Sell My Home in Alexandria VA | Entry-Level Homeowners Are in the Driver’s Seat
MOVE-IN READY two bedroom, two full bath condo in Hillwood rented in less than 30 days!
There's no doubt that Amazon's HQ2 announcement has attracted a flurry of buyers to the Alexandria VA real estate market. But there's still a steady market of consumers who aren't quite ready to buy. This means there are some great opportunities for homeowners who don't want to sell, but keep their home as an investment property.
As a seasoned real estate professional, one of the ways I can help is to evaluate the real estate market, and help you decide if you should sell or rent your property. Each situation is different, so if you're on the fence about what to do, just click here to contact me. Together we will evaluate the rental listings and the homes that have recently sold, to help you make the decision that's best for you. Just give me a call today at 703-623-8759 or click here.
Home warranties can be a great tool to assist buyers and sellers, but do you really understand how they work? Take a look at my latest video where I interview Molly Flory, Regional Representative for Old Republic Home Warranty.
Molly talks about commonly asked questions including:
One of the most interesting things that I discovered is that if you are buying a new construction home, you can purchase an Old Republic home warranty at closing and defer the coverage until your anniversary date, that way you don't have overlapping coverage with your typical builder's warranty.
I hope you found this interview helpful! For more information, please visit www.orhp.com and learn about the different types of protection plans that Old Republic offers.
Arlington VA Condo Market Update - Days On Market Plummet After Amazon HQ2 Announcement
It's been a year since the Amazon HQ2 announcement sent the Arlington area into a frenzy. And rightfully so, the real estate market in Arlington has taken a life of its own ever since. Condos for sale in Arlington VA are being plucked up left and right by buyers who want the convenience and walkability of Crystal City and Pentagon City, in the heart of Amazon territory, in addition to investors looking to bank on future appreciation.
Just take a look at the interactive chart below and see the change in days on market over the past year.
In November 2018, the average days on market was 33, then it peaked in December at 45 days. After December, the time a condo for sale in Arlington VA stayed on the market reduced drastically, even with five consecutive months of less than 20 days.
But is this days on market trend indicative of sold prices? Yes, it is. Below is the chart that shows the original list price-to sold price ratio for Arlington condos for the past year:
Look at the timing and how straight the line is. After the announcement and starting in January, if you had a condo to sell in Arlington VA, two things were certain, you were going to get your asking price, and you were going to get it in less than a month.
Do you currently own a condo in Arlington? Click here to find out what it's worth. Even if you're not quite ready to sell, we'll provide you with a free monthly report with a list of all of the homes that have sold in your building, so you can keep track of the value of your real estate investment.
Alexandria VA Homes For Sale - Let's face it, rents in Alexandria and Arlington have skyrocketed. When you couple that with the expenses of daily living which include commuting costs, food, and utilities, it can literally take years to save money for a down payment on a new house.
If you have solid credit, stable employment, and a good rent payment history, but don't have a lump sum of cash sitting around, you should take a look at the down payment programs that are available. Here are the most popular programs today:
VHDA - Virginia Housing Development Authority. This is the most popular down payment program in Virginia. VHDA offers grant funds (which means zero down payment and zero repayment), low options of 1% and 3% down, and grants for closing costs.
USDA - Rural Housing Program. No down payment, 100% financing. This program is open to buyers who are looking in more rural areas, such as western Prince William County, Loudoun County, and Stafford.
FHLB - Federal Home Loan Bank. Offers down payment assistance and extra incentives for law enforcement, teachers, healthcare workers, firefighters, and veterans.
VA - Veterans Administration. Up to 100% financing for active duty military, veterans, and eligible reservists. It's surprising to know that a lot of military members do not take advantage of this option. With a VA loan, buyers take advantage of a 30-year fixed rate, no mortgage insurance, and interest rates that are usually lower than conventional 30-year mortgages. If you are buying a luxury home, the VA does requires a small down payment. You don't have to be a first time buyer, and you can use this mortgage for homes in the upper end price range. Veterans who are also first-time buyers can couple a VA loan with a VHDA closing cost grant. This is especially helpful in a tight sellers market where sellers are not paying closing costs. With a VA closing cost grant, military buyers have the advantage of zero down payment, and zero out of pocket closing costs.
FHA - Federal Housing Administration. Requires a 3.5% down payment. An FHA mortgage offers more flexibility for buyers with credit scores below 700. This is a popular option for buyers with a good rental history and employment, but little savings.
NFCU - Navy Federal Credit Union. This offers 100% financing to all credit union members, including non-military. The interest rate is higher than market rate, but it is a 30-year fixed rate mortgage. Navy Federal's program is popular with military homebuyers who have their VA loan tied to another property.
NWFCU: Northwest Federal Credit Union. Offers 100% financing plus no mortgage insurance to members. This program is available to all buyers, not limited to first-time buyers or military.
Home Ready - Program offered by Fannie Mae. Minimum down payment of 3%. This program is open to first-time buyers and repeat home buyers with a credit score above 620.
For more information on these programs, click here and download our information flyer.
Over half of homebuyers are completely wrong about how much money is needed for a down payment. Traditionally, 20% was the norm, but with credit unions, state programs, and military benefits available, you don't have to strap yourself down to a multi-year lease. Let's talk about your options, all of them. Part of the mortgage approval process includes not only shopping lenders, but shopping for the right loan that fits your needs, and your long-term and short-term goals. Send me a quick message now, or text me at 703-623-8759 when you're ready.
Before you sell your Alexandria VA home this fall, make sure you have a rock solid road map! We created an all out 2019 Fall Home Selling Guide chock full of information to help you prepare for one of the biggest financial transactions you'll ever make.
Inside, we show you all about:
Reality TV makes it look easy, but remember, that's entertainment. When it comes down to the reality of selling your own home, make sure you have the right information before you get started. Download your free copy of our 2019 Fall Home Selling Guide today, there's no registration required.
School's back in session, summertime has come to an end, and now people are preparing their homes for the holidays. We're getting close to the end of the calendar year, and we're also getting close to the biggest shopping day of the year, Black Friday.
While many shoppers are on the prowl for appliances and electronics, the fall can also be a busy season for homebuying. Give yourself a leg up with our Fall 2019 Homebuying Guide.
Inside, you'll learn about:
We know there's plenty of information online, but sometimes it can be overwhelming to search multiple websites and understand it all. Our free guide removes the hassle. Download your copy today, there's no registration required.