of Realtors

“Sales completed in May reflect contract signings in March and April – during the strictest times of the pandemic lock down and hence the cyclical low point...Home sales will surely rise in the upcoming months with the economy reopening, and could even surpass one-year-ago figures in the second half of the year.”

Inventory: George Ratiu, Senior Economist, realtor.com

“We can project that the next few months will see a slow-yet-steady improvement in new inventory...we projected a stepped improvement for the May through August months, followed by a return to historical trend for the September through December time frame."

Mortgage Rates: Freddie Mac

“Going forward, we forecast the 30-year fixed-rate mortgage to remain low, falling to a yearly average of 3.4% in 2020 and 3.2% in 2021.”

New Construction: Doug Duncan, Chief Economist, Fannie Mae

“The weaker-than-expected single-family starts number may be a matter of timing, as single-family permits jumped by a stronger 11.9 percent. In addition, the number of authorized single-family units not yet started rose 5.4 percent to the second-highest level since 2008. This suggests that a significant acceleration in new construction will likely occur.”

Supply of Homes in Alexandria VA

Take a look at the supply of homes for sale in Alexandria VA?  Notice the drop in supply that started in November 2018, when the Amazon announcement was made.  Ever since then there's barely been over a month's supply of homes in the market, meaning there's little for buyers to choose from, so the sellers market continues.

Bottom Line

The experts are optimistic about the second half of the year. If you paused your 2020 real estate plans this spring, let’s connect today to determine how you can re-engage in the process.

              

Posted in Buyers, Sellers
June 23, 2020

Buy A Home Alexandria VA | A Surprising Shift To The Burbs May Be On The Rise

A Surprising Shift to the ‘Burbs May Be on the Rise

A Surprising Shift to the ‘Burbs May Be on the Rise | MyKCM

While many people across the U.S. have traditionally enjoyed the perks of an urban lifestyle, some who live in more populated city limits today are beginning to rethink their current neighborhoods. Being in close proximity to everything from the grocery store to local entertainment is definitely a perk, especially if you can also walk to some of these hot spots and have a short commute to work. The trade-off, however, is that highly populated cities can lack access to open space, a yard, and other desirable features. These are the kinds of things you may miss when spending a lot of time at home. When it comes to social distancing, as we’ve experienced recently, the newest trend seems to be around re-evaluating a once-desired city lifestyle and trading it for suburban or rural living.

George Ratiu, Senior Economist at realtor.com notes:

“With the re-opening of the economy scheduled to be cautious, the impact on consumer preferences will likely shift buying behavior…consumers are already looking for larger homes, bigger yards, access to the outdoors and more separation from neighbors. As we move into the recovery stage, these preferences will play an important role in the type of homes consumers will want to buy. They will also play a role in the coming discussions on zoning and urban planning. While higher density has been a hallmark of urban development over the past decade, the pandemic may lead to a re-thinking of space allocation.”

The Harris Poll recently surveyed 2,000 Americans, and 39% of the respondents who live in urban areas indicated the COVID-19 crisis has caused them to consider moving to a less populated area.A Surprising Shift to the ‘Burbs May Be on the Rise | MyKCMToday, moving outside the city limits is also more feasible than ever, especially as Americans have quickly become more accustomed to – and more accepting of – remote work. According to the Pew Research Center, access to the Internet has increased significantly in rural and suburban areas, making working from home more accessible. The number of people working from home has also spiked considerably, even before the pandemic came into play this year.

And let's face it, every buyer wants as much house for the money as possible, but when you move your search outside the Beltway, or beyond Fairfax County, not only do you open yourself up to a wider selection of homes, but also newer construction, more contemporary floor plans such as open concept main levels, and yard space.  Take a look at the interactive chart below to see the differences in median sales prices of detached homes between Alexandria City, Fairfax County, and Prince William County (use your mouse to hover over the bars below to see the prices):

 

Now I ask you, if you had the flexibility of working from home, how far would you be willing to take your home search?  Is it worth larger closets, a larger kitchen, a more private yard for the family and/or pets?

Bottom Line

If you have a home in the suburbs or a rural area, you may see an increasing number of buyers looking for a property like yours. If you’re thinking of buying and don’t mind a commute to work for the well-being of your family, you may want to consider looking at homes for sale outside the city. Let’s connect today to discuss the options available in our area.

Need to Sell your home before moving out to the burbs?  Find out the value of your home below:

Posted in Buyers
June 22, 2020

Buy A Home Alexandria VA | Why Home Office Space Is More Desireable Than Ever

Why Home Office Space Is More Desirable Than Ever

Why Home Office Space Is More Desirable Than Ever | MyKCM

For years, we’ve all heard about the most desirable home features buyers are looking for, from upgraded kitchens to remodeled bathrooms, master suites, and more. The latest on the hotlist, however, might surprise you: home offices.

In a recent article by George RatiuSenior Economist with realtor.com, he notes how listings with an office are selling quickly:

“As more companies have been embracing remote work, buyers are driving demand for houses with home offices higher. Homes featuring the term ‘office’ are selling 9 days faster than the overall housing inventory.”

Today, more and more people are working remotely, and that’s not just because the current pandemic is prompting businesses to operate virtually. According to the same piece and the most recent data available, the number of employees working at home was fairly steady from 1997 – 2004 but has been climbing ever since (see graph below):Why Home Office Space Is More Desirable Than Ever | MyKCMClearly, the work-from-home population is growing, and technology is making it possible. Just last month, according to an article on Think Google, searches for telecommuting hit an all-time high, and that’s certainly no surprise given our current situation.

People all over the U.S. are looking for answers on how to be most effective at home, and it’s making the ideal workspace more and more desirable. In fact, best practices from seasoned work-from-home professionals, like Chris Anderson, Senior Account Executive at HousingWire, tout that having a dedicated space is a must for productivity.

With today’s increasing demand for home offices, it’s a great feature to highlight within your listing if you’re selling a house that may meet this growing need. From bright natural light with large windows to built-in bookshelves or a quiet and secluded atmosphere, whatever makes your office space shine is worth mentioning to buyers when you’re ready to list your house.

Ratiu concludes:

“For housing, the continued increase in the share of remote workers implies that demand for homes with offices or dedicated work spaces will continue to increase. The current coronavirus pandemic offers a dramatic indication of the fact that companies and employees will have to develop plans and clearer policies for remote work beyond the current crisis.”

Bottom Line

Remote work may become more widely accepted as this current crisis teaches businesses throughout the country what it takes to function virtually. So, what seems like a business challenge today may be more of the norm tomorrow. With that in mind, if you have a home office, your house may be more desirable to buyers than you think.

   

Need to sell your home with a home office?  It's in DEMAND!  Find out how much your home is worth today.

      

Posted in Buyers
June 16, 2020

Buy A Home Alexandria VA | Real Estate Tops Best Investment Poll for 7th Year Running

Real Estate Tops Best Investment Poll for 7th Year Running

Real Estate Tops Best Investment Poll for 7th Year Running | MyKCM

Every year, Gallup conducts a survey of Americans to determine their choice for the best long-term investment. Respondents are asked to select real estate, stocks/mutual funds, gold, savings accounts/CDs, or bonds.

For the seventh year in a row, real estate has come out on top as the best long-term investment. Gallup explained:

“Real estate remains the most favored investment to Americans, as has been the case since 2013, when the housing market was on the rebound. More than a third of Americans have named real estate as the top investment since 2016.”

This year’s results indicated 35% of Americans chose real estate, followed by stocks at 21%. The full results covering the last decade are shown in the chart below:Real Estate Tops Best Investment Poll for 7th Year Running | MyKCM

How has Alexandria VA real estate performed over the last seven years?  Use your mouse to view the points on the interactive chart below and see for yourself.  In May 2013 the average sales price was $540,063; in May 2020 it was $612,917.

Bottom Line

The belief of the American people in the stability of housing as a long-term investment remains strong, even through the many challenges our economy faces today.

       

Posted in Buyers
June 10, 2020

Alexandria VA Real Estate | Is Now a Good Time to Buy or Sell Real Estate?

Traditionally, spring is one of the busiest times of the year for real estate. However, the coronavirus outbreak—and subsequent stay-at-home orders—led many buyers and sellers to put their moving plans on hold. In April, new listings fell nearly 45%, and sales volume fell 15% compared to last year nationwide.1

Locally, new listings in April fell 36.2% in comparison to April 2019.  (interactive chart)

Sales volume in Alexandria VA fell 16.2% from April 2019. (interactive chart)

Fortunately, as restrictions have eased, we’ve seen an uptick in market activity. And economists at Realtor.com expect a rebound in July, August, and September, as fears about the pandemic subside, and buyers return to the market with pent-up demand from a lost spring season.2

But given safety concerns and the current economic climate, is it prudent to jump back into the real estate market?

Before you decide, it’s important to consider where the housing market is headed, how it could impact your timeline and ability to buy a home, and your own individual needs and circumstances.

WHAT’S AHEAD FOR THE HOUSING MARKET?

The economic aftermath of the coronavirus outbreak has been severe. We’ve seen record unemployment numbers, and economists believe the country is headed toward a recession. But people still need a place to live. So what effect will these factors have on the housing market?

Home Values Projected to Remain Stable

Many Americans recall our last recession and assume we will see another drop in home values. But the 2008 real estate market crash was the cause—not the result—of that downturn. In fact, ATTOM Data Solutions analyzed real estate prices during the last five recessions and found that home prices actually went up in most cases. Only twice (in 1990 and 2008) did prices fall, and in 1990 it was by less than one percent.3

(The following chart represents data from Corelogic, but provides a graphical representation of the home price changes over the last five recessions.) 

Many economists expect home values to remain relatively steady this time around. And so far, that’s been the case. As of mid-May, the median listing price in the U.S. was up 1.4% from the same period last year.4

 

Demand for Homes Will Exceed Available Supply

There’s been a shortage of affordable homes on the market for years, and the pandemic has further hindered supply. In addition to sellers pulling back, new home starts fell 22% in March.5 In fact, Fannie Mae doesn’t foresee a return to pre-pandemic construction levels before the end of 2021.6

This supply shortage is expected to prop up home prices, despite recessionary pressures. Fannie Mae and the National Association of Realtors predict housing prices will rise slightly this year7, while Zillow expects them to fall between 2-3%.8 Still, that would be a far cry from the double-digit declines that occurred during the last recession.9

Taking a look back over the past ten years is the best way to give you a visual how the supply of homes has drastically decreased. In all of 2020, we have never had more than a month's supply of homes for sale in Alexandria VA. (interactive chart)

Government Intervention Will Help Stabilize the Market

Policymakers have been quick to pass legislation aimed at preventing a surge in foreclosures like we saw in 2008. The Coronavirus Aid, Relief, and Economic Security (CARES) Act passed by Congress gives government-backed mortgage holders who were impacted by the pandemic up to a year of reduced or delayed payments.10

The Federal Reserve has also taken measures to help stabilize the housing market, lower borrowing costs, and inject liquidity into the mortgage industry. These steps have led to record-low mortgage rates that should help drive buyer demand and make homeownership more affordable for millions of Americans.11

HOW HAS THE REAL ESTATE PROCESS CHANGED?

As the pandemic hit, real estate and mortgage professionals across the country revised their processes to adapt to shifting safety standards and economic realities. While these new ways of conducting business may seem strange at first, keep in mind, military clients, international buyers, and others have utilized many of these methods to buy and sell homes for years. 

New Safety Procedures

 The safety of our clients and our team members is our top priority. That’s why we’ve developed a process for buyers and sellers that utilizes technology to minimize personal contact.

For our listings, we’re holding online open houses, offering virtual viewings, and conducting walk-through video tours. We’re also using video chat to qualify interested buyers before we book in-person showings. This enables us to promote your property to a broad audience while limiting physical foot traffic to only serious buyers.

Likewise, our buyer clients can view properties online and take virtual video tours to minimize the number of homes they step inside. Ready to visit a property in person? We can decrease surface contact by asking the seller to turn on all the lights and open doors and cabinets before your scheduled showing.

The majority of our “paperwork” is also digital. In fact, many of the legal and financial documents involved in buying and selling a home went online years ago. You can safely view and eSign contracts from your smartphone or computer.

 

 

Longer Timelines and Higher Mortgage Standards

 The real estate process is taking a little longer these days. Both buyers and sellers are more cautious when it comes to viewing and showing homes. And with fewer house hunters and less available inventory, it can take more time to match a buyer with the right property.

In a recent survey, 67% of Realtors also reported delays in the closing process. The top reasons were financing and buyer job loss, but appraisals and home inspections are also taking more time due to shifting safety protocol.12

Securing a mortgage may take longer, too. With forbearance requests rising, lenders are getting increasingly conservative when it comes to issuing new loans. Many are raising their standards—requiring higher credit scores and larger down payments. Prepare for greater scrutiny, and build in some extra time to shop around.13

 

IS IT THE RIGHT TIME FOR ME TO MAKE A MOVE?

The reality is, there’s no “one size fits all” answer as to whether it’s a good time to buy or sell a home because everyone’s circumstances are unique. But now that you know the state of the market and what you can expect as you shop for real estate, consider the following questions:

Why do you want or need to move?

 It’s important to consider why you want to move and if your needs may shift over the next year. For example, if you need a larger home for your growing family, your space constraints aren’t likely to go away. In fact, they could be amplified as you spend more time at home.

However, if you’re planning a move to be closer to your office, consider whether your commute could change. Some companies are rethinking their office dynamics and may encourage their employees to work remotely on a permanent basis. 

How urgently do you need to complete your move?

If you have a new baby on the way or want to be settled before schools open in the fall, we recommend that you begin aggressively searching as soon as possible. With fewer homes on the market and a lengthier closing process, it’s taking longer than usual for clients to find, contract, and close on a home.

However, if your timeline is flexible, you may be well-positioned to score a deal. We’re seeing more highly-incentivized sellers who are willing to negotiate on terms and price. Talk to us about setting up a search so we can keep an eye out for any bargains that pop up. And get pre-approved for a mortgage now so you’ll be ready to act quickly.

If you’re eager to sell this year, now is the time to begin prepping your home for the market. A second wave of infections is predicted for the winter, which could mean another lockdown.14 If you wait, you might miss your window of opportunity.

How long do you plan to stay in your new home?

 The U.S. real estate market has enjoyed steady appreciation since 2012, which made it fairly easy for owners and investors to buy and sell properties for a profit in a short period of time. However, with home values expected to remain relatively flat over the next year, your best bet is to buy a home you can envision yourself keeping for several years. Fortunately, at today’s rock-bottom mortgage rates, you can lock in a low interest rate and start building equity right away.

Can you meet today’s higher standards for securing a mortgage?

Mortgage lenders are tightening their standards in response to the growing number of mortgage forbearance requests. Many have raised their minimum credit score and downpayment requirements for applicants. Even if you’ve been pre-qualified in the past, you should contact your lender to find out if you meet their new, more stringent standards. 

Is your income stable?

If there’s a good chance you could lose your job, you may be better off waiting to buy a home. The exception would be if you’re planning to downsize. Moving to a less expensive home could allow you to tap into your home equity or cut down on your monthly expenses.

 

WHEN YOU’RE READY TO MOVE—WE’RE READY TO HELP

While uncertain market conditions may give pause to some buyers and sellers, they can actually present an opportunity for those who are willing, able, and motivated to make a move.

Your average spring season would be flooded with real estate activity. But right now, only motivated players are out in the market. That means that if you’re looking to buy, you’re in a better position to negotiate a great price. And today’s record-low mortgage rates could give a big boost to your purchasing power. In fact, if you’ve been priced out of the market before, this may be the perfect time to look.

If you’re hoping to sell this year, you’ll have fewer listings to compete against in your neighborhood and price range. But you’ll want to act quickly. Economists expect a surge of eager buyers to enter the market in July—so you should start prepping your home now. And keep in mind, a second wave of coronavirus cases could be coming in this winter. Ask yourself how you will feel if you have to face another lockdown in your current home.

Let’s schedule a free virtual consultation to discuss your individual needs and circumstances. We can help you assess your options and create a plan that makes you feel both comfortable and confident during these unprecedented times.

Download Your Free Report (no registration required) - Is Now A Good Time to Buy or Sell

 

              

 

 

The above references an opinion and is for informational purposes only. It is not intended to be financial advice. Consult a financial professional for advice regarding your individual needs.

Sources:

1.     Forbes - https://www.forbes.com/sites/ellenparis/2020/05/08/latest-housing-market-update-from-realtorcom/#20bf7829113e

2.     HousingWire -
https://www.housingwire.com/articles/realtor-com-housing-market-will-bounce-back-this-year-but-the-rebound-will-be-short-lived/

3.     Curbed -
https://www.curbed.com/2019/1/10/18139601/recession-impact-housing-market-interest-rates

4.     Realtor.com -
https://www.realtor.com/research/weekly-housing-trends-view-data-week-may-9-2020/

5.     Money.com -
https://money.com/coronavirus-real-estate-home-prices/

6.     Fannie Mae -
https://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_051320.pdf

7.     HousingWire -
https://www.housingwire.com/articles/pending-home-sales-tumble-on-covid-19-shock/

8.     HousingWire -
https://www.housingwire.com/articles/zillow-predicts-small-home-price-drop-through-rest-of-2020/

9.     Federal Reserve Bank of St. Louis -
https://fred.stlouisfed.org/series/CSUSHPINSA

10.   Consumer Financial Protection Bureau -
https://www.consumerfinance.gov/coronavirus/cares-act-mortgage-forbearance-what-you-need-know/

11.   Bankrate -
https://www.bankrate.com/mortgages/federal-reserve-and-mortgage-rates

12.   National Association of Realtors -
https://www.nar.realtor/sites/default/files/documents/2020-05-11-nar-flash-survey-economic-pulse-05-14-2020.pdf 

13.   Forbes -
https://www.forbes.com/sites/alyyale/2020/04/17/buying-a-home-during-the-pandemic-dont-expect-your-everyday-home-purchase/#fadad3d33b0c

14.   Washington Post -
https://www.washingtonpost.com/health/2020/04/21/coronavirus-secondwave-cdcdirector/

 

June 2, 2020

June 2020 is National Homeownership Month

The Benefits of Homeownership May Reach Further Than You Think
Buying A Home In Alexandria VA

The Benefits of Homeownership May Reach Further Than You Think | MyKCM

More than ever, our homes have become an integral part of our lives. Today they are much more than the houses we live in. They’re evolving into our workplaces, schools for our children, and safe havens that provide shelter, stability, and protection for our families through the evolving health crisis. Today, 65.3% of Americans are able to call their homes their own, a rate that has risen to its highest point in 8 years.

June is National Homeownership Month, and it’s a great time to reflect on the benefits of owning your own home. Below are some highlights and quotes recently shared by the National Association of Realtors (NAR). From non-financial to financial, and even including how owning a home benefits your local economy, these items may give you reason to think homeownership stretches well beyond a sound dollars and cents investment alone.

Non-Financial Benefits

Owning a home brings families a sense of happiness, satisfaction, and pride.

  • Pride of Ownership: It feels good to have a place that’s truly your own, especially since you can customize it to your liking. “The personal satisfaction and sense of accomplishment achieved through homeownership can enhance psychological health, happiness and well-being for homeowners and those around them.”
  • Property Maintenance and Improvement: Your home is your stake in the community, and a way to give back by driving value into your neighborhood.
  • Civic Participation: Homeownership creates stability, a sense of community, and increases civic engagement. It’s a way to add to the strength of your local area.

Financial Benefits

Buying a home is also an investment in your family’s financial future.

  • Net Worth: Homeownership builds your family’s net worth. “The median family net worth for all homeowners ($231,400) increased by nearly 15% since 2013, while net worth ($5,000) actually declined by approximately 9% since 2013 for renter families.”
  • Financial Security: Equity, appreciation, and predictable monthly housing expenses are huge financial benefits of homeownership. Homeownership is truly the best way to improve your long-term net worth.

Economic Benefits

Homeownership is even a local economic driver.

  • Housing-Related Spending: An economic force throughout our nation, housing-related expenses accounted for more than one-sixth of the country’s economic activity over the past three decades.
  • GDP Growth: Homeownership also helps drive GDP growth as the country aims to make an economic rebound. “Every 10% increase in total housing market wealth would translate to approximately $147 billion in additional consumer spending, or 0.8% of GDP, as well as billions of dollars in new federal tax revenue.”
  • Entrepreneurship: Homeownership is even a form of forced savings that provides entrepreneurial opportunities as well. “Owning a home enables new entrepreneurs to obtain access to credit to start or expand a business and generate new jobs by using their home as collateral for small business loans.”

Alexandria VA Home Prices Over The Last Ten Years

Sometimes it's not quite so easy to put home prices into perspective when you're taking it day by day, or month by month.  But take a look at the chart below that shows the average sales price of homes in Alexandria VA over the past ten years (use your mouse to hover the line graph to see the different data points):

 

Ten years goes by in the blink of an eye.  Think about what you could have done with the equity you would have earned from buying a home ten years ago.  Is there a family member or cause you could have helped, what about sending a child to college, investing in a new startup, or reinvesting in your home to create the telework workspace that is now becoming the norm?

Bottom Line

The benefits of homeownership are vast and go well beyond the surface level. Homeownership is truly a way to build financial freedom, find greater satisfaction and happiness, and make a substantial impact on your local economy. If owning a home is part of your dream, let’s connect today so you can begin the homebuying process.

              

Posted in Buyers
May 29, 2020

Buy A Home Alexandria VA | Top Reasons To Own

Top Reasons to Own Your Home [INFOGRAPHIC]

Top Reasons to Own Your Home [INFOGRAPHIC] | MyKCM

Some Highlights

  • June is National Homeownership Month, and it’s a great time to consider the benefits of owning your own home.
  • If you’re in a position to buy, homeownership might help you find the stability, community, and comfort you’ve been searching for this year.
  • As of the end of April, 707 families have purchased a home and chosen to call Alexandria VA their home.

           

Posted in Buyers
May 21, 2020

15330 Kensington Park Drive | JUST SOLD

It Just Made Sense To Call This Home

15330 Kensington Park Drive in Potomac Club sold in 4 days for full asking price!

April, May, and June are the popular months where many leases come up for renewal and first-time buyers play a very active role in the real estate market in Woodbridge, Virginia.  This home in Potomac Club was so spacious that it blows other floor plans out of the water.

With 2,379 square feet, this home offers a floor plans that's more functional that a lot of older townhomes.  Three bedrooms upstairs, a dedicated home office space, an open family room with granite countertops, family room with gas fireplace, and a 1-car garage, wow!  This home was hands down, the right move.

First-Time Offered For Sale at $339,900.

See The Video

 

See What's Nearby - You Can't Beat The Convenience

 

Related Links

 

Thinking About Selling? Schedule Your Listing Consultation Today

Posted in Just Sold
May 12, 2020

4676 Kell Lane | Under Contract in Alexandria VA

Elegance and Beauty Tucked Away in Stonegate

There are few communities in Alexandria that offer such a convenient location, but also give you the feeling that you're farther away from DC than you really are.  Stonegate is one of those communities. The age of the communities give you the benefit of established, beautifully matured tree-lined streets, that guard the stately brick front townhomes with grand curb appeal.

After you've stepped inside and have been welcome by the open floor plan, tucked away rear kitchen with family room and fireplace, private deck and patio, and the open basement with full bath, you'll easily see why this home didn't last long.

Listed For Sale at $655,000

See the Video Tour

See What's Nearby - You Won't Believe How Close You Are

Related Links

 

Posted in Under Contract
April 11, 2020

How to Kill those Bills

Now that we are sheltering in place, let's take advantage of the down time to work on those household expenses.  Today, I'm going to show you how to Kill Bills.

  • Download the past two months of your bank and credit card statements.  I recommend printing them out so that you can mark on the pages and take notes.  If you're scrolling through them online, you'll be more likely to miss something that should catch your attention.
  • Download your free copy of the Household Spending Plan.  Courtesy of VHDA, this planning and spending worksheet is used in the Homebuyer Education Classes to help consumers learn about their spending patterns before committing to homeownership.  If you're a homeowner, perhaps it's been a while since you took a look at where you're money is going.  This tool will help.
  • Tally up and itemize all of your expenses.  Remember, every line items on your bank and credit card statements should be accounted for, even the ATM withdrawals.
  • Kill the bills.  Decide what expenses you can cut out altogether, and what can be trimmed.  Call your providers and negotiate better rates, or shop around for lower rates right now.  Try to find multiple ways to save.

 

 

Posted in Home Buying, Homeowners