Friday Fun Find – A Political Twist

The timing couldn’t be better for this Friday Fun Find….a blend of politics, fame and wealth. No, I’m not talking about this year’s election but rather Wexford, the country estate of Jackie and JFK.

Recently listed in Virginia’s breathtaking horse country for $5.95M this stunning historic beauty was designed by Jackie Kennedy herself.  The grounds and pool are one of a kind.

Friday Fun Find – Back to School

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More than ever I’m looking at properties in very specific school pyramids for prospective buyers.

This week’s Fun Friday Find is a super rare 4 car garage on 3/4 acre in the highly desirable Broadlands’ Mill Run -Eagle Ridge-Briar Woods school pyramid. Not only will the kids be smart, this is a fully automated NEST smart home too!

If you love it or want to see others in the pyramid, let me know. #MichelleSellsLoudoun

Buyers: Why Preapproval Matters

Copy of MichelleSELLSLOUDOUN-COMIt’s easy to get caught up in the exciting and fun part of a new home search – the actual search.  One step you can’t forget to take care of up front is obtaining preapproval from a reputable, local lender.  There are a few reasons why it needs done before you start touring homes.

Know Your Budget

There are some great online calculators out there to get an idea of how much house/down payment/monthly payment you can afford.  That said, nothing replaces having direct, personalized feedback from a local lender. There are programs available for down payment assistance that frequently undergo changes or meet caps – only a lender will have the latest info on those. Having a little time to digest what they provide you with will ensure you are comfortable and confident with your house buying budget going forward.

Avoid Surprises

It is best to know sooner rather than later if you have errors on your credit report or an identity theft issue that needs resolved.  Those things can take time to fix and having a lender run your credit report early will spot an issues that might negatively impact your ability to obtain a loan at the best interest rate possible.

Make a Stronger Offer

Our market tends to be fairly competitive.  It isn’t unusual to see multiple offers on a home particularly with in demand neighborhoods and great school districts.  As the buyer, being able to provide a preapproval lender from your lender with your initial offer makes your offer stronger and more likely to receive serious consideration from the seller.

No Extra Work

All of the information you provide to a lender for your preapproval is the same information you will need to provide when you apply for the mortgage.  Having a preapproval in place means you can return to the same lender and not need to resubmit the information. This is good news when you are already busy gathering and scheduling things for a home inspection and settlement.

As always, consult your real estate agent for referrals to a reputable lender.

Sellers: Fall is a Great Time to Sell

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School is back in session, the holidays are right around the corner, you might not think that now is the best time to sell your house. But with inventory below historic numbers and demand still strong, you could be missing out on a great opportunity for your family.

Here are five reasons why you should consider selling your house this fall: 

1. Demand Is Strong

The latest Realtors’ Confidence Index from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now!

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

According to NAR’s latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months.

This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market.

There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this fall.

Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. Last month’s new home sales numbers show that many buyers who have not been able to find their dream home within the existing inventory have turned to new construction to fulfill their needs.

The choices buyers have will continue to increase. Don’t wait until all this other inventory of homes comes to market before you sell.

3. The Process Will Be Quicker

Fannie Mae announced that they anticipate an acceleration in home sales that will surpass 2007’s pace. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler. 

4. There Will Never Be a Better Time to Move Up

If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

According to Freddie Mac’s latest report, you can also lock-in your 30-year housing expense with an interest rate around 3.46% right now. Interest rates are projected to increase moderately over the next 12 months. Even a small increase in rate will have a big impact on your housing cost.

5. It’s Time to Move On with Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire. 

That is what is truly important.

Friday Fun Find – Bid By App

Article imageA Fun Friday listing outside of Loudoun. You can bid on and buy this downstate historic estate….on an app!

Stone Ridge, a 22,336-square-foot Georgian manor in Appomattox County built in 1789, is scheduled to be sold to the highest bidder at an auction conducted via a mobile app at 7 p.m. on Sept. 8. Gotta love technology!