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

July 10, 2014

Top 3 Protections You Need When Buying An Alexandria VA Home

Top 3 Protections You Need When Buying An Alexandria VA Home

Smart HomebuyerAlexandria VA Real Estate - Whether it's a buyers market or a sellers market, there are three protections that I encourage my buyers to include in their written offers:

  1. A home inspection contingency - It's normal to first see the photos of Alexandria VA homes for sale, and perhaps a video.  Even when we look at a property for the showing, we're looking to see if your furniture can fit, or if there are enough closets for all of your things.  At the most, we'll probably spend 30 minutes in the house that you decide to buy.  A home inspector comes in with an unbiased eye and will test the appliances, plumbing, electrical, HVAC, foundation, and attic.  The home inspector is also armed with tools to check for leaks and moisture.  The home inspection gives you an opportunity to understand how the guts of the home work.  If there are items that need to be addressed, they can be negotiated with the seller during the negotiation period and if for any reason you and the seller cannot agree, the contract can be terminated.
  2. An appraisal contingency - When the market it hot, it's common to see escalation clauses and offers that are above the asking price. But what happens when you're getting a loan and the bank says it's not worth what you're paying? If the home appraises for lower than the contract price, then you have the option of paying the difference between the appraised price and the contract price, or asking the seller to lower the price.  If an agreement cannot be reached between you and the seller, then the contract can be terminated.
  3. A financing contingency - While a mortgage approval is a must with any offer, it's still a good idea to include a financing contingency, especially for condos.  When you are getting a mortgage loan, the underwriter has the final say as to if your loan will be cleared for closing.  Sometimes, there are things that come up that are out of the buyer's and seller's control that affect financing.  For example, if you're buying an Alexandria VA condo for sale and during the contract period, the association reports that the number of rented units is higher than the number of owner-occupied units, then you may not be able to close.  What about identity theft? Imagine that your identity is stolen while you're under contract and your credit scores immediately drop and you now have a collection on your credit.  Yes, it has happened.  The financing contingency protects you in the event that things beyond your control prevent you from qualifying for the mortgage.

When you're ready to buy a home, let's make sure that we have these protections in place with your offer.  A home inspection, an appraisal, and underwritten financing can confirm that all is well, or alert you to actions that may need to be taken prior to closing.

Your Top Alexandria VA Buyer Agent

Are you thinking about buying a home in Alexandria VA? Make sure to call an experienced  buyer agent. With 17 years of selling experience, I’ve successfully worked with buyers and sellers to find homes for sale in Alexandria VA. If you’re looking for a bank owned foreclosure, or short sale, I can help. Just call me today at 703-623-8759.

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Posted in Buyers
July 9, 2014

Palazzo at Park Center Condos in Alexandria VA | June 2014 Sales Report

Palazzo at Park Center Condos in Alexandria VA | June 2014 Sales Report


Palazzo at Park Center CondosAlexandria VA Real Estate - What do you get when you add Inside the Beltway + Shirlington? An incredibly convenient location that is the perfect place for an Alexandria VA HotSpot! The contemporary condos at the Palazzo at Park Center are proving to be one of Alexandria's hottest communities.

Why do homebuyers like the Palazzo at Park Center condos? For starters, an underground garage. Parking is always a premium in the city, and all of the homes in the Palazzo at Park Center have at least one garage space that conveys.  Some of the two bedroom models have two garage spaces, but not all.  When the building was initially sold, additional parking was sold separately so keep in mind that not all of the two bedroom units will automatically have two parking spaces.  Another structural feature is that all of the units have a washer and dryer in the unit.  If you're looking at condos for sale in the Alexandria area, you'll notice that some condos do not have washer/dryer units, this is a very popular feature.


What happened with home sales in June 2014?

  • Total number of sold/settled units - 1 unit
  • Total number of units that went under contract - 2 units
  • Total number of new listings - 3
  • Days on market for sold units - 10
  • Sold price of units sold - One unit sold for $300,000, it was a 2br/2ba unit with 1058 square feet, and with one parking space.

Thinking about selling your Palazzo at Park Center condo? Now may be the right time to take advantage of how quickly the units are selling.  Just request your free confidential market analysis (or CMA) to help you determine how much your condo is worth.   I currently have buyers who are looking for two bedroom units, so please don't hesistate to call me at 703-623-8759.  There have been ten homes that have sold so far in 2014, and your home could be next.

Thinking about buying a home in the Palazzo at Park Center? Make sure that you have all of your ducks in a row.  Start first with your mortgage approval so that you are are in a position to make an offer once a unit becomes available.  With the short days on market, it's likely that you will be competing with other buyers.

Understanding the Alexandria VA community and the local market statistics is key to providing superior service.  If you need assistance buying or selling in the Palazzo at Park Center, give me a call today at 703-623-8759.

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June 28, 2014

Lorton VA Foreclosure For Sale - Luxury in Laurel Hill at 8145 Bluebonnet Drive

Lorton VA Foreclosure For Sale - Luxury in Laurel Hill at 8145 Bluebonnet Drive


Lorton VA Foreclosures - Are you looking at homes close to South County High School? Then take a look at this bank owned home in the popular community of Laurel Hill.  Foreclosures don't come up often in this community so this is indeed a rare find. This luxurious colonial at 8145 Bluebonnet Drive boasts over 4,000 square feet of cartwheel friendly living space.

All of the structural appointments that you'd expect to find are here including:

* - Hampton model with brick front and dormers

* - three fully finished levels with walkup basement

* - hardwood floors on main level

* - two story foyer

* - expanded kitchen with morning room extension

* - three full baths upstairs

* - Princess suite with private bath on upper level

* - luxurious owner's suite with sitting area, full bath, and walk-in closet

* - main level office/libary

* - rear deck and patio

Homes in Laurel Hill have been selling between $850,000 and $900,000 so be sure to stop by and take a look at this Lorton VA luxury foreclosure home this Sunday between 12 and 3 to take a look for yourself.


Your Lorton VA Buyer Agent

Are you thinking about buying a home in Lorton VA? Make sure to call an experienced Lorton VA buyer agent. With 17 years of selling experience, I've successfully worked with buyers and sellers to find homes for sale in Lorton VA. If you're looking for a foreclosure, or short sale, I can help. Just call me today at 703-623-8759.

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June 23, 2014

Just Listed in Cardinal Knolls - Woodbridge VA Short Sale

Just Listed in Cardinal Knolls - Woodbridge VA Short Sale
4566 Perch Branch Way

perch_branch_collage Not all distressed sales show signs of distress! The home at 4566 Perch Branch Way in Woodbridge VA has just been listed for sale as a short sale.  No need to worry about the process being dragged out for months because there is only one loan to negotiate and we will have a written response from the bank within one week.

If you are in the market to buy a home in Woodbridge VA, you must put the home at 4566 Perch Branch Way on your list.  Some of the exciting features include:

* - three fully finished levels

* - front kitchen with built-in microwave and eat-in table space

* - living room with gas fireplace

* - master bedroom with vaulted ceilings and private full bath

* - walkout level basement with full bath

* - rear upper and lower decks

* - partially fenced back yard

This list price for this beautiful home is $249,900 which makes this ideal for a first-time buyer or scale down buyer.  Cardinal Knolls is a small enclave of townhomes nestled along Cardinal Drive, a popular corridor of residential neighborhoods in Woodbridge VA.

Your Woodbridge VA Listing Agent

Are you thinking about selling your Woodbridge VA home? With 17 years of experience, I have helped families throughout Northern Virginia, including Woodbridge, successfully sell homes. If you are facing a financial hardship or are upside down on your home, you may be eligible for a short sale.  A short sale may give you the opportunity to be legally released from the negative balance on your home mortgage.  As an experienced Woodbridge VA short sale listing agent, I have helped many homeowners avoid foreclosure and receive a closing cost credit for relocation assistance. Be sure to visit my website to search all homes for sale in Woodbridge VA, including short sales and foreclosures.  When you're ready to get your home sold, call me at 703-623-8759 to get started.



Posted in Just Listed
June 23, 2014

Just Sold In Lorton | Luxury and Land in Lorfax Heights

Just Sold In Lorton | Luxury and Land in Lorfax Heights
9010 Ridgely Drive, Lorton VA 22079

9010 ridgelyLorton VA Real Estate - One of the benefits of working with an experienced Lorton VA buyer agent is relying on their professional network.  The home at 9010 Ridgely Drive in Lorton VA was just sold, even before it went on the market.  This beautiful colonial in the Lorfax Heights neighborhood had many sought after features including:

  • Main level bedroom
  • Main level full bath
  • 1/2 acre lot with fenced in back yard
  • Master bedroom with oversized walk-in closet
  • Walkout level basement with french doors
  • Four full baths
  • No HOA

Lorfax Heights is one of the few subdivisions in Lorton with no HOA.  That means no additional rules, restrictions, and regulations to follow.  Let's say you want to put pink flamingos in the yard, front or back, there's no HOA stopping you.  Most homeowners wouldn't go to that extreme, but even small cosmetic changes like adding a storm door, or improvements like adding a deck or patio can be installed without having to get neighbors' signatures or submitting an application through an architectural review committee.

When you're ready to buy a home in Lorton VA, make sure you're working with a Lorton VA buyer agent who has the connections, and who actively prospects and networks with other top agents to find homes for sale before they hit the market. With 17 years of experience, I have helped many families buy and sell homes including foreclosures and short sales.  Use my website to search for homes for sale and call me at 703-623-8759 when you're ready to make that move.

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Posted in Just Sold
April 25, 2014

Alexandria VA Condos For Sale - 3BR Home With Down Payment Assistance

Alexandria VA Condos For Sale - 3BR Home With Down Payment Assistance

Alexandria VA Real Estate5250 valley forge - Are you a first time homebuyer in Alexandria VA?  Take a look at this move-in ready three bedroom condo with two full baths located in the Wapleton at 5250 Valley Forge Drive Unit 504 listed for $205,623.  This property is offered by Rebuilding Together Alexandria and is available to current Alexandria City residents or employees.

With just over 1300 square feet of comfortable living space, this home includes:

* - all new wood flooring in the living room and dining room

* - new light fixtures throughout

* - new kitchen appliances including a built-in microwave, gas stove, dishwasher, and refrigerator

* - two full baths with new vanities and light fixtures

* - master bedroom with private bath and walk-in closet

* - large balcony with panoramic view of Alexandria including the Masonic Temple

The Wapleton is a mid-rise condomium located off of I-395 and Duke Street.  Just minutes to Old Town Alexandria, this community is also close to Charles Beatley Library, Ben Brenman Park, and the George Washington Masonic Temple. Nearby grocery stores include Harris Teeter, and Giant.

The following Alexandria City public schools are within the boundary:

Note: This property is being sold by Rebuilding Together Alexandria. Purchases are limited to homebuyers who qualify for Alexandria City's Homeownership Assistance Program (HAP).  No investors or cash purchases.  Click here for more information.

For more information or to schedule an appointment to see this property, please call Tamara Inzunza of RE/MAX Executives at 703-623-8759.

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Posted in Buyers, Condos, Just Listed
April 24, 2014

Alexandria VA First Time Homebuyer Programs and Loans

Alexandria VA First Time Homebuyer Programs and Loans

Stacks of One Hundred Dollar Bills with Small House.Alexandria VA Real Estate - When you're looking to buy your first home in Alexandria VA, you may be pretty overwhelmed with learning all there is to know about your financing options.  One option to consider is the Homeownership Assistance Program (HAP) offered by the City of Alexandria Office of Housing where up to $50,000 can be used toward the purchase of properties that are made available by Rebuilding Together Alexandria, part of a nationwide home repair and rehabilitation initiative dedicated to keeping low-income homeowners living in safety, warmth, and independence through volunteer services..

Who is eligible for the Homeownership Assistance Program (HAP)?

This program is limited to current residents and/or employees working within the corporate limits of Alexandria City.  Applicants cannot currently own any real estate at the time of initial application and must meet income requirements.

How much money is available?

Funding is limited so if you are planning to buy a home in Alexandria VA in the next 3-4 months, you are encouraged to apply now.  The funds used for Alexandria City's homebuyer assistance programs are federal funds that are specifically allocated to be used to assist low- to moderate-income families in purchasing a home.  The total amount of assistance is based on individual qualifications, but a maximum of $50,000 is available to be used toward your home purchase.

How can the funds be used?

When purchasing a home offered by Rebuilding Together Alexandria, the funds for HAP can be used toward closing costs, toward the down payment of your mortgage loan, or to pay down the principal on the first trust loan on the property.

Is this a loan or is this cash that will be paid to me directly?

This is a loan, a second trust or second lien, that will be attached to the property that you purchase. At closing, the funds are delivered to the settlement company in addition to the funds that your primary lender will provide for your mortgage loan.

What are the steps to apply for the Alexandria City Homeownership Assistance Program (HAP)?

To see if you are eligible for the HAP funds, you must first complete the Pre-Screening Form and submit it to the Office of Housing.  A representative will complete an employment verification to confirm your income to make sure it falls within the guidelines. Once your pre-screening form has been approved:

What properties are available for purchase?

Only homes that have been made available by Rebuilding Together Alexandria are eligible for purchase. These home types can include condos, townhomes, duplexes, rowhomes, and single-family detached homes.  While these homes are listed in the Multiple Listing Service (MLS), contact me directly  through my website or by phone at 703-623-8759 for a current list of homes owned and offered by Rebuilding Together Alexandria.

Is there a cost for this program?

When you meet with your lender to get approved for your VHDA loan, you may qualify for the zero down payment program. However, all participants must contribute a minimum of $2000 of their own funds toward the purchase transaction.  This money is not paid to Alexandria City or Rebuilding Together Alexandria, but it is your contribution toward the purchase usually in the form of the earnest money deposit at the time of contract.

For more information about Alexandria VA first time homebuyer programs, please call me at 703-623-8759.


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Posted in Buyers, News
April 23, 2014

Lorton VA Short Sales - March 2014 Market Report

Lorton VA Short Sales - March 2014 Market Report

Lorton VA Real Estate - With the real estate rebound that's been happening in Lorton VA, there haven't been that many short sales to choose from lately.  Let's take a look at the market for March 2014 and how short sales did in Lorton VA.

How many short sales sold in Lorton VA?

One is the loneliest number.  In March 2014, there was one short sale that sold in Lorton VA. It was a property located in the community of Lorton Station, located at 9150 Stonegarden Drive.  This home was listed for $499,000 and sold for $445,000, and was on the market for 51 days before going under contract.

How many new short sale listings came on the market?

The number of homes for sale in Lorton VA increased in March.  Of the 55 new listings, 4 of them were short sales.  This was the highest number of new short sale listings that came on the market in 2014.  In January, there were three new short sale listings, and in February only one new short sale listing entered the market.

How long were short sales on the market?

For the first few months, short sales in Lorton were staying on the market for roughly 30 days.  In March, the average days on the market was 51 days and traditional resale homes averaged 55 days.  Since October 2013, short sales have been selling faster than traditional resale homes.

Which was the better deal in March 2014?

If you were looking to snag a good deal in March 2014, then you should have snagged a short sale.  Short sales were sold on average at 89.2% of the original list price, and traditional resales were sold at 96.2%.  The last time the average sold price to original list price ratio was below 90% was back in February 2012 when short sales averaged 88.2% of the original list price.

Lorton VA Short Sale Agent and Specialist

Since 2009, I have been listing, selling, and facilitating short sales in Lorton VA.  With a proven track record of both traditional sales and short sales sold in Lorton VA, I have the experience to help you if you are looking to buy a short sale.  Not all homeowners are able to take advantage of the rebounding real estate market. If you are currently facing a financing hardship and have questions about short selling your Lorton VA home, please visit my Lorton VA Short Sale Help website, or call me directly at 703-623-8759 for assistance.

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April 22, 2014

Lorton VA Foreclosures For Sale - March 2014 Market Update

Lorton VA Foreclosures For Sale - March 2014 Market Update

Lorton VA Real Estate - Foreclosures in Lorton VA continue to be in the single digits, but the location and sought after Fairfax County Public Schools continue to make these properties hot. Here's what the real estate market looked like for foreclosures vs traditional sales in March 2014.

Of the 29 homes that sold in Lorton in March, only two of them were foreclosures.  This is the same number that sold in February, and an increase from January where no foreclosures were sold in Lorton VA.

Foreclosures took longer to sell in March.  Take a look at the chart above and you'll see that bank owned foreclosures averaged 102 days on the market, almost twice as long as traditional sales which averaged 55 days.  The statistics also show that the average days on market increased from January for traditional resales, while days decreased just slightly for foreclosures.


Proving true that 'time is money' while foreclosures stayed on the market longer in March, they were also sold for less than their traditional counterparts.  Traditional resale homes averaged 96.2% of the original asking price, and foreclosures averaged 89.7%.

After taking a dive in December, inventory levels for homes in Lorton are starting to increase again, which is a typical pattern for the spring market and given the harsh winter that we had.  But while there are more homes for sale in Lorton, right now there aren't any active foreclosures for sale in Lorton!

Your Lorton VA Foreclosure Agent and Specialist

Median sales prices for homes in Lorton VA have increased for the past two consecutive months.  If you are in the market to buy a new home in Lorton VA, take a look at bank owned foreclosures in an attempt to get a better price.  These transactions are not like traditional resales, so make sure to contact me through my website or call me directly at 703-623-8759 for an agent working for you who has experience with these types of homes.

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April 16, 2014

Alexandria VA Foreclosures For Sale - March 2014 Market Update

Alexandria VA Foreclosures For Sale - March 2014 Market Update

Alexandria VA Real Estate - The volume of foreclosures and bank owned homes for sale in Alexandria VA continue to be a very small part of the overall real estate market.  Listings of traditional sales have been climbing steadily over the past three months, while the number of foreclosures on the market has remained stagnant.  Take a look at the interactive chart below:

 The number of new listings in Alexandria VA climbed to 679 in March, of the 679 only 10 were foreclosures.  When you look at the number of new foreclosure listings over the past 12 months, you'll see that it's been hovering between 8 and 15.

Even though there aren't many foreclosures to choose from, it looks like buyers are overlooking them in pursuit of traditional resales.  When you look average days on market, you'll see that Alexandria VA foreclosures averaged 45 days in March closing in on the 49 days for the resale homes.  For the first time in seven months, traditional resale homes stayed on the market longer than foreclosed homes.

Based on the sales prices, it looks like foreclosures are still the way to go when it comes to getting a better deal, but for how long?  In March Alexandria VA foreclosures were sold at 93.8% of asking price, and traditional resales averaged 97.5% of the original list price.


Alexandria VA Foreclosure Specialist

Alexandria VA foreclosures and bank owned homes are available in all price ranges, from starter homes and condos to luxury homes, so whether you are a first-time buyer or an experienced investor, there are opportunities available.  When you are ready to start your home search, be sure to contact a buyer agent who is experienced with these types of transactions.  From special financing to multiple inspections, there are more things to consider when buying a foreclosure in Alexandria VA.

For a current list of all the foreclosures and bank owned homes for sale in Alexandria VA, just click here.  For a complete list of Alexandria VA homes for sale including condos, duplexes, townhomes, and luxury homes be sure to visit Alexandria VA home searches or call me directly at 703-623-8759 to discuss your real estate needs.

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