Free First Time Home Buyer Class in Arlington, VA
February 8, 2010 by Katie Wethman · Leave a Comment
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Are you a first time buyer thinking of starting your search? Low pries, historically low interest rates, and the $8000 tax credit have many people in our area wondering if it’s time to buy. Join us for a free educational session at Arlington County Library.
Wenesday, March 3
7:00pm – 8:15pm
Arlington County Library
1015 N Quincy St 2nd Floor Mtg Room
Ballston (Orange Line)
We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We’ll also discuss home purchase process, the tax credit, common pitfalls, financing basics and a how to get started checklist.
Specific topics covered:
- Northern Virginia, DC, and Montgomery County market analysis
- Mortgage basics: rates, points, fees
- Financing basics: FHA, Conventional, Conforming, and “Jumbo” loans
- Calculating the tax benefits of homeownership
- Short Sale, Foreclosure/REO/Bank Owned basics
- Search tips
- Fees and closing costs
- Buyer agency and choosing an agent
There’s never any cost or obligation to attend our classes. Simply email admin@wethmangroup.com to register so that we may have materials available for you. More info at www.newhomebuyerclass.com
Giving a Facelift to a Dated Exterior
February 6, 2010 by Katie Wethman · Leave a Comment
While Arlington is a fantastic place to live, there are many neighborhoods built in a time when…well let’s just say it wasn’t necessarily architecture’s finest moment. Don’t overlook some of these hidden gems though — with a little creativity, and the right contractor, your dream home could be right in front of your eyes. Take a look at this transformation on a North Arlington home similar to one pictured at left.
After!
Hard to believe, isn’t it? But look closely and you’ll see the remains of the original home. On the main level, the owners added a welcoming front porch, and swapped the window out for a bay window. Then they “popped the top” and added a second floor, and extended the chimney up. Then they painted the brick and trim for an entirely new look!
After - Bump Out View
Obviously adding a second floor provides a lot more square footage to the house, but the existing floorplans on a lot of these older homes don’t allow for the circular flow and open floorplan that most of today’s homeowners love…unless you also do a “bump out” like these owners did, which you can see clearly in this side view photo.
But be warned, Arlington has very strict lot coverage rules so if you’re intending to do a large scale renovation like this, do your homework before you sink too much money into the process.
Obviously a transformation like this one doesn’t come cheap or easy, but if you can pick up a house in a great location for the right price, you can throw in a creative eye, some patience, and a great contractor and have the home of your dreams!
Tips for Newly Engaged or Married Couples Buying a Home Together
February 3, 2010 by Katie Wethman · Leave a Comment
Photo Courtesy of thinkclay via Flikr
I often work with couples who are newly, or soon-to-be, engaged. Being a first time homebuyer is overwhelming enough, without bring another set of opinions in to it! But there are some tips and tricks that I recommend to my buyer clients to help smooth the process:
1) Do you have a home (or two) to sell before you can buy?
The merging of households is a long and often stressful process. If you are both renters, or if just one of you owns, it’s likely an easy call–break one or both of the leases and move in together. If you both own it gets a little tricky. Can the two of you comfortably fit in either or both homes? Can one of the homes be kept as an investment property (preferably a cash flow positive one)? And finally, do you need the equity from one (or both) homes before buying the new one? (Read more about the risks of simultaneous buying and selling here.)
2) What is your budget and financial situation?
The merging of finances is often one of the most difficult aspects in a newly committed relationship. Many couples don’t know their partners financial history or credit score until they get to this point in the relationship. Speak to a lender early and get everything out on the table. It may make sense for you to buy together, or it may make sense for just one of you to purchase the property in your name and add the other to the deed later.
Discuss your joint financial goals. How much will you need for the wedding? How do your combined retirement funds look? Buying a new or bigger home may not be the first financial priority for you.
3) What are you each looking for in a home? What are the true must-haves?
This is where the fun begins, and where I am often involved in the process with my clients. I can’t tell you how many times the woman must have one type/size/location of home and the man absolutely hates that type/size/location (or vice versa.) Welcome to your future of compromise. Go visit some open houses together. Speak with an agent about what’s realistic in your price range and, more importantly, to see if there is a new option you hadn’t considered that will make you BOTH happy.
I was a panelist at last year’s Treasury and HHS Financial Relationship Summit’s “Navigating Real Estate Transactions with Couples” and often work with couples buying their first home together.
Learn more: Attend a free first time home buyer class.
Property Taxes & Real Estate Related Income Tax Deductions
January 27, 2010 by Katie Wethman · Leave a Comment
State of the Northern Virginia & DC Real Estate Market: January 2010
January 23, 2010 by Katie Wethman · Leave a Comment
What Do I Need to Do To Get Ready To Sell My Home This Spring?
January 21, 2010 by Katie Wethman · Leave a Comment
Spring is coming early to the DC area. Buyers are out there! Low prices, low rates, and the imminent expiration of the $8000 first time home buyer credit have them circling and looking for the right property, in the right condition, for the right price. And for those properties that are positioned and marketed properly, this could be your best shot at a smooth and quick transaction. But putting your home on the market takes a significant amount of preparation.
The first 30 days your home is on the market is absolutely critical, because those buyers who are circling will come look—once—and if your property is not exactly right then they will just continue their circling, and likely will never return to your property. You will anxiously watch the days on market tick up, and the price tick down. Buyers ARE buying, but they expect a property to be in pristine condition right out of the gate.
To catch the biggest buyer waves, typically you should plan on putting your home on the market in March or April. This year, however, I think there’s a very strong argument to go out early for the reasons outlined above—buyers ARE out there. However, you can’t just throw your home into the MLS and expect the buyers to pounce.
Here’s a short list of things you should be doing now to get your home ready:
* De-clutter. I can’t stress this enough. If it’s not something you use every day, get it out of sight. Put away out of season clothing. No collections of knick-knacks, no personal photos, no college degrees or awards. You want the buyer to be able to imagine themselves in the property, and trust me, buyers are easily distracted by your personal items. Don’t pile things into closets and cabinets—buyers look there too. Get things out of the property and into storage if you have to. Same for extra furniture pieces. Less is more.
* Paint & Clean. A fresh coat of paint does wonders, and is cheap. And clean like you’ve never cleaned before, especially the kitchen and bath.
* Make all minor repairs. The buyer is going to make you do them anyway and it will be cheaper for you to do it now.
* Start monitoring the market, both broadly and in your specific neighborhood. Pricing is absolutely critical, and you need to be realistic. Work with an agent to start getting property updates now.
When you’re ready to put your home on the market:
* Consult a stager. I hire both an interior stager and an exterior landscape consultant for my listings. They look at your property with fresh eyes and have extensive training in how to create a neutral, yet welcoming canvas for buyers.
* Photos, photos, photos. Buyers start their search on the internet, and if you don’t have photos they will skip your house completely. Use professional photographers, or at a minimum, a wide-angle lens if you (or your agent) insist on taking them personally.
* If your home has unique features, consider how to best market them. For example, if the house has an unusual floorplan or is bigger than it looks, consider including professionally drawn floorplans in with the photos. (I do this for some of my listings.)
If you’re interested in hearing more about how to get your home ready, or want to learn more about the home selling process, contact us for an appointment.
North Arlington (Orange Line) Condo Update – January 2010
January 19, 2010 by Katie Wethman · Leave a Comment
Zip Codes 22201 and 22203 (includes Ballston, Virginia Square, Clarendon)
Source: MRIS as of date of blog post. All data deemed accurate but not guaranteed. Stats exclude retirement communities and co-ops.
Sign up for weekly market conditions report: http://www.northarlingtonhousevalues.com
See market data for all of Arlington.
See more Buyer Resources
See last month’s post on Orange Line Condo prices.
Ready to start your search? Sign up for a free first time home buyer class in Arlington (registration required).
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1 BR Units |
2BR Units |
| ACTIVE LISTINGS as of January 19, 2009 |
||
| Average List Price | $333,468 | $519,365 |
| Number of Active Listings | 40 | 34 |
| Average Property DOM(P) – Actives | 73 | 98 |
| SOLD LISTINGS for December 2009 |
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| Average Sold Price for Previous Month (does not include seller subsidies) | $331,493 | $500,096 |
| Number of Sold Listings in Previous Month | 14 | 11 |
| Average Property DOM(P) – Solds | 34 | 13 |
Is Buying a Home One of Your 2010 New Year’s Resolutions?
December 27, 2009 by Katie Wethman · Leave a Comment
Get started by attending a free, no obligation first time home buyer class at Arlington Central Library on January 26 at 7:00 pm.
Our first time home buyer classes are educational sessions designed to give an overview of current market conditions and the home buying process. We cover a recap of the market, current trends and market stats including days on market, average sales prices, and inventory levels. We’ll also discuss the impact of the banking system collapse and bailout, the home purchase process and common pitfalls, financing basics and a how to get started checklist.
Specific topics covered:
- First Time and Repeat Buyer Credit Details
- Arlington, Northern Virginia, DC, and Montgomery County market analysis (average sales prices, days on market, etc.)
- Mortgage basics: rates, points, fees
- Financing basics: FHA, Conventional, Conforming, and “Jumbo” loans
- Calculating the tax benefits of homeownership
- Short Sale, Foreclosure/REO/Bank Owned basics
- Search tips
- Fees and closing costs
- Buyer agency and choosing an agent
Details:
Tuesday, January 26th 7:00 – 8:15
Arlington Central Library
1015 N Quincy St 2nd floor meeting room
Ballston (Orange Line)
Though there is no cost to attend, you must contact us to register since seating is limited and we need to make sure that materials are available for you.
VHDA Loans Allow Financing of Down Payment
December 15, 2009 by Katie Wethman · Leave a Comment
The Virginia Housing Development Authority has extended its Homebuyer Tax Credit Plus program to match the deadlines of the Federal First-Time Homebuyers Tax Credit.
VHDA’s program lets borrowers use a second mortgage to finance up to 5% of the sales price (enough to cover FHA’s 3.5% down payment requirement) by using the $8000 first time home buyer tax credit–effectively allowing borrowers to “monetize” the credit. The second mortgage helps cover the down payment and closing costs, with zero interest and no payments for the first 12 months. Borrowers then have the option of paying it down within the first 12 months, using their $8000 credit to pay it off, or paying it off over 29 years.
There are restrictions on the program, of course. Purchase price is limited to $408,100, and gross household income for two or fewer persons cannot exceed $86,900 for the Washington, DC, MSA, including Northern Virginia.
The deadline for the program matches the newly extended deadlines for the tax credit, so buyers must be under contract by April 30 and settled by June 30, 2010. More details are here.
If you need help starting your home search, or finding a lender, please contact us.
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Learn More: Sign up for our free first-time home buyer class at Arlington Central Library on Jan 26 at 7:00 pm (registration required) Details and registration information can be found here.
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State of the Real Estate Market – December 2009
December 14, 2009 by Katie Wethman · Leave a Comment
