Top 10 Tips When Selling a Home

Selling a home in a down economy can be a painstaking decision. Use the following 10 tips when selling a home to get the most out of your investment…read more

Northern Virginia Housing Market Activity Report – August 2011 (NVAR)

Get the latest Northern Virginia Market Data

The Northern Virginia Association of Realtors® reports on August 2011 home sales activity for Northern Virginia.

Number of Home Sales: 1,685 vs. August 2010: 1,695

The average days on market (DOM): 56 Days vs. August 2010: 52 days

Average Sales Price: $498,128 A 1% increase vs. August 2010: $492,565

Median Sales Price: $425,000 (substantially same as August 2010)

Number of Pending Home Sales: Up 12 percent at 1,609 vs. 1,441 new contracts pending in August 2010.

The Northern Virginia Association of Realtors® reports on August 2011 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

Roseann Castagnaro, Realtor
www.novahomesales.com
Email: rtcast@kw.com
Phone: 571-327-0064

Keller Williams Capital Properties

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Fall housing market likely to be brisk after modest summer gains | Dean Bartoli Smith | Washington Examiner

Find Out What Your Home Is Worth

Fall housing market likely to be brisk after modest summer gains | Dean Bartoli Smith | Real Estate News | Washington Examiner.

Excellent article about the local Northern Virginia market and what we can expect for the upcoming Fall Season.

Washington’s housing market heads into fall on an upbeat note after plugging along with modest but steady gains over the summer.
Even with the volatility in the financial markets, and some uncertainty about the impact of a lower maximum amount for FHA-backed mortgages beginning Oct. 1, there are expectations for a brisk fall selling season.

“All the economic forecasting for July was great,” said Robyn Burdette of Re/Max Allegiance in Northern Virginia. “New pending sales are higher. Closed sales are higher. The housing market is very good and I’m very confident about interest rates.”

Interest rates remain low and homes that are priced well sell, with multiple offers seen in close-in areas such as Arlington. Homes further away from the District, however, still can sit on the market for longer periods.

Metropolitan Regional Information Systems numbers show the median price of homes sold in Northern Virginia rose by 1 percent in July to $450,000, compared with July 2010′s median price of $445,500. The number of new pending home sales in Northern Virginia increased in July by about 14 percent to 1,765, compared with 1,544 new contracts pending in July 2010.

“We are a very diverse economy here in Northern Virginia and much more than just a sleepy suburb of the federal government,” Burdette said. “Hilton is here. Grumman is here. Volvo is here and more companies are coming. It’s not all just federal jobs.”

Overall in July, the District had a 2 percent increase in sales over July of last year and the average sold price rose by 10 percent.

Sales in Alexandria increased by 4 percent and in Arlington by 7 percent over the same period last year. Sales remained flat overall from this year to last in Montgomery County.

Still, there is hesitation on both the buying and selling side of the housing equation.

“Housing inventory is low in some areas as foreclosures have fizzled out and homeowners that would like to sell are waiting for their properties to reach a price-based tipping point before selling,” said Adam Gallegos of Arbour Realty.

Re/Max Allegiance agent Marcia Burgos recently purchased an Arlington home and had to compete with multiple offers. Looking since January, she made full-price offers on two properties in the $750,000 range but never received a response from the sellers.

“It’s odd that it took so long,” she said. “There are a lot of houses on the market. As soon as something popped on the market I received an email — about 125 of them a day.”

Burgos said there should be more buyers based on the current low interest rates but she also sees sellers who are reluctant to stage their homes properly and who price their homes too high.

“You won’t get a serious buyer on an overpriced home,” she said. “If you price it right and present it the way it should be — with new paint and carpet — you will get multiple offers.”

She added that buying a home can be an ego-driven process. “My buyers don’t believe me when I tell them that there are multiple offers,” Burgos said. “They want to negotiate and I tell them that this is not HGTV. They want to go all Donald Trump.”

Burdette is not concerned about the Oct. 1 reduction in the Federal Housing Administration loan limit for the Washington area from $729,750 to $625,500. Many lenders, she said, already have lowered their limits to the same level.

She predicted price points will drive the fall market, making it especially important for buyers to be as informed as possible. “Read globally and focus locally. All that counts is what’s in your backyard. The fall will be strong and 2012 will be a year to watch,” Burdette said.

Read more at the Washington Examiner: http://washingtonexaminer.com/local/real-estate-news/2011/09/fall-housing-market-likely-be-brisk-after-modest-summer-gains#.Tn5EmqZqArY.wordpress#ixzz1YuTlWX7l

Roseann Castagnaro, Realtor
www.novahomesales.com
Email: rtcast@kw.com
Phone: 571-327-0064

Keller Williams Capital Properties

Eight Steps to Buying Your Home

Navigating the real estate landscape may be intimidating for a buyer. Here are eight steps to help you understand the process.

Have any questions? Leave a comment or feel free to contact me.

Find A Home in Northern Virginia

Eight steps to buying your home 1. Decide to buy. Although there are many good reasons for you to buy a home, wealth building ranks among the top of the list. We call home ownership the best “accidental investment” most people ever make. But, we believe when it is done right, home ownership becomes an “intentional investment” that lays the foundation for a life of financial security and personal choice. There are solid financial reasons to support your decision to buy a home, and, among these, equity buildup, value appreciation, and tax benefits stand out. Base your decision to buy on facts, not fears. If you are paying rent, you very likely can afford to buy There is never a wrong time to buy the right home. All you need to do in the short run is find a good buy and make sure you have the financial ability to hold it for the long run The lack of a substantial down payment doesn’t prevent you from making your first home purchase A less-than-perfect credit score won’t necessarily stop you from buying a home The best way to get closer to buying your ultimate dream home is to buy your first home now Buying a home doesn’t have to be complicated – there are many professionals who will help you along the way 2. Hire your agent. The typical real estate transaction involves at least two dozen separate individuals – insurance assessors, mortgage brokers and underwriters, inspectors, appraisers, escrow officers, buyer’s agents, seller’s agents, bankers, title researchers, and a number of other individuals whose actions and decisions have to be orchestrated in order to perform in harmony and get a home sale closed. It is the responsibility of your real estate agent to expertly coordinate all the professionals involved in your home purchase and to act as the advocate for you and your interests throughout. Seven main roles of your real estate agent A Buyer’s Real Estate Agent: Educates you about your market. Analyzes your wants and needs. Guides you to homes that fit your criteria. Coordinates the work of other needed professionals. Negotiates on your behalf. Checks and double-checks paperwork and deadlines. Solves any problems that may arise. Eight important questions to ask your agent Qualifications are important. However, finding a solid, professional agent means getting beyond the resume, and into what makes an agent effective. Use the following questions as your starting point in hiring your licensed, professional real estate agent: Why did you become a real estate agent? Why should I work with you? What do you do better than other real estate agents? What process will you use to help me find the right home for my particular wants and needs? What are the most common things that go wrong in a transaction and how would you handle them? What are some mistakes that you think people make when buying their first home? What other professionals do you suggest we work with and what are their credentials? Can you provide me with references or testimonials from past clients? 3. Secure financing. While you may find the thought of home ownership thrilling, the thought of taking on a mortgage may be downright chilling. Many first-time buyers start out confused about the process or nervous about making such a large financial commitment. From start to finish, you will follow a six-step, easy-to-understand process to securing the financing for your first home. Six steps to Financing a Home Choose a loan officer (or mortgage specialist). Make a loan application and get preapproved. Determine what you want to pay and select a loan option. Submit to the lender an accepted purchase offer contract. Get an appraisal and title commitment. Obtain funding at closing. 4. Find your home. You may think that shopping for homes starts with jumping in the car and driving all over town. And it’s true that hopping in the car to go look is probably the most exciting part of the home-buying process. However, driving around is fun for only so long – if weeks go by without finding what you’re looking for, the fun can fade pretty fast. That’s why we say that looking for your home begins with carefully assessing your values, wants, and needs, both for the short and long terms. Questions to ask yourself What do I want my home to be close to? How much space do I need and why? Which is more critical: location or size? Would I be interested in a fixer-upper? How important is home value appreciation? Is neighborhood stability and priority? Would I be interested in a condo? Would I be interested in new home construction? What features and amenities do I want? Which do I really need? 5. Make an offer. When searching for your dream home, you were just that – a dreamer. Now that you’re writing an offer, you need to be a businessperson. You need to approach this process with a cool head and a realistic perspective of your market. The three basic components of an offer are price, terms, and contingencies (or “conditions” in Canada). Price – the right price to offer must fairly reflect the true market value of the home you want to buy. Your agent’s market research will guide this decision. Terms – the other financial and timing factors that will be included in the offer. Terms fall under six basic categories in a real estate offer: Schedule – a schedule of events that has to happen before closing. Conveyances – the items that stay with the house when the sellers leave. Commission – the real estate commission or fee, for both the agent who works with the seller and the agents who works with the buyer. Closing costs – it’s standard for buyers to pay their closing costs, but if you want to roll the costs into the loan, you need to write that into the contract. Home warranty – this covers repairs or replacement of appliances and major systems. You may ask the seller to pay for this. Earnest money – this protects the sellers from the possibility of your unexpectedly pulling of the deal and makes a statement about the seriousness of your offer. 6. Perform due diligence. Unlike most major purchases, once you buy a home, you can’t return it if something breaks or doesn’t quite work like it’s supposed to. That’s why home owner’s insurance and property inspections are so important. A home owner’s insurance policy protects you in two ways: Against loss or damage to the property itself liability in case someone sustains an injury while on your property The property inspection show expose the secret issues a home might hide so you know exactly what you’re getting into before you sign your closing papers. Your major concern is structural damage. Don’t sweat the small stuff. Things that are easily fixed can be overlooked. If you have a big problem show up in your inspection report, you should bring in a specialist. If the worst-case scenario turns out to be true, you might want to walk away from the purchase. 7. Close. The final stage of the home buying process is the lender’s confirmation of the home’s value and legal statue, and your continued credit-worthiness. This entails a survey, appraisal, title search, and a final check of your credit and finance. Your agent will keep you posted on how each if progressing, but your work is pretty much done. You just have a few preclosing responsibilities: Stay in control of your finances. Return all phone calls and paperwork promptly. Communicate with your agent at least once a week. Several days before closing, confirm with your agent that all your documentation is in place and in order. Obtain certified funds for closing. Conduct a final walk-through. On closing day, with the guidance of a settlement agent and your agent, you’ll sign documents that do the following: Finalize your mortgage. Pay the seller. Pay your closing costs. Transfer the title from the seller to you. Make arrangements to legally record the transaction as a public record. As long as you have clear expectations and follow directions, closing should be a momentous conclusion to your home-searching process and commencement of your home-owning experience. 8. Protect your investment. Throughout the course of your home-buying experience, you’ve probably spent a lot of time with your real estate agent and you’ve gotten to know each other fairly well. There’s no reason to throw all that trust and rapport out the window just because the deal has closed. In fact, your agent wants you to keep in touch. Even after you close on your house, you agent can still help you: Handle your first tax return as a home owner. Find contractors to help with home maintenance or remodeling. Help your friends find homes. Keep track of your home’s current market value. Attention to you home’s maintenance needs is essential to protecting the long-term value of your investment. Home maintenance falls into two categories: Keeping it clean: Perform routine maintenance on your home’s systems, depending on their age and style. Keeping an eye on it: Watch for signs of leaks, damage, and wear. Fixing small problems early can save you big money later.

Roseann Castagnaro, Realtor
www.novahomesales.com
Email: rtcast@kw.com
Phone: 571-327-0064

Keller Williams Capital Properties

10 Great iPad Apps for Realtors

Here is a list of iPad applications you may find useful for business or leisure.

Do you know of any others? Feel free to comment.

1. Houzz – The largest collection of interior design and decorating ideas on the Internet. Over 150,000 inspiring photos and 90,000 idea books from top designers. A fantastic resource for staging ideas!
2. Penultimate – when you just don’t want to type. Take quick notes with your finger!
3. Keynote – awesome presentation app – the PowerPoint killer! Now go get that listing!
4. DropBox – forget email, with its size limitations and fussiness. Finally, file sharing made easy!
5. Open House Manager – paper is soooo yesterday – “the” way to check people into your open house and more.
6. iWork Apps (Apple Keynote, Apple Numbers, Apple Pages) – Want to create Word documents, presentations, and spreadsheets on your iPad 2?
7. Wikihood – App will pick up your current location and show all the information that is in Wikipedia from that area. Great for when you are previewing a home in an area you are not familiar with – show clients what’s around!
8. Evernote – Winner of the best mobile app award. Have a bad memory? Want to store everything in one place? Evernote lets you enter notes, save audio, photos, web links, maps, itineraries, everything plus the kitchen sink!
9. GoToMeeting- On the go and need to join a meeting? Not a problem. Just a few taps in this app and voila you’re connected!
10. Sociable – A quick way to update your status across social networks. Post to multiple sites without having to login each time, selectively post to certain sites, i.e., Twitter, Facebook, Linkedin, etc..
	Roseann Castagnaro, Realtor www.novahomesales.com Phone: 571-327-0064 Keller Williams Capital Properties Scan this image with your Smartphone!