Category Archives: Sellers

Housing Market Update – Sept 2017

Housing market in Northern Virginia is doing quite well comparing to the other parts of the country:

– Homes were sold 17.65% faster with Average Days on the market went down to 42 days vs 51 days in Sept 2016.
– Number of Under Contract homes increase 22% compared to Sept 2016. This shows a stronger absorption rate.
– Inventory is only 2.81 months of supply compared to 2.9 months in Sept 2016 (Balance market has 6 months of inventory)
– Average Sales Price is 3.92% higher than Sept 2016
– Total home sold is 3.28% less than Sept 2016 (1620 compared to 1675).
In general, this local housing market appears to be sustainable.  Most homes on the market at a price higher than market value tend to stay longer on the market. At the same time, homes that are not updated or are in move-in ready condition will experience longer time of the market as well as price adjustment/reduction.  Well updated homes and well priced homes are still in strong demand and still receive multiple bids.

Source: https://www.nvar.com/realtors/news/market-statistics/market-statistics-september-2017

Northern Virginia Housing Market Update
Northern Virginia Housing Market Update

Top 5 Fixes to Sell Your Home

As Spring is here, the housing market is getting more and more active.  There are huge increase of “foot traffic” (prospective buyers visiting homes) as well as housing inventory (houses for sale).  This article is good for sellers to prepare their houses for sale.

No one wants to spend money on a home they aren’t going to be living in, so when it comes time to prep your house for the market, you may wonder what kind of fixes will bring the most value to your home without breaking the bank. Consider making these five fixes to help your property sell.

Top 5 Fixes to Sell Your Home - bhgrelife.com1. Paint the walls

A bucket of paint doesn’t have to break the bank, and can make a world of difference. Tone down any vibrant wall colors and spruce up the other walls with a fresh coat of neutral paint. Avoid any tones that are intense and dark to ensure that your home appeals to the widest range of people.

Top 5 Fixes to Sell Your Home - bhgrelife.com2. Make repairs you’ve been putting off

If you’ve been working on some simple home repairs that have yet to be finished, or you know of some necessary maintenance needs that have to be handled, now is the time to take care of them. The buyer’s home inspector will find these issues anyway, so you’re better off fixing them now without holding up offers you could be getting in the meantime. In addition, it is not uncommon for a buyer to revoke an offer if the home inspection report comes back with an abundance of safety concerns and needed repairs.

Top 5 Fixes to Sell Your Home - bhgrelife.com3. Change up the flooring

Changing the flooring may seem like an expensive “fix,” but it doesn’t have to be. If you have a wood floor, re-stain it. If you have old carpeting, hire a professional cleaning company to make it look brand-new again, and replace any old, torn vinyl flooring. You also have the option of adding an area rug onto old flooring or carpets. Floors take up a huge part of the home, and if they are stained or dated, potential buyers will take notice—and more importantly, they will be turned off.

Top 5 Fixes to Sell Your Home - bhgrelife.com4. Install new countertops

Similar to the prior fix, this one can sound a little pricey, but as you’ve probably heard before, the kitchen and bathrooms are the main selling points of a home. If you’re serious about selling your property quickly, you may want to consider updating these areas with new countertops. Get rid of the laminate, and opt for natural stone, quartz or solid surface countertops. Buyers will notice.

Top 5 Fixes to Sell Your Home - bhgrelife.com5. Hire a stager

You will be amazed at how moving around some furniture can completely change the aesthetics of your home. Hire a stager, and let his or her expertise bring more value to your property, and a higher number than your asking price. It’s key to hire an experienced stager who has an excellent track record, and an even better portfolio, to ensure that you reap all the benefits.

With a few fixes, your home will be ready and primed to be put on the market. If possible, space these five fixes out over the course of a couple months prior to listing your home, and the renovations won’t feel like a major investment at all. With these small but effective tweaks, now you’ll be in a great position to sell your home and move on!

Source: https://www.bhgre.com/bhgrelife/top-5-fixes-to-sell-home/?pps=full_post

Housing Market Statistic – March 2015

Market Statistic March 2015 - NVARMarch 2015 Home Sales Compared to March 2014: NVAR Footprint

The Northern Virginia Association of Realtors® reports on March 2015 home sales activity for Fairfax and Arlington counties, the cities of Alexandria, Fairfax and Falls Church and the towns of Vienna, Herndon and Clifton.

A total of 1,538 homes sold in March 2015, a 13.84 percent increase over March 2014 home sales of 1,351.

Active listings continued to show a significant increase this month compared with 2014. Listings were up 27.23 percent over last year, with 3,831 active listings in March, compared with 3,011 homes available in March 2014. Homes continue to take longer to sell this year than last. The average days on market (DOM) for homes in March 2015 was 62 days, an increase of 37.78 percent compared to the 45 DOM for homes in March 2014.

The average home sale price rose this March, to $548,101. This is up 2.73 percent compared to March 2014, when the average price was $533,534.

The median sold price of homes this March, which was $475,000, rose by 4.40 percent compared to the median price of $455,000 in March 2014.

The 2,293 new pending home sales in Northern Virginia in March is an increase of 13.51% compared with 2,020 contracts that were pending in March of last year.

http://nvar.com/market-statistics/housing-market-statistics/market-statistics/housing-market-statistics

2014 Housing Market Year-End Update

Quận Fairfax chứng minh thị trường nhà năm 2014 khá ổn định. Mặc dù những thông số gần giống như năm 2013, nhưng rõ ràng thị trường khá mạnh. Toàn quận có 13,549 căn nhà bán (phân nửa là nhà Single Houses và phân nửa kia gồm cả condos và townhouses) trong năm 2014, con số này ít hơn năm 2013. 

Fairfax County demonstrated a stable market in 2014.  It was a healthy market although the stats are almost the same to previous year of 2013. There were 13,549 houses sold in 2014, a 10% decrease from 2013, and almost 1/2 of which is single family homes while the other half was comprised of townhouses and condos .

Giá thành trung điểm tăng khoảng 1.1% tới giá $460,000. Giá nhà single houses cao hơn, ở tầm $702,606, và nhà townhouses trung bình ở giá $368,002.  Chủ nhà trung bình nhận được 97.3% giá rao bán.  Các căn nhà nằm trên thị trường lâu hơn năm ngoái.  Trung bình tốn khoảng 45 ngày thay vì 37 ngày trong năm 2013. Điểm này chứng thực rằng số lượng nhà quá thừa thãi trên thị trường trong mùa Xuân và mùa Hè của 2014.

Median sold price still gained 1.1% to $460,000. Single family homes were at $702,606 and Townhouses were averaged at$368,002. Sellers generally got 97.3% of their list price. It took a bit longer for sellers to sell their homes in 2014 than the previous year.  The average days on market was 45 days versus 37 days in 2013. This was a true reflection of the abundant inventory during the spring and the summer of 2014.

Vấn đề vay mượn vẫn gây khó khăn cho người mua nhà, khoảng 13% không vay mượn, 65% mượn theo chương trình vay mượn thông thường, chỉ có 8% sử dụng chương trình do chính phủ bảo đảm.

Những chủ nhà hiểu biết thực tế của thị trường cảm thấy mạnh dạn, nhưng những người mua tìm giá rẻ thì thất vọng vì số lượng nhà gặp khó khăn trả nợ giảm dưới 5%.

Nếu bạn quyết định mua nhà thì có thể yêu cầu Hướng dẫn mua nhà ở đây.  Hoặc bạn có thể email để tìm hiểu chi tiết về thị trường trong khu vực mình ở.

Financing continued to be a challenge for many buyers, 13% of buyers made their purchase in cash (no financing). 65% of buyers used Conventional Financing and only 8% used FHA financing.

It is very encouraging to realistic sellers while it could be challenging for buyers who are looking for good deals. Distressed inventory went way down to less than 5% in the county.

Email now to discover the market update for your own neighborhood.

Don’t Miss These Home Tax Deductions

From mortgage interest to property tax deductions, here are the tax tips you need to get a jump on your returns.

Owning a home can pay off at tax time.

Take advantage of these homeownership-related tax deductions and strategies to lower your tax bill:

Mortgage Interest Deduction

One of the neatest deductions itemizing homeowners can take advantage of is the mortgage interest deduction, which you claim on Schedule A. To get the mortgage interest deduction, your mortgage must be secured by your home — and your home can be a house, trailer, or boat, as long as you can sleep in it, cook in it, and it has a toilet.

Interest you pay on a mortgage of up to $1 million — or $500,000 if you’re married filing separately — is deductible when you use the loan to buy, build, or improve your home.

If you take on another mortgage (including a second mortgage, home equity loan, or home equity line of credit) to improve your home or to buy or build a second home, that counts towards the $1 million limit.

If you use loans secured by your home for other things — like sending your kid to college — you can still deduct the interest on loans up $100,000 ($50,000 for married filing separately) because your home secures the loan.

PMI and FHA Mortgage Insurance Premiums

You can deduct the cost of private mortgage insurance (PMI) as mortgage interest on Schedule A if you itemize your return. The change only applies to loans taken out in 2007 or later.

By the way, the 2014 tax season is the last for which you can claim this deduction unless Congress renews it for 2015, which may happen, but is uncertain.

What’s PMI? If you have a mortgage but didn’t put down a fairly good-sized downpayment (usually 20%), the lender requires the mortgage be insured. The premium on that insurance can be deducted, so long as your income is less than $100,000 (or $50,000 for married filing separately).

If your adjusted gross income is more than $100,000, your deduction is reduced by 10% for each $1,000 ($500 in the case of a married individual filing a separate return) that your adjusted gross income exceeds $100,000 ($50,000 in the case of a married individual filing a separate return). So, if you make $110,000 or more, you can’t claim the deduction (10% x 10 = 100%).

Besides private mortgage insurance, there’s government insurance from FHA, VA, and the Rural Housing Service. Some of those premiums are paid at closing, and deducting them is complicated. A tax adviser or tax software program can help you calculate this deduction. Also, the rules vary between the agencies.

Prepaid Interest Deduction

Prepaid interest (or points) you paid when you took out your mortgage is generally 100% deductible in the year you paid it along with other mortgage interest.

If you refinance your mortgage and use that money for home improvements, any points you pay are also deductible in the same year.

But if you refinance to get a better rate or shorten the length of your mortgage, or to use the money for something other than home improvements, such as college tuition, you’ll need to deduct the points over the life of your mortgage. Say you refi into a 10-year mortgage and pay $3,000 in points. You can deduct $300 per year for 10 years.

So what happens if you refi again down the road?

Example: Three years after your first refi, you refinance again. Using the $3,000 in points scenario above, you’ll have deducted $900 ($300 x 3 years) so far. That leaves $2,400, which you can deduct in full the year you complete your second refi. If you paid points for the new loan, the process starts again; you can deduct the points over the life of the loan.

Home mortgage interest and points are reported on Schedule A of IRS Form 1040.

Your lender will send you a Form 1098 that lists the points you paid. If not, you should be able to find the amount listed on the HUD-1 settlement sheet you got when you closed the purchase of your home or your refinance closing.

Property Tax Deduction

You can deduct on Schedule A the real estate property taxes you pay. If you have a mortgage with an escrow account, the amount of real estate property taxes you paid shows up on your annual escrow statement.

If you bought a house this year, check your HUD-1 settlement statement to see if you paid any property taxes when you closed the purchase of your house. Those taxes are deductible on Schedule A, too.

Energy-Efficiency Upgrades

If you made your home more energy efficient in 2014, you might qualify for the residential energy tax credit.

Tax credits are especially valuable because they let you offset what you owe the IRS dollar for dollar for up to 10% of the amount you spent on certain home energy-efficiency upgrades.

The credit carries a lifetime cap of $500 (less for some products), so if you’ve used it in years past, you’ll have to subtract prior tax credits from that $500 limit. Lucky for you, there’s no cap on how much you’ll save on utility bills thanks to your energy-efficiency upgrades.

Among the upgrades that might qualify for the credit:

To claim the credit, file IRS Form 5695 with your return.

Vacation Home Tax Deductions

The rules on tax deductions for vacation homes are complicated. Do yourself a favor and keep good records about how and when you use your vacation home.

  • If you’re the only one using your vacation home (you don’t rent it out for more than 14 days a year), you deduct mortgage interest and real estate taxes on Schedule A.
  • Rent your vacation home out for more than 14 days and use it yourself fewer than 15 days (or 10% of total rental days, whichever is greater), and it’s treated like a rental property. Your expenses are deducted on Schedule E.
  • Rent your home for part of the year and use it yourself for more than the greater of 14 days or 10% of the days you rent it and you have to keep track of income, expenses, and allocate them based on how often you used and how often you rented the house.

Homebuyer Tax Credit

This isn’t a deduction, but it’s important to keep track of if you claimed it in 2008.

There were federal first-time homebuyer tax credits in 2008, 2009, and 2010.

If you claimed the homebuyer tax credit for a purchase made after April 8, 2008, and before Jan. 1, 2009, you must repay 1/15th of the credit over 15 years, with no interest.

The IRS has a tool you can use to help figure out what you owe each year until it’s paid off. Or if the home stops being your main home, you may need to add the remaining unpaid credit amount to your income tax on your next tax return.

Generally, you don’t have to pay back the credit if you bought your home in 2009, 2010, or early 2011. The exception: You have to repay the full credit amount if you sold your house or stopped using it as primary residence within 36 months of the purchase date. Then you must repay it with your tax return for the year the home stopped being your principal residence.

The repayment rules are less rigorous for uniformed service members, Foreign Service workers, and intelligence community workers who got sent on extended duty at least 50 miles from their principal residence.

Related: A Homeowner’s Guide to Taxes

This article provides general information about tax laws and consequences, but shouldn’t be relied upon as tax or legal advice applicable to particular transactions or circumstances. Consult a tax professional for such advice; tax laws may vary by jurisdiction.

Dona-DeZube Dona DeZube has been writing about real estate for more than two decades. She lives in a suburban Baltimore Midcentury modest home on a 3-acre lot shared with possums, raccoons, foxes, a herd of deer, and her blue-tick hound. Follow Dona on Google+.

Read more: http://www.houselogic.com/home-advice/tax-deductions/home-tax-deductions/

The Heat Is On!

As the weather gets cooler, it’s a good time to check your HVAC (heating, ventilating and air conditioning) system to make sure it’s operating properly. While it’s wise to have your HVAC inspected by a heating professional every fall and spring, you can increase the efficiency of your system by following Heat during winterthese simple maintenance tips from American Home Shield.

Now:  Use a high-efficiency pleated filter with an electrostatic charge that works like a magnet to grab the tiniest particles. Replace the filter every 90 days and check it monthly. If it looks dark and clogged, change it, and if you have pets, you may need to change it more often.
Keep the air-conditioning unit free of leaves, pollen, grass or branches that can interfere with its future efficiency. Make sure there is at least two feet of space cleared around outdoor units.

Monthly or Seasonally: Inspect the insulation and refrigerant lines monthly. Before winter sets in, replace the humidifier filter and turn on the water.

Annually: Replace the battery in the carbon monoxide detector. Walk around the exterior of the house and check that outdoor AC units and heat pumps are on firm and level ground. Pour one cup of bleach mixed with water down the AC condensate drain to prevent a buildup of mold and algae, which can clog the drain.

Always: Keep at least 20 percent of a home’s registers open to avoid putting unnecessary strain on the HVAC system.

Following these simple tips can prolong the life of your HVAC system and help you be prepared for whatever the winter season may bring.

 

FromCRS – Your Home newsletter, Monday, 27 October 2014

Northern Virginia Housing Condition Update – Spring 2014

After a slow down of the unusual cold and snowy winter, the housing market in the area is just like the Awakening. It is going strong with $1,130,955,371 in Sales Volume – it is almost 20% increase from the month of April.  There were 3,679 houses entered the market for sale (9% more compared to May 2013), while there were 2,349 houses under contract (8% less compared to May 2013).

The median sold price was $480,000, slightly higher than April 2014 with an average days on the market of 32 days (1 week shy from last month).

Most sellers appear to get 98.6% from list price at an Average Sales Price of $566,044 – a 3.43% increase from last month, and an increase of 10% compared to 5-year Average.

Although the report and analysis are in clear details, every locality is different, even subdivisions are different.  I recently installed a tool for automated home value calculation.  It is an automated tool, so there are still errors. Yet, you can try it on your own and see if you like it: wwwfairfaxhouseprice.com

Statistics from RBINTEL.com

Housing market condition – January 2014

Fairfax County alone had more listings than a year ago (total of 1,127 new homes entered the market).  Nevertheless, it does not satisfy the high demand in the area.  Unemployment rate is way down to 3.6% as of the end of 2013 (www.virginialmi.com).  Fairfax main employment is still in the area of Professional, Scientific, and Technical services, which added 10% of job growth to the field.

Average Home Sales Price in Fairfax County is $491,144 at a 96.4% Average Sold to List Price that a homeowner will get from listing the house. Average days on market of a house is 58 days, and it is at its 5-year low.

It is still a seller’s market in general. On the other hand, buyers are currently very skeptical about the market.  With the help of Realtors, buyers are getting the right home for their family, and sellers are moving towards their goals faster. The price bidding war is still happening although it is more tolerable now than before.

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