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The Ultimate Bachelor Pad

February 3, 2012 By

A client recently told me that the wanted a posh condo in a great location with an awesome view.  He said that view and location were more important than price.

Perfect. “I can work with this,” I told him. This client was looking for a bachelor pad – someplace with luxury and lots of amenities.

While i think he was exaggerating a bit because he does have a price range, it made me start thinking about what the ultimate bachelor pad would be if the price range were unlimited.

The luxury Arlington Condominium came to mind-  “Turnberry Tower”

This penthouse condo unit currently has the highest price tag of any condo in Northern Virginia, listed at $4,150,000

This building has amazing views and luxury amenities including valet parking.

Turnberry Tower

luxury views

 

gourmet kitchen

 

unbelievable amenities

 

For more photo and details click here

 

 

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Are Foreclosures a Good Deal?

January 30, 2012 By

I wrote this article for today’s Washington Post - Where We Live Real Estate Blog

foreclosure in Parkfairfax

I’m always hearing from buyers who want to focus their search on foreclosures. Foreclosures can be a great deal, especially for those with deep pockets and remodeling expertise. But for the average homebuyer, if the price seems too good to be true, it probably is.

As an agent who has listed foreclosures, I can assure you that the banks aren’t giving these properties away. On the contrary, quite a bit of care and analysis goes into the pricing of foreclosures.

After a foreclosure takes place, the bank typically obtains a Broker Price Opinion (BPO). This is a detailed analysis of a property’s market value completed by the listing agent. The bank also orders an independent appraisal. If the two aren’t in sync, the higher valuation is used as recommendation for the list price. If the two suggested list prices are more than 10 percent apart, a third BPO is performed by an unrelated real estate agent. The listing agent also estimates the cost of necessary repairs and factors that in to the BPO.

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How Not To Sell Your Home

January 28, 2012 By

Shove all of these papers in a drawer when a showing is expected

When your home is on the market you find yourself in the unique position of living in a showroom.  You probably did a lot of work to get your home into showing condition. Don’t blow once the house is listed.

Here’s what not to do when you’re on the market…

Leave clutter around. You de-cluttered for the photos but that was weeks ago.  It’s amazing how quickly new clutter can pile up, especially when you have kids. Hide the papers, knick knacks, fridge magnets and toys before showings.  Even if the buyer has interrupted your work at home, tidy up your desk before you leave. I’ve had sellers take their dirty laundry baskets with them when they leave for showings. Not a bad idea.

Forget to clean. Keep you house as clean as possible and when you know showings are coming make sure its extra clean. Dirt, dust, mildew, smudge prints and dog hair have no place in a show home. Stash cleaning wipes and magic erasers under sinks. Make it a habit to wipe down mirrors when toothpaste splatters. Don’t leave personal products on the vanity. Run the vacuum, especially in bathrooms and non-carpeted areas.

Don’t make repairs. You know what’s wrong with your house. As homeowners we sometimes forget or get used to living with minor disrepair. The faucet that drips…. if you give it a jiggle it will stop. Or the gas fireplace that never worked. Well it was like that when you moved in right?  Wrong. The buyers may not notice but the home inspector will and even small repairs can be blown out of proportion by nervous buyers and it can cost you the sale.

Stick around for showings. House hunting is a personal experience which is why we schedule private showings. Nobody wants to look at a house while the homeowner is hovering.  Not only is it awkward but it makes the buyers want to leave. It makes the Buyer’s Agent want to leave too. And that’s never good.

I’ve shown houses where the sellers are laying on the couch, eating and watching TV with their children—-having family time.  As lovely as it might be this makes buyers feel intrusive and uncomfortable. That’s not  the right mind-set for making a good offer.

If you have only a ten minute heads-up before the showing do yourself the favor and leave the house. If your only option is to sit in your car during the showing, by all means do it but make sure you park where the buyer can’t see you. You don’t want to look like a stalker.

Sit on the neighbor’s porch during the open house. Don’t sit on the neighbor’s porch and count the open house traffic. This will only make you crazy. You’re better off going to a relaxing and a matinee. Let your Realtor do their job. They will update you on the open house traffic later.

Filed Under: Blog

Listing This Spring? Prepare Your Home Now

January 22, 2012 By

The two most important factors for selling your home right now are price and showing condition. Buyers today are extremely picky and they expect a property to be in excellent shape and look like a show room.

Photo by Freshome

 

 

Here is a checklist of things that you can do in advance:

  • Check exterior woodwork and trim and make sure there is no peeling paint. If there is, have it sanded and painted
  • Put a fresh coat of paint on your front door
  • Check your driveway for cracks and make sure it doesn’t need to be resealed
  • Get a head-start on landscaping and yard clean up. Falls is an optimal time to prepare your yard for spring
  • Begin de-cluttering. This process can take a long time for many people. If you designate a room or are of the house each week or month to tackle, the process will go by more quickly
  • Begin organizing closets. Nobody needs 30 sets of old towels and you won’t need beach towels in the winter. Donate or store the excess and make sure your closets look tidy and minimal.
  •  Consider renting a POD. The way it works is a crate is dropped off in your driveway. You fill it up with furniture and things you won’t need and it is taken away for storage. When you are ready for your belongings again they deliver the crate to you.

 

For a personalized evaluation of your property and specific recommendations about getting your home ready for the market give me a call and I’d be happy to stop by.

(703) 864-3438 or jessica@jessicarichardson.com

 

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Why Low Balls Back-Fire

January 21, 2012 By

photo via istock

By now we all know that its  buyer’s market. Most buyers are looking for a deal and many are looking for a steal. While there are some great deals out there the steals are few and far between.

These days more often than not when I’m working with buyers and  its time to talk about the offer they already have a price in their head and its a low-ball.

Many buyers feel like a low-ball is a good starting point to get to a number somewhere in the middle. Having had the unpleasant task of presenting low-balls to sellers I can tell you that it puts the seller in a negative frame of mind and starts the negotiations off on the wrong foot.   The seller feels insulted and usually angry. Sometimes they are so upset they don’t even counter because they don’t want this buyer to have their property. They are mad.

Some buyers have heard that low-balls are okay with foreclosures; that the banks will accept anything. Having listed over 80 foreclosures properties for Fannie Mae I can assure you that this isn’t the case. Most of the foreclosures today are selling at or around market value and those that are selling below do so because they need major repairs.

I  typically discourage buyers from making low-ball offers unless through my research I have reason to believe it will be accepted. If the buyer really wants the property its not worth the risk of losing it over an offer that will never be accepted. By thinking carefully about the offer and evaluating the comparable sales I advise buyers to make a reasonable offer.

While it is a buyer’s market, sellers aren’t giving their homes away. Even if the first offer is a “starting point” for negotiations your chances of reaching an agreement are much better if you start from a realistic place.

 

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What Does an Appraisal Really Mean?

January 21, 2012 By

The Continential Condominium - Arlington

When you purchase a home or refinance a house in Arlington or Alexandria the lender orders an appraisal of the property’s value. the appraiser is an independent party unaffiliated with the bank.  In today’s lending environment lending guidelines typically prohibit any communication or contact between lender and appraiser.

For purchases the appraisal is usually based on market value, what the market would probably be sold for. The appraisers look for three comparable sales and three comparable active listings. Adjustments for features (such as, square footage, a new kitchen or a garage) are made upward or downward against the subject property.

Appraisers are typically only allowed to look at comparables that are six months old or less. VA appraisers may only go back three months. Often this poses a challenge when there haven’t been any good comps for the subject property especially when the subject is an older, unique property.

The appraisal is a crucial part of the residential lending process in Northern Virginia.  While appraisals are based on market data, at the end of the day it is someone’s opinion and it isn’t always in line with what homeowners and buyers feel the value should be. This disconnect can lead to a sale falling.

Before selling your home its important that we sit down and review the comparable sales.  At that point, it’s important to ask yourself, will my property appraise for the price that I’d like to ask?  When you are looking to refinance its a good idea to contact me  and I will send you the most recent comps. If the comparable real estate sales aren’t in line with the value you need you can avoid wasting the $400 on a refinance appraisal.

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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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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
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