Northern Virginia Real Estate

21.7 Acres Prime Development Site for Sale

Evergreen Mills Rd. in Loudoun County Virginia

A portfolio of five adjoining properties totaling 21.7 acres being sold together for $4,725,000.

Location, Location, Location — New schools on either side, surrounded by residential homes and located on a major commuter route. Situated along the developing area on Loudoun County’s Evergreen Mills Road. Over 1,300 feet of road frontage. Major commuter route with road frontage and public water/sewer available. Surrounded by large residential area.

Presents an ideal location for a gas station, grocery store, retail shopping center, planned area development, medical/professional offices, day care and many other uses.

See all the information, photos and links at www.nva-commercial.com or call 703-626-8494.

National home sales see modest improvement

NAR reports national sales eased a little higher in February compared to the dismal numbers reported in January, but nobody is saying the housing recession is over. Existing-home sales - including single-family, townhomes, condominiums and co-ops - rose 2.9 percent to a seasonally adjusted annual rate of 5.03 million units compared to 4.89 million in January, but remain 23.8 percent below the 6.60 million-unit level in February 2007.

"We're not expecting a notable gain in existing-home sales until the second half of this year, but the improvement is another sign that the market is stabilizing," said Lawrence Yun, NAR chief economist.
The national median existing-home price for all housing types was $195,900 in February, down 8.2 percent from a year earlier when the median was $213,500.

However, the most recent data shows roughly half of the metro areas in the U.S. with price increases. Total housing inventory fell 3.0 percent at the end of February to 4.03 million existing homes available for sale, which represents a 9.6-month supply.

Source Virginia Association of REALTORS®

Selling Your Home: Get a Home Inspection

It’s coming. Many states are now requiring a home inspection and appraisal prior to being listed in the MLS (Multiple Listing Service).

Why? To start with it’s just a really good idea. Part of the work in selling any home is preparation. When your home is in "Move In Condition" it is much more appealing to buyers and sell faster.

Buyers have what I call "Used car fear." They are concerned once they buy the home the next day everything is going to fall apart. Having the home looking in good shape and having all the appliances and systems inspected and working properly will help ease the buyer’s concern a great deal.

Having a "Home Inspection" prior to listing your home provides you with another professional opinion as to the condition of the property. The inspector will point out any areas that need to be repaired and also make suggestions as to items that you may optionally want to replace or repair.

Reviewing the report provided by the inspector will help you prioritize, budget and make an action plan to take care of any items that need attention. Disclosing to potential buyers that the home has been professionally inspected is a very powerful selling tool.

If the buyer wants a home inspection contingency in their contract, they have the choice of accepting your inspection, or having their own inspection at their cost.

Home Warranties - This is another good tool offered by sellers to buyers and is rapidly becoming a standard in the industry. A home warranty covers the systems of the house - AC and heating units, all appliances, plumbing, etc. for one year. Again it belays the fear that your buyer may have that something may break the day after they move in.

In the long run, the cost of a home inspection and warranty are very inexpensive compared to the value it provides in the sale of your home. By David T. Mullins

Smaller Floor Plans in Big Demand - American’s appetite for big homes and over-sized furniture appears to be shrinking.

New-home buyers began asking builder KB Home for smaller floor plans right after the collapse in subprime lending last year, says CEO Jeffrey Mezger.

The demand for a huge, high-ceilinged great room is giving way to the desire for special-purpose rooms, including media rooms and home offices, says a spokesman for luxury specialist Pulte Homes.

In three of its four new sofa collections, Younger Furniture is offering "apartment size" sofas, which are about 10 inches shorter than full-sized ones. Citing a trend toward smaller homes, Rowe Fine Furniture says it expects its Mini Mod line will account for a quarter of its collection this fall.

"They're finally getting it," says Jodi FitzGerald, owner of Door Store Furniture, an 11-store retail chain in metropolitan New York that specializes in small-scale furniture. She estimates the number of smaller offerings has grown by about a third over the past year.
Source: The Wall Street Journal, Nancy Keates (03/21/2008)

Listing Status Categories

As you look through the property listings and talk to your real estate agent, you will notice the Multiple Listing Service displays each listing as to its "Status." Here is the list provided by our area MLS (MRIS). 

·  ACTIVE - Indicates that the property is available with no contingencies, contract or application registered against it.

·  CNTG/KO - (Contingent with Kick Out) - Indicates that the property is available but has a contract with at least one pending contingency that includes a kick out clause.

·  CNTG/NO KO - (Contingent with No Kick Out) - Indicates that the property is available but has a contract with at least one pending contingency and the pending contingencies do not contain kick out clauses.

·  APP REG - (Application registered) - Indicates that the property is available but a rental application has been registered on it.

·  CONTRACT - Indicates that the property has a ratified contract with no pending contingencies. If the only remaining contingency is financing the status should be contract.

·  SOLD - Indicates that the property is sold and settled.

·  RENTED - Indicates that the listing has been rented.

·  TEMPORARY OFF - Indicates that the property is not available for showing. This status is for short term use and must have seller approval.

·  EXPIRED - Indicates that the listing agreement has expired.

·  WITHDRAWN - Indicates that the listing agreement has been terminated prior to its original date.

Real Estate Myths

Your Purchase Contract Is Confidential?

No Way! Once the Seller has your purchase contract they can show it to other people, put it on the Internet, or whatever they want to do. It is not a private confidential document.

Can the Listing Agent tell other prospective buyers and real estate agents about your purchase contract? Yes, but only if the Seller has agreed to do so in writing on the listing agreement.

For the Seller sharing this information can be a double edged sword. On the one hand it can be advantageous to tell other prospective buyers there is a contract submitted on the property and to encourage them to better the price in order to drive the sale price up. But, on the other hand it could be a disadvantage, as many buyers will not bother to write a contract on a property which already has one submitted. Talk to your real estate agent about what strategy would be best for you. Posted by David T. Mullins

Home Buying Tip – Don’t buy anything you can’t sell.

Everyone is different. That's a fact. However, after working with home buyers and sellers you soon see a pattern. There are certain features of a home which tend to be universally appealing.

Some homeowners have difficulty in selling their properties because they ignored an undesirable feature when they purchased the home and it has now come back to haunt them. Their house may stay on the market longer, or sell for a lower price.

Why? When they purchased the home they only thought of their own needs and desires and not of the vast majority of buyers they will eventually sell the property to.

One example is buying a home on a busy street. You may not have young children and it is not a problem to you, but the families that you may be selling to in the future will see the road as a huge problem. Another example are homes with strange layouts like only two bedrooms on the upper floors. This may be perfect for you, but the vast majority of buyers are looking for a more conventional bedroom layout.

You are going to live in the house, so be happy with it. But, keep in mind that you are going to sell this house one day and you want it to appeal to as many buyers as possible when that day comes.

Ask your realtor when you are looking at homes. We know the market and what people like in a home. That's our job!

What is Your Home Worth - Really?

You're thinking of selling your home and moving. Like most of us you sit at the dinner table at chat about your plans and "guess" about how much money you will realize from the sale of your home to purchase the new one.

Many homeowners error on the high side. Why? Human nature really. We "hope" we get the money to make our future plans work and quite frankly we are nervous they won't.

Take the guess work out and get the right information, so you can feel confident in planning your future. Give us a call and we will work with you to determine a realistic idea of the net cash you will receive after the sale of your home.

This evaluation is a free service to you. Be honest, wouldn't you really like to know instead of guessing?

When Problems Arise At Settlement

After a contract is ratified for the sale of a home, there is still much work that needs to be completed before settlement. Some of the items to be completed are the normal inspections, financing, appraisal, insurance, etc… Behind the scene the real estate agents and their administrators carry our a more in depth and comprehensive coordination between the agents, brokers, lenders, insurance companies, inspectors, HOAs, settlement companies, contractors, etc… to make sure that everything is completed and ready for settlement.

At most settlements everything goes as planned. However, settlements are complicated and even with the best planning there can be surprises. The list of surprises is long and varied and not the purpose of this narrative to address.

The point is that YOU may be at your settlement and a problem arises. First, don’t get upset and think the sky is falling on you. Next, make sure that you understand the problem. Talk it over with your agent, leave the room if you need to for privacy. Really understand what is going on and how it may affect you both positively and negatively. Then, let your agent handle it and don’t try to work it out yourself with the other party. The real estate agents and the settlement agent have either seen this situation before and can work it out for you, or they have the resources to call in to assist with the situation, i.e. brokers, attorneys, lenders, etc… Remember, surprises do arise and they usually get worked out at the settlement table to everyone’s agreement.

So, if you are at a settlement and you don’t understand something ask you real estate agent or the settlement agent to clarify. If you want to confer with your agent, it is not a problem to leave the room for a couple of minutes to have some privacy. Make sure your real estate agent understands your position on the matter and then let your real estate agent do the negotiating with the other agents.

Be happy and enjoy your new home…

Gentlemen - Start Your Engines!

Every spring the real estate race begins. There are only a couple of months to the great summer move and buyers want to have their homes selected, under contract and ready to settle.

The pole positions are held by the buyers who have been actively watching the market, have their new loans approved and are ready to speed out and look at homes. They know the course and their competition. They are confident in moving fast to put in a contract and know when to hit the breaks on a deal.

No one makes it to the winners circle alone. All the champions have a great pit team. Experts to help them evaluated the field. Show them the opportunities ahead and help them navigate around danger.

If your spring plans include joining the great spring race then you will need a professional crew. We will help you from start to finishing under the checked flag.

You’ll need help carrying your trophy home, those 3 bedroom houses are rather heavy. Call us today. Our team is ready.