Clean gutters. This will help prevent rotted wood. If you are uncomfortable standing on a ladder, hire someone. Cost: $50 to $100 per cleaning
Check your roof every two to three years. You can pay a roofer to inspect and repair the metal flashings, problem shingles and cracked seals around vents. Or do it yourself with a caulking gun and silicone sealant for less than $10.
If necessary, a professional should replace flashing or shingles.
Remove leaves and sticks from the roof to prevent rot and eventual water leakage.
Cover your air conditioner. Protecting it from the elements in the cold months will extend its life. Covers, sold at hardware stores, are available for window and central-air units. Cost: About $15 for window units . . . more for central air-conditioning units.
Reseal your asphalt driveway. Sealant keeps water from seeping into the asphalt, causing it to crack and crumble when water freezes and expands.
Reseal your driveway every two years – more often if it becomes dull gray instead of shiny black. This takes three to four hours. Cost to hire a professional: $150 to $300 for a standard driveway.
In warmer climates, the sun deteriorates the surface. So even if you live in a climate that stays above freezing, reseal the driveway every four to five years.
Aerate your lawn. An aerator looks like a push lawn mower with spikes instead of blades. It removes plugs of grass and soil and distributes them on the surface of the lawn, allowing rain to penetrate the ground.
Result: A healthier lawn in the spring.
It only takes about a half-hour to aerate an average lawn. Go in with some neighbors and rent an aerator for $80 to $100 for eight hours. Or pay a professional to do it. Cost:$80 to $120.Trim tree branches and bushes so they don’t touch your house or roof. Wind can cause branches to scratch away paint and/or roofing material, inviting mold and wood
Friday, November 16, 2007
Weatherproof Your Home Indoors
Weatherproof Your Home
A Checklist for Owners
Winter is only a few months away. Spending a few dollars and hours now on home maintenance will help to avoid expensive repairs and save on heating bills over the winter months!
Check window and door seals. Air leaks mean higher heating bills. Refasten loose weather-stripping. To replace stripping, purchase a weather-stripping kit. Cost: Less than $10 per opening.
Deep-clean carpets. When the windows are closed, kicked-up dust will recirculate in the air. Renting a carpet cleaner costs $20 to $30 per day, plus about $15 for cleaning solution.
Clean the furnace. This is important for furnace efficiency – whether it burns oil or gas.
Have your furnace professionally inspected and cleaned every fall. Cost: $50 to $100.
Also change the furnace filter two or three times per year (actual frequency depends on the climate in your area). Filters are located before the cold-air return, usually on the side of the furnace. If you’re not sure how to do it, ask a technician to show you. Standard filters cost about $1 each.
If you have a humidifier next to your furnace: Make sure the technician changes the pads at the annual inspection. Clean pads improve efficiency and prevent dirty air from circulating.
A Checklist for Owners
Winter is only a few months away. Spending a few dollars and hours now on home maintenance will help to avoid expensive repairs and save on heating bills over the winter months!
Check window and door seals. Air leaks mean higher heating bills. Refasten loose weather-stripping. To replace stripping, purchase a weather-stripping kit. Cost: Less than $10 per opening.
Deep-clean carpets. When the windows are closed, kicked-up dust will recirculate in the air. Renting a carpet cleaner costs $20 to $30 per day, plus about $15 for cleaning solution.
Clean the furnace. This is important for furnace efficiency – whether it burns oil or gas.
Have your furnace professionally inspected and cleaned every fall. Cost: $50 to $100.
Also change the furnace filter two or three times per year (actual frequency depends on the climate in your area). Filters are located before the cold-air return, usually on the side of the furnace. If you’re not sure how to do it, ask a technician to show you. Standard filters cost about $1 each.
If you have a humidifier next to your furnace: Make sure the technician changes the pads at the annual inspection. Clean pads improve efficiency and prevent dirty air from circulating.
Centreville's November Update
October's numbers show some improvement with the number of properties coming on the market decreasing and the number or properties selling increasing somewhat. We continue to see many good signs in the market which bode well for the coming months. Once again, prices for "have to" sell homes continue to drive the market as they vie for a limited number of buyers.
The number of properties available at end of October is down from September with the exception of townhomes under $300,000 which was up, and garage townhomes which remained even. Overall, both townhomes and single family inventory was down from September levels. We currently have 325 townhomes (down from last month's 333) and 162 active single family homes (down from 182 in September).
We had 80 townhomes come on the market during the month of October with an average list price of $354,954 compared with 96 listed in September with an average list price of $379,269. For single-family homes we had 40 come on the market in October at an average list price of $585,386. In September 51 listed with average list price of $639,796. Last year for October there were 53 single family homes listed at an average list price of $671,313 and 87 townhomes were listed at average list price of $390.101.
This year in October 34 townhomes sold at an average list price of $356,135 compared with last year when we sold 47 at average list price of $358,100. For single-family homes 26 sold this October with an average list price of $553,050 compared to last year when 12 sold with an average list price of $675,241.
Our current absorption rate for single-family homes is 6 months (meaning at the current sales pace, it would take 6 months, compared to 13 last year at this time - and last month at this time - for all of the current inventory to sell) Keep in mind that this speaks to current inventory and does not take into account additional inventory that will be coming on over the coming months. For townhomes the current absorption rate is 10 months (even with 10 months last month). For last year at the same time our absorption rate for townhomes was 6 months.
Our local economy remains strong, even with some small ups and downs in interest rates they continue at historic lows and serious sellers continue to price their homes aggressively - it to be a great time to be a buyer. Whether you are a buyer or seller, making decisions on how to proceed in this market can be daunting. It is more important than ever to be working with an agent who has the experience and knows how to guide you through the dangers and pitfalls of the coming months. Marketing, staging and pricing are key considerations for every seller. After 22 years of selling real estate in Centreville you can be confident that we have the experience to help you win in this kind of market. If you are thinking of moving now or in the future give us a call today and see why our buyers and sellers have a "Distinct Advantage."
The number of properties available at end of October is down from September with the exception of townhomes under $300,000 which was up, and garage townhomes which remained even. Overall, both townhomes and single family inventory was down from September levels. We currently have 325 townhomes (down from last month's 333) and 162 active single family homes (down from 182 in September).
We had 80 townhomes come on the market during the month of October with an average list price of $354,954 compared with 96 listed in September with an average list price of $379,269. For single-family homes we had 40 come on the market in October at an average list price of $585,386. In September 51 listed with average list price of $639,796. Last year for October there were 53 single family homes listed at an average list price of $671,313 and 87 townhomes were listed at average list price of $390.101.
This year in October 34 townhomes sold at an average list price of $356,135 compared with last year when we sold 47 at average list price of $358,100. For single-family homes 26 sold this October with an average list price of $553,050 compared to last year when 12 sold with an average list price of $675,241.
Our current absorption rate for single-family homes is 6 months (meaning at the current sales pace, it would take 6 months, compared to 13 last year at this time - and last month at this time - for all of the current inventory to sell) Keep in mind that this speaks to current inventory and does not take into account additional inventory that will be coming on over the coming months. For townhomes the current absorption rate is 10 months (even with 10 months last month). For last year at the same time our absorption rate for townhomes was 6 months.
Our local economy remains strong, even with some small ups and downs in interest rates they continue at historic lows and serious sellers continue to price their homes aggressively - it to be a great time to be a buyer. Whether you are a buyer or seller, making decisions on how to proceed in this market can be daunting. It is more important than ever to be working with an agent who has the experience and knows how to guide you through the dangers and pitfalls of the coming months. Marketing, staging and pricing are key considerations for every seller. After 22 years of selling real estate in Centreville you can be confident that we have the experience to help you win in this kind of market. If you are thinking of moving now or in the future give us a call today and see why our buyers and sellers have a "Distinct Advantage."
A Few Points About Interest Rates
Less is more
If you're new to investing or real estate and don't know the first thing about interest rates, here's a good tip: the higher the interest rate, the more expensive it's going to be. High interest rates mean you will have to pay back more on the money you borrow. Another good rule of thumb is that affordability increases if you use an adjustable rate mortgage (it's easier to qualify this way). Of course, there will be a wide range of prices that you can choose from, depending on what kind of financing you choose..
Not even the Fed knows for sure
The Fed holds a considerable amount of power, but they can't control everything. Mortgage interest rates are affected by many unpredictable political, economic and social events. So there is no guarantee what direction interest rates will go, despite the forecasts of the experts. Therefore, make your financial decision based on where things are today including your budget, your needs and your future plans.
Locking in rates assures your lowest interest
If you do decide you want to lock in at a certain interest rate, you will need to complete a loan application and send it to your lender as soon as possible. This must be done so that your commitment doesn't run out before your loan is approved. Follow up and be sure that the lender is receiving all of the necessary documentation. Get a property appraisal, which usually costs about $300, through your loan agent as soon as possible.
Don't obsess and miss a good real estate deal
Although rising interest rates can create more problems for home buyers, waiting and hoping for lower rates is not necessarily a smart move. You may end up paying a higher price – and our current rates are still at historic lows. Also, refinancing is always an option in the event that interest rates come down.
If you're new to investing or real estate and don't know the first thing about interest rates, here's a good tip: the higher the interest rate, the more expensive it's going to be. High interest rates mean you will have to pay back more on the money you borrow. Another good rule of thumb is that affordability increases if you use an adjustable rate mortgage (it's easier to qualify this way). Of course, there will be a wide range of prices that you can choose from, depending on what kind of financing you choose..
Not even the Fed knows for sure
The Fed holds a considerable amount of power, but they can't control everything. Mortgage interest rates are affected by many unpredictable political, economic and social events. So there is no guarantee what direction interest rates will go, despite the forecasts of the experts. Therefore, make your financial decision based on where things are today including your budget, your needs and your future plans.
Locking in rates assures your lowest interest
If you do decide you want to lock in at a certain interest rate, you will need to complete a loan application and send it to your lender as soon as possible. This must be done so that your commitment doesn't run out before your loan is approved. Follow up and be sure that the lender is receiving all of the necessary documentation. Get a property appraisal, which usually costs about $300, through your loan agent as soon as possible.
Don't obsess and miss a good real estate deal
Although rising interest rates can create more problems for home buyers, waiting and hoping for lower rates is not necessarily a smart move. You may end up paying a higher price – and our current rates are still at historic lows. Also, refinancing is always an option in the event that interest rates come down.
Easing The Transition To Your New Home
For Your Family's Safety and Comfort
Teach your children your new address. let them practice writing it on packed cartons.
You can lighten your load and reduce any storage space you need to rent by hosting a garage or yard sale.
Fill two "Open Me First" cartons containing snacks, instant coffee or tea bags, soap, toilet paper, toothpaste and brushes, medicine and toiletry items (make sure caps are tightly secured), flashlight, screwdriver, pliers, can opener, paper plates, cups and utensils, a pan or two, paper towels, and any other items your family can't do without. Ask your van foreman to load one of these boxes so that it will be unloaded at your new home first. Why the second box? In case the movers are delayed getting to your house on the day of the move.
Keep your pets out of packing boxes and away from all the activity on moving day.
Let all your electrical gadgets return to room temperature before plugging them in.
Teach your children your new address. let them practice writing it on packed cartons.
You can lighten your load and reduce any storage space you need to rent by hosting a garage or yard sale.
Fill two "Open Me First" cartons containing snacks, instant coffee or tea bags, soap, toilet paper, toothpaste and brushes, medicine and toiletry items (make sure caps are tightly secured), flashlight, screwdriver, pliers, can opener, paper plates, cups and utensils, a pan or two, paper towels, and any other items your family can't do without. Ask your van foreman to load one of these boxes so that it will be unloaded at your new home first. Why the second box? In case the movers are delayed getting to your house on the day of the move.
Keep your pets out of packing boxes and away from all the activity on moving day.
Let all your electrical gadgets return to room temperature before plugging them in.
Easing The Transition To Your New Home
Use The Right Boxes - And Pack Them Carefully
Professional moving companies use only sturdy, reinforced cartons. The boxes you can get at your neighborhood supermarket or liquor store might be free, but they are not nearly as strong or padded, and so can't shield your valuables as well from harm in transit.
Use sheets, blankets, pillows and towels to separate pictures and other fragile objects from each other and the sides of the carton. pack plates and glass objects vertically, rather than flat and stacked.
Be sure to point out to your mover the boxes in which you've packed fragile items, especially if those items are exceptionally valuable. The mover will advise you whether those valuables need to be repacked in sturdier, more appropriate boxes.
The heavier the item, the smaller the box it should occupy. A good rule of thumb is if you can't lift the carton easilty, it's too heavy. Label your boxes, especially the one containing sheets and towels, so you can find everything you need the first night in your new home.
Professional moving companies use only sturdy, reinforced cartons. The boxes you can get at your neighborhood supermarket or liquor store might be free, but they are not nearly as strong or padded, and so can't shield your valuables as well from harm in transit.
Use sheets, blankets, pillows and towels to separate pictures and other fragile objects from each other and the sides of the carton. pack plates and glass objects vertically, rather than flat and stacked.
Be sure to point out to your mover the boxes in which you've packed fragile items, especially if those items are exceptionally valuable. The mover will advise you whether those valuables need to be repacked in sturdier, more appropriate boxes.
The heavier the item, the smaller the box it should occupy. A good rule of thumb is if you can't lift the carton easilty, it's too heavy. Label your boxes, especially the one containing sheets and towels, so you can find everything you need the first night in your new home.
All Agents Are Not Created Equal
Not all agents or companies are created equal!! In the strong market we just went through getting the home under contract was not the problem. Getting the best terms and highest dollar was the most important factor. Many agents were successful just due to the fast pace of the market. Now that things are more competitive it is different, very different.
We see agents putting in listings without putting in the school information or in some cases the wrong schools. Wrong subdivisions are listed more frequently than you can imagine especially in subdivisions such as Virginia Run where the neighborhood name is different in the tax records. Knowing correct information is a basic consideration but there are others.
A good agent should tell you what you need to hear and not just what you want to hear -especially regarding condition and price. They should have a clear strategy, an understanding of the marketplace, an advertising budget and ideally a proven track record. This is important in getting the best terms and most money but it is also paramount in just getting your home sold.
I know this sounds like shameless self-promotion (and basically it is!!) but it is also based on a desire to educate the consumer as to what to look for. Those properties that sell for less because of misinformation become bad comps for the rest of us. While I may like to think I am the best choice in real estate there re other good agents out there as well. As a consumer educate yourself on what to look for in a listing agent.
Call our office and we will be happy to send you a copy of "Questions to Ask Your Agent" (and yes, we have all the right answers) and we can send you a DVD on "How to Prepare Your Home for Sale" prepared by Tony Randall
We see agents putting in listings without putting in the school information or in some cases the wrong schools. Wrong subdivisions are listed more frequently than you can imagine especially in subdivisions such as Virginia Run where the neighborhood name is different in the tax records. Knowing correct information is a basic consideration but there are others.
A good agent should tell you what you need to hear and not just what you want to hear -especially regarding condition and price. They should have a clear strategy, an understanding of the marketplace, an advertising budget and ideally a proven track record. This is important in getting the best terms and most money but it is also paramount in just getting your home sold.
I know this sounds like shameless self-promotion (and basically it is!!) but it is also based on a desire to educate the consumer as to what to look for. Those properties that sell for less because of misinformation become bad comps for the rest of us. While I may like to think I am the best choice in real estate there re other good agents out there as well. As a consumer educate yourself on what to look for in a listing agent.
Call our office and we will be happy to send you a copy of "Questions to Ask Your Agent" (and yes, we have all the right answers) and we can send you a DVD on "How to Prepare Your Home for Sale" prepared by Tony Randall
Out On A Limb
Over the next couple of months I expect to see buyers get some of the best bargains we have seen in quite some time. Sellers fear of the unknown, relocation bail outs and some very motivated sellers combined with lots of inventory to choose from set the stage for buyers to reap the rewards in the market place. Smart buyers will pluck off the low lying fruit before the new year begins.
As we enter 2008 I look to see seller confidence lead to a leveling out in the pricing as the Spring market begins to unfold. Rates are a big unknown but I do not look for them to fluctuate much either way. It is not worth waiting to potentially get a lower rate nor is it worth compromising on your home selection because you think rates will go up. As you read the news if you see inflation frequently then rates will most likely stay stable or go up, if you see recession then rates will most likely go down. Either way I do not expect to see much fluctuation in mortgage rates. I do look for the conforming loan limit to be increased which will help our market tremendously and I look hopefully for changes to FHA and VA loans loan limits as well. Both of those programs saw limited usage in the last few years as Wall Street entered the mortgage market with 100% financing and low doc loans. (That is what got us into the position we are in) Now that they are out of our market we will see a resurgence in that type of financing.
We will see more foreclosures come into the market but we are also seeing lenders move aggressively to avoid having to take a home to foreclosure. They are restructuring loans and lowering rates, forgiving debt, re-amortizing for longer time frames and basically working with those home owners who want to keep their home. I also see banks moving to different selling strategies such as auctions so we may not see our inventory swell by as much as it could.
It is an election year so that will affect our marketplace somewhat but I will go into that more in January. Generally the pluses equal out the minus’s though. I do see positive growth in our job market and I do see lots of buyers searching on the web. I also have seen a little spurt of home buying in October making up for the slower times in August & September. I look for 2008 to not be a whole lot different than 2007. It was a great year for our team! I expect the sales to stay steady through Spring as well as the pricing. For sellers it will mean that you must have your home in great condition, priced competitively and aggressively marketed. For buyers, the best values are right now and those that pluck this low lying fruit will win.
As we enter 2008 I look to see seller confidence lead to a leveling out in the pricing as the Spring market begins to unfold. Rates are a big unknown but I do not look for them to fluctuate much either way. It is not worth waiting to potentially get a lower rate nor is it worth compromising on your home selection because you think rates will go up. As you read the news if you see inflation frequently then rates will most likely stay stable or go up, if you see recession then rates will most likely go down. Either way I do not expect to see much fluctuation in mortgage rates. I do look for the conforming loan limit to be increased which will help our market tremendously and I look hopefully for changes to FHA and VA loans loan limits as well. Both of those programs saw limited usage in the last few years as Wall Street entered the mortgage market with 100% financing and low doc loans. (That is what got us into the position we are in) Now that they are out of our market we will see a resurgence in that type of financing.
We will see more foreclosures come into the market but we are also seeing lenders move aggressively to avoid having to take a home to foreclosure. They are restructuring loans and lowering rates, forgiving debt, re-amortizing for longer time frames and basically working with those home owners who want to keep their home. I also see banks moving to different selling strategies such as auctions so we may not see our inventory swell by as much as it could.
It is an election year so that will affect our marketplace somewhat but I will go into that more in January. Generally the pluses equal out the minus’s though. I do see positive growth in our job market and I do see lots of buyers searching on the web. I also have seen a little spurt of home buying in October making up for the slower times in August & September. I look for 2008 to not be a whole lot different than 2007. It was a great year for our team! I expect the sales to stay steady through Spring as well as the pricing. For sellers it will mean that you must have your home in great condition, priced competitively and aggressively marketed. For buyers, the best values are right now and those that pluck this low lying fruit will win.
Front Line
FRONT LINE
This used to be called Market Watch but we changed the name to reflect how current the information really is. What we write about in this column is happening this week in our local market. It is not based on last month's or last quarter's statistics or what is happening in California or Georgia. It is information from the front lines of our local market. The market in 07 has certainly been different from past years.
At years end 2007 will rank as the 5th best year ever, behind 03,04,05 & 06. That is based on the total number of sales during the year. Our market has been better this year though than last as our inventory was down by 20-25% for both single family and town homes until August. That means a higher percentage of existing inventory was sold this year compared to last year. Pricing was down 5-10% depending on the month and category of home compared to last year. We saw significant drops this year in May-June and again in Aug-Sept , same as we had last year. This is due to sellers reacting to the transition from Spring to Summer markets and Summer to Fall markets. Pricing drops as those that have to sell jump out in front so they do not miss the next spurt of sales.
In August though things took a dramatic turn for the worse as we saw the collapse of the sub prime market. This affected our market in a number of different ways. First, a large segment of our buyers we no longer able to get a loan as the stated income and Alt-A financing disappeared entirely. ( these were loans that catered to those with credit dings or other qualifying problems) 100% financing was cut way back as well, as the qualifying requirements became way more restrictive. Second, our market was flooded with foreclosures. This is what caused the financing to disappear in the first place as those that had obtained this type of financing defaulted by the score. In Centreville 17+ percent of the homes that are listed are in foreclosure, are owned by a relocation company or are offered as a short sale, meaning that more is owed than they can sell the home for.
In Prince William County the numbers are much, much higher plus there is builder competition. This not only bumps our inventory back up but brings some very motivated sellers (and hence lower pricing) to the market.
Lastly, consumer confidence drops as buyers adopt a wait and see attitude to the market. Lots of lookers but few buyers as they wait to see signs of the bottom or are just too scared to buy until pricing bumps back up. The winners in today’s market will be those that buy in the next couple of months. In January we will look back on 2007 as a whole and go Out on a Limb and tell you what to expect for the coming year.
This used to be called Market Watch but we changed the name to reflect how current the information really is. What we write about in this column is happening this week in our local market. It is not based on last month's or last quarter's statistics or what is happening in California or Georgia. It is information from the front lines of our local market. The market in 07 has certainly been different from past years.
At years end 2007 will rank as the 5th best year ever, behind 03,04,05 & 06. That is based on the total number of sales during the year. Our market has been better this year though than last as our inventory was down by 20-25% for both single family and town homes until August. That means a higher percentage of existing inventory was sold this year compared to last year. Pricing was down 5-10% depending on the month and category of home compared to last year. We saw significant drops this year in May-June and again in Aug-Sept , same as we had last year. This is due to sellers reacting to the transition from Spring to Summer markets and Summer to Fall markets. Pricing drops as those that have to sell jump out in front so they do not miss the next spurt of sales.
In August though things took a dramatic turn for the worse as we saw the collapse of the sub prime market. This affected our market in a number of different ways. First, a large segment of our buyers we no longer able to get a loan as the stated income and Alt-A financing disappeared entirely. ( these were loans that catered to those with credit dings or other qualifying problems) 100% financing was cut way back as well, as the qualifying requirements became way more restrictive. Second, our market was flooded with foreclosures. This is what caused the financing to disappear in the first place as those that had obtained this type of financing defaulted by the score. In Centreville 17+ percent of the homes that are listed are in foreclosure, are owned by a relocation company or are offered as a short sale, meaning that more is owed than they can sell the home for.
In Prince William County the numbers are much, much higher plus there is builder competition. This not only bumps our inventory back up but brings some very motivated sellers (and hence lower pricing) to the market.
Lastly, consumer confidence drops as buyers adopt a wait and see attitude to the market. Lots of lookers but few buyers as they wait to see signs of the bottom or are just too scared to buy until pricing bumps back up. The winners in today’s market will be those that buy in the next couple of months. In January we will look back on 2007 as a whole and go Out on a Limb and tell you what to expect for the coming year.
Thursday, March 8, 2007
March Update
The stock market is doing well overall, interest rates are fantastic, consumer confidence is increasing and Virginia has one of the strongest job markets in the nation. There is no reason for 2007 to not be a great year for real estate. Housing inventory is at much more realistic levels compared to 2006. Those sellers that are in the market are fully aware of market conditions and not caught by surprised like some sellers in 2006. Buyers are taking advantage of the pricing corrections and all of the other positive factors in today’s market and they are very active. YTD the market has been very strong. There is no reason for that not to continue. Once the ice is gone and warmer weather appears sold signs should pop up everywhere just as they did in the warmer weather in January. Overall I look for 2007 to be a strong year with some appreciation in the spring months and flat in the last half of the year. I expect buyer demand to be greater than 2006 and the wild card is the amount of inventory that will come on the market. I do not expect to see the same amount of inventory in 07 that we had in 06. The “flippers” and the new home “specs” are gone from the market. Many of the slated condo projects are now going to remain apartments and may of the sellers who were in the market just to “catch the wave” before it was gone are out of the market. Many of the sellers who rented their homes because they could not sell it may be back but they will not be here this spring as they are stuck in 12 months leases and most only rented when the spring market was over. In 2006 every other home was a vacant house as the sellers got caught in the transitional market. (They must not read this blog!) Most of those vacant homes are now gone and the sellers currently in the market know what to expect and they have staged their homes and priced accordingly. These homes are selling. There are a fair number of foreclosures in the market; something we have not seen in the last 5 years and more will be coming. Same with relocation listings. These will have an effect on the market as they primarily compete on price. We will have to watch this trend. Overall I expect 2007 to be a great one, more in balance with opportunities for everyone.
Thursday, January 18, 2007
Welcome! I have created this blog as a way of communicating directly with you regarding real estate in our area. I will be posting to the blog regularly with information about our market - changing trends, good or bad signs, area information and more. Please feel free to post any questions or comments you may have and I will respond to them quickly!
Subscribe to:
Posts (Atom)
