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Donny & Meredith Samson

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Now is the time to Buy a Home in NoVA

06-23-09
Donny & Meredith Samson

How to Choose a Home

Here are some tips to help determine which house is best for you.

Once you've settled on a couple of preferred neighborhoods for your home search, it's time to pick out a few homes to view. Having a house features "wish list" keeps you focused on which features are most important to you.

When narrowing down your home search, consider the following:

  • know what types of home you want to buy
  • determine what age and condition of the house you want to buy
  • consider resale potential
  • use a features wish list to keep focused
  • use a home search comparison chart to keep organized
  • act decisively when you find the right home

Determine What Type of Home You Want to Buy

There are several forms of home ownership: single-family homes, multiple-family homes, condominiums and co-ops.

Single-family homes: One home per lot.

Multiple-family homes: Some buyers, particularly first-timers, start with multiple-family dwellings, so they'll have rental income to help with their costs. Many mortgage plans, including VA and FHA loans, can be used for buildings with up to four units, if the buyer intends to occupy one of them.

Condominiums: With a condo, you own "from the plaster in." You also own a certain percentage of the "common elements" - staircases, sidewalks, roofs, etc. Monthly charges pay your share of taxes and insurance on those elements, as well as repairs and maintenance. A homeowner's association administers the development.

Co-ops: In some cities, cooperative apartments are common. With co-ops, you purchase shares in a corporation that owns the whole building, and you receive a lease to your own unit. A board of directors, comprised of owners and elected by owners, supervises the building management. Monthly charges include your share of an overall mortgage on the building.

Decide What Age and Condition of Home You Want to Purchase

Weigh your needs, budget and personal tastes in deciding whether you want to buy a newly constructed home, an older home or a "fixer-upper" that requires some work.

Consider Resale Potential

As you look at homes, you may want to keep in mind these resale considerations.

  • One-bedroom condos are more difficult to resell than two-bedroom condos.
  • Two-bedroom/one-bath single houses generally have less appeal than houses with three or more bedrooms, and therefore have less appreciation potential.
  • Homes with "curb appeal," i.e., well-maintained, attractive and with a charming appearance from the street, are the easiest to resell.
  • The most expensive houses on the street, or ones with anything unusual or unique are not suited for resale. The best investment potential is traditionally found in a less expensive, more moderately sized home.

Use a Features Wish List to Keep Your Search Focused

Make a features wish list to clarify which features are most and least important to you when looking for a home. Using this features wish list will keep your house hunt focused and effective.

Use a Home Comparison Chart to Keep Your Observations Organized

While house hunting, it's a good idea to make notes about what you see because viewing several houses at a time can be confusing. Use a home comparison chart to help you keep track of your search, organize your thoughts and record your impressions.

Act Decisively When You Find the Right Home

Before you begin the home buying process, resolve to act promptly when you do find the right house. Every REALTOR® has stories to tell about a couple who looked far and wide for their dream home, finally found it, and then said, "We always promised my Dad we'd sleep on it, so we'll make an offer tomorrow." Many times the story had a sad ending - someone else came in that evening with an offer that was accepted.

Resolve that you will act decisively when you find the house that's clearly right for you. This is particularly important after a long search or if the house is newly listed and/or underpriced.

*from my website www.dmsamson.com

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Sellers Market in Northern VA

06-23-09
Donny & Meredith Samson

Why Use a REALTOR® When Selling a Home?

A real estate agent can help you understand everything you need to know about the home selling process.

Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS®(NAR) are properly called REALTORS®. They proudly display the REALTOR "®" trademark on their business cards and other marketing and sales literature.

REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.

Real estate transactions are one of the biggest financial dealings of most people's lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are selling a home.

If you're still not convinced of the value of a REALTOR®, here are more reasons to use one:

  1. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace as well as the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
  2. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property.
  3. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over half of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.
    Your REALTOR® acts as the marketing coordinator, distributing information about your property to other real estate agents through a Multiple Listing Service (MLS) or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
  4. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. NAR studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
  5. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing - and a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
  6. Your REALTOR® can help close the sale of your home. Issues may arise between the initial sales agreement and closing (also called settlement or escrow), for example, unexpected repairs might be required to obtain financing or a title problem is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing.

*from my website www.dmsamson.com

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Sellers Market in Northern VA

06-23-09
Donny & Meredith Samson

Why Use a REALTOR® When Selling a Home?

A real estate agent can help you understand everything you need to know about the home selling process.

Not all real estate licensees are the same; only those who are members of the NATIONAL ASSOCIATION OF REALTORS®(NAR) are properly called REALTORS®. They proudly display the REALTOR "®" trademark on their business cards and other marketing and sales literature.

REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict Code of Ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reported that 84% of home buyers would use the same REALTOR® again.

Real estate transactions are one of the biggest financial dealings of most people's lifetime. Transactions today usually exceed $250,000. If you had a $250,000 income tax problem, would you attempt to deal with it without the help of a certified professional accountant? If you had a $250,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be wise to work with a professional REALTOR® when you are selling a home.

If you're still not convinced of the value of a REALTOR®, here are more reasons to use one:

  1. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace as well as the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.
  2. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property.
  3. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over half of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer.
    Your REALTOR® acts as the marketing coordinator, distributing information about your property to other real estate agents through a Multiple Listing Service (MLS) or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.
  4. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. NAR studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. Your REALTOR® will generally prescreen and accompany qualified prospects through your property.
  5. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing - and a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.
  6. Your REALTOR® can help close the sale of your home. Issues may arise between the initial sales agreement and closing (also called settlement or escrow), for example, unexpected repairs might be required to obtain financing or a title problem is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing.

*from my website www.dmsamson.com

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Northern Virginia Real Estate - Market Update - June 23rd

06-23-09
Donny & Meredith Samson

Low Rates, Plenty of Buyers and Low Inventory
Make it a Perfect Time to Sell

Most Markets in Northern Virginia are now
SELLER'S MARKETS!

In January of 2009, for every 5 homes on the market, 1 was under contract. In many areas of Northern Virginia, there are now 3-4 homes under contract for every 5 on the market. Homes that are priced correctly will have multiple contracts within one week. Many home sellers are pleasantly surprised with their pricing.

The sellers market extends beyond the lower priced homes. In some markets there is almost no inventory of luxury homes allowing sellers to command top dollar. All markets differ, but most markets, regardless of location and price, find themselves in a seller's market.

Tips for our Sellers:

Foreclosures and short sales are not your competition: We do not take their sales into account when pricing your home. Many buyers need to find a quality home and a seller who can make a decision and deliver the home within 60 days. Foreclosure and short sale buyers eventually get tired of losing contracts.

Know your buyers: Buyers are out there and they are paying top dollar for nice homes. You need to know where that price point is. Do not get greedy.

Moving up, or down: The ability for sellers to get top dollar for their home, creates a great opportunity for them to make a move on their next home and lock in low, long term rates.

The PROBLEM: The question is not what will your home sell for, it's what will it appraise for. New rules have made getting the appraisal job #1. I had 5 contracts on a home within a week, and then had to struggle with the appraiser to get our price.

Selling commissions With today's technology, no one has to pay more than 4.5% to sell their homes.

Tips for our Short Sellers:

Obama backs short sales: On May 14 the Obama administration urged banks to do more short sales and less foreclosures. This has led to new policies and procedures and turned short sales into a much more expedient process.

Pricing: Banks will generally accept 90% of a homes fair market value. Buyers are bidding most short sales to 95%-100% of value, so approval based on price is not a problem. Selection of short sale buyers is NOT BASED ON PRICE, but on lack of contingencies and security that the buyer will be there when the deal is approved. Selecting the right buyer is the critical issue.

Defining hardship: Banks require that the seller demonstrate a hardship and must sell. For some banks, owing $100,000 more than the home is worth is hardship enough. Samson Realty maintains a matrix of bank policies and can help in this process.

Timing: Most short sales go on the market on Thursday, held open on Sunday, collect contracts on Monday and ratify on Tuesday. Approval can now be obtained in less than 40 days, with settlement in 30.

Reentering the home market: Short sellers will take a hit on their credit, and at this time, will be unable to reenter the buying market for 12-18 months. There will be a huge number of rebound buyers that will be reentering the market in 2010-2013

Interest Rates:

Higher rates will slow refinancing, but not buyers: Rates have ticked up over the last two weeks. This was caused by all of the refinance bubble of homeowners taking advantage of lower rates. Rates still hover in the low 5% range and has not deterred buyers. The Fed is working to drop rates, but this is a more than acceptable range for buyers. 5 Year ARMS are available for 4% with 2 points. Rates are subject to change.

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South Riding Virginia Homes for Sale - June 23rd

06-23-09
Donny & Meredith Samson

Northern Virginia Homes for Sale - Featured Listings - June 23rd (edit/delete)

Northern Virginia Homes for Sale:

New this week is 11134 Rock Garden Dr in Fairfax, VA. This 2 BR condo has many upgrades! Last week 43421 Valleyvista Lane in Chantilly sold!

The market is changing, the buyers are out there!


JUST LISTED		 11134 Rock Garden Drive
Townhouse
2 bedrooms
1 full/1 partial baths
900 sqft
$165,000
Fairfax, VA

RENTED		 5751 Amelia Springs Circle
Townhouse
3 bedrooms
2 full/1 partial baths
2,836 sqft No pets
$2,150/month
Haymarket, VA

RENTED		 9858 Maitland Loop
Townhouse
2 bedrooms
2 full/1 partial baths
1,672 sqft Cats, Small dogs (< 25lbs), Dogs (any)
$1,375/month
Bristow, VA

UNDER CONTRACT		 25421 Lemon Tree Pl
Single Family House
4 bedrooms
3 full/1 partial baths
4,362 sqft
$739,900
South Riding, VA

10324 Beach Mill Rd.
Single Family House
5 bedrooms
2 full/2 partial baths
6,024 sqft
$999,000
Great Falls, VA

RENTED		 32 Devon Ct.
Townhouse
2 bedrooms
1 full/1 partial baths
1,307 sqft No pets
$1,300/month
Sterling, VA

UNDER CONTRACT		 10029 Darnaway Ct.
Single Family House
5 bedrooms
3 full/1 partial baths
2,746 sqft
$249,900
Bristow, VA

SOLD		 43421 Valleyvista Lane
Single Family House
3 bedrooms
2 full/0 partial baths
1,680 sqft
$385,000
Chantilly, VA

6535 Rockland Drive
Single Family House
5 bedrooms
3 full/1 partial baths
3,416 sqft
$585,000
Clifton, VA

RENTED		 42968 Astell Street
Townhouse
3 bedrooms
2 full/1 partial baths
2,056 sqft Cats, Small dogs (< 25lbs), Dogs (any)
$1,825/month
South Riding, VA
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