Lori O'Day

Word is - the rail project is under construction! Due to complete to Reston, VA by 2013 and past the Dulles Airport by 2016, power point slides on the latest Dulles Metro Rail Project status are now accessable via link below. The metro rail project will absolutely affect your property value - West of The District becomes more accessable to commuters! Concerns? Let me know what you think.

James Bennett Presentation (PDF) | Stuart Mendelsohn Presentation (PDF)

For more information, please visit www.DullesMetro.com.

The longer your house sits on the market, the less cash it commands. To maximize your profits, use these expert tricks.

Dianna Lenz, 32, and her husband were ecstatic the day they got the permit to start building their dream house in Saratoga Springs, N.Y. One catch: They had to unload their current home first. "I was really nervous," Lenz says. "We needed to sell quickly so we could use the proceeds for the new construction." She needn't have stressed: The house sold to the first person who looked at it -- and for several thousand dollars more than its appraisal price. The credit, Lenz says, goes largely to Joanne Hans, a real-estate enhancement expert in Mechanicville, N.Y. In this new but rapidly growing specialty, professionals help clients stage their homes — either for sale or just for a face lift — by using little more than the furnishings and accessories that the client already owns. "A well-staged house creates a vision of a beautiful life," says Donna Marie Baldwin, a top agent in Hillsborough, Calif., for Re/Max Realtors. "When buyers walk through a house, they feel like they're going to have the same life as the people who live there. So the picture has to be a happy one — clean, uncluttered and tranquil." As Lenz discovered, making small adjustments in furnishings and presentation can determine how fast your house sells. What's your home worth? So how do you create that "buy me" feel? Good Housekeeping mined the top enhancement experts for their best-kept secrets and came up with a package of tips that will take your abode from ho-hum to Hollywood-perfect. Maybe you'll be so impressed with your home's new look, you'll decide you really don't want to move after all! 5 easy fixes to make your home more inviting * Place a box of chocolates and a water pitcher with lemon slices in the kitchen. * Hide pet toys, bowls and litter boxes. * Heat an apple pie in the oven. Studies show that the smell of baked goods makes people nostalgic for childhood. * Light candles in every room to create a glow. * Put away toilet brushes, plungers, sponges, toothbrushes and medications. Fake more space Buyers always want more for their money. Here are seven sneaky ways to create the illusion of extra square feet. * Bedroom: Remove one piece of furniture — an ottoman or a second nightstand. Too-tight spaces are a major buyer turnoff. * Windows: Take down worn drapes. Don't worry about replacing them — bare windows always make your home look bigger. * Closet: Empty closets by two thirds to create a plenty-of-storage feel. Box and store out-of-season clothes and shoes. * Den: You can double other people's perception of your home's play space — just pack up and put away half of your kids' toys. * Kitchen: Clear small appliances off your counters. Experts say reducing the number of items visually triples the work space. * Cabinets: Stop buying in bulk at the warehouse club. Reducing inventory lets you arrange supplies so that the shelves seem roomier. * Dining room: Create a feeling of uninterrupted flow by taking out dining-room table leaves and removing all but four chairs. Hot ticket! This big celeb trend could help you sell your house. When stars go house hunting, they search high and low for homes that have been feng shui-ed — a Far Eastern philosophy that is said to create "good aura." Here are five tricks to try. * Get a fruit bowl. "In feng shui, the kitchen symbolizes prosperity," explains Feng Shui Master Carole Swann Meltzer, one of the leading practitioners in the United States. According to Meltzer, a bowl of fresh fruit in the kitchen sends a subliminal message that the buyer's life will be both bountiful and abundant. * Head east. That's the side of the room where people seek warmth and relaxation, experts say — so place a comfy sofa on that side of the den. * Go green. The color symbolizes new opportunity. Position a green mat outside your front door. * Avoid red. "It's the color of discord," Meltzer says. Too much crimson causes mental fatigue and argumentative feelings. Neutral colors keep prospective buyers calm and interested. * Make mirror magic. Capturing light is only one benefit of hanging mirrors around your house. Experts say buyers will "see" themselves in the home when they walk by a mirror, helping them feel a connection.

By Colleen Moriarty, Good Housekeeping Reprinted with permission of Hearst Communications, Inc.

I found this article on MSN Real Estate but thought it was good commentary in selling your home. As always, call or email with questions.

Check it out!

If you are a first-time home-buyer or are curious about the stimulus plan OR are wondering about January's housing statistics, as published by NVAR (Northern VA Association of Realtors), you wont want to miss this link:

http://preview.tinyurl.com/jan2009info

Thank you for your emails and comments about your opinions on the stimulus plan... most of you are feeling like it is nothing more than an interest-free loan. Guess what!! That is exactly what the IRS calls it too.

Question - what are your thoughts on the Northern VA real estate market? Have we hit bottom yet or are prices about to fall some more? Thought to keep in mind while you are deciding - Fairfax County is thinking about raising the real estate property tax 13,5 cents soon... what do you suppose that will do to the housing market?

Send me your thoughts via email at LoriODay@Me.com... I'd love to hear!

Whether you are selling for sale by owner as a FSBO or hiring a listing agent, the home selling process is identical. It may vary slightly from state to state, but since California tends to set the standard for much of the country, this format will address how homes are sold in California.

The main differences for you may be whether you hire a real estate lawyer and whether buyers submit intent offers prior to executing a purchase contract, but the basic procedures remain the same.

Here are the steps for selling a home:

1) Choose a Listing Agent

• A listing agent will represent you and have a fiduciary responsibility to look out for your best interests.
• Interview agents and meet with at least three neighborhood specialists.
• Negotiate your listing agreement, including term.

2) Get Home Ready for Sale

• Prepare your home for sale by cleaning, decluttering and improving curb appeal.
• Hire a professional stager to stage your home, or ask your real estate agent for help in staging.
• Make repairs before selling.
• Protect your privacy while your home is on the market.
• If you're selling a home where pets live, make alternate plans for your pets.

3) Figure Out How Much Your Home is Worth

• A seller's biggest mistake is to overprice.
• Price your home in line with sold homes identified in a comparative market analysis report.
• Consider whether your market is hot, cold or neutral, and price according to the market temperature.

4) Market Your Home

• You or your agent should identify the sizzling selling points and choose advertising words to sell.
• Approve your agent's marketing campaign or figure out how to advertise your house for sale yourself.
• Follow the top 10 home marketing tips for selling your home.
• Hire a virtual tour company to take quality photographs and put a 360-degree virtual tour online.
• Tweak marketing to increase traffic and showings.
• Post internet listings online. Your agent or you should saturate the internet with photographs and description of your home.

5) Show Your Home

• If you're wondering about lockbox vs. appointments, you'll get more showings if you let agents use a lockbox.
• Your home will show better if you are selling in spring than selling in winter.
• Selling during the holidays will likely result in a lower sales price, regardless of what agents tell you.
• Follow the top 10 home showing tips. You've got only one chance -- and sometimes only 3 seconds -- to make a good first impression.
• Prepare for an open house and use the approach sparingly.
• Ask for buyer feedback so you can adjust your price, condition or marketing campaigns accordingly.

6) Receive Purchase Offers and Negotiate

• Make certain that buyers use the right form for writing a purchase offer.
• Even if you receive a lowball offer, negotiate by issuing a counter offer. Don't ignore offers.
• Ask for a kickout clause or first right of refusal if the buyer's offer is contingent on selling a home.
• Consider making a counter offer contingent on buying a home, if market conditions warrant.
• Don't be afraid to make a full-price counter offer, if you are priced competitively.
• If you are priced right, prepare yourself for multiple offers.

7) Open Escrow / Order Title

• Your agent or transaction coordinator will open escrow and order a title policy.
• Write down the contact information for the closing agent.
• Select a date to close based on when the buyer's loan will fund.
• Ask for a receipt for the buyer's earnest money deposit.

8) Schedule Appraiser Appointment

• Clean the house the day before the appraiser arrives.
• If you receive a low appraisal, ask your agent about alternatives.
• You are not entitled to receive a copy of the appraisal because you did not pay for it.
• If the buyer decides to cancel the contract based on an appraisal, ask your agent or lawyer about your rights.

9) Cooperate with Home Inspection

• Get ready for the home inspector.
• Ask your agent to provide you with a home inspection checklist so you will know which items an inspector will want to see.
• Expect that the inspector will want access for an attic inspection and will look for a wet basement; prepare those areas for inspection.
• Prepare as well for the final walk-through inspection.

10) Obtain Seller-Required Inspections

• If your contract calls for a roof certification, hire a reputable company to conduct the inspection.
• States that allow for termite / pest inspections make these reports public records.
• The fees for all inspection reports, even if seller-mandated, are negotiable.
• If your home was built before 1950, a sewer inspection might call for a new sewer line, but trenchless sewers are less expensive to install.

11) Delivery Seller Disclosures

• All homes in the US are subject to lead-based paint disclosures.
• If you are aware of material facts, disclose them.
• Your title company should provide CC&Rs, but if you belong to a homeowner association, additional documentation will be required.

12) Negotiate Request for Repair

• Ordinarily, sellers do not need to accept a buyer's request for repair; however, buyers can generally then cancel.
• You are entitled to a copy of the home inspection report, if the buyers request repairs.
• If you do not choose to make repairs, a buyer might instead accept a closing cost credit.

13) Ask Buyer to Release Contingencies

• In California, for example, contracts default to 17 days, at which time, the buyer must release contingencies.
• If you do not demand a release, buyers are not obligated to provide it.
• If buyers do not provide a release, in CA, sellers have the right to cancel.

14) Sign Title / Escrow Documents

• In southern California, you will sign escrow documents shortly after opening escrow.
• In northern California, you will sign escrow documents near closing.
• Bring a valid picture ID.

15) Close Escrow

• Your property deed, reconveyance and deed of trust will record in the public records.
• Title will notify you and your agent when it records.
• Depending on buyer's possession rights specified in the contract, you may be required to move on the day it closes.