Tax Tips ** How to De-Clutter ** Determing Your Buying Power
Saturday, January 23, 2016
While we are bundled up inside on this snow day, why not take the time to get organized ready for 2016. Here are a few good tips:
5 Good Reasons to Amend Your Tax Return -- Energy Tax Credits— and How
Missed tax deduction? Overlooked tax credit? Get what’s coming to you by amending your return. Read
4 Tips to Determine How Much Mortgage You Can Afford
By knowing how much mortgage you can handle, you can ensure that homeownership will fit in your budget. Read
How to Get Rid of Stuff and Declutter Your Life
You can get a warm, fuzzy feeling and make a few bucks by responsibly ditching all the excess stuff you accumulate. Read
When you have questions about the local real estate market, call/email Karrina 703-336-3756, Karrina@Realtor.com . Find homes at www.KarrinasTeam.com
Karrina Taylor Brown, Associate Broker
RE/MAX Executives
8442 Old Keene Mill Rd.
Springfield, VA 22152
Copyright 2016 NATIONAL ASSOCIATION OF REALTORS®
Home Inspection Issues in the Northern Virginia Market - Things to look out for when purchasing a property
Monday, March 24, 2014
Home
Inspection Issues in the Northern Virginia Market
·
Things to look out for when purchasing a
property
Once you have found a home to purchase, you will most probably have a
contingency upon a home inspection written into your contract. This contingency allows the purchaser to
visit with a professional home inspector to go carefully throughout the whole
home to check and make sure that everything works. Homes of different types, built at different
times often have typical defects for that type of property. Now that the standard real estate contract
language no longer has a defined standard as to what a buyer can expect from
their home (see blog 3/19/14), then it is up to the seller whether they want to
remedy certain deficiencies. And up to the buyer as to whether they want to
accept the house in that condition, ask for improvements or a cash concession,
or move on to purchase a different property.
The contract is totally negotiable through this contingency.
Let’s
consider some local, industry-standard resolutions which have been established
over time.
1.
“Not up to code”. All building codes, including structure,
plumbing, electrical and conditioning, are continuously changing. Only a new house will be built to current
building codes. So no, an owner is not
expected to bring a house up to current building codes in order to sell their
home.
2.
Part of the house is older, and the buyer is
being advised to “budget for replacement”.
This could be a roof, hot-water heater, furnace, carpet, etc. At the time of the inspection, the unit was
working, but older. Basically, either
the buyer noticed this expense when they made their offer, in which case they
took that into consideration when making the offer. Or, this new expense takes them by surprise
and is out of their budget/ not something that they want to take on. The parties should negotiate a satisfactory
solution. There is no requirement that
the seller make a concession, and the buyer does not have to buy the home with
this older equipment.
Do
be aware that when you buy a home, there will be a continual need for
maintenance and improvements. I offer a
home-warranty for my purchasers so that the costs of maintenance during the
first year will be limited.
3.
Newly renovated kitchens, bathrooms and
additions. Contractors will tell you
that they do not need a permit to “replace existing work”. So if they are putting in new kitchen
cabinets, or re-working a bathroom within the existing walls, then they do not
need a permit for this work. Many
renovations were done throughout the 1970s, 1980s and 1990s without permits. This way, the owner would avoid paying higher
real estate taxes on a renovated property.
More recently, buyers have been insisting that sellers provide permits
for work done in the property.
Inspectors, and the buying public, expect that the improvements be done
within the building code of that renovation.
So they expect baths & kitchens to have GFCI outlets, bathrooms
should be properly vented (and this includes properly venting the sewer
systems.)
Let’s look at some prevalent local property
types and the items often un-covered during inspection.
A.
1980s townhouses. During the 1980s, my (ex)husband and I used
to refer to “ the attack of the killer townhouse”. It seemed that all the treed lots within 15
miles of DC were being over-run by townhouses.
Now, these popular homes offer a simple and convenient housing style for
many home-owners. There are two major
problems with these homes, which we sometimes still uncover; FRT plywood and
polybutelyne pipes. Fire- Resistant Plywood (FRT plywood)
was used for the roof sheathing (under the shingles) in nearly all the
townhouses built in the 1980s. This
plywood can become spongy and un-safe and is subject to failure. Nearly all buyers will want this plywood
replaced. (Realtors are surprised to see
it still out there after we have been requiring the replacement for years. Also, I have seen some recently re-shingled
roofs installed over this deficient plywood!
Do be aware though, that newer sheathing will also be fire-retardant,
but OK. Also, there is a particular type
of FRT which is found for the first 3-4’ of a roof, next to the party wall
which is OK.) Likewise, polybutelyne
pipes should be replaced. These grey
pipes were installed during the 1980s, and they are subject to failure. In short a leak can spring up, and flood out
at any time. In the latter part of the
decade, the polybutelyne pipes were installed with copper fittings, which we
were told would be sufficient. However,
at this time, plumbers agree that these pipes too should be replaced. Newer plastic pipes are white and made with
PVC which is considered safe at this time.
B.
1970s homes.
We do not have too many homes built during this time-frame. There are single family homes and townhouses
throughout the area. This era pre-dates
the energy crisis, and so homes with original siding, windows and insulation
were not well insulated. If these items
have not been improved, then most of today’s buyers will expect to be replacing
windows, siding and upgrading the insulation.
Also, some homes of this time-frame will have aluminum wiring
throughout the house. This wiring is now
considered dangerous and subject to catching fire, and so nearly all buyers
will want this wiring replaced.
C.
1960s & 1950s homes. In this time-frame, it is mostly single
family homes which were being constructed.
Often the exteriors are brick or mostly brick, interiors have dry-wall,
and forced air heating systems. (Today’s
buyers may find the room-sizes small, and may not be satisfied with the size of
the closest and kitchens.) By this time,
most homes now have central air conditioning installed, utilizing the existing
forced-air duct work.
The
electrical systems of these homes were not designed for all the electrical
appliances that we have now. You may
find 2 prong outlets, undersized electrical panels, in-adequate circuits. Most buyers will expect a concession for
electrical problems, as they most probably did not notice the issue when they
toured the home. At this time, buyers expect Federal & Pacific Electrical
panels to be replaced as they are noted as subject to failure.
The copper pipes of these homes are starting to
spring pin-hole leaks. Particularly in
homes which have had a lot of use (many occupants) over time. These holes can occur in very random
locations. Underuse can be a problem
too. I have often sold homes where the
seller was not using one or two of the bathrooms, and then the seals in the
plumbing fixtures dry out and cause leaks.
Sewer lines may have been constructed with Orangeburg
lateral sewer lines. This clay-type of
sewer line will last for 30-60 years, which means that it is now subject to
failure as it was used between 1940 & 1970.
The homes which have less grade between the home and the street will
find these sewer lines failing first.
This repair costs several thousand dollars. Neighbors and proficient local Realtors may
know about neighborhoods where most home have had to have to the sewer lines
replaced.
D.
1940s homes and earlier. At this time, we will find these homes being
sold 3 ways; un-renovated, totally renovated, or something in between. If you are buying an estate sale, or
un-renovated home, expect to make major changes to the property to bring it
today’s life-style expectations. Many
homes have been continually improved over the years, and so you will find the
home inspection alerts from the various generations depending on when the home
was updated. Realtors will often call
these homes “updated” rather than “renovated”.
If the buyer is paying a premium price for a newly renovated home, then
they expect that home to conform to today’s living standards. Original electrical panels are undersized and
have fuses. There may be “cloth &
button” wiring in the home, which is considered sub-standard.
Minor
Problems which occur on many homes with Renovated Kitchens.
a.
Granite counter tops have been installed
everywhere for sellers to quickly attract buyers. Usually there are problems with the
installation. It is difficult to anchor
the dishwashers to a solid counter top, so the dishwasher needs to be properly
installed. Most disposers do not have
the required gap on the waste water line.
This air gap will prevent the waste water from draining back into the
disposer. An air gap can be created by
anchoring the waste water line to the underside of the granite. The stove may be missing the “anti-tip
bracket”. This small device is
shipped along with the stove. A
competent installed with anchor the bracket to the wall, and then clip it on to
the back-side of the stove. Having this
device installed will prevent the stove from tipping over (in the rare event
that a small child or large stove is placed on an open oven door). These kitchens should have GFCI outlets
for any outlet close to the stove, cooktop, or sink. Microwaves and stoves should each have their
own electrical circuit. The microwave
should be installed a sufficient height above the cook-top. This will be a
problem if older cabinets were used, and the microwave was simply inserted into
the space previously occupied by an exhaust fan. The refrigerator may have the handles
installed in an inconvenient direction.
Most buyers will want these items remedied. They paid for a renovated kitchen, and they
expect the kitchen to meet the modern standards.
Universal
Problems which occur on many homes.
b.
Exterior drainage concerns often come up for
many single family & townhouse properties.
Over time, the fill dirt around the foundation system will wash
away. This creates a “negative grade”
for the water to run back towards the house.
In this case, the top-soil should be pulled away, and then fill dirt
brought to the site in order to create a slope away from the house. This is a labor intensive repair, and so it
is easier for young energetic buyers to deal with.
c.
Older bathroom tile should be re-grouted or
re-caulked. This will preserve the
water-tight bath/shower enclosure and prevent having to replace the tile.
This list is not meant to be exhaustive. I am sure that home-inspectors and other
Realtors will know of other items which are often discovered at a
home-inspection. These are the items
and typical remedies which I have encountered while selling real estate for
several decades in this area. I do
offer a one year home warranty to my buyers to mitigate the cost of repairs
during the first year. I recommend that
you request that the seller sell the home to you in “normal working order”
whenever possible. And I work with some
great home inspectors so that the buyers can be educated about the property
that they are buying.
Happy, educated house hunting!
* Check back for more details about how the current real
estate contract lacks basic protection for the buyers of real estate in
Northern Virginia at this time.
Real Estate Market Update
Thursday, January 23, 2014
Local Real Estate Market, Winter 2013/2014
Northern
Virginia ; Washington DC
The market generally recovered in this area
during the last year after bumping along the bottom for several years. Prices rose in all areas of the region. The past Spring 2013 saw a huge burst of
activity and prices rose dramatically from their lows of 2010 and 2011. The interest rate burst of the early Summer
slowed sales somewhat through the Fall 2013.
It was hard to sustain the peaks of the Spring. Renovated and well-presented homes are sold
more quickly throughout the year. Bank
foreclosures sank to a 6 year low; to the same levels as the period before the
Great Recession. This makes it hard to
find foreclosed properties. The number of short sale properties sold shrank
last year and will continue shrink in
2014, now that the tax exemption for sellers has been removed. This all points to a decent market in
2014.
The real estate market is generally expected to
be good during 2014. Prices are expected
to rise about 5%+/-, which is about half
the appreciation of 9%+/- seen during 2013(*1).
In nearly all parts of our region, prices have recovered to at least
their "pre-real-estate-bubble" prices of 2005 (*2). In most neighborhoods in our region, nearly
all the property owners are in good financial standing, and their homes are
worth more than their mortgages(*3). This
means that sellers will only enter the market if they are happy with the
prices. In a few areas the high prices
of around 2007 were met this Spring and in only in a few of these places were
these "high" prices of the Spring 2013 sustained into the Winter(*4).
At this time, there are fewer home on the
market than have been seen since 2007, this will pressure prices upward. However the government is not expected to
continue their quantitative easing or bond buying. Without this support, interest rates are
expected to rise which will lead to monthly payments creeping upward. When you also consider that wages are
generally stagnant and that buyers are now financially conservative, this will
hold down prices. Investors will find it
harder to find bargain properties. The
number of sales in 2014 is not expected to meet the number of sales seen in
2013.
If you would like to chat about the market, and
how this will affect your real estate decision making, please call or email me.
*1 Zillow.com
reports that our region’s prices rose 8.9% during 2013 and are expected to rise
2.3% during 2014. RBIntel reports
that our region’s prices rose 5.5% last year
*4 TaylorBrownAroundTown, January 2014
Get Your Home Ready for Winter
Wednesday, October 30, 2013
1. Check your windows
Cleaning your windows will give you an opportunity to check for cracks and damaged caulking. If you notice any damaged caulking be sure to fix it immediately. If you removed your storm windows for the warmer months be sure to put them back up.
2. Clean the Gutters
You want to do this before the winter rain and snow comes. While cleaning your gutters you can see if they are still secure and free of cracks.
3. Clean your drains
Ensure that all your floor drains are free of leaves and debris. This will protect you from basement flooding.
4. Have your furnace inspected
By doing this now you will avoid being stuck in the cold while you wait for an appointment.
5. Plug hidden leaks
Doing this you will save money on your monthly utilities and stay warmer. Check around spigots and laundry vents and check door frames while you are at it.
6. Protect Pipes from Freezing
This is the time to turn off the water inside the house and drain the spigots.
7. Trim Bushes and Trees
Trim your bushes and trees so they are not touching your house. Wait until the leaves fall before pruning. This will help ready your shrubbery and trees for spring. Also check for dead and broken branches. These can be a safety hazard and should be removed.
8. Clean your Chimney
If you have a fireplace you want to make sure you get your chimney cleaned before it gets really cold. If you don't clean your chimney it is a potential fire hazard. There is nothing better than a warm fire on a cold winters day.
9. Check your Alarms
Make sure your smoke and carbon monoxide alarms have working batteries. The colder months usually means
10. Gather Emergency Supplies
Stock up on batteries for Flash lights, locate candles, find snow shovels, buy cat litter or sand, buy some bottled water for emergencies.
CIAS: Press Release
Friday, June 14, 2013
For more information, please contact:
Karrina Taylor Brown
703-336-3745
Karrina@Realtor.com
www.TaylorBrown.com
Local Agent Receives Training to Effectively Counsel Real Estate Investors, Provide Wealth-Building Strategies.
Arlington, Virginia - 06/12/2013- Karrina Taylor Brown of Re/Max Allegiance in Arlington has earned the prestigious Certified Investor Agent Specialist (CIAS) Designation, having completed extensive training to understand the different real estate investor types, and the investment opportunities, financing options and calculations needed to provide solutions for each. The five real estate investor types include: First-Time Investors, Move-Up Investors, Portfolio Investors, Performance Investors, and Rehab and Resell Investors.
"For decades, investing in real estate has proven to be a consistent and stable way for individuals to build wealth," Karrina said. "Real estate investment supports a number of industries, including construction, retail and professional services, and is a strong way to energize and increase investment in our local economy."
Over the past 12 months, investment and second-home properties comprised more than $300 billion in sales, representing approximately 27 percent of all residential real estate transactions. In addition, in market conditions affected by mortgage industry challenges, 48 percent of investors made all-cash purchases.
"As markets face the challenges of distressed properties and a difficult economy, real estate investors have the opportunity to find productive deals while helping communities stabilize," Karrina said. "Investors provide much needed liquidity to the market, decrease vacancy rates, improve neighborhoods, and present solutions for homeowners who need to sell."
With the CIAS Designation training, Karrina will help Arlington-area residents build wealth through real estate investment, and homeowners facing foreclosure find potential buyers for their properties.
Today, millions of homeowners are either delinquent on their mortgages or in the foreclosure process. One potential solution for homeowners in this situation is a short sale, in which the lien holder accepts a sale price of the home that is less than the mortgage amount owed. Increasingly, real estate investors are facilitating this solution.
"When it comes to properties that actually end up in foreclosure," Karrina added, "up to 30 percent of them can't close conventionally. Investors are often the only ones who can buy them."
The Distressed Property Institute provides live and online CIAS Courses to train real estate professionals how to address the needs of all real estate investors.
For more information about the CIAS Designation, visit www.cias.com.
Historic Occoquan - Spring Arts & Crafts Show - June 1st and 2nd
Thursday, May 30, 2013
This picturesque small town is unique in northern Virginia. Even though it is just 2 miles from I-95 it feels like you've driven miles and miles into the country. My son and daughter in law recently purchased a home just a few blocks from the river and they enjoy being able to walk to the restaurants and stores. Historic Occoquan offers a wide variety of activities to enjoy with your family. You may want to visit this coming weekend to attend the Spring Arts & Craft Show.
The next Occoquan Arts & Crafts Show will be held in the streets of Occoquan’s Historic District, rain or shine on:
Saturday June 1st (10:00 AM to 6:00 PM) &
Sunday, June 2nd (10:00 AM until 5:00 PM)
Sunday, June 2nd (10:00 AM until 5:00 PM)
The Craft Show will include both contemporary and country crafters and artisans from Occoquan and from all around the United States.
For more information check the links below or feel free to call me!
Lookin for Delicious food near Fort Washington? Check out Mid-Atlantic Seafood - Soul Food
Wednesday, April 24, 2013
Stopped into Mid-Atlantic Seafood and found some delicious food! I love the home cooked fish and barbecue. The interior is nice and clean. You can keep up on the news while eating lunch. I highly recommend checking this place out!
6045 Oxon Hill Rd
Oxon Hill, MD 20745
(301) 567-1165
Interstate Moving and Storage
Tuesday, April 2, 2013
Interstate Moving and Storage trains all their movers for a full 2 weeks before putting them out on jobs. They use this mock house inside their warehouse to show how to move items without causing damage to the house or the furniture. Interstate specializes in government and military moves as well as residential, both domestic and international and has been in business for over 70 years. Their attentive staff has an excellent reputation.
For more information check out www.interstateworldwide.com
or call Kim Woods at 571-238-9483
Marine Corps Charity Benefit, Saturday March 9, 2013
Monday, March 25, 2013
Marine Corps Charity Benefit, Saturday March 9, 2013.
We were fortunate enough to be invited to the USMC Charity
Benefit at the Quantico Officers Club on Saturday, March 9. One of my client’s Andreea Mickliss of the
Officer’s Wives’ club helped to organize the event.
After navigating the driver’s license check at the gate, we
wound ourselves back onto the extensive base.
There are nearly 100 square miles of land at the base. At first we wound through trees with nothing
but a small creek defining the edge of the base with the few older homes of
Quantico located just beyond. Eventually
we found ourselves in what resembled a 1950s small town with several huge
barracks and grounds. We kept going
until we found the Clubs at Quantico.
The country-western themed charity auction, buffet and dance
was very well attended. They raised over
$20,000 to benefit the education fund for children of USMC. The two auctioneers pumped up the crowd and
obtained records donations for the items.
Many books written by generals were auctioned, along with a bourbon
collection, chairs signed by generals,
backyard party kits, and a weekend at an Annapolis B&B. The “Military-by-Owner” website and leasing
facilitator was one of the largest corporate donors at the event. The taco buffet was very popular. Then the DJ provided dance music for the
revelers who loved the line dancing and the slow dancing.
Distress Sale of Luxury Homes = Maximum Savings
Thursday, March 7, 2013
DC Luxury Home for Absolute Auction, No Minimum Bid
As we move into the real estate recovery, there are fewer
short sales and foreclosures coming on the market. However, there are still some really
interesting real estate opportunities coming on the market in the DC &
Northern Virginia area.
Take for example, 3101 Chain Bridge Road NW, Washington, D.C.
20016. This home is currently valued at
over $15,000,000, but is being offered for absolute auction on April 6, 2013.
Here are some of the details about the property:
SHEER SPLENDOR! Said to be the grandest property in Washington,
D.C., this stately mansion is in a magnificent location overlooking
historic Battery Kemble Park. The estate offers over 15,000 square feet
of luxury living which includes a ballroom with a butler’s pantry and two
bathrooms. In addition, a pool/guest house, gym, seven bedrooms, eight
full bathrooms, 4 half bathrooms, cozy library with a fireplace, generous
kitchen, dining room that seats eighteen, large living room with a fireplace
and a family room with a fireplace and porch. The main level of the home
is designed around a wide central hall and boasts a huge, very comfortable
elevator, and a caterers entrance/garage downstairs. An enclosed rooftop
ensures spectacular evening entertaining for family, friends and VIP’S!
Some of my clients have been
building their real estate portfolios over the past few years by bidding at
auction. I have never seen as much auction
activity as in the past 3 years. There
are usually on-line auctions of moderately priced homes on-going in the
area. I am always receiving
notifications of properties for sale at auction, and the auctions are usually
set up for Realtors to show their clients the properties before the
auction. Of course, these properties are
being sold AS IS, without inspections.
However, in my experience, the title is clear when the properties
transfer to the new owner
Let me know if you would like
more details about this property? Or if
you would to receive notifications of “cheap homes” being sold in the area?
703-336-3745
Northern Virginia Sales Contract
Tuesday, February 19, 2013
Here is a video I recently recorded to help explain the Northern Virginia Sales Contract. Please visit my website for more resources and information.
www.TaylorBrown.com
Buy a Magnificent DC Home at Auction Price
Wednesday, February 6, 2013
Good morning friends and clients!
I am always seeking out the best bargains in local real estate for my clients. If you, or one of your friends have been waiting for a super deal on a luxury home, you may want to consider taking a look at this riverfront property. With over 20,000SF, acreage, pools, garages and much more. This is a once-in-a-lifetime opportunity to purchase one of the DC regions most magnificent homes. Let me know if you would like more details, or just enjoy browsing at the opulent lifestyle opportunity.
Karrina Taylor Brown MBA
Associate Broker
Re/Max Allegiance
Phone 703-336-3745
Fax 866-813-4010
Foreclosure Auction: Magnificent Home on Potomac
Thursday, February 21 @ 11:00 AM ET
Property Location:
201 Chain Bridge Rd
McLean, VA 22101
Auction Location:
Arlington County Circuit Court Courthouse
1425 N Courthouse Rd
Arlington, VA 22201
Comprised of well over 20,000+/- square feet of lavish living space and recreational area, this premier estate is the ultimate in luxurious comfort and amenities, and believed to be improved by 10 fireplaces, elevator, high ceilings and massive windows that expose breathtaking views and plentiful natural light. A beautiful gourmet kitchen with huge center island is ideal for entertaining family and friends. The kitchen offers exquisite cabinetry and quality countertops. The relaxing master suite features a private balcony with incredible views.Exceptional details and quality features both inside and out, including detached guest house and staff quarters, basketball court, men's gym and showers, separate ladies gym and spa, steam showers, sauna’s, indoor exercise pool, billiards room, 2 lane bowling alley, movie theater and ample parking options with a 15 car underground garage and private 3 car garage.Plenty of room for open-air entertaining with an outdoor swimming pool, outdoor spa, patio, outdoor kitchen and covered veranda with fireplace to complete this extraordinary estate.*Washingtonian Magazine April 2012The Property shall be sold in “As Is,” “Where is,” and “With all Faults” condition.
tranzon.com
Tranzon Fox is a member company of Tranzon, LLC and Tranzon International, LLC. All Tranzon companies are independently owned and operated. Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.
New Year, New Taxes, New Forms for Virginia Real Estate in 2013
Tuesday, January 29, 2013
While the real estate market in the commonwealth is roaring
ahead with the State sales up 18%, and prices up 12%1, the Realtors
are active in making sure that the voice of home-owners is heard and that the
good news will continue in the Commonwealth.
One of the most important factors of a location is reaching
it through the transportation system. The
Virginia Realtors are supporting Gov. Bob McDonnell’s transportation bill in
order to facilitate adequate funding for our roads and transportation
systems. Revenues from the 17.5c/gallon
gasoline tax, which was put in place in 1986, have been falling due to the
improved efficiency of cars, and the increase in the use of alternative fuel
vehicles. Meanwhile, the transportation
costs are increasing as the number of miles has risen, and due to increased
asphalt prices. This has created stress
within the transportation budget; funds
are being diverted from public transportation and new roads to
maintenance. The Governor is proposing
to get rid of the gasoline tax, and instead raise the sales tax by .8c. This will result in a sales tax of 5.8% for
most goods, which is lower than the surrounding states. Sales tax revenues do grow with inflation,
which means that the funds will be available to cover increasing costs. This alleviates the transportation fund being
dependent upon the stagnant tax revenues from the sales of the number of
gallons of gasoline. Also, registration
fees will rise $15, and there will be an additional $100 fee to register an
Alternative Fuels Vehicle. All this results in the additional funds
needed to keep Virginia’s roads & rails running efficiently, and keep
commuting times reasonable in the bustling Commonwealth.
The Northern Virginia Association of Realtors (NVAR) has
been busy again updating their standard forms.
Among other miscellaneous changes, the standard listing agreements and
buyer agency forms which are used by the sellers and buyers to hire their
Realtors have been updated. Now these
agreements will expire at midnight on the agreed date. I thought that my work hours were long
enough, as the contracts have always included weekends and time-frames which
ended at 9pm each day. The real estate
contracts still use the 9pm time-frame for the expiration of contingencies
etc. Welcome to the 24 hour world of
electronic communication!!
Great Time to Rehab a property in the Northern Virginia Real Estate Market
Tuesday, January 8, 2013
In the bleak mid-winter this is a great time to get a
head-start on the local real estate market.
Northern Virginia real estate market is leading the country out of the
recession. With the lowest unemployment
rate of major markets and leading job growth, the demand is strong. There are fewer homes on the market than
usual as the number of distressed properties is declining, and other sellers
wait for prices to rise. The aging
housing stock is also contributing to the number of rehab possibilities. Some home-owners have been very comfortable
in their older homes, and have not upgraded them to modern buyer’s standards. These homes are often in good locations. At the same time, today’s busy young
professionals often want to buy homes which are “ready-to-go” with modern
amenities, and will pay top dollar for a comfortable, modernized home.
At this time, I have a great rehab listing available in Old
Town Alexandria. This 1970's home is
currently occupied, but it could do with a new kitchen & replaced baths,
and fixtures etc. The nearby renovated
homes are selling for more than $150,000 more. It is in a great location on a quiet
street, walking distance to King St Metro, shops & the waterfront, with
off-street parking and 3BR 1.5BA. The
property is available for $425,000.
Call or email me today if you would like to see this
property. I expect it to sell quickly.
To Sign or Not to Sign, That is the Question...
Thursday, July 12, 2012
Virginia Brokerage Law Requires Clients’ Signatures before
Showing Homes.
New brokerage laws went into effect in Virginia July 1,
2012. This new law requires that a
brokerage relationship has to be established in order to perform brokerage
activities with a client. The main
change that the general public will notice is that they will be asked to sign a
“Buyer Broker Agreement” before a Realtor, or Real Estate Agent, can show them
a property.
There is great trepidation in the industry about this,
because some Realtors fear that buyers will resent being asked to sign a form
when all they want to do is see a house.
Realtors and real estate practitioners (yes, there is a difference. Realtors are members of the National
Association of Realtors; they usually work in the residential sales arena; they
adhere to a code of ethics and they can use the local multiple listing
service. Real Estate Agents are licensed
in Virginia to offer real estate services, but they do not belong to NAR. These are often commercial agents, or in
small brokerage companies, and they are not part of the multiple listing
services, but they are still subject to the laws of Virginia.) have been required to disclose who they
represent since the 1980s. This
disclosure was supposed to be made “at the first material discussion of a
specific property”. While some
practitioners, myself included, usually asked buyers to sign these forms at the
first meeting, the general practice had evolved to asking for this disclosure
to be signed upon writing a contract.
This was often done after showing the buyer multiple homes. Now the law will prevent this activity. Before an Agent can show you properties, they
will have to establish an agency relationship with you; that is you will sign
the Buyer Broker Agreement. Otherwise,
you will have to sign a form where you recognize that you are un-represented,
and that the agent represents the seller.
How will this affect you, the buyer?
At open houses, you will be asked to sign a form.
If you find a property on the internet which you like, you will be
asked to sign something when going to view that property.
What changes will this bring about?
It seems to me that Buyers will have to take a minute to think about
the financial and legal decisions they are making much earlier in the
process.
What do you think?
I will be very interested to see what you, the general public, think
about this disclosure. Do you think that
it will benefit you to know what role the agent is serving when they show you a
property?
Or, do you think that signing papers when you just want to see a house
is a hassle?
Location, Lot, Locale
Friday, May 25, 2012
In real estate, you have often heard the adage “Location, location, location”.
I find it more accurate to think about Location, lot & locale when picking a
property. When considering the general location, you are thinking about
commuting routes, distance to work, address, strength of the local economy etc.
In this respect, Northern Virginia is one of the strongest markets in the country at
this time. For the lot, you will be determining lot size; do you want a townhouse,
condo with a balcony, half acre or more to take care of? How much privacy
do you want; do you want the property to look out onto trees? Privacy can be
obtained with extra acreage, or with a well placed fence. For locale, you will be
reviewing school information, checking out the neighborhood shopping centers,
parks etc to see if this is the place you want to enjoy your life in.
Often when looking at homes, buyers focus too much on the actual property. You
need to remember to consider the neighborhood (locale) and location, as these
factors can contribute or take away from your general enjoyment of the home.
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