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Cheap Tricks

October 29, 2011 By

To Make Your Home Look More Updated

I often talk with sellers who haven’t done much in the way of updating their property because they knew they were only going to be there for a couple of years and they felt like it didn’t make sense for them to spend a lot of money on a short-term home. Little details can be overlooked when you live in a property and see them every day but these are the details that buyers will see immediately.

There are all kinds of inexpensive little tricks you can use to make your home appear a little more updated than it is.

Painting wood kitchen cabinets and replacing the hardware is a big one. There are special techniques for this to ensure the paint doesn’t chip or peel. This knob is under $2 from Home Depot

 

In a home with furniture that doesn’t look current – an updated rug and a little staging from your realtor (me) helps. Ikea has some great inexpensive options. This one is $99

 

 

 

 

 

 

 

 

 

 

A new bathroom vanity can make a big impact. This one is from Home Depot for less than $500

Replacing that builder grade chandelier. Cheap brass  is out. Home Depot has some inexpensive options that look similar to Restoration Hardware. This one is $69 from Home Depot

 

 

 

 

Refreshing tile by steam cleaning or using special tile paint. This makes a huge difference and will save you $1000s

For more tips and solutions call (703) 864-3438 or email me jessica@jessicarichardson.com

 

 

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What can you get for 3.5% down?

October 22, 2011 By

The FHA loan limit in our area is $729,000. With an FHA loan you can put 3.5% down which makes it an affordable option for many first-time home buyers. You don’t however have to be a first-time buyer.

Here is what the low $700s will buy you in different parts of the DC Metro area

Arlington

Alexandria City

Mclean

 

Reston

Chevy Chase - DC

Fairfax

 

 

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Lowest Rates Ever

October 22, 2011 By

Freddie Mac said Thursday that the rate on the 30-year loan edged down to 4.11 percent from 4.12 percent last week. The week before, it fell to 3.94 percent. That’s the lowest rate ever, according to the National Bureau of Economic Research.  The average rate on the 15-year fixed mortgage ticked up to 3.38 percent from 3.37 percent. It hit a record-low of 3.26 percent two weeks ago.

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Falls Church

October 21, 2011 By
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Beverly Hills

October 21, 2011 By
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Ballston

October 21, 2011 By
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Unprecedented Opportunity for Buyers

October 11, 2011 By

Right now we may be experiencing the greatest buyers market in history. Buyers have the upper hand in negotiating and increased buying power with rates at 4 percent.

We may never see this kind of market again.

Take a look at these listings in Alexandria

Filed Under: Blog

To sell or Rent: That is the question

October 11, 2011 By

I’d really like to sell my house but I can’t get what I need in this market.  Should I rent it?

There’s no “one size fits all” answer to this one.  There’s much to be said for renting out your home and waiting out a tough market, but this option isn’t for everyone. To answer a question with question, are  you really ready to become a landlord?

There are significant management, cash flow and tax considerations to weigh before answering this inquiry. You would be wise to talk with a good tax attorney before making any decisions, and consult an experienced Realtor® to get a good read on market conditions for sale and for rent.  And we always recommend having a home professionally managed, so talk with a good property management too.  They can give you an idea about what to expect – everything from having the right expectations for how – and who – will pay the rent to what the process for evicting a problem tenant is in your area. And remember that most tenants don’t care for your home the way that you do, so expect the unexpected.

Renting out your home is a continual process built on trust and open communication. In some circumstances you may be half a country away, or in another time zone, and sending or receiving a message about an issue at your home may be difficult. Even in the best case scenario – with the best tenants – small issues can quickly compound into something greater.

A quick story – I have a tenant-occupied home, and the tenants are great people who pay the rent on time.  They were out of the country during Hurricane Ellen, and when they returned home to find 3 inches of water in the basement.  A small sheet of shingles had blown off the roof, and as luck would have it, landed right on top of the drain at the base of the walkout stairwell to the basement.  It didn’t take long for Mother Nature to take over.  No one’s fault – but it is a thoroughly unexpected issue that has to be handled!

This isn’t intended to frighten you – just solid advice to be fully informed before throwing in the towel on selling.

From the McEnearney Blog 2011

 

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Clarendon

October 8, 2011 By
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Buying A Home

October 3, 2011 By

1)  Select a REALTOR

If you are not working with a Buyer’s Agent, your interests are not being represented. Unless a realtor is acting exclusively on your behalf, they are legally obligated to represent the seller’s best interests– not yours.  Buyers do not pay any broker’s fees or commissions. Working with a Buyer’s Agent is a free service for YOU.

 

2)  Lender Pre-approval

Your Buyer’s Agent can refer you to a local lending institution. You will speak with a loan officer who will pre-approve you for a loan. All prospective home buyers must be pre-approved by a lender before looking at property.

 

3)  Needs Assessment

Your Buyer’s Agent will discuss your needs and preferences and search for properties that meet your criteria. A Buyer’s Agent can show you any property on the market listed by any real estate company or individual.

 

4) View Properties

Your Buyer’s Agent will set up appointments and accompany you on a tour of selected properties. Normal times for viewing properties are between 9am and 7pm daily and on weekends.

 

5)  Making an Offer

When you have found your dream home, your Buyer’s Agent will prepare a contract and all necessary paperwork to make the offer. When making an offer you will need an earnest money deposit. This can be a personal check made out for an amount of at least $5000. This is legally required. Higher earnest money deposits show the seller how serious the buyer is.

 

6) The Contract

Your buyer’s Agent will present the contract to the seller and negotiate on your behalf. The seller has several options: to accept your offer as written, write a counter offer or reject your offer.

 

7) When the Offer is accepted

The property is taken off the market and considered under contract.  Your earnest money check will be deposited into an escrow account until the closing where it will be credited toward your down payment.

8) Home Inspection

If the contract has been written with a home inspection contingency, your Buyer’s Agent will set up an inspection with a licensed inspector. Usually the cost is about $250-$600 depending on the sales price. An inspector will check systems, appliances and structure of a property looking for damage and potential problems. At the end you will be provided with a written report.  If any major defects are found you may ask the seller in writing to correct them. If an agreement cannot be reached between buyer and seller, the buyer may be released from the contract and the earnest money will be returned.

9) Termite and Appraisal

Your Buyer’s Agent will coordinate a termite inspection and bank appraisal of the property prior to settlement.  The property must appraise for the sales price. Otherwise the price will have to be lowered. If the seller refuses to lower the price, the buyer may add the difference between appraised value and sales price to their down payment or cancel the contract and get their deposit back.

 

10) Final Walkthrough

On the day of settlement, your Buyer’s Agent will accompany you on a walkthrough of the property. The purpose is to make sure that everything is in normal working order and in the same physical condition it was in at the time of the contract acceptance.  The attorney at the settlement will address any problems or issues that arise.

 

11) Settlement/Closing

Buyer, Buyer’s Agent, seller and seller’s agent will meet at an attorney’s office to sign paperwork and hand over keys.  The Buyer will need a certified check for any remaining down payment or closing costs.  After settlement is completed the buyer is free to move into their new home

Filed Under: Buying a Home