New Mortgage Rule Changes Affecting Buyers and Sellers

This week I took some time to talk with my mortgage rep Jay Richardson of George Mason Mortgage.  We talked about the upcoming mortgage rule changes that may affect the home market for both home buyers and home sellers in northern Virginia.  Please take a look and let me know what you think.

Video About Mortgage Rule Changes

Christine Shevock - Great Virginia Homes
Jay Richardson - Jays Home Loans

Fit to Sell - Winter Curb Appeal

Here is an interesting video that talks about curb appeal during the winter months.  It is definitely different during the winter and these are some good tips.

In addition, here are the documents mentioned in the video to help you get "Fit to Sell"

Fit To Sell - Main Selling Rooms

What do buyers want from your home? Take a look at this video as it help explain the main rooms and gives some great examples of what you can do to make sure your home is fit to sell.



As always, I am available to answer any questions you have about getting your home ready to sell.  I have helped many sellers with getting their home presentable to buyers and let them know what to do and what they do not need to do.

www.GreatVirginiaHomes.com

Can I Buy A Home Before I Sell

Christine Shevock of RE/MAX Allegiance and Jay Richardson of George Mason Mortgage talk about how you might be able to buy a home before you sell your home.  Some valuable tips about ways you might not have thought of to get into your next home.

Christine Shevock www.GreatVirginiaHomes.com

Make Your Credit Score the Best it Can Be

This video with +Jay Richardson of George Mason Mortgage will give you some important tips about your credit score and some ways of improving it or avoiding having it decline.

Christine Shevock talks about credit scores with Jay Richardson of George Mason Mortgage. An important video to anyone thinking about getting a loan of any kind, not just for home buyers.

www.GreatVirginiaHomes.com

Duct Cleaning Considerations

Thought about Duct Cleaning?  Watch this video for some important considerations.  It's not always the best thing to do.

As always, give me a call or send me an email if you have any questions.  I am always happy to help.

Search for homes at GreatVirginiaHomes.com.

Fairfax County Wet Bar Rules and Home Occupancy Limitations

Did you know that there are county rules about having a wet bar?  Good information to know if you are selling your home.  There are also rules on occupancy limitations so if you are thinking of buying an investment property these are good to know.

As always, if you have any questions give me a call at 703-475-3986 or send me an email.

Rules about Second Kitchens

Did you know that Fairfax County has rules about having second kitchens?  Take a look at this video to find out what they are

2013 Real Estate Economic Summit

I recently attended the 2013 economic summit put on by the Northern Virginia Association of Realtors.  One of the speakers was Dr. Lawrence Yun who is the Chief Economist for the National Association of Realtors.

Dr. Yun did a presentation on the "Economic and Housing Market Trends and Outlook" which has many good things to ponder if you are curious about what drives real estate values nationally.  Among his points:

• Existing home inventory is near a 13 year low and looks to continue downward
• Months supply of inventory is running at about 5 months for both existing and new homes.
• Shadow inventory of homes in foreclosure or short sale have dropped and locally is significantly better in Virginia than Maryland.
• Housing starts are well below where they need to be to prevent a persistent housing shortage.
• 30 year fixed rate mortgages have been below 6% for 5 years
• Buyers have outnumbered sellers since January 2012
• The number of homeowner households have not grown since 2006 while renter households have grown since 2004, which signifies latent demand for home purchases.
• College debt is approaching $1 trillion nationally and nearly 1/5th of households have student loan debt which could affect ability to purchase a home.

There are many other great facts that I would love to share with you.  I try to keep up with what is happening in our neighborhood, the county, the state and the overall real estate market by attending these types of presentations so that I can better serve my clients.  To see the full presentation click here.

Are Buyers Telling You You Are Over Priced?

The market is a great equalizer.  Although emotions come into play during the actual sale of a home, there is very little emotion when buyers are just looking at homes.  After all, they probably have many to look at and choose from so your house is just one they are looking at.

Your home is your pride and joy and, of course, you want the most for it that you can get.  The buyers on the other hand want to pay the least, but generally buyers and sellers want fair pricing.  If your home has been on the market for several weeks or even months, the market is telling you something.

There are only so many things you can feasibly change about your home.  You can clean, paint, redecorate and have it staged.  There are some things you can't change, like location and style. Assuming you have made your home as attractive as it can be and there are still no offers, the market is telling you something.

Here is an article by G. M. Flisko from House Logic about changing your home price that explains many of these points and adds a few.  It is good reading. Click Here

5 Deck Makeover Projects Under $300

Most of us here in Fairfax Station have decks and if yours is like mine it is always in need of some maintenance.  These ideas by John Riha are simple and inexpensive ways to improve the livability of your deck

By: John Riha

Published: July 2, 2012

Want to upgrade your deck but watching your budget? Here are 5 easy deck makeover ideas, many well under $300.

You won’t have to plug them in or wire anything, either. Their solar-charged batteries are renewed every day, and the lights are built to withstand all kinds of weather.

Types and cost:

• Paper lanterns (made from synthetic, weatherproof nylon; $20-$30) are made for hanging and come in all sorts of fun shapes, sizes, and colors.

• Carriage lights can be fixed on top of a pillar or railing newel post. $45-$150.

• Solar illuminated replicas of old-fashioned mason jars can be set on any flat surface, about $35.

• Rope lights have small LED bulbs inside a flexible cord. A 25-foot-long rope with solar charger and stand is $25.

What else: Suspend lanterns from overhead trellises, railings, and nearby trees, where they’ll shed a soft, colorful glow. Wind rope lights around rafters and railings.

2. Install a stone landing at the foot of your deck stairs
3. Put up a privacy screen
4. Paint a faux floor rug on your decking
5. Wash and refinish your wood decking

2. Install a stone landing at the foot of your deck stairs

Dress up the transition from your deck to your yard with a little hardscaping -- a stone landing at the bottom of your deck stairs. Stones are a natural compliment to wood decks, and they’ll help prevent mud from forming where there’s heavy foot traffic.

Cost: Flagstone is priced by the pound; you’ll spend $60-$100 for enough stone for a 3-by-4-foot landing.

How-to: Techniques for installing a landing are the same as putting in a patio, although you’ll have to temporarily support your existing stairway while you work around — and under — it.

What else: You should be able to add a landing in less than a day. It’ll get done faster if you hire a pro, but it’ll cost you another $150-$200 in labor.

3. Put up a privacy screen

Whether you’re relaxing alone au naturel or entertaining friends, a little home privacy is always welcome. You can add some vertical supports and fill in a variety of cool screening materials that are as nice for your neighbors to look at as they are for you.

Types and costs:

• Bamboo fencing comes in a 6-by-16-foot roll for $20-$25.

• Lattice panels are either wood or plastic, $15-$30 for a 4-by-8-foot panel.

• Grow climbing plants on a trellis ($20-$100) to create a living privacy screen. Plant climbing vines in tall containers ($40-$120) to raise them above the deck surface and give them a head start filling in your screen.

• Outdoor fabric resists moisture and fading; $12-$120 per yard. You’ll pay another $20 to have a seamstress cut and hem a 3-by-5-foot panel.

How-to: Your privacy screen should integrate with your deck; make the framework using the same basic materials as your deck railing and structure.



Add some flash by building a frame with 2-by-2- or 2-by-4-inch uprights spaced 1 foot apart, then weaving aluminum flashing between the uprights.

What else: Make sure to position your privacy screen where you’ll get maximum benefit. Sit on your deck and check your lines of sight.

4. Paint a faux floor rug on your decking

Punch up a boring old deck with a faux rug. This is a fairly low-cost project with a big wow factor, and one you can share making with your (well-behaved) kids. It works best on a newly cleaned deck (see below.)

Cost: Most of your cost will be deck stain or paint in various colors. Because you won’t be using that much stain per color, you can buy quarts. Figure $15-$20 per quart.

How-to: Figure out a size, sketch out the design on your decking, and then all you have to do is paint or stain between the lines. You can use painter’s tape as a guide, but a little leakage is likely on a wood decking surface.

What else: Keep a few basic cleaning supplies on hand for any drips or spills. After the stain is dry, coat the entire deck with a clear deck sealer.

5. Wash and refinish your wood decking

The ultimate deck makeover is none other than a good cleaning. Applying a coat of deck sealant afterwards ensures your wood decking looks great and will last for decades.

Cost: There are many brands of deck cleaning and brightening solutions. Some require the deck to be wet; others need the decking to be dry. Some are harmful to plants and you’ll have to use plastic sheeting to protect your landscaping. Consult the instructions carefully.

You’ll pay $15-$25 per gallon, enough to clean 300 sq. ft. of decking.

How-to: Scrubbing with a good cleaning solution and rinsing with a garden hose is more foolproof than scouring your decking with a power washer that may damage the surface of the wood.


What else: After you deck is cleaned, apply a coat of deck stain or clear finish. The sealer wards off dirt, wear, and UV rays, and helps prevent deck splinters. A gallon covers 250-350 sq. ft., $20-$35/gal.

How to Pick Paint Colors

Here are some great tips if you are thinking about painting or sprucing up this spring.

By: Jan Soults Walker

Published: December 17, 2012

Paint has remodeling power when you use it to emphasize a room’s best features or play down the flaws.

“Paint is a powerful tool that can enhance the architectural character and intent of space,” says Minneapolis architect Petra Schwartze of TEA2 Architects. “As you choose your paint, think about what the experience in the room should be.”

More Schwartze advice:

• Always sample paint colors on a few walls. Don’t be shy about painting a few large swaths on walls and trim to consider the effect of natural and artificial lighting. Add samples to opposite sides of a room to judge the paint color from different angles.

• Check the space with the samples in place and watch how the paint color changes at different times of the day.

• Evaluate your reaction to the proposed colors: Does the space feel cozy or is the openness enhanced?

How to enlarge space with color

Painting walls white, cream, pastels, or cool colors (tinged with blue or green) creates the illusion of more space by reflecting light. Paint trim similar to walls (or use white on trim) to ensure a seamless appearance that visually expands space.

White or light colors lift a ceiling; darker shades can have a similar effect if you select a high-gloss paint sheen, which reflects light and enhances space.

Employ a monochromatic scheme to amplify the dimensions of a room. Select furnishings in one color and paint walls and trim to match. Lack of contrast makes a room seem more spacious.

Make walls appear taller by extending wall color onto the ceiling. Create a 6- to 12-inch-wide border of wall color on the entire ceiling perimeter, or wherever walls meet the ceiling.
   
Vertical and horizontal stripes of alternating color can make a room grand. While vertical stripes enhance room height by drawing the eye upward, horizontal stripes lure your gaze around the perimeter, making walls seem further away. Use similar light colors for low-contrast stripes, and your room will look even larger.

Creating intimacy

When a space feels cavernous, draw walls inward and make it cozy with warm colors (red-tinged) because darker hues absorb light. Similarly, a dark or warm color overhead (in a flat finish) helps make rooms with high or vaulted ceilings less voluminous.

Give peace a chance

The right paint choice can lend tranquility to a bathroom, master suite, or other quiet, personal space. A palette of soft, understated color or muted tones help you instill a calming atmosphere. Some good choices include pale lavenders, light grays or greens, and wispy blues.

Define your assets

Call out notable features in a room with paint. Dress crown mouldings and other trims in white to make them pop against walls with color. Make a fireplace or other feature a focal point by painting it a color that contrasts with walls.

“Using a higher sheen of paint on woodwork, such as baseboards and door or window casings,” says Schwartze, “creates a crisp edge and clear transition from the wall to the trim.”

Hide flaws

Not everything should stand out in a space. Using a low-contrast palette is a good way to hide unappealing elements or flaws. Conduit, radiators, and other components painted the same color as the wall will seem to disappear.
   
Selecting low-sheen or flat paint colors also helps hide flaws. Unless walls are smooth, avoid using high-gloss paint because it reflects light and calls attention to an uneven surface.

What’s the cost?

As a DIY job, painting a 12-by-12-ft. space costs about $150, including paint, primer, brushes, drop cloths, and other painting tools and supplies. A professionally painted room using high-quality, brand-name paint costs $200-$400.

Nothing Beats a Good First Impression

As people start thinking of selling their home they often ask what they need to do get their home ready to sell.  There are many things that a seller can do to help them sell their home but  a good first impression sets the tone for the showing.  

Things to do outside your home include:

Keep your lawn mowed.  Mow it often enough to keep it looking neat.  Fertilize to make your lawn lush and a nice green color. Toss some grass seed on bare spots, it won’t take long to sprout in a sunny area.  If you have trouble with grass due to shade consider using a ground cover like pachysandra or mondo grass to fill in the area.

Cut back overzealous shrubs that obscure windows and let the light shine in. Your shrubs should not be above the lower window sill as they can appear overgrown and it cuts back on how much light you have inside.  Buyers tend to prefer light filled homes over dark homes.  If the shrubs are bare in the middle they are not getting enough light inside them. It is time to replace the shrub or if it's a type that will come back you can trim it!  

Make sure no shrubs or trees are rubbing against the home. These can damage siding or roof shingles.  It also offers a highway for squirrels and other animals who would love access to your nice, dry attic!

Add color to your landscape by planting cheery annuals. Keep flower beds weed-free and a nice layer of fresh mulch makes the beds look tidy.

Remove Vines. Vines growing on the side of the house can actually damage your siding or mortar (between bricks).  If you allow them to remain, keep them looking cultivated and neat, not jungle-wild. Most certainly, pull them off windows.  Vines can be very destructive on a home, growing into any little crack or crevice.

Remove piles of anything from the yard that are unsightly, such as limbs, concrete blocks, flowerpots, and extra bricks.

A fresh coat of paint on doors and shutters can also help make your home stand out.  Remember the sun fades paint over time so even if you painted just a few years ago it might be a good idea to help a buyer see that your home is fresh and well maintained.

One last thing is to take care of any little maintenance tasks.  Make sure gutters have been cleaned out and that there is noting loose and blowing in the wind that could give a buyer the impression that your home is not well maintained.

As always, if you have any questions about this or anything real estate related, give me a call at (703) 475-3986 or visit my web site at www.GreatVirginiaHomes.com.

A Comparison of Two Neighborhoods.

What Determines Your Homes Value?

Comparing two neighborhoods.

Today I saw a listing come through for a home sold in the Middle Valley area of Springfield.  It is a 4 bedroom 3 1/2 bath home located just south-east of the Fairfax County Parkway and Sydenstricker.  It is on a .29 acre lot. It is in the West Springfield High School pyramid. The home went on the market for $599,999 and sold for $629,900 with multiple offers in four days.

I bring this up because, if you've been reading the sold updates I've been sending, we have seen our values become comparable to that sale in Springfield.  Our subdivision is conveniently located to major transportation and shopping, the lot sizes are generous and the Woodson school pyramid is among the best in Fairfax County.  Overall I think we compare more favorably than the Middle Valley home.

So why aren't our home prices higher?

Buyers are telling us we have some challenges in our neighborhood, some of which have always existed and some are a result of the age of the neighborhood.  

First, we have many homes that are adjacent to the parkway or the railroad tracks.  Buyers do not want to see or hear these things and that can have an impact on overall price in the neighborhood.

Second, our neighborhood is showing its age, both in terms of the homes themselves but also the landscaping and general conditions of the lots. Many lots and trees in the neighborhood are in need of trimming and clean up.  Lawns, landscaping and landscape beds need to be kept in good condition and neatly trimmed.  Homes need to be clean and painted.  Roofs that show staining can also detract from the value of a home.  The interiors need to be able to compete with other homes in the price range that have been improved to today's standards.  Improvements, like new kitchens and baths, increase your value.  An upgrade, like a new faucet, may improve your enjoyment of the home, and may make a favorable impression on a buyer, but is will not necessarily improve your overall value.  Remember, it is buyers who set the price of homes, not sellers.

Recently we have also had some homes sell well below what their market value should have been. These were put on the market and priced by agents who are not familiar with the advantages of our neighborhood.

How do we get our values moving back up?  We need to encourage our homeowners association to enforce the covenants that everyone agrees to, we need our Architectural Review Board to uphold high standards and we need neighbors to keep their property at a high standard with pride of ownership evident.

Watch for tips in my next monthly newsletter about how to determine if your landscaping needs care.