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2022-04-29T10:01:00-07:002022-05-02T07:33:43-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4193Closing Costs<img src="https://assets.site-static.com/userfiles/1350/image/Closing_Costs-02.jpg" width="1200" height="628" alt="what are closing costs?" title="what are closing costs?" />
CLOSING COSTS FOR YOUR ARLINGTON VA HOME PURCHASE – WHAT ARE THEY?
What happens after you <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/" target="_blank" style="font-size: 17px;" title="buying a home ">buy a home</a>? Closing costs are fees paid at the closing table for a real estate transaction. This “closing” usually takes place at a title company or attorney’s office.
This is the point in time when the process of conveying (transferring) title to the buyer commences, and is finalized when the documents are properly recorded in the county office.
<a href="https://www.buysellinvestproperties.com/blog/closing-costs/" title="Closing Costs">Closing costs</a> are incurred by both the buyer and seller, but mostly the buyer.
Are Closing Costs Expensive?
How much are these costs? In Virginia, as a guesstimate, we will advise clients to budget between 2% and 3% of the purchase price of the property for these closing costs.
What exactly are included in these closing costs?
These closing costs will be detailed by your lender on the ALTA Settlement Form. Below are but a few of the costs that can be incurred, these are the most general ones –
Appraisal Fee
This fee pays for a licensed third-party appraiser to inspect the property with a view to determine its worth. In many cases a mortgage lender will make this a requirement before loan approval. Look for the cost to start at about $500 with the exact figure dependent upon the size and location of the home.
Read <a href="https://www.buysellinvestproperties.com/blog/whats-the-difference-between-an-inspection-and-an-appraisal/" title="difference between appraisal and inspection ">What’s the Difference between an Appraisal and an Inspection</a> here.
Credit Report Fee
When a lender requests permission to access your credit report, there is a cost involved. This cost is passed on to you, the loan applicant. This amount is usually in the region of $25 per applicant/borrower.
Origination Fee
Some lenders will charge a loan origination fee which is an upfront fee for putting the loan in place and processing the application. The amount of this fee is usually quoted as a percentage of the total loan being applied for and is generally between a half percent and one percent.
Application Fee
Simply put, this is a fee charged by the lender to process your loan application. You can be dealing with several application fees when getting a mortgage. You, therefore, want to be diligent in going over these charges to prevent being double billed. Do they include the origination fee which is charged separately as well? Do they include an amount for getting <a href="https://www.investopedia.com/mortgage/insurance/" target="_blank" title="what is PMI?">private mortgage insurance</a> (PMI) which is required when you are putting down less than 20% for your down payment. Pay attention!
Title Search Fee
This is one of the first things a title company will do during the escrow period – a physical search of the title on the home to be purchased to ensure that there are no liens or other encumbrances registered on it. In other words, they wish to confirm that the title is clean.
Cost for this search can run the gamut and is affected by where the property is located (specific county) as well as the complexity of the search.
Title Insurance
Lenders will require that title insurance be taken out to protect against any issues that may arise regarding the ownership after the sale. This is a charge for the borrower and can run between half percent and one percent of the loan amount.
The homeowner (borrower) is also encouraged to obtain their own insurance to protect their personal interest in the property.
Underwriter Fee
This is sometimes referred to as the administrative fee or the processing fee. This fee covers the cost to go over the loan with a fine teeth comb by an underwriter in order to verify the mortgage. This fee is usually in the range of half a percent of the loan amount.
Recording Fee
This is the fee charged by your county office to file your deed and/or mortgage with them. Costs vary, but on average $125 would not be unreasonable. This recording makes your deed and other real estate documents part of the public record. It puts the public on notice about claims of rights to your house, therefore providing you greater legal protection.
It’s a very important step in the home buying process as failure to have these two documents properly recorded can lead to problems. This could be an ownership dispute leading to major legal and financial challenges. Yes, your title insurance would come into play here, but that’s a separate topic for another day.
Remember the balance of your down payment. If your contract calls for a 10% down payment on a $500,000 house, that is $50,000. You may have only put through $10,000 in the form of earnest money, i.e. your deposit. This means you still have to take $40,000 to the closing. The closing cannot take place without your down payment balance, so you will see it referenced on the ALTA Settlement Form.
<img src="https://assets.site-static.com/userfiles/1350/image/Closing_Costs-03.jpg" width="322" height="215" style="float: right;" alt="What are closing costs?" title="What are closing costs?" />
As well, closing costs can include pre-paid items and/or escrowed items in cases where the lender is taking care of these over the life of the loan. Most popular of these are -
Property Taxes
Insurance
Private Mortgage Insurance (PMI)
Condo Fee
There is no question that these multitude of fees and additional costs to the actual purchase price of the home can be baffling and dizzying. Having good advocates throughout the process will go a long way to make your real estate transaction an enjoyable event.
Do remember that closing costs can be used while negotiating during the offer period. Many times, depending on the market and the situation, a seller can be asked to either pay all or a portion of your closing costs! Your lender can also be asked to chip in! There are limits to these amounts depending on loan type.
With a VA loan, sellers are allowed to pay up to 4% of the home price towards the buyer’s closing costs. In addition, there are certain items that cannot be charged on a VA loan. Some of these are Mortgage Broker Fee, Application Fee, Lock-in Fee, Underwriting Fee, Processing Fee, Document Preparation Fee.
For some, rolling the closing costs into the loan is an option of handling this home purchase item. Your lender will be able to discuss the details and pros and cons with you.
View a copy of an <a href="https://www.pdffiller.com/jsfiller-desk15/?projectId=376269189#59277fba4b8b0a07037daa2dbd5a3884" title="ALTA Settlement">ALTA Settlement form</a> here and <a href="https://www.buysellinvestproperties.com/contact/" target="_blank" title="Talk to a REALTOR">contact a realtor</a> with any questions you may have about home buying and closing costs.2020-01-09T09:28:00-07:002021-05-05T08:22:29-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4116FHA Loan Limits 2020<img src="https://assets.site-static.com/userfiles/1350/image/FHA_Loans-02.jpg" width="5001" height="2618" alt="FHA Loan Limits Increased In 2020" title="FHA Loan Limits for 2020" />
FHA LOANS – Increased Limits for 2020
View homes for sale in <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/" target="_blank" title="Arlington properties">Arlington</a> and <a href="https://www.buysellinvestproperties.com/alexandria-va-real-estate/" target="_blank" title="Alexandria properties">Alexandria</a>
<a href="https://www.buysellinvestproperties.com/blog/new-fha-condo-financing-rules/" target="_blank" title="Condo fha guidelines for 2020">Back in October, there was the news surrounding New FHA Financing Rules for Condos.</a>
Today, we have the announcement for increased loan limits in 2020 –<a href="https://www.housingwire.com/articles/fha-loan-limits-increasing-for-almost-all-of-us-in-2020/" title="press release"> Source:</a> FHA loan Limits Increasing for Almost All of U.S. in 2020, HousingWire (Dec. 5, 2019).
Here are the highlights.
The Federal Housing Administration has announced a new loan limit for most of the country in 2020. The FHA loan limit will be $331,760, up by $17,000 from 2019’s limit of $314,760.
For the approximately seventy (70) designated high-cost counties, the FHA loan limit for 2020 will be $765,600, up from $725,600, a $40,000 increase over 2019. Also, Alaska, Hawaii, Guam and the U.S. Virgin Islands will see higher loan limits than the rest of the country due to the higher construction costs in those areas. The FHA 2020 loan limit for them will be $1,148,400.
FHA volunteered that rising home prices dictated the new loan limits.
<img src="https://assets.site-static.com/userfiles/1350/image/People_having_meeting_about_mortgage_bank_loan_buying_house_insurance.jpg" width="1200" height="797" alt="People filling out mortgage paperwork" title="People filling out mortgage paperwork" />
FHA says that there are some counties that will see decreases in their loan limits for 2020 due to home price changes in those areas. The loan limits will decrease by about 50%. Some of those counties are Dutchess County, N.Y., Orange County, N.Y. and Lincoln County, Idaho.
The Federal Housing Administration is required by law to set single-family loan limits at 115% of median home prices.
FHA Increased Loan Limits
The FHA’s announcement follows on the heels of <a href="https://magazine.realtor/daily-news/2019/11/27/fhfa-raises-conforming-loan-limits-for-2020" title="conforming loan limits">the Federal Housing Finance Agency that also approved a higher conforming loan limit for 2020</a>. The cap on loans purchased or acquired by Fannie Mae and Freddie Mac for 2020 will increase to $510,400 and up to $765,600 in high-cost areas.
Also, <a href="https://magazine.realtor/daily-news/2019/12/05/caps-removed-for-va-loan-limits" title="loan caps removed">Veterans Affairs loan caps have been removed for 2020</a>. Active duty military members and veterans may be eligible to qualify for a higher mortgage next year.
For more information, contact <a href="https://www.buysellinvestproperties.com/contact/">Arlington VA Realtor - Norma Skeete</a>!2019-12-15T03:57:00-07:002019-12-16T10:02:12-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4104Condo Boards and Pets<img src="https://assets.site-static.com/userfiles/1350/image/Condos_and_Pets-03.jpg" width="5001" height="2618" alt="Condo Boards and Pets" title="Condo Boards and Pets" />
Condo Boards and Pets – Is your Pet Ready to be Interviewed?
Condo Boards and Pets – what a combination!
It is well known that for a long time many condo associations in Arlington do not allow pets, but some do. It is also well known that there are invariably restrictions on the types of pets, the size of pets and how many. Further, these pets were limited to cats and dogs in most cases. However with the advent of service animals as well as emotional support animals, the variety of pets have become, let’s say, interesting.
As if that were not enough, here comes the news that some condo assocations and <a href="https://streeteasy.com/blog/what-is-a-co-op-apartment-nyc/" title="New York Co-ops">co-ops in New York</a> <a href="https://www.boston2.com/blog/condo-living-or-single-family-home/" title="Boston Condos">and Boston</a> are requiring that all pets be interviewed. Can you hear me laughing? I definitely would love to see this.
But I see an upside. There is going to be a new employment category for people who can prepare pets for an interview. Comment below with some titles for this new category of “trainers”. I just know there are some good ones!
So how is this going? Well, according to this article in the <a href="https://www.wsj.com/articles/so-your-dog-can-roll-over-can-it-pass-a-co-op-board-interview-11575559131">Wall Street Journal</a> it is adding an extra level of stress and trepidation for prospective buyers.
As you know, New York does not have condos; they have co-ops where the interview is already dreaded.
Effects on Real Estate
Both <a href="https://g.page/arlingtonrealtor/review" title="real estate agents">real estate agents</a> and would-be unit owners are of the opinion that the whole thing is absurd. “It’s an animal,” she said. “It’s not like you can say to it, “We’re going on an interview, so be on your best behavior”.”
Condo Associations
Still, although some condo boards are being a little lenient on the restrictions, others are adamant about liability issues as well as inconvenience to other residents say, in the case of a dog squatting in the lobby, fighting with another dog in the elevator or having residents being awakened by the early morning squawking of a bird.
In Practice
What do you do? Well, some prospects and their agents are being inventive to a degree. One applicant decided to borrow a friend’s older and more docile dog of the same breed as hers. She was accepted into the building.
Some are busily working out the right dose of drugs to keep the dogs quiet without making them into zombies. Others are dressing up their pups in bow ties and sweaters in an effort to make a good impression.
Tricks of the Trade
A <a href="https://www.google.com/maps?cid=9514992081517545119" target="_blank" title="Realtos">real estate agent</a> who was trying to get into an <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" title="Arlington Condos">Arlington condo</a> herself with her miniature dachshund sneaked turkey slices into her pockets. They kept the dog on her lap the whole time staring at her, wanting the turkey.
Agressive Condo Associations
A particularly strict <a href="https://www.investopedia.com/articles/pf/08/housingco-op.asp" title="co-op ">co-op building</a> is just banning numerous breeds of more aggressive dogs outright. Another will only give approval if the resident signs a letter acknowledging that the dog can remain in the building solely at the
<img src="https://assets.site-static.com/userfiles/1350/image/Training.jpg" width="169" height="254" alt="Dog trainer with German Sheppard" style="float: right;" />board’s discretion and that if, after a trial period, the board isn’t happy, the dog can be removed.
Who knows when this is going to come your way. But come it will, I’m sure. So why not take to heart the recommendations of a dog trainer?
Don’t Wait Until the Last Minute
She recommends all pups attend obedience training from an early age.
Try to Avoid the Interview Altogether
Be proactive and give the condo association a lot of information about your pet upfront – height, weight, breed, vet information, sitter’s recommendation, training records, etc. The board just might forego the interview.
Walk your Dog
Tire the dog somewhat by doing additional exercise just before the interview, but don’t forget to clean him/her up prior to going before the Board.
Fido, SIT! STAY!2019-12-10T14:14:00-07:002019-12-11T15:47:47-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4077What's The Difference Between an Inspection and an Appraisal<img src="https://assets.site-static.com/userfiles/1350/image/Appraisal_Inspection-03.jpg" width="3000" height="1570" alt="What is the difference between and inspection and an appraisal?" />
Appraisal vs Inspection: What’s the difference?
As a buyer, when you put in an offer on your <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/">Arlington Virginia home</a> and the contract is ratified, there are two items that usually need immediate attention now that the escrow period has commenced. One is a real estate appraisal of the property and the other is a home inspection of the property. To many homebuyers, an appraiser and an inspector may appear to be looking at the same areas of the home, and in a sense, seem to be doing the same job. However, an appraisal and a home inspection are two very different things.
Let’s take a look at each of these two processes and learn the differences.
So what is an appraisal?
The <a href="https://www.discover.com/home-loans/articles/the-home-appraisal-process" target="_blank">appraisal of a home</a> is an assessment of the value of the property based on the attributes of the home itself and other market conditions in order to establish a fair market value.
It is a very involved process carried out by licensed individuals who have gone through a rigorous training process, including an apprenticeship period as well.
The appraiser will conduct an in-home visit to gather accurate information on the number of bedrooms and bathrooms, any property damage, the overall condition of the main structure and major systems, and will measure for accurate square footage, among other things. They not only inspect inside the home and outside the home, but also the general area where the home is located and comparable values of other similar homes in the area.
It is the lender from whom a buyer is seeking a mortgage (financing) for their Arlington Virginia home that they are buying who will request the appraisal.
These appraisers are part of a pool of professionals identified by the State’s licensing body. They are independent. (Prior to the last real estate meltdown, buyers themselves were responsible for getting appraisals). The buyer is never present for this process. The appraiser, having received the details from the lender, will usually contact the home seller’s agent regarding access to the property.
Once the appraisal is completed, the document with the appraiser’s findings will be submitted by the appraiser to the lender. The lender’s first interest will be the value of the home. The lender is interested in an amount equal to the purchase price of the property or more than the purchase price of the property, since the primary purpose is to assure the lender that the home’s value will cover the amount of the loan being requested by the buyer.
Should the value of the home as assessed by the appraiser be lower than the amount of the loan being requested by the buyer, the lender will notify the buyer.
At that time, based on the <a href="https://www.upcounsel.com/what-is-ratified-contract" target="_blank">ratified contract</a>, the buyer will have three options:
Accept the lower appraised value and request the seller to lower the purchase price to match the appraised value
Accept the lower appraised value without requesting the seller to lower the purchase price and agree to take the difference to the closing table (i.e. the difference between the purchase price and the appraised value). Yes, market conditions can dictate this action at times.
Reject the lower appraised value and walk away from the contract by voiding it.
Of note, it is a regular occurrence for cash purchasers to forego an appraisal. I do not subscribe to that idea. I think one should be interested in the value of a home despite how it is going to be paid for. And again, yes, market conditions can make this a strategy when submitting an offer.
In most instances, Item 1 is either accepted by the seller or negotiations result in both the buyer and seller splitting the difference.
What is a Home Inspection?
A home inspection, like the appraisal, is also initiated right after ratification of the contact. This, however, is done by the buyer with the help of his or her agent. It also requires a <a href="https://www.buysellinvestproperties.com/about/" target="_blank">Virginia- licensed professional</a> for your Arlington VA home purchase.
The home inspector will come to the property and take an in-depth look at its integrity, condition, and functionality. It will usually start outside the home with a view of the roof, chimney, the slant of the land as it pertains to water intrusion, among other things. Curb appeal is also noted. Some of the other areas that will come under scrutiny are -
<a href="https://www.buysellinvestproperties.com/blog/upgrading-to-energy-efficient-windows/">Windows</a>
Foundation
Plumbing
Landscaping drainage
HVAC (heating/cooling) systems
Electrical outlets and panels
Chimneys
Decks and patios
Built-in appliances
Floors and ceilings
Basements
The purpose of an inspection is to give the buyer a fair assessment of the condition of the property that they are in the process of purchasing. Are there serious issues that would cause a prudent person to back away? Or are the inspector’s observation run of the mill issues that can be attended to easily without major expense? Are the issues surrounding out-of-code matters which should be attended to by the seller?
<img src="https://assets.site-static.com/userfiles/1350/image/radiator.jpg" width="350" height="233" alt="Tightening Radiator with Wrench" style="float: right;" />Even if there is nothing of consequence, the home inspection is a very important step in the home-buying process. It is a treasure-trove of information, especially for a first-time buyer. An inspector will point out where things are, e.g. water turn-off valves, electrical panels – which switch is controlling which items in the house, etc. An engaged home buyer can gain a wealth of knowledge by attending a home inspection with a knowledgeable inspector.
Do not think of skipping your home inspection. Be there!
Once the physical inspection is completed, a very detailed inspection report will be prepared by the inspector and forwarded to the buyer, usually within a day as <a href="https://www.escrow.com/support/faqs/what-is-an-inspection-period%2C-when-does-it-start%2C-and-how-long-does-it-last" target="_blank">inspection time frames are tight</a>. The buyer and his or her agent will discuss and decide what course of action to take which could be –
Accept the report without asking the seller for anything.
Ask the seller to make certain repairs.
Ask the seller to provide a certain dollar value for you to make the repairs yourself.
Void the contract and walk away.
(A copy of the inspection would accompany the communication to the seller.)
In some situations, these negotiations can be time-consuming and stressful. A good agent will have discussed a strategy for dealing with inspection issues in the initial consultation.
The bottom line is, an appraisal addresses the value of your Arlington Virginia home. An inspection, on the other hand, seeks to address the condition of the home and its fixtures.
It’s noteworthy to mention that both of these two items are time-sensitive, details of which will be in your contract. Failure to adhere to the time frames will result in the loss of the contingency protections inherent in them. Your Arlington VA Realtor should be keeping track on your behalf.
For more information on buying or selling a home in Arlington, Virginia and all things about living in Arlington, VA please browse our website and contact <a href="https://www.buysellinvestproperties.com/contact/">Arlington Realtor Norma Skeete</a> anytime. 2019-12-02T17:42:00-07:002019-12-03T11:38:06-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4061Common Reasons Home Sales Fall Through<img src="https://assets.site-static.com/userfiles/1350/image/4_1.jpg" width="1200" height="628" alt="Common Reasons Why Home Purchases May Fail" title="home purchase void" />
It is an exciting time when you receive a great offer on your Arlington Virginia home. You may feel like the hardest part of the home-selling process is complete. Unfortunately, however, it’s not. There are many things that can go wrong, and obstacles you must work through that can delay and even cancel your home sale.
Here are some of the more <a href="https://www.thebalance.com/pending-home-sales-gone-bad-1798297">common reasons</a> why home sales fall through and what you can do to prevent them from happening.
Financial Issues
One of the most common reasons that your <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/">Arlington VA home</a> sale will fall through is due to the buyer’s finances. If the buyer has difficulty acquiring financing through a lender, this can delay your sale or stop it altogether. To prevent this from happening, you should always look closely at the offer being presented to you. You should only accept offers from individuals who have provided pre-approval letters from a lender. If you receive a cash offer from a potential buyer, this offer should go to the top of your priority list as it takes away this particular issue.
Home Inspection Issues
After an offer has been accepted, it is recommended that buyers <a href="https://www.buysellinvestproperties.com/blog/should-you-have-your-home-pre-inspected/">conduct a home inspection</a>. This will alert them of any problems or hidden issues on the property. If major repairs or problems do arise, this could turn a buyer away. When you look at the offer being presented to you, look for inspection contingencies. Work with your real estate agent to ensure that a win-win strategy is in place to deal with inspection items without delay or loss of the buyer. For instance, the listing could include wording to the effect that the property is being sold “as-is” and that inspection for certain named items is for “informational purposes” only.
Bottomline, be prepared for this aspect of the process and be sensitive to the buyer on the other side without compromising your own position.
Home Appraisal
The home appraisal is another critical component of the home sale. The bank will hire an appraiser to walk through your property and determine its value. If the appraised value comes in significantly less than the purchase price, the lender will not provide the necessary funding to purchase the home, unless the price is adjusted downwards to meet the appraised value or the buyer agrees to bring the additional amount to the closing table.
To prevent these headaches, it is crucial that you accurately price your Arlington VA home. While you want to make as much money as possible, you must price your home according to its value. Work with your real estate agent when determining a price for the home.
Buyer No Longer Wants Your Home
Real estate is a large investment and many buyers may be scared about making the leap. Sometimes they get <a href="https://www.trulia.com/blog/5-reasons-home-sales-fall-prevent/">cold feet</a> and back out of a sale, or certain factors are brought to light that make them no longer interested in the property. While there is often little you can do in these situations, it is important that you look carefully at all of the offers presented to you. You want to choose a buyer who is confident and excited. Buyers who are dragging their feet or are struggling to negotiate a deal are more likely to walk away from your Arlington Virginia Home for Sale.
The home-selling process is complex and can be frustrating, particularly if your home sale is at risk. By working with a qualified real estate agent from the beginning of the process, you are more likely to enjoy a smooth and pleasant real estate transaction.
For any questions on buying and selling a home in the Arlington, Virginia area, reach out to <a href="https://www.buysellinvestproperties.com/contact/">Arlington, VA realtor Norma Skeete</a> today.2019-11-25T13:24:00-07:002019-11-26T16:54:19-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4059Tips and Tricks to Improve Your Home’s Security<img src="https://assets.site-static.com/userfiles/1350/image/Tips_and_Tricks-03_1.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Home Security Tips And Tricks" title="home security" width="5001" height="2618" />
No matter if you are selling your <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/">Arlington, Virginia home</a> or you just bought a beautiful new property in the area, the <a href="https://www.hgtv.com/remodel/mechanical-systems/12-easy-ways-to-improve-your-home-s-security-pictures">security of your home</a> should be atop priority. You want to keep your home secure and free from unwanted guests and eyes. While you can always invest in high-end security systems throughout your home, these aren’t always necessary and you may not have the money in your budget. Luckily, there are several simple, inexpensive things you can do that will make a big difference. Here are several of them.
Improve Your Home’s Security Tip #1 : Lighten Up Your Home’s Exterior
One of the best ways to deter burglars and other unwanted guests from your home is to keep it well-lit. Installing multiple bright lights around your home’s exterior should be essential. If you don’t want to keep the lights on through the night, consider motion sensors or exterior lights that are powered by solar energy.
Plus, a well-lit exterior is great for your curb appeal. It is a feature that many home buyers are looking for in a property. If your home’s exterior lights are old, consider replacing them for newer models. These items are not only more bright, but they are more energy-efficient than older light fixtures as well.
Improve Your Home’s Security Tip #2 - Replace Old Windows
<img src="https://assets.site-static.com/userfiles/1350/image/window_thief_1.jpg" style="float: right;" width="340" height="198" />
If you have old windows around your home, you are not only losing a significant amount of energy, but you are also compromising the safety of your home. Often, these windows do not lock or close very well, making it easy for individuals to break into your home. While window replacement can be very costly, it offers countless benefits. It will instantly update both the exterior and interior of your home, it will improve your home’s energy-efficiency, and it will provide stronger security measures as well.
Improve Your Home’s Security Tip #3 - Consider Smart Tech
You don’t need a full security system to improve your home’s security. There are many <a href="https://www.pcmag.com/article/303814/the-best-smart-home-devices-for-2019">smart devices</a> on the market that will drastically increase the security of your property. A few devices you may consider include:
Smart Lock: Individuals can only unlock your door by entering a numeric password or by using their smartphone. These locks do not use a traditional deadbolt that many criminals can pick and unlock.
Camera Doorbell: See who is standing outside your home, who is looking at packages on your doorstep, etc., with a camera doorbell. These devices can be quite inexpensive to purchase and can be installed in an afternoon. Plus, you can find many of these items with advanced features such as a microphone.
Shock Sensors: On windows and doors throughout your home, you may consider installing shock sensors. When a door or window with this sensor is moved, you will be notified immediately. Many products can also detect if window glass has been shattered or if it has been tampered with. Even better, these are extremely simple to install.
Improve Your Home’s Security Tip #4 - Install an Exterior Security Camera
While you may not have the money or desire a full security system in your home, a few exterior cameras may be ideal. This allows you to keep a close eye on the exterior of the home and any unusual activity. These cameras can also be a major deterrent for criminals. Hang these cameras around various areas of your home such as near your garage or shed or the side of the home. You may also consider installing a camera in areas where you can’t receive a clear view of your property due to trees, bushes, or other items that may be in the way. <img src="https://assets.site-static.com/userfiles/1350/image/camera_1.jpg" alt="Home Security Camera" title="camera" style="float: right;" width="300" height="200" />
The security of your home is not something you should take lightly. The above ideas are just starting points when it comes to securing and protecting your home.
For more information on home improvement, Arlington, Virginia real estate, and the buying and selling process, contact <a href="https://www.buysellinvestproperties.com/contact/">Arlington VA Realtor Norma Skeete</a> today.2019-11-23T16:03:00-07:002019-11-24T11:03:18-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4054How to Prepare Your Arlington Virginia Home for Winter Weather<img src="https://assets.site-static.com/userfiles/1350/image/Winter_Weather-03.jpg" alt="Snow covered home" title="winter-home" width="5001" height="2618" />
Winter is about to make its appearance and that means snow, ice, and freezing cold temperatures. As a homeowner, it is important that you take the proper steps to prepare your house for this winter weather. Proper preparation will not only keep your home safe and reduce your risk of damage, but it will also improve your house’s energy-efficiency and reduce high energy bills. <br />
Here are several things you should do to prepare your <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/">Arlington, Virginia home</a> for the winter weather.
Install a Programmable Thermostat
If you are currently not controlling your home with a programmable thermostat, now is the time to change over. A programmable thermostat gives you more control over your home’s climate. You have full control over the temperature in your home and when your heat turns on and off. For example, you can set your thermostat to lower temperatures during the night or when you are away at work. Some products will even connect with your smartphone so you can adjust your heat from hundreds of miles away.
Have Your Furnace Serviced
When was the last time you had the furnace in your home inspected and serviced? By hiring a professional to conduct a tune-up on your home’s heating system, you will decrease the risk of failures or problems on those cold nights. The technician may also look for any carbon monoxide leaks, helping you keep your entire family safe.
While an inspection can cost you $100 or more, it will increase the lifespan of your <a href="https://www.blumsacandheating.com/" target="_blank">heating system</a>, helping you save money in the long run.
Clean Your Gutters
Before the snow begins to fall, make sure your <a href="https://www.washingtonpost.com/business/2018/10/01/use-this-checklist-prepare-your-home-winter/">gutters are clear</a> of debris, leaves, sticks, and other items. When you skip this home-improvement task, your gutters can quickly become clogged. These clogs can freeze in the colder temperatures, causing damage around your home. It will also not allow the water to properly drain from your house, which can greatly increase the risk of water damage around your property and inside your house. Ideally, you should clean your gutters once every quarter, if not more often.
Check and Repair Your Seals
A fast and simple home improvement task that will prepare your home for the winter weather is to check and repair the seals around your windows and exterior doors. You want to look closely for any sign of damage such as holes, gaps, or excessive wear on both the interior and exterior seals. When you have a problem with your seals, your home’s heat can quickly escape, which will increase your home’s energy bill. <br />
If you find repairs are needed, you can reapply exterior caulk. If problems are found with the seals around your door, you will need to install new weather-stripping. This is a fast and inexpensive repair.
Clean Your Chimney
<img src="https://assets.site-static.com/userfiles/1350/image/AdobeStock_84207123_opt_1.jpg" style="float: right;" alt="Professional chimney cleaner on ladder" title="chimney-cleaning" width="150" height="225" />
Did you know that there are more than <a href="https://www.bobvila.com/articles/chimney-fires/">25,000 chimney fires</a> in the United States every single year? If you plan to use your fireplace or wood-burning stove this winter, it is crucial that you have it cleaned by an expert. A professional will remove soot and other elements that can increase the risk of fires. They can also look for any damage to your chimney and venting systems. It is recommended to have a chimney inspection at least once a year.
By taking the time to prepare your home for the winter weather, you are protecting your investment and saving money. <br />
For more home improvement tips, information regarding buying or selling a home in Arlington, Virginia, local neighborhoods, and more, contact <a href="https://www.buysellinvestproperties.com/contact/">Arlington, VA realtor Norma Skeete</a>. 2019-11-22T01:11:00-07:002019-11-23T15:00:27-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4052Should You Have Your Home Pre-Inspected?
<img src="https://assets.site-static.com/userfiles/1350/image/Should_you_get_your_home_pre-inspected-03.jpg" style="display: block; margin-left: auto; margin-right: auto;" alt="Should you have a pre-inspection " title="Should you have a pre-inspection " width="1200" height="628" />
When you are in the market to <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/" title="houses for sale in Arlington">buy a house in Arlington, Virginia</a>, experts recommend that you have the property inspected. This will alert you of any hidden issues or potential damage that could affect the home and your bank account. However, some sellers will choose to have the property inspected prior to placing it on the market. While this decision will cost <a href="https://www.homeadvisor.com/sem/task.Inspection-General-Home-Home-Inspector.40087.html?4303=10001&4968=10097&7735=20767&500603=7211&502676=203600&gclid=EAIaIQobChMIgYSM6Kv15QIVMhh9Ch3DZgwIEAAYASAAEgKEbvD_BwE&step=location&sar=true" title="inspection costs">several hundred dollars</a>, it may be in your best interest.
Here are four reasons you should consider a <a href="https://www.realtor.com/advice/sell/should-home-sellers-get-a-pre-inspection/" title="pre home inspection ">home pre-inspection</a>.
1. It Gives You Time to Make Much-Needed Repairs
When you receive your inspection report, you will have a list of tasks that need to be completed. These could be major issues such as the roof needing to be replaced or something as small as a crack in the garbage disposal. Completing a home inspection before placing your house on the market, gives you the time to make these necessary repairs. This is a great way to save some money as you aren’t as rushed to complete the work so you can budget, shop, and search for deals and the best contractor.
2. There Are No Surprises for Buyers
<img src="https://assets.site-static.com/userfiles/1350/image/20191122_Checklist.jpg" alt="Checking off inspection list" style="float: right;" title="Checking off inspection list" width="300" height="200" />If a buyer knows that an inspection has recently been completed on the home, they will feel more confident in their purchase decision. Additionally, a pre-inspection also helps reduce your chance of receiving low offers on the property. Many home offers have inspection clauses. These typically state that if major issues are found during the inspection process, the buyers can back out of the property.
However, keep in mind that there are some drawbacks to a pre-inspection. When certain problems are found during the inspection, you will need to disclose them to the buyer. While this can reduce potential lawsuits, some issues can also deter buyers or you may be paying thousands of dollars to fix the problem.
3. Your Listing is More Impressive
Following a home inspection, you will likely make several repairs to improve the home to make it sell-ready. While this is not only going to improve the look and condition of the home, it will also improve its listing as well. For example, if you make major repairs such as updating the flooring in the kitchen, painting several bedrooms, or even replacing the water heater or a few windows, these repairs should be highlighted in the listing. <a href="https://www.homelight.com/blog/creative-real-estate-listing-descriptions/" title="creative real estate descriptions">Using words</a> such as “recently replaced, “brand new,” or “upgraded” throughout the list is going to attract potential buyers.
4. Can Speed Up Your Sale
After a buyer conducts a home inspection, negotiations may begin once again. You may need these negotiations to determine who has to make certain repairs and how the inspection report will affect the offer price. A pre-inspection can reduce much of these renegotiations. If major issues were found during the pre-inspection, these can be negotiated at the beginning of the process. It will not slow down the process at a later date.
However, be aware that just because you choose to conduct a pre-inspection, it does not mean the buyer will not want their own inspection. Each inspector may find different problems or concerns. This means you may have a whole new list of potential problems you’ll need to take care of following the second inspection.
<img src="https://assets.site-static.com/userfiles/1350/image/Construction_concept__Foreman_officer_inspector_defect_about_engineerarchitect_work_home_building_before_complete_project.jpg" alt="Man Inspecting Foundation in a pre-inspection " title="Man Inspecting Foundation in a pre-inspection " width="889" height="500" />
A home pre-inspection may not be necessary for your home. If you are wondering if this is the right choice for your property, talk to your agent. <br />
For more questions on buying or selling a home in Arlington, Virginia, the current real estate market, and the latest listings, contact <a href="https://www.buysellinvestproperties.com/" title="Arlington Realtor">Arlington VA Realtor Norma Skeete</a> today. 2019-11-20T21:16:00-07:002019-11-27T13:40:55-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:4040Upgrading to Energy Efficient Windows<img src="https://assets.site-static.com/userfiles/1350/image/energy_efficient_windows.jpg" width="1200" height="628" alt="Upgrading to energy efficient windows" title="Upgrading to energy efficient windows" />
Benefits of Energy Efficient Windows
With the recent drop in interest rates and the <a href="https://www.buysellinvestproperties.com/blog/arlington-housing-market-soars/" target="_blank">housing market on the rise</a>. property owners may want to consider taking out a home equity loan to make improvements. An excellent way to build home value is by adding energy-efficient windows. If you are working on a home to sell, then these windows might be an excellent selling point. People buying a home, <a href="https://www.buysellinvestproperties.com/arlington-va-relocation-guide/" target="_blank">especially when relocating</a> and may not see the house before move in, want to know what will help them save money as soon as they move in. We talk about six ways to scrutinize Energy Star windows below.
Window Style
Depending on the building codes in the state, there are a variety of window types to purchase. Hopper, awning, and casements are windows with hinges. A hopper style window uses a hinge at the top and opens downward from this hinge. An awning window is just the opposite, with the hinge at the bottom. Casements use a hinge on the right or left side and open from that direction.
Windows with sashes are either double, single, or sliders. Single sash windows only open up from the bottom while the double version can open in either direction. Sliders are similar to casement windows because they will open from either side.
NFRC Ratings
U.S. News says the National Fenestration Rating Council, or NFRC, gives detailed ratings for Energy Star windows. These classifications use a high to low scale to list things like the transfer of heat from the sun, how much air the windows leak, the amount of light that comes through the windows, and the energy loss through the panes to the outside. The higher the number, the worse the rating. The goal is to look for windows with the lowest numbers for the most energy efficiency.
Coatings
The news outlet also tells readers that three Low-E tints are available for efficient windows. The more layers of coating, the darker the windows. Homeowners that want maximum efficiency might want to opt for all three layers. If the house has little natural light, then a different option may be a better choice. Cost is a factor with these coverings as well. The more coatings, the higher the price of the window.
<img src="https://assets.site-static.com/userfiles/1350/image/upgrade_your_windows.jpg" alt="Taking out old windows with low energy efficiency" width="1200" height="800" />
Internal Layers
Windows come with a variety of filling material when there are two or more panes. For example,<a href="https://www.lowesforpros.com/a/the-faqs-on-gas-filled-windows.html" target="_blank"> some windows use gas like argon or krypton</a> to stop outside air from getting into the home. Argon is great for wide window gaps while the krypton is more effective for smaller dimensions. Stainless steel, aluminum, various foams, and caulks are spacer types available to seal the windows and reduce the air leaks around the panes.
Number of Panes
Just like layers of blankets, the number of glass panels in a window makes a difference. With each additional pane, the energy efficiency rating increases. A single pane window will let the heat get through faster than multiple panes. Dual and triple-pane windows are the most desirable for saving money and energy when the insulation and installation are good quality.
Enclosures
<a href="https://modernize.com/windows/frames" target="_blank">Window frames make a difference</a> in energy savings. Metal transfers heat quickly, so these frames are the least effective at stopping energy loss. The upside is that these materials are durable and affordable. Wood is a good material, but it requires a lot of maintenance and upkeep. Vinyl windows can harden and crack with exposure to UV rays, but these windows are more effective when they come with good insulating materials.
Other Things to Think About When Getting New Windows
Homeowners must consider the life of the window, the cost, and the energy savings to decide which option is the best. Great windows will not save money if the person installing them does a poor job. Good quality work is just as important as picking the right windows. The type and amount of insulation will affect the energy savings a homeowner can expect. Using thermal curtains or drapes with vinyl backing can reduce the heat transfer from the home and protect the interior from UV damage.
With refinancing and home equity loans becoming more obtainable, property owners can use lower interest rate loans to get higher quality windows. CNBC says that <a href="https://www.cnbc.com/2019/10/30/heres-how-the-fed-rate-cut-affects-you.html" target="_blank">refinancing this winter can save</a> homeowners as much as $150 per month. This rate cut means energy-efficient windows will pay for themselves faster.
For more assistance, or to obtain additional information, <a href="https://www.buysellinvestproperties.com/contact/" target="_blank">contact your trusted Arlington VA Realtor</a> - Norma Skeete today.<br /> 2019-11-15T09:46:00-07:002019-11-23T18:55:23-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:3902New FHA Condo Financing Rules<img src="https://assets.site-static.com/userfiles/1350/image/FHA_Condo_Financing_Rules.jpg" alt="New FHA Condo Guidelines" title="New FHA Condo Guidelines" width="800" height="481" />
NEW FHA CONDO FINANCING RULES
For many years there have been challenges surrounding the <a href="https://www.moneyunder30.com/condo-financing-is-different" title="condo financing is different">financing of condominiums</a> with loans insured by the Federal Housing Administration (FHA). And for just as long there have been <a href="https://www.nar.realtor/newsroom/national-association-of-realtors-applauds-long-awaited-fha-condo-rule" title="NAR pushes for new condo rules">behind-the-scenes efforts</a> by The National Association of Realtors (NAR) to effect some change to make it easier for first-time homebuyers, older buyers and low-to-moderate-income families to realize their dreams of homeownership.
So, finally, on October 15, 2019, new rules from HUD will be enacted for FHA loans relative to the purchase of condominiums.
Looking for Condos for Sale?
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" title="Arlington Condos for Sale">See All Arlington Condos for Sale</a>
<a href="https://www.buysellinvestproperties.com/alexandria-va-real-estate/condos/" title="Alexandria condos for sale">See All Alexandria Condos for Sale</a>
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<a href="https://www.buysellinvestproperties.com/mclean-va-real-estate/condos/" title="Mclean condos for sale">See All Mclean Condos for Sale</a>
<img src="https://assets.site-static.com/userfiles/1350/image/New_FHA_Condo_Financing_Rules1.jpg" width="1200" height="628" />
Single Unit Approvals
Following the Great Recession which ended in the middle of 2009 (having commenced late 2007), HUD had curtailed the ability of FHA borrowers to get “spot loans” wherein they could purchase a single unit in non-FHA-approved buildings. That ruling greatly reduced the available supply of condominiums to FHA borrowers.
No more. Come October 15, FHA borrowers will be able to obtain Single Unit Approval (SUA) on non-FHA-approved condo buildings which meet these requirements:
The building must have at least five (5) units.
There will be a limit on how many FHA loans can be in a building. For Single Unit Approvals, there will be a 10% maximum for buildings with 10 or more units.
The building must already have at least 50% owner occupancy.
There will be a maximum of 35% for commercial space.
Re-Certification Requirements
For <a href="https://entp.hud.gov/idapp/html/condlook.cfm" title="FHA Approved Condos">FHA-approved buildings</a>, one of the problems was that the certification period was only for two years, thus requiring re-certification. The re-certification was the same as the initial certification which was time-consuming and onerous for condo associations to face in order to maintain FHA approval.
One year has now been added on, so that re-certification will be required every three years instead, with an additional six months to submit the re-certification documents. These will be updated documents in most instances; not the full package.
Commercial Space
The commercial space allowed in an FHA-approved building has now been increased by HUD from 25% to 35% and with some exceptions up to 49%. HUD still has further discretion to issue mortgagee letters to change the allowable commercial space to be within 25% and 55%, if deemed necessary.
NAR had urged HUD to consider the fact that more and more home buyers which to live in areas where there is a combination of housing and retail and public transportation. This mixture will enable more buildings to <a href="https://www.hud.gov/sites/documents/11-22MLGUIDE.PDF" title="Get FHA Approval ">become FHA approved</a>, increasing the general housing supply In many areas.
<img src="https://assets.site-static.com/userfiles/1350/image/FHA_rules_commercial.jpg" alt="New FHA Condo Guidelines" title="New FHA Condo Guidelines" width="1200" height="600" />
Owner-Occupancy Requirement
The current owner-occupancy requirement is 50%. However, for buildings that are over 12 months old having less than 10% of their units in arrears, a 35% O/C level may be approved by HUD.
This removes the current 20% or higher required reserves that was necessary for a lower owner-occupancy rate.
Under the final rule, HUD now has the ability to establish a different owner-occupancy level by way of mortgagee letters between 30% and 75% which allows for much more flexibility in responding to changing market conditions.
FHA Loan Concentration
Currently, the maximum number of units with FHA loans is 50%. The final rule allows HUD to establish a different FHA concentration level by way of mortgagee letters between 25% and 75% to enable a quicker response to changes in the real estate market.
Single Investor Ownership
Currently, a single investor in a FHA-approved building can own up to 10% of individual units where there are more than 20 units.
If there are less than 20 units, a single investor may own no more than one unit.
For single unit approval, the ownership numbers are the same as for the FHA-approved building above.
If you are thinking about buying a <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" title="condo in Arlington VA">condo in Arlington VA,</a> or if you were unsuccessful in the past due to the non-approved status of a particular building, let’s talk. Contact your trusted <a href="https://www.buysellinvestproperties.com/contact/">Arlington VA Realtor - Norma Skeete</a>.2019-10-10T09:31:00-07:002019-10-16T08:22:59-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:3704Arlington Housing Market Soars<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Market_Soars.jpg" width="1200" height="800" />
Arlington Housing Market Soars as Amazon Announces Plans to Build Headquarters
When retail giant Amazon first started discussing <a href="https://www.arlingtonva.us/amazon/" target="_blank">relocating their headquarters to Arlington, Virginia</a>, many hoped it would invigorate the city's economy. As plans move forward and temporary Amazon offices are built, we are beginning to see these predictions come true. Though it will still be a few years before Amazon builds its complete headquarters, the impact on Arlington is already beginning to have a noticeable effect on the housing market. If you're looking to <a href="https://www.buysellinvestproperties.com/buyers/" target="_blank">buy a home</a>, Arlington VA is the place. Keep reading to see how the market has evolved and learn what you can expect in the upcoming years.
Arlington Housing Prices Are Already Soaring
Of course, the biggest indicator of how Amazon is changing Arlington's real estate market is the price of properties. Interestingly, there was a sudden jump as soon as Amazon announced their plans, with home prices increasing by roughly $100,000 in the months after the headquarter plans were made public. Since last year, there has been an 11 percent increase in the median price for a condo or house in Arlington. A lot of the offers sellers are accepting are actually over listing prices, with sellers in August getting 100.3 percent of their initial listing price. The median sale price for a home in Arlington is currently at $750,000, significantly beating national averages.
<img src="https://assets.site-static.com/userfiles/1350/image/Blog_Images/NORMA-LOGO-FINAL_2.png" width="5000" height="1875" alt="Arlington VA Realtor - Norma Skeete" title="Arlington VA Realtor - Norma Skeete" />
Real estate experts predict that the housing prices will continue to rise across the region. In fact, the Northern Virginia Association of Realtors (NVAR) released a statement in June saying they would have to revise pricing estimates due to the unprecedented increase in real estate prices. NVAR explains that they had initially forecast slightly higher prices, but they are revising their estimate because they now believe prices will soar even higher than initially expected. By the end of 2019, NVAR predicts that housing prices will have a year over year increase of 17.2 percent.
It is interesting to note that actual home prices are not the only thing rising in Arlington right now. Rent is also spiking as more short-term investors are visiting the area hoping to profit from the Amazon headquarter construction. Communities report monthly rents are rising by about $100 to $150 a month, which is much more than the $15 to $20 per month it was previously rising at. Right now, this is mostly just having the effect of pricing lower-income families out of Arlington, but in the future, it has the potential to change the market more as renting becomes a potential source of major profits.
Owners Are Reluctant to Sell
Surprisingly, these rising home values are not causing more homeowners to sell their homes. A lot of <a href="https://www.buysellinvestproperties.com/sellers/" target="_blank">sellers in Arlington</a> have actually been delaying putting their home on the market. The amount of inventory in Arlington has decreased by 53 percent since last summer. This is happening because many residents express hopes that prices will continue to rise. Throughout the city, most homeowners are saying that they want to hold off on selling until Amazon's headquarters are actually in place. With the projected rise in rents, more people are also considering keeping their first home as a rental property instead of selling it when they move.
The amount of homeowners reluctant to sell has actually been surprising to analysts. Forecasts initially expected a further 7 percent decline in inventory by the end of the year, but the available homes by the end of the year is now expected to decline by 18.8 percent. This seems to be happening because it is easier for homeowners to stay informed in the information age. They have access to all the predictions of increased prices, so only those who absolutely must sell are willing too. Most are hoping to hang on to their properties and experience drastic boosts in their home value similar to those received by residents in San Francisco and other tech centers.
Everyone Is in a Hurry to Buy Homes
Since the announcement in November of 2018, things are speeding up in the real estate market. Everyone is in a rush to get a house in Arlington, leading to very short listing times and short closing periods. In July, homes that were listed went off the market in just 11 days, significantly faster than the national average of 38 days. Fifty-seven (57) percent of all listed homes ended up under contract in just two weeks. If you feel like your home has been on the market for too long, a realtor can help you <a href="https://www.buysellinvestproperties.com/buysellinvestproperties.com/sellers/adding-value/" target="_blank">prepare your home to be sold</a>. Of course, Arlington already had a fairly fast market due to its location near Washington D.C., but the amount of time it takes to buy a house keeps on dropping. Analysis of months of listing data shows that since last year, the median days on market for Arlington homes has dropped by 7 days.
There are a few different factors causing this sudden shift. A major reason is the residents' belief that prices will just keep going up. Anyone living in Arlington who was planning on buying a home soon is rushing to make a purchase before prices increase further. Realtors are reporting that they are getting larger than normal amounts of clients looking to buy as soon as possible. Another cause for the shorter listing periods is the increased number of residents. Amazon plans to hire 25,000 employees for their new headquarters, and hundreds of new hires are already <a href="https://www.buysellinvestproperties.com/arlington-va-relocation-guide/" target="_blank">moving to the area</a> and needing a home as soon as possible. As Amazon ramps up its hiring initiative, people can expect shorter and shorter listing times.
Arlington's Market Becomes the Most Competitive in the Nation
All of these factors are combining to make for an extremely competitive market where a lot of interested buyers are desperately trying to grab one out of a limited number of homes. A report released by Redfin in August analyzed markets across the nation based on how fast homes sell, how much buyers offer over listing, and how many contingencies buyers waive when making a purchase. It concluded that Arlington is currently the <a href="https://wtop.com/business-finance/2019/08/arlington-alexandria-most-competitive-housing-markets-in-the-country/" target="_blank">most competitive housing market in the nation</a>.
What does this mean for people buying and selling in Arlington? Overall, it's very good news for those interested in selling a property right now. If you have a property you want to put on the market in Arlington, you can expect to get multiple competing offers very quickly. <a href="https://www.buysellinvestproperties.com/sellers/marketing-your-home/">Marketing your home</a> will not be a large expense with homes getting bought up quickly. This lets sellers pick the best offers and get a high profit without a lot of hassle. On the other hand, the competitive nature of Arlington's market means things are tough for buyers. If you are planning on buying in Arlington right now, you need to be flexible and be willing to make compromises. Be prepared to offer over-list prices and/or fast closing times if you want your offer to be accepted.
Effects Are Most Notable in Key Neighborhoods
Of course, real estate all over Arlington is taking off lately, but some areas are more desirable than others. Properties in the <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/crystal-city/" target="_blank">Crystal City</a> and Pentagon City neighborhoods are experiencing the sharpest increase in price and the highest amount of demand. This is happening because Amazon plans to use the region along the river, which they are calling "National Landing," as their headquarters. The company has always pushed for a greener workforce, so they have plans to <a href="https://www.businessinsider.com/amazon-hq2-headquarters-metropolitan-park-arlington-virginia-images-2019-7" target="_blank">provide space for 600 bikes at their headquarters</a>. This means that housing within walking and biking distance of new headquarters is going to be particularly high in demand.
The National Landing area is definitely popular for commercial real estate and condos, but it is not the only option. Bluemont, Clarendon, Ballston Row, and Rosslyn are all experiencing particularly high prices, low inventory, and short listing periods as the effects of Amazon's moves are felt. There is also a lot of interest in areas along the blue and yellow metro lines that go to Crystal City, so if a property is situated conveniently close to a stop, <a href="https://www.cbsnews.com/news/home-prices-in-some-virginia-suburbs-have-shot-up-100000-thank-amazon/" target="_blank">you can expect it to sell for more</a>.
Commercial Real Estate Is In High Demand
Most real estate enthusiasts have been focusing on how Arlington's residential market is changing as Amazon moves in, but it is worth noting that there is also a huge effect on commercial areas. In the past decade, Arlington's office buildings had a fairly high vacancy rating, so there is not a huge inventory limit like people are noticing in residential real estate. However, these buildings are starting to fill up as more companies hoping to work with Amazon are moving into the area. This is resulting in sharp increases in rental rates, and many businesses are looking to get long term contracts that lock in lower rates before Amazon moves in.
There are two key areas where commercial real estate is taking off. The Rosslyn-Ballston corridor is reporting record high office rents as they become a center for high-end businesses. At the same time, there are reports of a lot of development in Crystal City, Pentagon City, and Potomac Yard. Roughly 50 percent of all proposed new commercial real estate developments will be in this area, with a majority of it going towards Amazon-related industries.
<img src="https://assets.site-static.com/userfiles/1350/image/For_Rent_Short_Term.jpg" width="2500" height="1663" />
More Nontraditional Housing Is Being Built
With the high demand for housing and lack of affordable real estate, we can expect to see a lot more nontraditional housing options in the future. Alexandria county has just approved an ordinance allowing for secondary, smaller homes, or "<a href="https://www.realtor.com/advice/buy/what-is-a-mother-in-law-suite/" target="_blank">in-law suites</a>" on private properties. This may open up a lot of demand for properties with a large enough footprint to accommodate future rental properties. There are also reports that larger single-family homes are being purchased to make way for larger condo and apartment developments.
Alexandria real estate trends seem to be moving away from the single-family home format because multi-family homes can accommodate a large number of people without requiring a lot of space. There are hundreds of condo and townhouse units being constructed now, including Arlington Row, 2000 Clarendon, and The Pierce. These new construction multi-family dwellings are targeted at the many professionals expected to move to Arlington in the future. They feature convenient locations, luxury amenities, upscale designs, and walkable neighborhoods. At the same time, Arlington's government has allocated $150 million towards workforce housing units, so quite a few lower-income apartment buildings are projected to be built in the next decade as well.
If you’re thinking about buying or selling a home in the Arlington, VA area, you’ll need a Realtor with impeccable credentials, superior customer service, and the experience it takes to get the job done in such a competitive and demanding market. For more assistance, or to obtain additional information, <a href="https://www.buysellinvestproperties.com/contact/" target="_blank">contact your trusted Arlington VA Realtor</a> - Norma Skeete today.
<img src="https://assets.site-static.com/userfiles/1350/image/Blog_Images/Arlington_VA_Realtor_-_Norma_Skeete.jpg" width="320" height="427" alt="Arlington VA Realtor - Norma Skeete" title="Arlington VA Realtor - Norma Skeete" style="float: left;" />2019-09-22T14:07:00-07:002019-10-10T13:19:24-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:3662Best Arlington, VA Condo Buildings Near The Metro Line<img src="https://assets.site-static.com/userfiles/1350/image/bigstock-Arlington-Virginia--August--316582897.jpg" alt="Arlington Condo Buildings Near Metro Line" title="Search Arlington Condos Near Metro Stations" style="margin: 9px; float: right; border: 1px solid black;" width="475" height="317" />Living near public transportation has become increasingly more important to today’s home buyers, and especially among young and first-time buyers looking to make a transition from renting to owning. <br /><br />In Arlington specifically, living near the Metro allows for quick and easy access to just about any part of the DC Metro area, not to mention some of our region’s biggest employers. And if it’s an <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos-for-sale-near-metro-stations/" target="_blank">Arlington condo near public transit</a> that you’re after during your search, here is my short list of buildings you’ll want to check out right now…
The WestLee
The WestLee is one of my favorite condo buildings in Arlington, and it’s also one that offers anyone looking to buy a tremendous value. <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/westlee-condos-for-sale/" target="_blank">Condos at The WestLee</a> range in size from one-bedroom layouts to three-bedroom layouts with a den. And along with ground-level retail and restaurant space, the building also features a fitness center, a library and club room, bike storage, and front desk concierge.
Clarendon 1021
A walkable location, great views, functional floor plans, and a fabulous collection of lifestyle amenities await at <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/clarendon-1021-condos-for-sale/" target="_blank">Clarendon 1021</a>. In addition, studio, one-bedroom, and two-bedroom units are all available here, providing prospective buyers with a variety of options at a variety of price ranges.
The Phoenix
The Phoenix if a full-amenity building that’s perfectly situated in the heart of Clarendon. Inside, <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/the-phoenix-condos-for-sale/" target="_blank">condos for sale at The Phoenix</a> are open, spacious, and still feel relatively new despite the building being over 10 years old. And once moving in, you’ll enjoy front desk service, a rooftop pool, a large fitness center on the main level, a club room on the 2nd floor, a business center on the main level, and also garage parking.2019-08-27T15:17:00-07:002019-08-27T16:24:09-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:3663Arlington Condo Buildings with The Best Views<img src="https://assets.site-static.com/userfiles/1350/image/bigstock-Modern-White-Living-Room-With--256164046.jpg" alt="Arlington VA Condos With Best Views" title="Arlington Condo Buildings With Best Views" style="margin: 9px; border: 1px solid black; float: right;" width="475" height="356" />Every condo buyer has his or her own wish list of needs and wants in an eventual new place to live. For some, first-class lifestyle amenities or perhaps a walkable location tops that list, while for others, it doesn’t get any better than enjoying jaw-dropping views of the river and surrounding Arlington community. And if you find yourself option for the latter, we know just where to begin your search.
Turnberry Tower
Some say Turnberry Tower is the standard of luxury condo living in Arlington. But along with lavish interior finishes and huge layouts, many <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/turnberry-tower-condos-for-sale/" target="_blank">condos for sale in Turnberry Tower</a> overlook the Potomac River and the entire Washington DC area, allowing for one of the more unique living experiences in all of Arlington.
The Belvedere
Standing 19 stories high, <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/the-belvedere/" target="_blank">The Belvedere</a> isn’t quite as tall as Turnberry Tower, but the views here are just as outstanding. And despite also being built back in the late 1980s, most units here are tastefully updated and include more than enough living space for today’s modern condo buyer.
The Waterview
The aptly named Waterview condo tower rises 31 stories high and lies just off the Potomac at the corner of 19th Street and Lynn. As one of Arlington’s most luxurious condo buildings, units at The Waterview aren’t cheap, especially on the upper floors where the views are absolutely breathtaking. But most residents here will probably tell you paying the premium for a condo at The Waterview is truly worth every penny.2019-08-18T15:39:00-07:002019-08-27T16:46:22-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:3664Where to Search Arlington Condos For Sale Near Dog Parks<img src="https://assets.site-static.com/userfiles/1350/image/bigstock-Purebred-Jack-Russell-Terrier--317176900.jpg" alt="Arlington Condos Near Dog Parks" title="Arlington VA Condo Buildings Near Dog Parks" style="margin: 9px; border: 1px solid black; float: right;" width="475" height="317" />When buying an Arlington condo as a dog-owner, it’s important to consider the needs of the four-legged member of your family when weighing all your options. While some Arlington condo buildings have a number of pet-friendly amenities, others are a little more basic when it comes to common features and what’s available to residents. As a result, living near a dog park can come in extra handy if you’re a dog owner, and I can promise your little buddy will appreciate it too. So, to help get your dog-friendly condo search started off in the right direction, here’s a closer look at 3 amazing Arlington condo buildings near local dog parks.
West Village of Shirlington
0.6 miles to Shirlington Dog Park <br /><br /><a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/west-village-of-shirlington-homes-for-sale/" target="_blank">West Village of Shirlington</a> is a sprawling, 529-unit condominium community with amazing upside. Amenities here include a clubhouse, swimming pool, business center, and plenty of common area outdoor space. Floor plans also include one, two, and three bedroom layouts, providing a range of options for potential buyers.
WestLee
0.7 miles to Benjamin Banneker Dog Park <br /><br />Located at 2200 Westmoreland Street, <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/westlee-condos-for-sale/" target="_blank">The WestLee</a> has more of an urban vibe but is also one of the more walkable buildings in Arlington. Building features include an entertainment/party room, a fitness center, extra storage space, a cozy library, and there’s even restaurant and retail space on the ground level.
Trafalgar Flats
2.4 miles to Glencarlyn Dog Park <br /><br />Although the new <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/trafalgar-flats-condos-for-sale/" target="_blank">condos at Trafalgar Flats</a> aren’t super close to a dog park, this pet-friendly building is still worth mentioning mainly because of how impressive it is overall. And because Glencarlyn Dog Park is one of Arlington’s best, the extra distance, combined with everything Trafalgar Flats has to offer, chances are you won’t mind a short little drive over to the park every once in awhile.2019-08-07T05:20:00-07:002019-08-28T06:38:09-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:36653 Reasons You'll LOVE Living at Trafalgar Flats Condos<img src="https://assets.site-static.com/userfiles/1350/image/bigstock-Wooden-House-With-Hole-In-Form-279767509.jpg" alt="Living at Trafalgar Flats Arlington" title="Trafalgar Flats Condos Arlington VA" style="float: right; margin: 9px; border: 1px solid black;" width="475" height="317" />Trafalgar Flats is one of Arlington’s most exciting condo developments. But aside from just upside new construction presents, here’s what else you’re sure to love about this amazing building.
The Location
Situated where Columbia Pike meets S. Buchanan Street, future condo owners at Trafalgar Flats will be <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos-for-sale-near-metro-stations/" target="_blank">near public transportation options</a>, several major highways, and just four miles from D.C. The Pentagon is also only a short 3.5 mile drive from the building, allowing for an easy commute to so many major places of employment in the area.
The Amenities
As a new construction building, it’s not surprising that Trafalgar Flats offers the convenience of extra lifestyle amenities. Residents will love the brand new fitness center inside the building and the clubroom is an awesome place for entertaining friends and family. Additional features include indoor bike storage, a private lobby, and an outdoor place with lounge seating and a fire pit.
The Luxury Finishes
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/trafalgar-flats-condos-for-sale/" target="_blank">Condos inside Trafalgar Flats</a> feature contemporary materials that won’t disappoint. There’s ceramic tile in the bathroom; spectacular kitchens with Quartz counters, cabinets with soft close doors and drawers, and stainless steel appliances; and large windows that let in plenty of natural light.2019-08-03T05:56:00-07:002019-08-28T06:59:27-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2889Is Getting a Home Mortgage Still Too Difficult?<img src="https://assets.site-static.com/userfiles/1350/image/getting-a-home-mortgage.jpg" alt="Is Getting a Home Mortgage Still Too Difficult?" title="Is Getting a Home Mortgage Still Too Difficult?" height="410" width="750" />
Potential homebuyers are always cautioned to be aware of mortgage lending standards and the difficulty they might face when trying to obtain a mortgage. Credit availability is expanding, making it easier to get a mortgage now than it was a year ago. The market is still tight however, and homebuyers should be prepared to shop around until they find a lender who is offering something that will meet the needs of their family.
Mortgage lending companies have high standards so it is important to make sure you and anyone else who will be included on the mortgage have their credit in check. The mortgage market is strict because lenders do not want to be put in a situation where they are forced to repurchase loans that are not paid on. They also do not want to end up in a litigation situation due to loan issues.
What Has Happened to the Number of Mortgages?
Due to the strict nature and requirements of the lending companies, the number of mortgages given out has significantly dropped. A report by the Housing Financial Policy Center at the Urban Institute showed that about 6.3 million fewer mortgages were given out between 2009 and 2015. The reasons behind this statistic are strict regulations and policies. These mortgages would have been granted if the lending standards where more reasonable.
Mortgage companies rely on calculations to determine if a home buyer will become delinquent on their payment. They will not give you a loan if you are too much of a risk for them. Credit history has a huge impact on this decision since lenders can see how often you pay back your debts. The history they receive is extensive. This view into your financial past causes lenders to take less risk when lending to you for your mortgage.
The Effect on the Economy
The housing market is recovering at a slower pace than it should since less potential homebuyers are being offered loans. While the market is still recovering with positive trends, fewer buyers can create a strain on other economic factors like home goods or construction jobs. Bottom Line
After the housing market boom and bust, mortgage lenders became stricter in their lending standards. It is not impossible to get a mortgage loan, but it can still be difficult for potential home buyers. Stay on top of your credit and make sure you and anyone else who is applying are in a good financial position so you can be approved for a loan. It is important to research different companies and their requirements to ensure success in getting a mortgage.2019-04-10T07:55:00-07:002019-04-10T08:00:26-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2888Why You Should Consider Selling in the Winter<img src="https://assets.site-static.com/userfiles/1350/image/selling-in-the-winter-attracts-serious-buyers.jpg" alt="Selling In Winter Attracts Serious Buyers" title="Selling In Winter Attracts Serious Buyers" height="410" width="750" />
The season you sell your home can have an impact on how much you get for your home and how quickly it sells. The season that has the most success in selling homes is spring. This is a good time of year for families moving to new school districts and is also more convenient weather for moving. Because of this trend, most people will recommend waiting to list your home until after the winter is over. Avoiding the winter is a huge misconception in the housing industry and can cause homeowners to miss out on opportunities.
Selling in the winter can give you a few advantages. There will be fewer houses on the market since most people assume winter is a bad time to sell. This gives your home more attention. Potential buyers are always looking no matter the time of year. Keeping your house on the market in the winter might bring the right buyer to your door. Real estate agents also tend to be less busy during these months and commit more time to getting your home sold.
Studies have shown winter buyers are buying because they need to move right away either for a relocation or personal situation. They will want to close quickly and allow for a much smoother sale.
Bottom Line
If you need to sell your home right away, or have some time but want to see what is out there, consider listing in the winter. Most homeowners who are going to sell will list their home in the spring, making for a competitive market. The winter allows buyers who are in a hurry to move consider your home and sell for more money than you would have in the spring.2019-04-10T07:55:00-07:002019-04-10T08:00:19-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2887Common Things to Look Out for Before Buying Your Dream Home<img src="https://assets.site-static.com/userfiles/1350/image/3-questions-to-ask-before-buying-your-dream-home.jpg" alt="Common Things to Look Out for Before Buying Your Dream Home" title="Common Things to Look Out for Before Buying Your Dream Home" height="410" width="750" />
It is easy to become overwhelmed when you enter the home buying market. Friends, family, colleagues, and even acquaintances will give you their opinions if you are a first time home buyer. While most of them are looking out for your best interest, they are not fully aware of what is happening in the housing market.
It is important for you to be prepared and have your own questions ready. No matter what other opinions you are getting, you are the one buying the home and your comfort level will help make your final decision. Here are three important questions to ask before you purchase a home.
1. Why am I Buying a Home?
Regardless of the finances, it is important to think about what made you want to buy a home in the first place. Usually the reasons don’t have to do with money. Instead, home buyers are focused on how the house will impact their family in the future. A study done by the Joint Center for House Studies at Harvard found there are four reasons people buy a home. Those reasons include schools for your children, a safe environment, more room for your family to grow, and control of your own space.
These factors are the most common reasons people look to buy a new home. When you ask yourself why you are looking to purchase a home, do any of those factors come up? Spend time with your spouse or family members who are involved in this decision and determine why you want a home in the first place. Creating this list will help when searching for a home and can help your real estate agent find the best home for your needs.
2. What is the Trend with Home Values?
Our current economy and housing market is strong. That means home values and mortgage rates are increasing. If you are looking to purchase a home but want to stay within a budget, it may be in your best interest to move quickly. It is forecasted for these trends to continue in an upward motion, causing home values to continue to increase.
3. What About Current Mortgage Rates?
The ticket price is not the only thing you should be concerned with when purchasing a home. Mortgage rates are always changing and can have a huge impact on your monthly payments. Current trends show mortgage rates are rising. This is something to consider if you are debating the right time to purchase a home, since the rates may be even higher down the road.
Bottom Line
You and your family are the only ones who can determine the right time to purchase your dream home. It is important to decide exactly why you want a new home for your family and decide on a budget that will be comfortable moving forward. This budget may affect the amount of time you have to search for a home, since home prices and mortgage rates are increasing. 2019-04-10T07:55:00-07:002019-04-10T08:00:15-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2886Will Increasing Mortgage Rates Impact Home Prices?<img src="https://assets.site-static.com/userfiles/1350/image/mortgage-rate-projections.jpg" alt="Will Increasing Mortgage Rates Impact Home Prices? " title="Will Increasing Mortgage Rates Impact Home Prices? " height="410" width="750" />
There has been some discussion recently on home prices in relation to mortgage rates. Some believe if there is a rapid rise of mortgage rates, home prices should decrease. Logically it makes the most sense for the price of the house to drop when interest rates are rising, but this is not always the case.
This theory of home prices decreasing is typically discussed by future home buyers. As a buyer you would like to think if you are paying higher rates on your mortgage, you should be able to see a decrease in cost somewhere else. Unfortunately, these rates are rising because the economy is in better shape. As the economy succeeds, incomes rise, rates go up, as well as the price of the home.
A recent study by the John Burns Real Estate Consulting found mortgage rates have very little impact on the cost of the home. The housing market and price increases are affected by things like job growth in the area and rising wages. Coincidentally, these same factors are causing the rise in the mortgage rates since people can afford to take out more.
Bottom Line
As the economy progresses and strengthens, mortgage rates and home prices will fluctuate. It is a misconception as rates increase, home prices will decrease. Advances in the economy have shown that rates and home prices are more likely to increase together.2019-04-10T07:55:00-07:002019-04-10T08:00:10-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2937April 2018 Fair Housing MonthAPRIL 2018 FAIR HOUSING MONTH
<img src="https://assets.site-static.com/userfiles/1350/image/Fair_Housing_Act.jpg" width="2500" height="3235" />
April is Fair Housing Month
April is Fair Housing Month, but every month should be Fair Housing Month and every day should be Fair Housing Day.
Please take a moment to reflect on how and whether you are being fair in your dealings with your clients and everyone else.
Please take a moment to refresh your memory about what Fair Housing should mean to you as a realtor.
Consider the aspects in this article - Are you being fair with Fair Housing?
LET FAIR HOUSING BE FOR APRIL AND THEREAFTER!2018-04-29T13:40:00-07:002019-10-13T17:06:41-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2938Short Term Rental of Your Arlington VA HomeSHORT TERM RENTAL OF YOUR ARLINGTON VA HOME
If you are thinking of renting your home on a short-term basis via AirBnB and others, this post is for you,
Arlington County wants you to know that it is your responsibility to collect from the guests the appropriate 7.25% Transient Occupancy Tax (TOT) taxes as under:
5.00% Transient Occupancy Tax (TOT)
0.25% Local Tourism TOT
2.00% Regional TOT for the Northern Virginia Region
<img src="https://assets.site-static.com/userfiles/1350/image/For_Rent_Short_Term.jpg" width="2500" height="1663" />
Arlington VA Short-term AirBnB Rental
See full article from the Arlington VA The Citizen for more information about how and where to apply for the necessary permits.
Renting Out an Arlington Address for Short-term Transient Stays (Airbnb, etc.) According to Arlington County Code Chapter 40, if a resident offers short-term lodging in an Arlington home, then it is his or her responsibility to collect from the guest and remit to Arlington County a 7.25 percent Transient Occupancy Tax (TOT). This tax covers the local 5 percent TOT, the local 0.25 percent tourism TOT, and the state 2 percent regional TOT for the Northern Virginia region.
All accessory homestay providers are required to obtain a business license tax account and a TOT account from the Commissioner of Revenue and may need to acquire an Accessory Homestay Permit from the County Zoning Department. Residents may apply online for the business license via the Customer Assessment and Payment Portal (CAPP) and click “Register a Business.” You may also apply in person with a completed business license form to the Commissioner of Revenue’s Business Tax Division located at 2100 Clarendon Boulevard, on the second floor, at Window 208.
Please note that for Accessory Homestays, the applicable business activity is “72.A, Lodging,” which should be entered as the “section code” on the business license application. For more information, contact the Business Tax Division of the Office of the Commissioner of Revenue at 703-228- 3060 or email business@arlingtonva.us. Should you need to obtain an Accessory Homestay Permit from the County Zoning Department, visit the Building Arlington website to apply at building.arlingtonva.us. For zoning questions, call 703-228-3060 or email contactzoning@arlingtonva.us.2018-03-10T14:44:00-07:002019-10-13T16:10:50-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2939Condo Living In Arlington VA My Lifestyle - What a Lifestyle!CONDO LIVING IN ARLINGTON VA
MY LIFESTYLE - WHAT A LIFESTYLE!
Condo living in Arlington VA is what you make it. I have been living in an Arlington VA condo since 1999 and I absolutely love it! I really do. I cannot see myself giving it up.
Are you considering buying a condo in Arlington VA but am not sure what to expect? Well you are at the right place – only plain talk and facts here.
There can be many reasons for considering a condo. In the past, condos were thought of as the easiest and cheapest way to get into a home of your own. Not necessarily so anymore. Many condos will give a single family home a good run for its money in terms of high price, luxury, amenities, spaciousness, convenience, you name it. And yet very few single-family homes can rival a well-positioned condominium for great views. The top floors of these complexes will have spectacular panoramic views and will command premium prices.
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/">See Arlington VA Condos here</a> - from the millions of dollars to a couple thousand dollars. So you can have the lifestyle of the rich and famous in an Arlington VA condo while someone else will be enjoying a basic lifestyle in their condo just as much.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Lifestyle_Japanese_Evening.jpg" width="1406" height="1875" /> Condo Living in Arlington VA - Japanese Evening
So what are some of the reasons for buying a condo in Arlington VA?
Someone might be looking for single level living
Someone might be looking for security
Someone might want to give up raking leaves and shoveling snow
Someone might crave the freedom from exterior maintenance attendant with owning a single-family home
Someone might want to downsize
Someone might want other people around after the death of a spouse
And yes, for some, it might be the only affordable type of housing for city living
For me, it was and is the security. It was instinctively so for a transplant to the area with no family close by. Locking my door and turning on an alarm somehow did not feel adequate. I wanted to feel safe. Just the thought of having someone being able to knock on my door at any hour of the day or night did not appeal to me. So that ruled out a single family home or a townhome.
The next thing was the convenience of having a front desk where packages can be dropped off in your absence. That’s a big deal for me, especially when I was traveling a lot - a major convenience.
Think about a friend wishing to drop off something for you. If it is not necessary to see them on a particular occasion, they know they can pop by at their convenience and simply leave it at the front desk. How great is that?
Think of family members and out-of-town guests coming to visit and who arrive a little early – they are welcomed at the front desk and invited to sit in the lobby and wait. Or there is the option of leaving a spare key at the Front Desk in which case, after properly identifying themselves, they will be handed the keys to my unit and can make themselves comfortable until I arrive.
The convenience of this arrangement is further highlighted when an emergency entails grabbing a bag and rushing off for a week or so. In which case a later ‘phone call to the front desk will get your absence noted and your newspapers either stopped completely or delivered at the desk, rather than piling up at your door.
That’s the stuff of my living in a condo in Arlington VA.
And what about locking yourself out of your unit? No sweat – a visit to the office will get you a spare key and you are on your way again!
For me these little amenities are priceless! Plus the fact that all visitors have to stop at said front desk where the attendant will call my unit. No surprise visitors! No matter who you are, you will not be allowed into the living quarters unless you are authorized by a specific unit owner; all part of the security and safety which are major items on my list.
Some other amenities…
There is indoor parking. There is a car-wash area. There is an exercise room. There is a sauna. There is a pool. There is a party room which I can use for free to entertain. There’s a business center.
Did I mention no more shoveling of snow? Let it snow, let it snow, let it snow! Garbage disposal – no more hauling bins to the curb on special days.
The compound is always kept clear of snow by private contractors, while the trash rooms (decked out with garbage chutes) on each floor are cleared seven days a week.
And what about the on-site engineers who will help with sundry issues that may arise within your unit? Forget about the financial savings. Think about the convenience! I can still go about my business without skipping a beat since I can just give permission for them to enter my unit and deal with the issue in my absence.
Oh, the joy of condo living in Arlington VA! I love it!
Condos in Arlington VA come in all sizes and shapes; some amenity rich, others totally devoid of any amenities. And that’s the reason for the very diverse population because people of all backgrounds and means have access to this amazing style of living in the city.
For the purpose of this article, I have been focusing on what I term the traditional type of condos - the large buildings that look like rental apartments and the units are on one level only.
What does living in one of these as a condo owner mean? What is it like?
I’ve already named most of the amenities which I like and appreciate. But what about interaction with other condo unit owners?
That is entirely up to you. My building has a Social Committee in addition to many others including a Building Maintenance Committee, Safety & Security Committee, Capital Projects Budgeting, Landscape & Grounds Committee.
These are all filled by unit owners on a volunteer basis. The Board of Directors, however, is filled by way of a nomination and voting process in accordance with the Association’s Bylaws and State Law.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Lifestyle_Japanese_Event.jpg" width="1406" height="1875" /> Condo Living in Arlington VA - Japanese Event
The Social Committee arranges different activities throughout the year for unit owners. Some are free; others not. These include a Christmas Party, Opening and Closing of the pool Party, St. Patrick’s Day, Veterans’ Day. There are Happy Hour Fridays, as well as meetups to welcome new residents and other such events throughout any given year.
As well, some individual unit owners meet for cards or some other shared activity on a regular basis. They plan trips and other activities or arrange dinners or just hang out on each other’s balconies or by the pool.
Bottom line, you can be as involved in the activities of the community or not. But better for something to be there and not needed, instead of being needed but not there or offered!
I love condo living in Arlington VA!
Roundabout my condo complex….
Roundabout my condo complex is just as important and interesting. Here I am in this tall building and I can walk down to the mall, to the Metro, to the grocery, to the dry cleaners.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Lifestyle_Shopping.jpg" width="480" height="480" />
I can walk to the park. I can ride or walk the Mount Vernon Trail all the way to Mount Vernon if I so wish. Or I can veer off and wonder over into the District of Columbia for some sight seeing as well. Arlington has 49 miles of walking/biking trails ranging from easy to difficult to traverse!
Not that Arlington is devoid of interesting places to see. Did I mention Arlington Cemetery, Airforce Memorial, 911 Memorial just to name a few?
That’s condo living in Arlington VA in a nutshell!
So tell me, if you are considering a condo in Arlington VA, what is most important for you? What feature of condo living do you find attractive? I’d love to hear from you.
You may also be interested in reading <a href="https://www.buysellinvestproperties.com/seven-important-things-note-buying-arlington-virginia-condominium/">Seven Important Things to Note When Buying an Arlington Virginia Condo</a>
<a href="https://www.buysellinvestproperties.com/oh-no-raining-condo-arlington-virginia/">Oh No - It's Raining in my Condo in Arlington VA</a>
<a href="https://www.buysellinvestproperties.com/yes-need-insurance-arlington-virginia-condo/">Yes, You Do Need Insurance for Your Arlington VA Condo</a>2018-03-03T14:52:00-07:002020-05-16T03:55:58-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2945FAIRLINGTON VIRGINIA TOWNHOMES FOR SALE AND SOLD REPORT TO AUGUST 31ST, 2017Fairlington VA Townhomes for Sale and Sold Report to August 31, 2017 shows Total Sold Dollar Volume of $1,249,200 representing a 58.05% decrease over the August 2016 figure of $2,977,600.<br />There was a major drop of 72.8% in the month-to-month figure - going from $4,600,200 in July 2017 to a mere $1,249,200 in August 2017!<br />Although there was an increase in inventory from zero in July 2017 to three (3) in August 2017, the sellers' market shows no sign of letting up with just half a month's supply of townhomes for sale.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhome_Blog_Imge.png" width="413" height="243" />
Fairlington VA Townhome
CLOSED SALES FOR FAIRLINGTON VA TOWNHOMES
There were three (3) closed sales in August 2017 compared to July's ten (10), representing a decrease of 70%.
MEDIAN PRICE FO FAIRLINGTON VA TOWNHOMES
The median price of townhomes sold in August 2017 was $464,400 down 0.4% from July's $466,200.
FAIRLINGTON VA TOWNHOMES AVERAGE TIME TO SELL
It took an average of six (6) days to sell a home in August 2017, a decrease of 76.9% from the twenty-six (26) days that it took in July, 2017.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Market_Report_Aug_2017.png" width="472" height="231" />
TAKE AWAY FROM FAIRLINGTON VA TOWNHOMES FOR SALE AND SOLD AUGUST 2017 REPORT
The sellers' market is as entrenched as ever with inventory a mere 0.5 month's supply for August 2017 down from 1.2 months in July 2017.
Average Sold Price decreased by 9.5% while the Median Sold price suffered a much smaller decline of 0.4%. With days on market decreasing to six (6) days from twenty-six (26) days the prior month, a 76.9% decrease plus the very low inventory of only a half month's supply means the sellers' market is still as strong as ever. Now is definitely a good time to put your home on the market!
FAIRLINGTON VA TOWNHOMES FOR SALE
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.
2017-09-18T14:24:00-07:002020-01-09T12:41:25-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2944FAIRLINGTON VIRGINIA TOWNHOMES FOR SALE AND SOLD REPORT TO JULY 31ST, 2017Fairlington VA Townhomes for Sale and Sold Report to July 31, 2017, shows Total Sold Dollar Volume of $4,600,200 representing an increase of 77.7% over the June 2016 figure of $2,588,750. Month-over-Month, however, there was a 19.07% increase in this figure from $3,863,400 in June 2017 to $4,600,200 in July 2017. The sellers' market continues with a mere 1.2 months supply.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhome_Interior.png" width="766" height="445" /> Fairlington VA Townhouse
CLOSED SALES FOR ARLINGTON VA TOWNHOMES
There were ten (10) closed sales in July 2017 compared to June's eight (8), an increase of 25%.
MEDIAN PRICE FOR FAIRLINGTON VA TOWNHOMES
The median price of townhomes sold in July 2017 was $466,200, up 1.5% from the $459,500 June number.
FAIRLINGTON VA TOWNHOMES
AVERAGE TIME TO SELL
It took an average of twenty-six (26) days to sell a home in July 2017, an increase of 271.4% over the seven (7) days that it took in June 2017.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Market_Report_July_2017.png" width="463" height="241" />
TAKE AWAY FROM FAIRLINGTON VA TOWNHOMES FOR SALE AND SOLD JULY 2017 REPORT
The sellers' market continues even though inventory crept up a bit to 1.2 month's supply from the previous month's 0.8% supply. Average Sold Price decreased by 4.7% while the Median Sold Price increased by 1.5% with the days on market increased from seven (7) days to twenty-six (26) days representing an increase of 271.4% month-to-month and a year-to-year increase of 18.2%.
FAIRLINGTON VA TOWNHOMES FOR SALE
<a href="https://www.buysellinvestproperties.com/communities/arlington-va/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.2017-08-24T14:21:00-07:002020-01-09T12:43:54-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2943FAIRLINGTON VIRGINIA TOWNHOMES FOR SALE AND SOLD REPORT TO JUNE 30, 2017Fairlington VA Townhomes for Sale and Sold Report to June 30, 2017, shows Total Sold Dollar Volume of $3,863,400 representing an increase of 20.46% over the June 2016 figure of $3,207,200. Month-over-Month, however, there was a 7% decrease in this figure from $4,155,800 in May 2017 to $3,863,400 in June 2017. Still, the sellers' market rolls along with the extremely low inventory.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhome_Exterior.png" width="382" height="246" />
Fairlington Virginia Townhomes
CLOSED SALES FOR ARLINGTON VA TOWNHOMES
There were eight (8) closed sales in June 2017 compared to May's nine (9), a decrease of 11%.
MEDIAN PRICE FOR FAIRLINGTON VA TOWNHOMES
The median price of townhomes sold in June 2017 was $459,500, up 1% from the $454,900 May number.
FAIRLINGTON VA TOWNHOMES AVERAGE TIME TO SELL
It took an average of seven (7) days to sell a home in June 2017, a decrease of 36.4% over the eleven (11) days that it took in May 2017.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Market_Report_June_2017.png" width="464" height="222" />
TAKE AWAY FROM FAIRLINGTON VA TOWNHOMES FOR SALE AND SOLD JUNE 2017 REPORT
By every measure, the sellers' market continues. Inventory has hit a new low of merely 0.8% month's supply. Average Sold Price increased by 4.6% while the Median Sold Price increased by 1% while the days on market decreased from eleven (11) days to seven (7) days representing a drop of 36.4% month-to-month and a year-to-year drop of 53.3%.
FAIRLINGTON VA TOWNHOMES FOR SALE
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.
2017-06-26T14:16:00-07:002020-01-09T12:44:43-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2942FAIRLINGTON VIRGINIA TOWNHOMES FOR SALE AND SOLD REPORT TO MAY 31, 2017Fairlington VA Townhomes for Sale and Sold Report to May 31, 2017 shows Total Sold Dollar Volume of $4,155,800 representing an increase of 29% over the May 2016 figure of $3,222,100. The Month-over-Month figure is even more dramatic with April 2017 showing $1,236,900 compared to the May 2017 figure of $4,155,800, a 236% increase! The sellers' market is raging on.
<a href="https://www.buysellinvestproperties.com/wp-content/uploads/2017/06/Screenshot-2017-06-14-15.54.52.png"><img class="wp-image-2211 size-full" src="https://www.buysellinvestproperties.com/wp-content/uploads/2017/06/Screenshot-2017-06-14-15.54.52.png" alt="Fairlington VA Townhomes May 2017" width="843" height="452" /></a> Fairlington VA Townhomes[/caption]
CLOSED SALES FOR ARLINGTON VA TOWNHOMES
There were nine (9) closed sales in May 2017 compared to April's three (3), an increase of 200%.
MEDIAN PRICE FOR FAIRLINGTON VA TOWNHOMES
The median price of townhomes sold in May 2017 was $454,900, up 11.2% from the $409,000 April number.
FAIRLINGTON VA TOWNHOMES AVERAGE TIME TO SELL
It took an average of eleven (11) days to sell a home in May 2017, an increase of 37.5% over the eight (8) days that it took in April 2017.
<a href="https://www.buysellinvestproperties.com/wp-content/uploads/2017/06/Screenshot-2017-06-14-17.31.48.png"><img class="aligncenter size-full wp-image-2213" src="https://www.buysellinvestproperties.com/wp-content/uploads/2017/06/Screenshot-2017-06-14-17.31.48.png" alt="" width="435" height="213" /></a>
TAKE AWAY FROM FAIRLINGTON VA TOWNHOMES FOR SALE AND SOLD MAY 2017 REPORT
By every measure, the sellers' market continues. There is a mere 1.4 month's supply of inventory. Average Sold Price increased by 14.65% while the Median Sold Price increased by 4.74% plus the huge plunge to a mere eleven (11) days on market compared to thirty-one (31) days last year, a 64.52% decrease.
FAIRLINGTON VA TOWNHOMES FOR SALE
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.
2017-06-15T14:07:00-07:002020-01-09T12:50:27-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2941Fairlington Virginia Townhomes For Sale And Sold Report For Sept 2016Fairlington VA Townhomes for Sale and Sold Report for September shows a decrease of 53.1% for Sold Dollar Volume over September 2015 of $611,900 versus $1,305,000. Month-to-month there was an even sharper decrease of 79.5% represented by August's 2016 $2,977,000 volume and September 2016 of $611,900. This is signifying a shift from the seller's market to a buyers market.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhomes.jpg" width="640" height="480" /> Fairlington Virginia Townhomes
Closed Sales of Fairlington VA Townhomes
There were two (2) closed sales in September 2016 compared to August's seven (7) a decrease of 71.43%.
Median Price of Fairlington VA Townhomes
The median price of townhomes sold in September 2016 was $305,950 down from $445,000 in August , a 31.3% decrease.
Fairlington VA Townhomes Average Time to Sell
Whereas it took an average of twenty-four (24) days to sell a home in September 2016 , it had taken an average of fifty-one (51) days to sell in August, a change of 52.9% .
StatisticAugYoYMoM
Total Sold Dollar Volume
611,900
-53..1%
-79.5%
Closed Sales
2
-33.3%
-71.4%
Median Sold Price
$305,950
- 33.5%
-31.3%
Average Sold Price
$305,950
-29.7%
-28.1%
Median Days on Market
24 days
+33.3%
-51.0%
Average Days on Market
24 days
+20.0%
-52.9%
Median Price per Sq Foot
$386
-16.1%
-17.3%
Average Price per Sq Foot
$386
-4.9%
-13.5%
Fairlington VA Townhomes September 2016 Report Takeaway
Despite the fact that there is only a 1.8% months' supply of homes on the market and it took only twenty-four (24) days to sell, one cannot overlook the precipitous September decline in market activity, both year over year and month over month. Should this continue, then there will be no doubt that a major slow down is underway, partly seasonal and perhaps the effect of the election jitters and its uncertainty on the market.
Fairlington VA Townhomes For Sale
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>.
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.2016-11-03T14:03:00-07:002020-01-09T12:35:49-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2940Fairlington Virginia Townhomes For Sale And Sold Report For August 2016Fairlington VA Townhomes for Sale and Sold Report shows an increase of 589.26% for Sold Dollar Volume over August 2015 of $2,977,600 versus $432,000. Month-to-month there was a sharp increase as well of 15.02% from the July 2016 volume of $2,588,750 to the current $2,977,600.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhomes.jpg" width="640" height="480" /> Fairlington Virginia Townhomes
Closed Sales of Fairlington VA Townhomes
There were seven (7) closed sales in August 2016, a 16.7% increase from July’s six closed sales, and up to six (6) – 600% - from August 2015.
Median Price of Fairlington VA Townhomes
The median price of townhomes sold in August 2016 was $445,000 up from $432,000 in August 2015, a 3.01% increase.
Fairlington VA Townhomes Average Time to Sell
It took an average of fifty-one (51) days to sell a home in August 2016 whereas it took eighteen (18) days in August 2015. This is a 131.82% increase in the time that it took to sell in August 2016 over the average of twenty-two (22) days that it took for homes to be sold in July 2016.
StatisticAugYoYMoM
Total Sold Dollar Volume
2,977,600
+589.3%
+15%
Closed Sales
7
+600.0%
+16.7%
Median Sold Price
$445,000
+3%
+8.0%
Average Sold Price
$425,371
-1.5%
-1.4%
Median Days on Market
49 days
172.2%
+250%
Average Days on Market
51 days
+183.3%
+131.8%
Median Price per Sq Foot
$467
+8.1%
-6.2%
Average Price per Sq Foot
$446
+3.2%
-10.1%
Fairlington VA Townhomes August 2016 Report Takeaway
There is still some schizophrenia going on in the Fairlington VA market as evidenced by the August 2016 figures. Prices have continued their increase – 8% over July – yet the days on market have taken a huge jump upwards along with an increased sales volume. The market definitely bears watching. If you are buyer, this means that you must act with urgency. Your pool of choices is drying up.
Fairlington VA Townhomes For Sale
Search for Townhomes for Sale in Fairlington Virginia
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.2016-09-27T13:59:00-07:002020-01-09T12:07:14-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2947Fairlington Virginia Townhomes For Sale And Sold Report For July 2016Fairlington VA Townhomes for Sale and Sold Report shows an increase of 119.70% for Sold Dollar Volume over July 2015 of $2,588,750 versus $1,178,000. However, month-to-month there was a sharp decrease of 19.3% from the June 2016 volume of $3,222,100 to the current $2,588,750.
<img src="https://assets.site-static.com/userfiles/1350/image/Fairlington_Townhomes.jpg" width="640" height="480" /> Fairlington Virginia Townhomes
Closed Sales of Fairlington VA Townhomes
There were eight (6) closed sales in July 2016, a 25% drop from June’s eight closed sales, but still up three (3) – 50% - from July 2015.
Median Price of Fairlington VA Townhomes
The median price of townhomes sold in July 2016 was $412,000 up from $393,300 in July 2015, a 4.75% increase.
Fairlington VA Townhomes Average Time to Sell
It took an average of twenty-two (22) days to sell a home in July 2016 whereas it took nine (9) days in July 2015. This is a 46.7% increase in the time that it took to sell in July 2016 over the average of fifteen (15) days that it took for homes to be sold in June 2016.
StatisticJulYoYMoM
Total Sold Dollar Volume
2,588,750
+119.7%
-19.3%
Closed Sales
6
+100.0%
-25%
Median Sold Price
$412,000
+4.8%
+3.6%
Average Sold Price
$431,458
+9.9%
+7.6%
Median Days on Market
14 days
55.6%
+133.3%
Average Days on Market
22 days
+144.4%
+46.7%
Median Price per Sq Foot
$468
+26.7%
+6.4%
Average Price per Sq Foot
$496
+35.9%
+10.7%
Fairlington VA Townhomes July 2016 Report Takeaway
There is a little bit of schizophrenia going on in the Fairlington VA market as evidenced by these July figures. Although prices have increased somewhat – 7.6% over June – the days on market have increased precipitously along with a reduced sales volume. The market definitely bears watching. Still, if you are a buyer, this means that you must act with urgency. Your pool of choices is drying up.
Fairlington VA Townhomes For Sale
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/FAIRLINGTON%2C+ARLINGTON+VA-466998">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.2016-08-30T14:33:00-07:002020-01-07T12:23:29-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2946Financing Options for Arlington VA CondosFINANCING OPTIONS FOR YOUR ARLINGTON VA CONDO PURCHASE
Financing options for your Arlington VA condo purchase are many, however, there are some caveats and special requirements to be mindful of.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Financing_Options_Blog.jpg" width="300" height="169" />
Due to the fact that the common elements of a complex are owned by all the co-owners, lenders are forced to take an interest in the whole condominium complex as opposed to just the unit being financed.
One thing is sure though, it is a good time now to obtain financing of any type. Interest rates are at their lowest level. It is unlikely that these rates will be achieved again once they go on the rise.
Note: There are very different standards for financing investment properties, be it for condominiums or single family homes. This post is not covering financing for investment purposes when talking about financing for an Arlington VA condo purchase.
Types of Financing Available to Condo Purchasers
There are three (3) main types of loan programs –
Conventional loans, otherwise known as Fannie Mae and Freddie Mac
Government loans, otherwise known as FHA (Federal Housing Association) and VA (Veterans Administration)
USDA and other State Bond programs (VHDA – Virginia Housing Development Authority).
Guidelines and Requirements for Loan Programs
Each one of these programs has its own set of guidelines and requirements. These requirements are based on four (4) main factors.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Financing_Loan_Blog.jpg" width="300" height="225" />
1. Type of Dwelling Unit – Is it a single family residence (SFR), a planned urban development (PUD), a condominium or a multi-unit? In Arlington VA and the rest of the Washington Metro Area, it is not uncommon to have a 2-3 level condo that looks like a townhome. The loan program will be based on the legal classification in the tax records.
2. Down Payment Amounts – Conventional Financing requires a minimum of 3% down on any loan up to $417,000 and are deemed to be conforming loans. For amounts between $417,001 to $625,000 (which is the maximum county loan limit in DC Metro area), conventional loans require a minimum of 5% down and are deemed to be high-balance conforming loans. Any loan above $625,500 will require a larger down payment of 10% - 20% depending on the investor.<br />Fannie Mae and Freddie Mac do not buy these non-conforming, jumbo loans which carry their own set of guidelines and requirements.
FHA loans require a 3.5% down payment. This amount can be gifted by a family member. The FHA loan limit in the DC Metro area is $625,500 and is governed by county limits for each State. Speak with your lender or check online at<br /><a href="https://entp.hud.gov/idapp/html/hicostlook.cfm" target="_blank" rel="noopener">https://entp.hud.gov/idapp/html/hicostlook.cfm</a>
VA (veteran or active duty military) financing allows for a home purchase up to $625,500 with $0 down payment. VA allows for the purchase of a home exceeding $625,500, but a down payment will be required. The approved VA lender will provide further details.
The VA loan limit in the DC Metro area is also set at $625,500 and are governed by county loan limits for each State. Speak with your lender or check online at<br /><a href="http://benefits.va.gov/homeloans/purchaseco_loan_limits.asp" target="_blank" rel="noopener">http://benefits.va.gov/homeloans/purchaseco_loan_limits.asp</a>
For more information on VA Loans for condominiums, visit my post on “What Buyers Need to Know When Purchasing a Condo With a VA Loan in Arlington Virginia”.
USDA/VHDA have their own standards.
3. FICO Score or Middle Credit Score – Lender will use the lowest middle score from multiple buyers, e.g. if Borrower A has a FICO score of 780 and Co-Borrower B has a FICO score of 697, the program availability and rate will be based on the lower score of 697. It’s important to note that credit scores and interest rates are based on FICO scores.
4. Debt-to-Income (DTI) Ratio – The Dodd-Frank bill requires that all QRMs (Qualified Residential Mortgages) ($625,501 loan amounts and above or Bond Loans) have a back end ratio of 43% or less.<br />The back end ratio takes into account all monthly payments reported on the credit report and the full monthly mortgage payment. If a borrower is required to pay alimony, child support or separate maintenance, this is also included towards their back end ratio.
A Few Important Notes
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Financial_Mortgage_Blog.jpg" width="300" height="143" />
Reserves – You will be required to have reserves on hand. Reserves are considered to be the amount equaling one full monthly mortgage payment, including any HOA or condo dues.<br />This can be cash or investments. Certain retirement plans will allow you to borrow against the vested amount for your real estate transaction.
As mentioned previously, the condo building must be approved if you are using FHA or VA financing.<br />Your realtor or lender can assist you with this or you can check the websites below –
FHA Condos – <a href="https://entp.hud.gov/idapp/html/condlook.cfm">https://entp.hud.gov/idapp/html/condlook.cfm</a>
VA Condos – <a href="https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch" target="_blank" rel="noopener">https://vip.vba.va.gov/portal/VBAH/VBAHome/condopudsearch</a>
As you can see, financing your Arlington VA condo purchase is quite involved and one of the reasons why this item requires your attention before you embark on your condo search.
I am always ready to assist. Further, if you are in the market, please call or text Norma Skeete at 703-920-0003 for information on <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/">Condos For Sale In Arlington</a>, <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/townhomes/">Townhomes In Arlington VA</a>.2016-08-30T14:27:00-07:002020-01-09T12:53:33-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2948Great Places to Eat in Arlington VALooking for a great spot for breakfast, lunch, or dinner? The Arlington area has some amazing places, hidden gems, and fantastic new restaurants that offer everything from cheap eats to fine dining. Here's a list of some of the great places to eat in Arlington VA.
On the Go - Fast and Cheap Eats
Whether you are grabbing a bite between meetings, a quick breakfast, looking for the next great food truck, or simply a broker on the fly, here's some of the best grab and go and cheap eats in Arlington Virginia.
<a href="http://www.unclejulios.com/">Uncle Julio's</a>
If you're looking for fast, delicious Mexican food you have to come to Uncle Julio's. Whether it's their perfectly marinated Connie Asada, homemade guacamole or their famous beans and rice, nothing goes better with a cold beer on a Friday night than some delicious food at Uncle Julio's. There are several locations around Arlington to choose from.
<a href="http://www.lostdogcafe.com/">Lost Dog Cafe</a>
Located in several locations around Arlington, (as well as Alexandria, Fairfax and Falls Church), the Lost Dog Cafe serves up craft beer, crispy pizza and mouth-watering sandwiches like the Lola Lab, a warm pita filled with homemade black beach dip, melted cheese, and fresh avocado. Or maybe something totally unique like the Pound Hound; three layers of french toast with ham, turkey and melted Swiss all coming together with an unlikely pairing of strawberry preserves. This is a place not to miss!
<a href="http://benschilibowl.com/">Ben's Chili Bowl</a>
<img src="https://assets.site-static.com/userfiles/1350/image/Bens_Chili_Bowl.jpg" width="640" height="425" />
<a href="https://www.flickr.com/photos/stevensnodgrass/3465712564/in/photolist-6hfFAU-oic2y4-2nEkS-nc5RdK-8RAwH8-6gSEZp-6r8hvQ-4YjtDS-zXvba-cvsVSN-6r43f2-5Wsg72-6h16c1-cvsSGU-cvsVaw-9UzUWJ-81CpxT-81FDzL-9W18NJ-6r43zD-7Eg2To-dW6U7-qXhWmP-6r42T2-cvsSd7-76YWS9-7xcm3z-5CZ6NW-ahz5c-igQL3x-kP6oJh-8t3rhz-mhSjr-7A63Qg-5U9a9i-dobJJA-cvsKXd-6r8eS5-6r45Qi-6r46cD-sqo9D8-iLgfc-4SACpf-6r8evy-pkjL1Z-5VJBPR-9raBzP-cvsKw3-86xKAr-iwPSY8">Image by Steve Snodgrass</a>
Craving a perfect bowl of chili? Head over to Ben's Chili Bowl in 4 locations, one being right here in Arlington at 1725 Wilson Blvd., for variations of chili, like the Half-Smoke, half pork, half-sausage frankfurter topped with the famous chili. Maybe just a bowl of the chili-con-carne topped with shredded onions and cheese? Whatever you get here will fill you up at a cheap price. Another of Arlington Virginia's great places to eat!
<a href="http://www.foursistersgrill.com/">Four Sisters Grill</a>
Located in <a href="https://www.buysellinvestproperties.com/communities/arlington-va/clarendon/">Clarendon</a>, this Vietnamese lunch spot offers vegetarian and meat lovers meals to satisfy any craving. Banh Mi's, Pho, and savory spring rolls all pair beautifully with each other no matter what combination you get. Looking for a fast Vietnamese lunch joint? This is it!
<a href="http://www.bobandedithsdiner.com/">Bob & Edith's</a>
Bob & Edith's is not only one of the great places to eat in Arlington VA, but it also has been around forever and is open around the clock - 24/7! Looking for the ultimate comfort food? How about good old fashioned steak and eggs? Homemade sausage gravy on fluffy biscuits? Custom made omelets and great lunch and dinner specials like a ham steak, homemade meatloaf and crispy and juicy fried chicken. This is the quintessential American diner and no better place to fill up late night or early morning.
[Read more: <a href="http://activerain.com/blogsview/3626665/best-arlington-virginia-neighborhood-for-foodies" target="_blank" rel="noopener">Best Arlington Neighborhoods for Foodies</a>]
Fine Dining
<a href="http://www.marbleandryeva.com/">Marble & Rye</a>
Located in the Westmont neighborhood, Marble and Rye features over 150 whiskeys and is quickly becoming Arlington's premier bourbon destination. In addition to their well-stocked bar, they also offer brunch and a fabulous dinner menu with items such as Thai steak with peanut vinaigrette and mango, high-end burgers and classic wood fire pizzas. This may not be the finest dining in the land, but you'll feel like royalty eating here.
<a href="http://www.ruthschris.com/Restaurant-Locations/arlington">Ruth Chris Steakhouse</a>
<img src="https://assets.site-static.com/userfiles/1350/image/Ruths_Chris.jpg" width="640" height="480" />
<a href="https://www.flickr.com/photos/brostad/3545048057">Image by Bernt Rostad</a>
A list of great places to eat in Arlington VA would not be complete without Ruth's Chris Steakhouse and this location is one of its finest -. The fabulous ambiance, elegant dining and phenomenal views from its 11th-floor location at 2231 Crystal Drive. Not only are you going to get one of the best steaks in town, but the sides, appetizers and toppings guild the lily on these mouth-watering feasts. Perhaps some crab stuffed mushrooms, or osso buco veal ravioli to go alongside your 16-oz juicy rib eye.
<a href="http://www.raysthesteaks.com/">Ray's the Steaks</a>
Want the best steak in town? Ray's has continuously been given this title by locals and tourists alike. From tender filets to meaty and juicy rib-eyes and even fire-grilled burgers or a delicious bistro bite from the vegetarian menu, almost everyone can find exactly what they're craving in this Arlington hot spot.
<a href="http://www.lacotedorcafe.com/">La Cote D'Or Cafe</a>
This French bistro has been around for years and it offers a beautiful lunch and dinner menu located at 6876 Lee Highway in Arlington. Chef Jacques Imperato is the owner and chef cooking up fantastic dishes like a homemade pate with balsamic onion compote or rack of lamb with an herb crust and thyme sauce. There are vegetarian dishes such as the vegetable crepes and homemade gnocchi with fresh mushrooms.
<a href="http://www.greatamericanrestaurants.com/">The Carlyle</a>
Laid back with a fine dining menu - The Carlyle in <a href="https://www.buysellinvestproperties.com/communities/arlington-va/shirlington/">Shirlington</a>, another of the great places to the east in Arlington VA, offers alfresco dining on Campbell Ave for brunch, lunch or dinner. Large dinner salads bursting with bright flavors and beautifully grilled crab cakes all compliment the wine pairings or tasty appetizers. This is a perfect spot for brunch with the family, lunch with the girls or a quiet date night.
<a href="http://www.legalseafoods.com/">Legal Sea Foods</a>
<a href="https://www.flickr.com/photos/80527244@N02/8600901511/in/photolist-e72Snn-2Lk6z6-pV9bbS-b56qr2-833VVW-6nw9yD-6r2MaU-qzfUbY-eFeh9r-fj4sUi-7VDTss-pVgHEa-fjiDXY-8fPigc-r9Hr1R-abTCBJ-7RhiVy-e78v1Y-e78v5Q-8fPqY4-8fPgBV-86rcUA-uhhuNi-6dgRn7-8fPonp-cFdTyh-dx5uo2-6nh681-8fPjNB-e72Sak-c4Abzu-dkjrX8-C7aPWz-MMYKZ-8fSExf-6vrvAB-7ZRVKP-6LNxrq-cesXim-84Yhe7-rgQwjZ-kVTiPk-dk3ryE-pbPusi-dkjscK-pFrLAR-7VADs8-6dgVff-dk3pfR-4cK7Vh"><img src="https://assets.site-static.com/userfiles/1350/image/Legal_Seafood.jpg" width="640" height="427" /></a>
Don't let the name throw you; this amazing restaurant is where you go for great seafood in town. It more than earns its place on the list of great places to eat in Arlington VA. Located in Crystal City, diners can choose from over 40 varieties of fresh fish and shellfish, 365 days a year! This restaurant also has received the "#1 Best Seafood Restaurant" by USA Today, the "Best Crab Cakes" and the "Best Place for Great Seafood". They offer annual events like the Oyster Festival and even a market where you can take the catch of the day home and prepare it yourself. Don't miss this place if you love good seafood.
Stay tuned to my blog for more great tips, insights, and information on the Arlington area.
If you are in the market, please call or text me at 703-920-0003 for information on <a title="Condos For Sale In Arlington" href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" target="_blank">Condos For Sale In Arlington</a>, <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/townhomes/" target="_blank">Townhomes In Arlington VA</a>
2016-08-29T14:35:00-07:002020-01-09T12:59:56-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2949Carver Place Floor Plans - Townhomes and CondominiumsCarver Place Subdivision Floor Plans
Looking for Carver Place Floor Plans? Carver Place townhome floor plans and condominium floor plans are available on this page.
<img src="https://assets.site-static.com/userfiles/1350/image/Carver_Place_Floorplan_Search.jpg" width="1024" height="682" />
Carver Place is the newest subdivision in Arlington Virginia. Located at 1300 S. Rolfe St. at the intersection of South Rolfe St. and 13th Road South, Carver Place is designed and developed by Craftmark Homes, Inc. and Elm Street Development. The community is less than 2 miles from Pentagon City, Clarendon Metro stations and I-395. Nestled in the Arlington View neighborhood, shops, restaurants, markets, parks and schools are all close by along Columbia Pike, just a bit north of Foxcroft Heights.
The community features fifty (50) 3-story townhouses with the rest being condo-style units including six affordable (for sale) units. The project will include 94 reserved tenant parking spaces and 14 shared or visitor parking spaces. When complete, the development will offer over 12,000 ft.² of private open space in a small park.
Carver Place Arlington features numerous home designs, luxury features, contemporary lighting, distinctive design, smart store spaces and energy efficient materials.<br />Carver Place features 9 distinct buildings, each with their own designs, layouts, and amenities. There are 5 distinct layouts available at Carver Place. Square footages are from 2080 – 2650.
The Carver (approx. 20 units):<br />Design
3 bedroom | 2.5 bathroom
2213 ft.²
1 car garage
Great room
Eat-in island kitchen
Optional deck
Optional owners bath
3 finished levels
Priced from $669,900
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/carver-place/">Floor Plan</a>
The Westmont (16 Units):<br />Design
3-4 bedrooms | 3 Full, 2 Half Bath
2583 ft.²
2 car garage
Great room
Recreational room
4 finished levels
Rooftop terrace
Fourth level loft
Priced from $809,900
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/carver-place/">Floor Plan</a>
The Washington: (Approx. 25 units) - (also available with an English basement)<br />Design
3 bedrooms | 2.5 bathrooms
2650 ft.²
1 car garage
Outdoor terrace
Great room
Eat-in kitchen way
Optional roof terrace
Price from $694,900
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/carver-place/">Floor Plan</a>
The Claremont (6 units):<br />Design
3 bedrooms | 1.5 bathrooms
2080 ft.²
1 car garage
Great room
Formal dining and family room
4th level loft
Rooftop terrace
Price from $724,900
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/carver-place/">Floor Plan</a>
The Monroe: (ADU)
There will be six units designated as an Accessory Dwelling Unit (ADU). 2 units will be attached to Claremont designs; 2 attached to the Westmont; 2 attached to the English basement Westmont design. These designated to be used as a second dwelling unit established by permit as affordable housing.
Prices are to be determined based on style, materials, and customizations, but are estimated between $669,900 - $809,900.
If you’re interested in learning more about Carver Place Arlington, please call or text Norma Skeete today at 703-920-0003; I'm your Premier <a href="https://www.buysellinvestproperties.com/the-team/norma-skeete/">Arlington VA Real Estate Consultant</a>. I look forward to helping you with your Carver Place Arlington purchase.2016-08-18T14:42:00-07:002020-01-07T11:27:46-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2950Condo Special Assessments in VA – The Good, The Bad and the Ugly<img src="https://assets.site-static.com/userfiles/1350/image/Condo_Special_Assesment.jpg" width="480" height="647" />
Condo Special Assessments in VA
Special Assessments are generally greeted with dread, apprehension and even suspicion in some instances. But is such a feeling warranted? Let’s step back for a minute.
You are already familiar with condo fees whether or not you actually live in a condo. And it is generally understood that condo fees are assessed to cover upkeep and maintenance of the “common areas” (the areas that are shared with the other co-owners of the building) and general management of the building, be it through an outside management company or onsite staff.
Then out of the blue, you might receive a notice from your Association that you are being assessed $$ to cover the cost of something – roof replacement perhaps, replacement of carpets, whatever.
You are not pleased. How did this come about you ask? It’s a large amount of money – where am I to get the funds from?
Bottom line, you are not prepared for this bit of news. After all, you have been paying your monthly condo fees.
Special Assessments Should Not Come As A Surprise
First off. This kind of surprise notification is more likely to happen in a less-than-well-run condo community. With these types of communities, there are usually not regularly scheduled Board Meetings due to lack of participation from the co-owners.
Therefore, the result is that there is no one keeping an eye on the financials per recommended best practices as well as future planning. In other words, communities of this sort are being run condo fee to condo fee (in line with how some people live from paycheck to paycheck).
Regardless, you are obligated to pay this assessment since it is covered in the Bylaws of the Association.
That’s the “bad”.
Special assessments should never come as a surprise. If they come at all, that should occur only after discussion at several board meetings followed by a vote which has been passed by the necessary majority of co-owners. Then such decision and details should be distributed to all unit owners.
Much more palatable.
What are Special Assessments Anyway?
Special assessments are assessments against each co-owner of a condo unit over and above the assessed monthly condo fee. They become necessary when there are no reserves or insufficient reserves (that is amounts put away out of the monthly condo fees) to cover one-off, major items of expenditure, e.g. replacement of an elevator or roof, air-conditioning equipment, carpet replacement. These are usually large amounts required to be paid fairly quickly.
How are Special Assessments Paid?
Many times, the amount assessed is requested in a lump sum. Other times, arrangements are made to spread it over a period, e.g. six months or twelve months. In such a case, the extra amount is added on to the monthly condo fee for the agreed period, after which the condo fee reverts to its regular amount.
How Can Special Assessments be Avoided?
Special assessments can be avoided with good planning. This can only occur with an engaged Board of Directors and Association working in concert with all co-owners. An ideal way is to have committees of co-owners for each major area of expenditure, e.g. Building Maintenance, Facilities Maintenance, Landscape & Grounds, Reserve Fund Planning.
These committees will constantly be overseeing their respective areas, reporting back to the Board at each monthly meeting. Initially, there will be a study for each major item and its life expectancy and anticipated replacement cost.<br />Based on those studies, a determination can be made as to whether or not the reserves being set aside from current condo fees will be sufficient to take care of a specific item at the planned time.
If it is not, then the condo fees can be adjusted accordingly and/or a special assessment spread over a longer period.
That’s the “Good”.
The “Bad” is when you are in a poorly run condo complex and most of the co-owners simply ignore the special assessment notice. Not surprising, since these complexes would have already been plagued by high delinquencies in their condo fee collections.<br />People have been made to just walk away.
This is not hard to do where the “buy-in” was minimal or non-existent, e.g. where the co-owner had taken advantage of a special program allowing purchase with no money down or having it (the down payment) and the closing costs rolled into the mortgage. Meaning that purchaser had no “skin in the game”.
You are now, therefore, in a condo complex unable to sustain itself – the market is saturated with numerous units being put on the market at fire-sale prices with no takers.
Bottom line, the moral of the story is that due diligence is critical when purchasing a condo, as well as the expertise of an experienced <a title="Arlington VA Real Estate Consultant" href="https://www.buysellinvestproperties.com/about/" target="_blank">Real Estate Consultant in Arlington VA</a>. Call Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to <a title="Arlington VA Condos" href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" target="_blank">buy a condo in Arlington Virginia</a>.2016-08-12T14:48:00-07:002020-01-07T12:20:43-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2951What Buyers Need to Know When Purchasing a Condo with a VA Loan in Arlington Virginia<img src="https://assets.site-static.com/userfiles/1350/image/condos-for-sale-in-arlington-va-va-loan.jpg" width="849" height="566" />
There are several important points to consider when purchasing a condo with a VA loan in Arlington Virginia. There is no doubt that condos are a popular choice for many home buyers (and this includes the military population), but the importance of being fully aware of the differences between purchasing a condo and a regular single-family home cannot be overstated.
Below are seven critical areas of note (regardless of the type of financing being used) which are covered in detail in my post entitled <a title="SEVEN IMPORTANT POINTS TO CONSIDER WHEN PURCHASING A CONDO IN ARLINGTON VIRGINIA" href="https://www.buysellinvestproperties.com/blog/seven-important-things-to-note-when-buying-an-arlington-virginia-condominium/" target="_blank">SEVEN IMPORTANT POINTS TO CONSIDER WHEN PURCHASING A CONDO IN ARLINGTON VIRGINIA</a>; therefore, the focus of this post will be on the VA loan aspect.
Ownership
Management
Condo Fees
Special Assessments
Approval of condo building
Condo Docs
House Rules & Regulations
OTHER NEED-TO-KNOW POINTS (VA-Specific)
The condo must be in an approved building – Just like the FHA, the VA has special requirements that a condo building must adhere to ( e.g. occupancy rate) in order to be deemed a VA-approved building. It is a long application process that an HOA goes through if its membership has agreed.
There is no mortgage insurance for VA loans
There is no required down payment
A funding fee is required to be paid, with some exceptions
After-inspection repairs must be taken care of by the seller
Repairs must be inspected by a VA official
The VA has its own appraisers
Sellers are required to pay for the Termite Inspection
Some sellers will not accept a VA loan
So What is a VA Loan?
A VA Loan is a mortgage issued by private lenders (banks, savings & loans organizations, credit unions, mortgage companies) to eligible veterans. These loans are guaranteed by the Federal Government under the auspices of the military loan guaranty program to help service members purchase homes. The program is administered by the Department of Veterans Affairs, but as stated above, the actual loans are dealt with in the private sector.
Are All Service Members Entitled to a VA Loan?
The quick answer is “no”. There are certain disqualifying reasons why a service member could be found ineligible for a VA loan. In addition, there are certain misconceptions regarding the use of a VA loan. For example, many believe that if they have availed themselves of a VA loan once, they cannot do so again. That is incorrect. The VA loan can be used over and over again – in full or partially.
How do I know if I’m eligible for a VA loan?
The first order of business when purchasing a condo with a VA loan in Arlington Virginia is to establish and re-establish your eligibility (in case you had a VA loan before). This is done by obtaining a COE (Certificate of Eligibility). You can do this directly online through the Department of Veterans Affairs by using this link <a href="http://goo.gl/yQwQIY" target="_blank" rel="noopener">http://goo.gl/yQwQIY</a>.
Yippee, you have your COE – now what?
Now that you have your Certificate of Eligibility in hand, it is time to enlist the services of a realtor who is qualified regarding purchasing a condo with a VA loan in Arlington VA. A lender will be enlisted to tell you how much loan you qualify for and proceed to prepare a Pre-Approval Letter. Your realtor will then be able to identify appropriate condo units in VA approved buildings for your viewing.
Norma Skeete, Arlington VA Military Relocation Specialist
So, as you can see, buying a condo with a VA loan in Arlington VA is anything but straightforward. To ensure a smooth and hassle-free process with your <a title="Arlington VA Condos" href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" target="_blank">Arlington VA Condos</a> and <a title="Townhomes In Arlington VA" href="https://www.buysellinvestproperties.com/arlington-va-real-estate/townhomes/" target="_blank">Townhomes In Arlington VA</a> purchase, call Norma Skeete, <a title="Arlington VA Real Estate Consultant" href="https://www.buysellinvestproperties.com/about/" target="_blank">Real Estate Consultant in Arlington VA</a> at <a href="tel:+17039200003">703-920-0003</a>, a certified <a title="Arlington Military Relocation" href="https://www.buysellinvestproperties.com/military-relocation/" target="_blank" rel="noopener">Military Relocation Specialist</a> in addition to being an Accredited Buyers Representative. She will take you through the process from the initial consultation to when you are handed the keys.2016-08-05T14:50:00-07:002020-01-09T13:29:58-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2955Buying a Condo in Arlington Virginia? Here Are Some Things You Need to Know<img src="https://assets.site-static.com/userfiles/1350/image/condos-for-sale-in-arlington-va-blog.jpg" width="849" height="566" />
Buying a condo in Arlington Virginia can be an intoxicating prospect. If you are a first-time purchaser, just the thought of finally owning your own home, your own space to do as you like – a different color for every room - is enough to make you giddy.
If you are a senior no longer able to manage those stairs, you can hardly wait for that one-level living opportunity. And if you are tired of raking leaves and ploughing snow and tending the yard, you can’t wait for the carefree living experience that comes with condo ownership.
But wait, there are important differences between buying a single family home and a horizontal-type home.
What do you get when you buy a condo?
When you buy a condo, it is space between the walls that are deeded to you. You personally own no land.
Co-Ownership
When you buy a condo, you immediately become a co-owner with all the other unit owners for what are called “common areas”. There are different types of common areas – “general common areas”, “limited common areas” and “exclusive common areas”.
“General common areas” are used by all the co-owners, e.g. stairways and hallways, lobbies and amenities like pools. “Limited common areas” give access to only some co-owners, e.g. because of where a patio is situated, access might be limited to co-owners of a certain floor only.
Condo Fees
Just about everyone knows or have heard of condo fees. It goes without saying that someone has to pay for the upkeep of the common areas referenced above. Most of the condo fees are for this purpose. In addition, in the well-run complexes, a portion of the condo fees will be put in reserves to handle major upkeep or renovations and capital items replacement.
Still, it is human nature to look at a lower condo fee as an advantage. This is not necessarily so. You must dig deeper into the financials to see exactly how the fees are being spent in relation to the condo complex.
Remember also to look at this item when you are in the process of buying to ensure that you are not being asked to pay delinquent condo fees for which you are not responsible. A good closing and title company will ensure that you are not stuck with such a liability.
In looking at the condo fees, think about them in relation to the amenities. Are you going to use the pool? Are you going to use the tennis court?
If you are not interested in these amenities, then it would be best to choose a complex without them so that you are not paying for something that you are not going to use.
Who will be managing the condo complex?
If you cannot get an answer as to who is managing the condo complex you are about to buy, stay clear – find another complex. The management of a condo complex is too important an item to leave up in the air. How the condo complex is being managed will have a direct bearing on your condo fees as well as your living environment. You want good stewards of your condo fees.
New construction or not?
Most everyone like new things and so you might be eyeing a condo complex that is being built. Like buying a regular home from a floor plan, there are advantages and disadvantages.
With the condo, you will have first choice of an end unit on the highest floor with the best view, for example.
On the other hand, you are also going to be buying many unknowns. For example, you will not know about condo fees with a new construction. If you do, it is usually an unrealistic low figure.
You will not know about the management with a new construction. And quite frankly, you will not even know if you will actually close on that new construction unit because if the required number of units are not sold to satisfy the minimum requirement, they could very well decide to turn the building into an apartment for rentals.
With an older building, the financials will highlight for you all the deferred maintenance and just from appearance you will also have a good idea of how well the complex is being managed. You are in a better position to make an informed decision.
Condo Docs
All condo complexes will have condo docs including Articles of Association and Bylaws, the Governing documents comprising covenants, Rules and Regulations as well as Financials and certain Board Minutes and amendments to Bylaws and details of the insurance policy.
Details of any Special Assessments will also be found in these documents, whether in the minutes of Board Meetings or in the Financials themselves. Special assessments arise when proper reserves are not set aside (very low condo fees is a warning sign) for major repair and capital expenditures.
This is where you will find information on do’s and don’t’s, amenities and the like.
Make sure you look them over to determine if there is something in them that you cannot live with. If this is the case, you will be able to use them to get out of your contract so long as you act within the stated contingency period.
Financing
If you are military personnel of any sort wishing to take advantage of the VA Loan Program, you must restrict your condo search to VA-approved condo buildings. The same restriction applies if you intend to use a FHA-backed loan. The building must be FHA-approved. A competent real estate professional like Norma Skeete will identify these buildings for you to ensure that you do not end up choosing a condo in a non-approved building.
Are ready to buy that <a title="Condos For Sale In Arlington VA" href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/" target="_blank">Arlington Virginia condo</a>? As an <a title="Arlington VA Real Estate Consultant" href="https://www.buysellinvestproperties.com/about/" target="_blank">Arlington VA Real Estate Consultant</a>, Norma Skeete is here to guide you through the entire buying process starting with an in-depth determination of your needs to your getting the keys at closing. Call her now at <a href="tel:+17039200003">703-920-0003</a>.2016-06-29T15:09:00-07:002020-01-07T11:26:29-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2953Fairlington Virginia Townhomes For Sale And Sold Report For June 2016Fairlington VA Townhomes for Sale and Sold Report shows an increase of 190.77% for Sold Dollar Volume over June 2015 of $3,207,200 versus $1,103,000. However, month-to-month there was a decrease of 0.5% from the May 2016 volume of $3,222,100 to the current $3,207,200.
<img src="https://assets.site-static.com/userfiles/1350/image/fairlington-virginia-townhomes-for-sale-june.jpg" width="640" height="480" />
Fairlington Virginia Townhomes
Closed Sales of Fairlington VA Townhomes
There were eight (8) closed sales in June 2016 (same as May), but up from three (3) in June 2015.
Median Price of Fairlington VA Townhomes
The median price of townhomes sold in June 2016 was $397,700 up from $375,000 in June 2015, a 6.05% increase.
Fairlington VA Townhomes Average Time to Sell
It took an average of fifteen (15) days to sell a home in June 2016 whereas it took eleven (11) days in June 2015. It should be noted, however, that it took an average of thirty-one (31) days for homes to be sold in May 2016, just about double the time it took in June 2016, a significant positive change.
StatisticJunYoYMoM
Total Sold Dollar Volume
3,207,200
+190.8%
-0.5%
Closed Sales
8
+166.7%
0%
Median Sold Price
$397,700
+6.1%
-8.4%
Average Sold Price
$400,900
+9%
-0.5%
Median Days on Market
6 days
0%
-62.5%
Average Days on Market
15 days
+36.4%
-51.6%
Median Price per Sq Foot
$468
+24.8%
+5.6%
Average Price per Sq Foot
$448
+15.8%
+6.2%
Fairlington VA Townhomes July 2016 Report Takeaway
There is no doubt that Fairlington VA is experiencing a seller’s market. If you are buyer, this means that you must be ready and willing to put in your offer immediately that you see the townhome of your dream. It could take you a much longer time to find another acceptable home. In addition, you may be asked to pay more. Wait at your peril.
Fairlington VA Townhomes For Sale
<a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/fairlington/" target="_blank">Search for Townhomes for Sale in Fairlington Virginia</a>
Need to sell before buying your Fairlington VA townhome? Find out <a href="http://www.searchallproperties.com/propertyvaluation-plus-one/buysellinvest/Arlington%2C+VA-489957" target="_blank" rel="noopener">What Your Home is Worth here</a>.
Contact Norma Skeete at <a href="tel:+17039200003">703-920-0003</a> if you are ready to buy or for any real estate need.2016-06-29T15:04:00-07:002020-01-09T12:23:59-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2954Fairlington Market Report May 31 2016
FAIRLINGTON VA HOMES FOR SALE AND SOLD REPORT FOR MAY 31, 2016
Fairlington, VAHomes for Sale have seen a rise in pricemonth to month and an insignificant year-to- year increase with not much change in the low inventory levels.
The Numbers Month to Month and Year to Year
The median sales price for Fairlington, VA Homes for Sale was $434,300in May 2016 compared to $400,000 during April 2016 and $433,500 for May 2015.
The number of Fairlington, VA Homes for Sale that sold was 8inMay 2016 vs. 7in April 2016 and 2that sold in May 2015.
There are 5 Fairlington, VAHomes for Sale that are in contract which represents 71%of the overall available inventory of 7 homes.
A few highlights of the currentFairlington, VAHomes for Sale are shown below and represent a nice cross section of properties available, in contract and that have sold.
This Months Most Expensive
The most expensive of all Fairlington, VA Homes for Sale this month remains the same as in April. It is the 2 bedrooms 2 baths with 1,000 sq. ft. which I toured in April and fell in love with the all-brick patio and the amazing amount of light in the unit. It is still priced at $484,900 and I am really surprised that it has not been gobbled up already.(<a href="http://www.searchallproperties.com/listings/2225513/FAIRLINGTON-VA-HOMES-FOR-SALE-AND-SOLD-REPORT-FOR-MAY-31-2016?htype=me&description=description&lid=2225513">schedule a showing</a>).
This Months Least Expensive
The least expensive of all Fairlington, VA Homes for salein May remains the same as indicated in April coming in at $319,900. The cutest 1 bedroom and 1 and a half baths plus a den comprising 712 sq.ft. is perfect for a first-time home buyer or investor.(<a href="http://www.searchallproperties.com/listings/2225513/FAIRLINGTON-VA-HOMES-FOR-SALE-AND-SOLD-REPORT-FOR-MAY-31-2016?htype=le&description=description&lid=2225513">schedule a showing</a>).
This Months Must See
Even with the low inventory, there were some great Fairlington, VA Homes for Sale to consider for this months ‘Must See home tour.
Do not miss the home on Buchanan Street
<a href="http://www.searchallproperties.com/listings/2225513/FAIRLINGTON-VA-HOMES-FOR-SALE-AND-SOLD-REPORT-FOR-MAY-31-2016">Click to see the full report </a>
2016-06-23T15:08:00-07:002020-01-09T12:13:00-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2956ARE YOU BEING FAIR WITH FAIR HOUSING?April is Fair Housing Month; however, there really should be no time stamp on this subject.
It is a topic that should be front and center of all real estate transactions and ancillary services at all times.
So what is Fair Housing?
Fair Housing is the right to live where one chooses with dignity and without fear of discrimination. It is a basic right guaranteed to all people.
The Fair Housing Act which came into being in 1968 stemming from the Federal Civil Rights Act of 1964 and prohibits discrimination in housing based on membership in the following protected classes:
Race
Color
Sex (gender)
Marital Status
Religion
National Origin (ethnicity, ancestry)
Elderliness (55 years or older)
Disability Familial Status (families with children under the age of 18)
Sexual Orientation
Sexual orientation is bolded because it was added in specifically by Arlington County since each jurisdiction has the right to do just that. Fairfax County has not done that and so has nine (9) protected classes.The District of Columbia on the other hand has twelve (12) additional protected classes as under bringing their list to twenty-one (21).
Practitioners in the industry, therefore, need to be aware of the law in whatever jurisdictions they operate.
Age
Marital/Family Status
Personal Appearance
Place of Residence/Business
Sexual Orientation
Victim of Intra-family Offense (domestic violence)
Family Responsibility
Political Affiliation
Matriculation
Source of Income
Gender Identity
or Expression Genetic Information
On the face of it, it seems simple enough that everyone should be free to live where ever they choose with dignity and without fear of being discriminated against or harassed. Yet, it is anything but, as day after day all across the nation there are instances of just that in as many forms.
Why did you deny access to the multiple listing service? What was the real reason that a loan was denied? Why are you placing conditions on some of your clients and not on others? Now might be a good time to streamline your processes to eliminate any such behaviors.
The purpose of this post is merely to ask that you stop and think and re-assess how you are conducting your business to ensure that you are truly treating each and every person the same way under the law. It is just not possible to go into detail in any meaningful way in a post such as this considering all the various aspects that the law covers in dealing with each individual protected class.
Consider, for instance, the scenario where a large investor approaches you to rent some of his properties ending with the caveat, “but I don’t want any......(fill in the blank) tenants”.
Are you on top of your game to lay down the law, educate him or her and be willing to walk away and make a report to the proper agency in your jurisdiction? In other words, it’s not good enough for you to be just on the right side doing the right thing. In order to enact real change, in moments like these you need to, you have an obligation to, seize upon the opportunity to inform and teach with the intent of truly helping to make Fair Housing fair housing.
You may also be interested in <a href="https://www.buysellinvestproperties.com/blog/april-2018-fair-housing-month/" target="_blank">2018 April Fair Housing Month</a>2016-06-03T15:17:00-07:002020-01-07T11:24:06-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2952Seven Important Things To Note When Buying An Arlington Virginia Condominium<img src="https://assets.site-static.com/userfiles/1350/image/Buying-an-Arlington-Virginia-Condomimium.jpg" width="849" height="675" />
Ownership
With a condo, you are purchasing the space between the four walls of a unit, so that automatically you are in partnership with the other owners through the Homeowners’ Association regarding all other areas and amenities, known as “common areas”. You collectively own the common areas (shared space) along with the other co-owners.<br />This is a major distinguishing fact between purchasing a stand-alone home and a condominium unit.
Management
All condos have a management element in place. Depending on the size of the condo complex or building, this could be a large management company offering its services to many other condominiums, or it could be a small staff employed directly by the Association.<br />Big or small, the purpose is to oversee and take care of the common areas of the condo complex or building.<br />How the building is cared for is a reflection on the management and can be a red flag, which should not go unheeded when making a condo purchase in Arlington VA.<br />How is the condo building managed? Is it by a reputable management company with a good track record? This can have a great impact on the enjoyment or otherwise of your home and its resale value. Therefore, do your due diligence prior to purchase.<br />Who pays for this management? You do, by way of your condo fee.
Condo Fees
If you buy a condo, there is no escaping the condo fee. This fee pays for the management of the common areas – hallways, elevators, roof, laundry rooms, pool, garbage disposal, gardens, etc.<br />The size of a particular condo building and the amenities that are included will affect the size of the condo fee.<br />A very low condo fee in and of itself is not necessarily a good thing though. Yes, it is good for your pocketbook; however, it could be the case that the fee is low because proper reserves are not being set aside for the replacement of large capital items.<br />This will set you up for unpleasant special assessments down the road. You should be looking at condos where a portion of the fees is earmarked for capital items and placed into a reserve fund.
So What Are Special Assessments
A special assessment is where unit owners are asked to come up with large one-time payments over and above their regular condo fees to take care of capital items and periodic refurbishment of the condo complex, e.g. replacement of carpets, roofs, elevators and the like.<br />It becomes necessary when adequate reserves have not been set aside out of condo fees to take care of the inevitable replacement of large items. Therefore, make sure that you check the Condo Docs within the contingency period of your contract for evidence of this.<br />Information on this can also be found in the minutes of Board Meetings.
FHA Approval
When seeking FHA loan financing for a condo, it is not enough for you the prospective borrower to get approved; the condo building itself has to be FHA-approved as well. Through a very complicated process, condo buildings can apply for this approval which, after initially granted, has to be renewed every two years.<br />This approval has to do with minimum requirements regarding occupancy, reserves, owner-occupied units vs investor-owned units, among other things.<br />At this time, efforts are underway to reduce this burden somewhat by lifting certain requirements.<br />Still, this approval ensures that certain standards laid out by FHA are met.<br />This is a good thing for you the purchaser. It means that you can be assured that a particular condo building has to maintain certain minimum standards with regards to fiscal responsibility. So even if you are not interested in FHA financing, it is not a bad idea to seek out FHA-approved buildings.<br />On the flip side, when you are ready to sell, this is also a great advantage, since you want all financing options available to all buyers. For older unit owners who may wish to utilize a reverse mortgage, an FHA-approved building is vital as well.
Condo Docs
These documents are required to be given to you under the terms of your contract. Never make the mistake of not reading them. They contain all the information regarding the complex – House Rules and Regulations, financial information, do’s, don’ts, ifs and when’s. This is where your title or escrow company will find information on any amounts owed by the seller directly as well as delinquencies for the complex as a whole. This makes it imperative to have a good title company in case you miss these items.<br />Nevertheless, if there is something scary that you cannot accept, you can use this as a way of voiding the contract.<br />So, this is a very important item when purchasing a condo in Arlington VA.
House Rules and Regulations
These are as varied as the types of condo units and condo buildings. Typically, you can expect information on move-ins and move-outs, parking, exercise room and other amenities protocol; what you can and cannot do to the immediate exterior of your unit, etc.<br />Pay attention, and if you feel there are rules that you cannot live by, use your contingency to void the contract.<br />You can find all Arlington, VA Condos for Sale here, and remember to take note of these seven items when buying a condo in Arlington VA.2016-05-21T14:59:00-07:002020-01-09T13:23:26-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2957YES, YOU DO NEED INSURANCE FOR YOUR ARLINGTON VIRGINIA CONDOCondos and Insurance in Arlington Virginia.
<img src="https://assets.site-static.com/userfiles/1350/image/Arlington_Condo_Insurance.jpg" width="450" height="300" />
Are you one of those people who think that you do not need individual insurance because you are covered by the Condo Association’s policy? Whether or not, let’s talk.
It is good to remember that you own the area within your unit, therefore you are responsible for the contents/personal property and any pipes that do not emanate from outside. Therefore, automatically, there is no question that you and you alone will be responsible for your personal property. As to other damage, your liability will be defined in the Governing Documents of the association.
Therefore, the Governing Docs could state that the Association is only responsible based on the original cost of whatever was damaged, so that if you had undergone major renovations, you would not be reimbursed based on the renovated value, thus leaving a big gap for you to fill; hence the need for your own insurance. Also, if the water intrusion was as a result of a malfunctioning appliance or whatever from a neighbor unless that neighbor was negligent, you would still be responsible for the damage – again, hence the need for your own insurance.
Please also note that you will always be responsible for the Association’s deductible whenever a claim is made under the Association’s policy due to your negligence.
Most Associations have “single-entity” coverage, which like bare walls coverage insures the general and limited common elements. This coverage also extends within individual units to fixtures, appliances, walls, floor coverings, and cabinetry, but only for like kind and quality to that conveyed by the developer to the original owner.
What is proper insurance if you own a condo in Arlington VA?
To be properly insured as the owner of a condo in Arlington VA, you should seek out and obtain an HO-6 individual homeowners policy. It will provide coverage for personal property, unit improvements, betterments, additions and alterations, additional living expenses and personal liability. You should also obtain a copy of your Association’s Master Policy Declaration Page to supply your insurance agent to ensure that the correct amount relative to the Master Policy deductible is included in your individual policy.
As you can see, being properly insured when you own a condominium in Arlington VA is somewhat complicated and should be dealt with as such prior to an incident. See other post entitled Condos and Water in Arlington Virginia.
If you are thinking about buying or selling a home in Arlington VA, please call or text Norma at 703-920-0003 or email norma@normaskeete.com. <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/">Search all Arlington VA condos here</a>.2016-05-14T15:24:00-07:002020-01-09T13:32:20-07:00Norma Skeetetag:buysellinvestproperties.com,2012-09-20:2958OH NO –IT’S RAINING IN MY CONDO IN ARLINGTON VIRGINIA!<img src="https://assets.site-static.com/userfiles/1350/image/Raining_In_My_Condo.jpg" width="300" height="211" />
Arlington Virginia condos and water. No doubt you are wondering about this combination.
Yes, you should, because when living in a condominium unit, there is a greater likelihood that you will experience some form of water intrusion at some time (unless you are on the top floor) compared to life in a single family home.
Why is that?
Stop and think for a minute. A fairly large condo building could mean there are several other floors above you, each with pipes of one sort or another running every which way. It only takes one incident (due to carelessness -absentmindedly leaving a faucet on or just an accident – a broken pipe from normal wear and tear involving the escape of water going unnoticed or during your absence or in the middle of the night) for you to be impacted. Regardless of how and who might be at fault, water intrusion is a very scary, inconvenient, damaging and in many cases expensive incident to deal with.
How can this be minimized or avoided?
There are many preemptive steps that you as an Arlington VA condo owner can take to minimize or avoid water intrusion into your unit.
Be very systematic about maintenance of the appliances in your unit –refrigerators, washing machines, dishwashers, toilets, water heaters, faucets, heating and air conditioning systems, etc.
Make sure to periodically check for dampness around these areas.Do not forget the look above and see if there is any water mark on your ceiling.
Invest in water alarms and place these strategically under sinks and around toilets, refrigerators, heating and air conditioning etc. so that they will blast off and alert you the minute the first drop of water is detected. In your absence have an arrangement with your neighbor to notify management if they should pass by and hear the alarm.
Make sure that your Condo Association has a maintenance schedule in place to periodically have the pipes and equipment checked which could cause water intrusion into your unit in addition to a schedule for replacement of these items.
You have been impacted by water entering your unit. Now what?
Hopefully, you have the correct type of insurance in an adequate amount, to begin with. You see, even though water might have fallen on your head, it does not mean that you are in the clear. The question of liability when dealing with condos and water in Arlington VA can be quite tricky –a lot of it has to do with your Condo Association and its Governing Documents.
Please see post entitled <a href="https://www.buysellinvestproperties.com/blog/yes-you-do-need-insurance-for-your-arlington-virginia-condo/">Yes, You Need Insurance For Your Condo in Arlington Virginia</a>.
In the meantime, if you are thinking about buying or selling a home in Arlington VA, please call or text Norma at 703-920-0003 or emailnorma@normaskeete.com. <a href="https://www.buysellinvestproperties.com/arlington-va-real-estate/condos/">Search all Arlington VA Homes Here</a>2016-05-07T15:26:00-07:002020-01-09T12:58:19-07:00Norma Skeete