Teresa Jones

BUYER'S MARKET: Northern Virginia Homes for Sale $100K and Under!!!

Find a Home!

Find a home to fit your desires and pocketbook!

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Northern Virginia Housing Data & Statistics

Reporting Month: February 2009

The Northern Virginia real estate market continues to evolve, especially with the large number of distress sales. Below you will find a monthly overview of the Northern Virginia market. Data includes sales and listings totals, and the average sales price, with comparisons to the previous year. The information is based on data from the local Multiple Listing Service (MLS) and Northern Virginia Association of Realtors (NVAR). It includes the most up-to-date statistics for your Northern Virginia** neighborhood.

Media reports speak in general terms, rather than local, so the information from the news report may not represent the reality of our local Northern Virginia housing market. Data from a knowledgeable real estate agent about the local market conditions benefits you as the Buyer or Seller.

**Fairfax and Arlington counties, the Cities of Alexandria, Fairfax and Falls Church and the Towns of Vienna, Herndon and Clifton.

This overview of the Northern Virginia real estate market is based on information provided by the MLS and NVAR. More details can be provided if needed with regard to current activities and for specific zip codes within Northern Virginia.

Please don't hesitate to call or email me if you have any questions or want more detailed information about what's happening in our marketplace.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Home-price adjustments in markets around the country have opened doors of opportunity for many renters. If you are transitioning from renter to homeowner, the prospect of making such a large investment may be exciting, while at the same time overwhelming. But it doesn't have to be. Here are six common mistakes to avoid.

1. Not understanding the homebuying process. Educate yourself. Find a homebuyer seminar that you can attend or research online. The U.S. Department of Housing and Urban Development Web site (www.hud.gov) has an entire section devoted to homebuyers with common questions of first-time homebuyers, mortgage and home-buying programs information, downloadable tools such as a wish list and home-shopping checklist, tips on selecting a real estate professional, etc. Likewise, Prudential Real Estate's popular Web site, prudential.com/realestate, offers consumers brand-new tools for the homebuying process, such as free home environmental reports, Value Range Estimates and Property Profiles, among other resources.

2. Not asking questions. There are many facets and intricacies to the homebuying process, so although you may gain a basic knowledge, you will still have questions. Don't hesitate to let your real estate professional know that you are new to the process. Make sure you choose a sales professional who is willing to spend time with you and walk you through the entire process. He or she will expect you to have questions at each step-from house hunting, to making an offer to the closing. Remember, this is one of the largest financial transactions of your life, so you want to have a clear understanding of what's going on.

3. Buying on impulse. Don't feel pressured into making an offer on the first home you see. Buyers, especially first-timers, may be impressed by the first two or three homes they view. Look at a good selection. List the positives and negatives about each home. Narrow the prospects to three or four and then return for a closer look. When you decide to make a bid on a property, work with your real estate professional to get all of your questions answered before making an offer. But don't wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

4. Looking outside your price range. Before beginning your home search, consider getting pre-qualified to so get an idea of how much you may be able to borrow. Use this information as a starting point in determining your price range. Then take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, homeowners insurance, utilities, private mortgage insurance (PMI) and maintenance.

5. Not planning ahead. Think about personal changes you are planning in the next five to seven years. For instance, are you starting a family, and if so, is the home large enough and will it continue to be? If this will be a starter home or if you think you'll be relocating in a few year, you'll probably want to pay closer attention to appreciation and resale value. If a double-income is necessary to qualify for financing and to make your payments, do your plans foresee an income sufficient to continue making payments?

6. Failure to focus on location. Don't just focus on the house. Examine the community. Does it suit your lifestyle? Is the area safe, well-maintained, close to work, stores and schools? Find out about zoning and what new construction is planned on vacant land in the immediate area. Also consider the property marketability when it's time to sell.

Above all, remember knowledge is key. No question is a silly question. Your real estate professional can be an invaluable asset throughout the process. Making smart home buying decisions will make the home-buying process less scary and your first home purchase a rewarding experience.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

When making your moving plans, don't forget to include your beloved pets. Although they present a new set of challenges, it doesn't have to add to your stress if you take the following steps before your big move.

Visit the vet

Schedule a pre-move visit with your veterinarian for a checkup and to make sure that all vaccinations are current. Use this time to get copies of your pet's records, a recommendation for a veterinarian in your new location, and possibly a tranquilizer to give your pet during transportation.

Research laws in new area

Research the requirements regarding animals in your new locality. Nearly every state has laws regarding entry of dogs, cats, horses, birds and other pets. For example, most states require interstate health certificates for dogs and horses coming from another state. If you own an exotic animal such as a ferret or potbellied pig, check to see if it is allowed as a pet in your new city. Some states require an entry permit. You can obtain compliance information from the state veterinarian or other appropriate authority. It's important to get this information well ahead of your move so that you can get any necessary examinations or documents.

Make sure your pet's identity and rabies tags are current. You should also have a special travel identification tag just in case they become lost during the move. The tag should include the pet's name, your name and new address, and an alternate contact.

Decide on transportation mode

Decide how you will be transporting your pet. Animals are not allowed on moving vans, so your choices are by car or air.

By car

If traveling by car, the American Animal Hospital Association suggests that you take your pet on short rides before the trip so that he can get accustomed to the movement. The day of the trip, don't feed your pet for several hours before departure. It's also a good idea to take him on a long walk before heading out.

Pack a travel kit to include food, food and water dishes, can opener, scooper, paper towels for clean ups, and plastic bags. You may also want to include a blanket to cover your car seats, plus treats and a favorite toy.

If you are traveling with birds or other small pets, such as a hamster, make sure they are in a stable cage with proper ventilation. A kennel for cat or dog may also be a good idea.

If your trip will require an overnight stay, find out well in advance of your trip whether pets are allowed at the lodging of your choice. The website www.petswelcome.com is a great place to search for lodging that accommodates pets.

By air

Traveling by air definitely requires preplanning. Each airline has its own policy regarding pet transportation. In addition, there are federal requirements you must follow. For example, dogs and cats must be at least eight weeks old and weaned for at least five days. In addition, cages and containers must meet certain standards.

You need to decide if your pet will accompany you in the cabin or be checked as baggage, or shipped separately by air freight.

Check with your airline to make sure that pets are allowed to travel in the cabin and obtain guidelines. The U.S. Federal Animal Welfare Act requires that pets traveling in the passenger cabin be in a carrier that can fit underneath the seat without blocking the main aisle. The container must remain stowed the entire flight.

If your pet will be transported as baggage or by freight, make shipping arrangements as far in advance as possible so that space can be reserved. It is recommended that you schedule a non-stop flight on a weekday. You also need to supply the air carrier written instructions for food and water.

Other precautions to take when transporting your pet by air include:

· Before traveling, get your pet accustomed to the kennel in which it will be shipped.

· Don't give your pet solid food six hours prior to the flight. Providing water a few hours before the flight is advisable.

· Write your contact information on the container and make sure your pet is wearing a tag with the same information.

The Federal Aviation Administration (www.faa.gov) and Department of Transportation's (http://airconsumer.ost.dot.gov) websites have valuable information regarding traveling with pets.

Transitioning to new home

Once you are in your new home there are some things you can do to help ease the transition for your pet. If you have a dog, take him for a walk immediately so that he can become familiar with the new area. Cats, on the other hand, have a tendency to run away searching for their old home. They should be kept indoors for several weeks until they become comfortable in the new home and familiar with its scents and noises.

Veterinarians also advise that you bring water from your old home, because a change in water sources can sometimes cause your pet to become sick.

Like humans, pets are can become stressed when change occurs. By planning ahead, you can help to make sure your pet has a smooth transition to its new environment.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.

The last step in the home buying process is what real estate professionals commonly refer to as "the closing." The closing, or settlement or close of escrow, is when all the progressive steps in buying a home from the acceptance of the offer, title search, home inspection, mortgage approval, and so on, come together in a final transaction. The documents are ready to sign, the buyer is ready to hand over the purchase price and the seller is ready to transfer title-and most importantly the keys!

Usually held in an office setting, most require about an hour and may be attended by some or all of the various parties in the process: the buyer, seller, real estate sales professionals or attorney, and title-company representative.

What goes on during the closing? The buyer reviews and signs loan and real estate documents, as well as pays for the property, closing and other costs. One such loan document is the federal Truth-in-Lending disclosure form which describes the annual rate of financing (APR), finance charges, amount financed, total of payments and the payment schedule. There will also be a form itemizing what your monthly payment consists of including the principal, interest, taxes, insurance and other monthly charges. If everything is in order, the buyer signs the loan papers.

Real estate documents are just as important. There's the HUD-1 form, which you have the right to inspect at least one day before the closing. This statement itemizes services provided and the fees charged for the entire real estate transactions. There will be a breakdown of the seller's and buyer's (borrower) financial obligations. Some of the charges include appraisal fee, credit report fee, loan origination fee, loan discount (points), title insurance fee, government recording fees, PMI Premium, inspections and attorney fee.

Other real estate documents that may be reviewed and/or signed include title documents, warranty deed (which transfers the title of the property) and other acknowledgment of reports.

Assuming that the funds are in order, the deed is correct and the title is clear, the final step is the disbursement of funds to the seller for the purchase price of the home. The title company should already have the loan funds in its possession, but the buyer will need to bring a cashier's or certified check for the down payment and the closing costs if it was not included in the mortgage loan. If the buyer's annual real estate taxes and homeowner's insurance will be paid through the lender, an escrow account will also be established.

Once all the papers are signed and funds are disbursed, the buyer receives the keys and is now a homeowner.

Provided by:
Teresa Jones
teresa.jones@prudentialcarruthers.com
Prudential Carruthers REALTORS
400 N. Washington Street | Alexandria, VA 22314
202.510.3833 (Direct) | 703.836.1464 (Office)
703.836.5864 (Fax) | 800.799.1464 (Toll free)
http://teresa.jones.pcragent.com/

INTEGRITY * SERVICE * RESULTS

To get started on finding your dream home, call or email me today!

Prudential Carruthers REALTORS is an independently owned and operated member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Equal Housing Opportunity.