The Real Estate Whisperer

703-669-3142

The Ironic Story of How My Dad Bought A Home

2011-06-19T22:33:00.000-04:00

In honor of Fathers Day, I wanted to post a real estate story about my dad. There are many to tell, as my dad has been a builder for most of my life, and I have been watching and learning the entire time.

But today I have decided to share with you how my dad made his first real estate investment. Talk about sweat equity! Ha! It's a rather unusual story, but then again, most stories about my dad are.

When I was in preschool, Dad built 4 homes on Vale Road in Oakton. We were in a recession, and the developer couldn't sell them and therefore couldn't pay my dad. That was a problem.

So, the developer offered my dad a house. The cost of one house was approximately what he owed my dad for building the four. Reluctantly, Dad took the offer. He'd never been a homeowner before and we were currently renting a home owned by his sister.

At the time, my dad would have said he got a bad deal. Plus, he was "forced" to live in a house he didn't want. The entire time we lived there he complained "If I'd known I was building this house for myself, I'd have.... (fill in the blank)."

In hindsight, he'd tell you that was a great deal. Who knows when he would have gotten around to purchasing a home....but he's been a homeowner ever since. He sold that one when my parents divorced a few years later and they each took their "half" and bought another. Eventually, developers came and pushed Dad out of his last house and now he owns a gorgeous piece of property on Goose Creek in Leesburg and lives in a home he built for himself... one he intended to live in...and he owns it free and clear.

You see, if you pay down your mortgage and hold onto your house, in the long run, it's one of the best financial investments you can have. The key is long term ownership. That's the best investment lesson I've learned in my life, and watching this ironic story develop is one way I have learned it.... and today I decided to share it with you.

Are you read to buy today? If not, start thinking about it. The earlier in life you begin owning the more you'll appreciate it down the road.

Vicky Chrisner

Real Estate Consultant

703-669-3142

It's Summertime! Feelin' the Need to Get Away?

2011-06-18T18:55:00.000-04:00

Ahhhh! Summer is upon us. Time to head for the hills? Chillax on the lake? Smell the salt air and listen to ocean waves? No matter your style, remember that vacationing requires you make a real estate decision. This isn't just activities here, you gotta stay somewhere. Sure, you may choose a hotel, but if you have a family or a group of more than two, a house or condo will likely offer you better accomodations for less.

For my friends and clients, I want you to remember that I am here to help with ALL your real estate needs....this means your vacation needs, too!

Did you know that...

You can find vacation rentals on my web site... anywhere in the DC Metro area, including, but not limited to Ocean City Maryland! (Our closest beach makes a great getaway, and we really enjoyed Sunset Island when we rented a condo there.)

http://www.lvc-homes.com/

Just click on the Property Search option.

I have a client that specializes in building riverside cottages and mountainside chalets about an hour from here - about half our sales are weekend getaway homes for people who reside in Loudoun, Fairfax or elsewhere in the DC Metro area.

I have connections to REALTORS all over, many of which specialize in vacation rentals or the sales of vacation homes. So send me an email and tell me your favorite vacation spot, and I will happily connect you to someone who can help you. For Spring break this year, my family spent 10 days in sunny Orlando in a fabulous three bedroom, three bath, two level townhome for about $1000....minutes from Disney. That's a steal and if you ever want to take advantage of the same deal, all you have to do is ask. The owner is a friend of mine, and a REALTOR/Broker in the Central Florida area.

Please remember... when you have a real estate need, ANY real estate need, I have real estate solutions! You'd be surprised at the resources I have at my disposal....and I really do want to be your one stop real estate resource. (Plus, I might want to stow away in your suitcase.) :D

Challenging Your Real Estate Assessment Gets Easier

2011-06-17T22:06:00.000-04:00

Aha! An interesting little legal change going into effect July 1 (which will impact local real estate tax assessments beginning Jan 1 of next year): The burden of proof in Assessment Appeals will be lower.

After January 1st, localities will have specific burdens to provide you with evidence of their reason for reassessment of your VA properties. Further, if you appeal an assessment you no longer have to provide "clear and convincing" evidence (80%+ convincing) of a lower valuation... you only need to provide a "preponderance" of evidence (51% convincing).

If you've ever challenged your assessment you probably know it wasn't too terribly hard to get it changed. But, now it's going to be even easier.

Wow. I have to wonder how this will impact our overall county budgets. I guess we'll have to stay tuned. In the meantime, if you'd like to keep tabs on the market in your neighborhood, check out this great web site. You can order an automated monthly report showing you sales in YOUR neighborhood.

www.SalesInMyNeighborhood.Info

Interested in staying up on news like this that affects us all? Join my Facebook page:

www.Facebook.com/TheRealEstateWhisperer

New FHA Requirements?

2011-06-15T13:21:00.002-04:00

I keep hearing mumbling within the real estate about these "new" requirements for FHA loans. It may surprise you to know most of them aren't really new requirements at all; they're old. It's just that now they are being enforced.

To understand what I am about to tell you, it's important that you recognize what an FHA loan is. On a basic level, it's a loan requiring very low down payments. Since that makes it riskier for banks to do, the Federal Housing Administration insures the loan against default. It works just like your homeowner or other type of insurance. If the lending bank has a loss because of your default, they file a claim and according to the policy guidelines get reimbursed for all or part of the loss.

In the good old days, when the word foreclosure was rarely uttered, underwriters were waiving FHA requirements... allowing exceptions. This happened often. But, now that we're seeing short sales or foreclosures, both of which are a "default", on FHA loans, the banks are having to file claims so they can be reimbursed for losses on these loans. It's happening enough that the FHA itself is suffering.

So the FHA, or others are their behalf, are conducting audits. In the audits, they are scrutinizing the exceptions that underwriters have allowed, and they are not paying on many of the claims. This results in banks telling underwriters they can not make exceptions on the requirements.... and so, old requirements are being enforced.

It's true what they say, "There is nothing new under the sun." Time and time again I find this old adage holds true, especially in the real estate world.

=================================

If you find insights contained in this blog helpful, please consider joining the coordinating

Facebook page: www.Facebook.com/TheRealEstateWhisperer

If you would like personal advice regarding the purchase or sale of property in the Dulles area,

reach out to me directly:

Vicky Chrisner

Keller Williams Realty

703-669-3142

FHA's HOUSE PRICE CALCULATOR

Please note that I can not provide insights regarding properties or real estate transactions outside of Virginia,

except to refer you to a professional in your area (which I am happy to do).

Buyer Beware (Part 2: Chinese Drywall)

2011-06-14T17:51:00.000-04:00

Drywall made in China and put into homes here in America between 2003 and 2009 has caused serious issues. It erodes wiring, copper pipes and can make you sick. You'd want to know if you were buying a home that had chinese drywall wouldn't you? Of course you would.

There's a tiny bit of good news here. A newly passed law (Senate Bill 942) addresses this exact issue. It requires real estate agents involved in a transaction who have actual knowledge of defective Chinese drywall in a dwelling unit to disclose that information to the prospective buyer or tenant.

But, would a real estate agent know of the Chinese drywall if it was in the home? Quite honestly, we might not. The most likely way for us to know of it is for our sellers to tell us that it exists. But, we don't standardly ask this, and many owners may not even know of its existence. Even if they notice that wiring is corroding, they may not know why.

The burden of discovery remains heavily with the buyer. Check out this post (click here) to learn how to recognize Chinese drywall, and always, always have a professional home inspection. It's not standard, so specifically request that your inspector note if he found any issues that could be caused by Chinese drywall and if he recommends further examination.

Buyer Beware! (Part 1:Snake Infested House)

2011-06-12T21:40:00.002-04:00

This poor, poor couple! They bought their "dream home" only to find out that under their home is a snake den with thousands of snakes. In fact, the home had been on TV even before they'd purchased... and no one told them. I found the story on a social networking site where the question was asked: "Did the seller have to disclose this to the buyers?"

So, do sellers have to disclose such things? The answer varies state to state. In Virginia, the answer may shock you.

In short: NO. Here, it's "Caveat Emptor" or "Buyer Beware". You, as the purchaser are required to do your own due diligence and discover defects of the home on your own. In this case, the home was bank owned, so it's very likely that the bank didn't even know of the issue.

Real estate agents in Virginia have a heavier burden of disclosure than sellers. If any agent in the transaction has knowledge of a "material defect" about a property they are required to disclose it. A material defect is any thing that might impact a buyers decision about purchasing or what to pay for it....for example thousands of snakes taking up residence under the home. I am pretty sure that qualifies.

Without relying on someone knowing of the issue and disclosing it, how would the buyers discover this on their own? I watched the video, and wondered how they didn't notice thousands of snakes sooner... unless perhaps it was colder weather and the snakes were in hibernation. Assuming that was the case, there were still opportunities:

The owners said the water smelled badly. Didn't they turn on the water in the home before they purchased?
Did they have a government loan to purchase? If so, many government appraisals require appraisers to inspect the crawl space - where it would have been (hopefully) noticed that there was an infestation.
Did they have a home inspection? A home inspector should have had many opportunities to flag issues - inspecting the crawl space, the smell of the water and likely several other issues.
Did they have a well and septic inspection? Water tests? These are standard in our area, and also provided opportunities for the buyers to learn of the issue.

And what about the real estate agent? In the video they said their agent had noticed the water smell and put bleach into the water system to try to get rid of the smell. That made me gasp.

Homes which have well water and sit vacant for extended periods of time do develop bacteria in the well and the water system... and often bleach is used to "shock" the system and kill the bacteria. Then the pipes all need to be thoroughly flushed (because drinking bleach can kill you). That's all normal, but this is NOT the job of a real estate agent. Ever.

I don't know if that agent was the listing agent or a buyers agent. Buyers agents have a higher duty to disclose things to the buyers, so it is an added layer of protection. That may or may not have helped in this case, but I like to think as an experienced buyers agent I would have seen "red flags" that those buyers just didn't see. If their buyers agent had noticed that smell and attempted to cure it without advising the buyers, that would be a major, major issue.

So what are the take away lessons here:

Buying a home is a MAJOR financial transaction and impacts more than just your finances. This is about your life!
In Virginia, remember "Buyer Beware!" There is very little that a seller is required to disclose, and his agent will only disclose things they have actual knowledge of and that they believe are material defects.
Hire good people to competently represent you and look out for your best interests. This means a hire buyer's agent, a good one, and follow their advice. Have the home, well and septic inspections and water tests which will be recommended by your agent, and use the professionals they recommend. Experienced agents have a group of experts they've used before and who they know they can rely on to conduct these tests and others as needed. These things are not designed to complicate the home buying process or to make it more expensive. It's to help you.
Keep your eyes wide open during a transaction. Do not become overly emotionally involved in any purchase. It's better to walk away from a good deal than to be trapped in a bad one.

Who's Afraid Of The Big Bad Wolf?

2011-06-11T17:40:00.001-04:00

I am not afraid of the 'Big Bad Wolf' blowing my house down... but with all the tornadoes lately, I am a little concerned about a tornado blowing my house down! So I sent an email to my insurance agent to ask some questions about my coverage and "typical" coverage in our area. Specifically, I asked about hurricanes and tornadoes....and I thought I'd share what I learned with you.

- Tornado damage is considered wind damage, and wind damage is covered! (Score!)

The dwelling and contents are covered up to their applicable limits specified on the declarations page of the policy. I have State Farm, whose policies have one deductible applicable to property losses. The deductible applies one time per loss. So one tornado causing losses to the dwelling and contents would only have the dedictible apply once for all the damage. (Good news! Just what I wanted to hear!)

- Hurricane damage is also covered, BUT.... (Yikes...I don't like 'but's)

Just as stated above, the dwelling and contents are covered up to their applicable limits. This includes wind damage and wind blown water damage (hurricanes are wind + rain usually). In rare cases you might see policies with a separate, higher deductible for hurricane losses, even in our area (my policy is not that way).

Where you get into gray areas is where homes sit on the edges of the ocean, rivers or lakes where the storm surge caused by the barometric pressure of the storms and high winds force the ground water in the ocean, rivers, and lakes inland. That's considered a flood and flood insurance is needed. The difference is if it's wind blown or surge. It can be a very fine line since wind has a part to play in surge too. Many people think poor drainage on their property/house is a flood and would be covered if they had flood insurance. Not so. Generally, to be considered a flood there has to be standing water over 2 sq acres or your neighbor has to also experience the same water damage effects.

Hmmm.... Should we be worried about flooding?

When you buy a home you will probably have a flood certification done.... this is where someone certifies the risk level of your home flooding.. and based on that risk level, you may or may not be required to carry flood insurance. But, if you're not required to have flood insurance, does that mean your home can't flood? No. It doesn't. No one can guarrantee that your home won't flood. So, assess your risk tolerance, and talk to your insurance agent if you feel you need insurance for this type of event.

I would like to thank my insurance agent, John for his contributions to this post. He's been an asset to me many times over. If you're looking to change agents, give John a call. His rates are competitive and the service is great...and HE is a delight.

John G Lindsay Ins Agency Inc

State Farm Insurance Agent

(703) 777-5547

831 S King St, Leesburg, VA 20175

Disclaimer: Please remember, my insurance agent gave me answers about MY policy (not yours) but I have a fairly standard policy for the Northern Virginia area. His contributions are noted in red below. Please note that policies vary LARGELY in different regions.... so you are encouraged to check with YOUR INSURANCE AGENT about YOUR POLICY.

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The Land You Love in is a Flood Zone?

No worries! I would also like to tell you that I have a great client, Licking Valley Construction, who builds homes and enjoys building homes in the flood zones. Strange as it may seem, he knows that living on a river or lake can be worth certain risks, and he knows how to minimize those risks. For example, he builds elevated homes on columns... like the photo on the left, which results in a minimal requirement for flood insurance since the finished space is well above the flood zone. Check them out! http://www.lvc-homes.com/

Nifty Tool - Average Appreciation (Depreciation) Rates

2011-06-09T09:57:00.002-04:00

I stumbled upon this "nifty" tool on the FHA web site. It has a calculator that uses average appreciation/depreciation of a market place (either by state or by Metropolitan Statistical Area) to guesstimate what your home would be worth now.

You need to know when your house was purchased, what you paid, and where your home is located.

Since I own a property in Loudoun County, and we're "technically" part of the Washington DC Metropolitan Statistical area, I ran mine a couple of times.

First I indicated my property was in the Washington DC MSA... the value projected for today was way too high, but the value it says my home had when I last had it appraised (2005) was actually low compared to the appraisal.
Then I indicated my home was in Virginia. Today's estimated value was still a little high, but it was relatively close. When I look at its estimated value in 2005 when I had that appraisal done, it was very, very low comparatively.

OK, well... maybe it's not a great tool for projecting the value of your home - no automated valuation system is, especially when it's this broad. But, I still found it to be pretty neat. Check it out:

If you'd like to take a look at an automated report that will provide you with accurate and specific data, order a market snapshot. It will show you the homes in your neighborhood that are for sale or that have actually sold. From this you can estimate the value of your home better than FHA's House Price Calculator. Get that report at:

www.SalesInMyNeighborhood.info

If you're thinking of selling, nothing compares with market data from a local real estate expert. Call meand let me help you make an educated estimation of the value of YOUR home.

Vicky Chrisner

Keller Williams

703-669-3142

Read the Fair Housing Laws on HUD's web site

Service Animal or Companion Pet?

2011-06-08T21:12:00.001-04:00

I often get questions from prospective tenants and landlords about pet restrictions. One thing that has been clear for a number of years is that service animals (think 'seeing eye dog'), under the Americans with Disabilities Act ("ADA"), are not pets.

This is not just a real estate issue, it impacts lots of businesses... restaurants, stores and hotels that normally don't allow pets, have had to permit service animals under the ADA for many years. Landlords are no exception.

Then a few years ago there was a new term: "Companion Animal" which got grouped together with service animals. Basically, this is an animal that is not specially trained to perform a task but who benefits their owner by providing companionship. These animals were "prescribed" for conditions like anxiety and depression; we often saw them prescribed for the elderly, or children who have suffered emotional trauma. But, I will be honest, this was abused. I've seen it. People would get their doctors to write notes that said the animal was required so that they could by-pass the rules. Then, landlords, hotels and property managers were forced to accept "companion animals" just like service animals. Not so any more, according to a new ruling by the Department of Justice. Take a look at the fact sheet by clicking HERE.

Under this ruling, service animals must be trained to perform a function. This may be the more common "seeing eye dog", but there other services animals can provide, like recognizing the onset of a seizure, helping to operate a wheelchair or assisting someone with other daily living activities.

Professional landlords and real estate agents who are unfamiliar with how the ADA impacts them and their business should read up. To my fellow real estate agents, let me say this, I often see you breaking the law. You are required to follow Fair Housing Laws.... and when you represent an owner, they are required to, too. You, nor your client, can refuse to rent a home to a person with a disability because they have a bonafide service animal. Let me say it again: A service animal is not a pet. You can prohibit pets. You can not prohibit service animals. Not sure if I am right? Below are a couple of web sites for you to check out, and I urge you to attend a Fair Housing training and seek legal counsel to educate yourself further.

See What Virginia's Dept of Occupational Regulation says about "Reasonable Accomodations" - specifically service animals

Selling 101: The Role of the Listing Agent

2011-05-24T22:19:00.001-04:00

We know that the life situations that prompt people to sell homes are usually among the most stressful things we deal with in life: Marriage/Divorce, Growing Family/Shrinking Family, Relocation, New Job/Loss of a Job, etc.

On top of those major stressors, homeowners have the daunting task of deciding the best way to manage what is usually the major financial investment they have ever made. Will you sell? Should you become a landlord? What options do you have?

If you’re feeling overwhelmed, you’re not alone. It’s normal. But, let’s face it… this could be enough to make you “lose it”, it could put you “over the edge”. You might make bad decisions if you don’t have someone you can trust to guide you.

That is where I come in. I provide you with a proven methodology, with information, and options. My job is to help you analyze your situation and come up with a plan and then to actually carry out much of that plan for you.

The service you need. When you need it.

If you invite me in for a listing interview, I will ask you many questions so I understand your unique situation. Then I will share some of my information with you, tell you about options and make suggestions. Together, we’ll come up with a plan and implement it.

Once we get an offer, I will represent you competently in negotiations. I will get you the best deal I possibly can, according to the priorities you’ve shared with me. I will coordinate all the 'contract to close' activities to make sure everything goes as smoothly as possible. I will be working to protect your interest at all times.

After your home is sold, I don’t plan to disappear. If you need help later, if you have questions, if you can’t find documents…. I am here for you. My promise to you continues….

The service you need. When you need it.

Real Estate Tax Exemption for Disabled Vets (Virginia)

2011-04-14T23:13:00.000-04:00

Real estate taxes in Fairfax and Loudoun are pretty high, but we get some great stuff in return - benefits I don't mind paying for. That's probably what our Vets here thought, too... until they became disabled. With less income, it becomes much more of a burden to pay for all of that infrastructure. And now they can get a pass!

Virginia voters authorized a new real estate tax exemption last November. The legislation provides for an exemption from county real estate taxes on the principal dwelling and up to three acres for veterans with a 100 percent service-connected, total and permanent disability. Persons desiring the exemption are required to file the necessary form and provide qualifying documentation. This exemption is also extended to the veteran’s surviving spouse, so long as the death of the veteran occurred on or after January 1, 2011, the real property is maintained as the survivor’s principal residence, and he or she does not remarry.

If your home is in Fairfax, go to this web site for more information and forms: http://www.fairfaxcounty.gov/dta/realestatetax_disabledveterans.htm

If your home is in Loudoun, you can apply by going to www.loudoun.gov/taxrelief-forms, by calling the Commissioner’s Office at 703-737-8557, or in the Commissioner’s offices in the County Government Center in Leesburg or the Loudoun Tech Center in Sterling.

In other counties contact your local taxing authority. Applications should be available throughout the state.

I would just like to take this opportunity, from the bottom of my heart, to thank ALL our Vets for their many sacrifices... sacrifices I am not brave enough to make personally. What would I do without you? You are all HEROS to me. THANK YOU FOR YOUR SERVICE.

Play Houses That ROCK

2011-04-14T07:25:00.003-04:00

I saw this article this morning, and all I could think was....

Dear Daddy,

When I asked for a playhouse and you gave me the shed you'd previously kept the mower in (because you bought a newer bigger one of those)... Well, perhaps I should have been more specific.

From,

Your Loving

(And Wishing I Could Keep Up w/the Jones's) Daugther

"LIKE" www.Facebook.com/TheRealEstateWhisperer for 'Real' Real Estate News;

PLUS, fun real estate related thoughts like this one!

Vicky Chrisner

Jealous (Even Now That I am A Grown Up) Daughter

and

Serving Loudoun County

703.669.3142

Offering Real Estate Services including Negotiating Short Sales

Common Short Sale Terms Explained

2011-04-11T20:24:00.000-04:00

In this business we tend to throw around industry lingo and that can make it hard for our clients to follow certain conversations. So, some time ago I prepared a "glossary" of sorts for my sellers who were considering a short sale. These are terms specific to short sales, and the terms are defined in the most common use as it relates to short sales. In case you're feeling a little lost in the lingo, I hope this will help.

Debt Forgiveness: The lien holder may or may not provide debt forgiveness for the deficit after the sale. In general, we’re hearing that lien holders are requiring a payment equal to 10% of the deficit. My personal experience is that lien holders will generally accept much less – usually an amount equal to one month’s mortgage payment – in exchange for debt forgiveness.

Default: Failing to adhere to a contract is default. As it relates to short sales, we’re usually talking about a property owner who has not been making their payments, thereby defaulting on their loan and risking foreclosure.

Deficit: The difference between the sale proceeds received by the lien holder and the balance due on the lien.

Foreclosure: When the bank/lender/mortgage company takes ownership of the property because of default or other breach. In Virginia this is done at an auction held at the courthouse steps.

Lien: When real property (real estate, homes, land) is used to secure a debt we call this a lien. Generally, we’re referring to mortgages, but there can be other liens as well.

Lienholder: When we’re talking about short sales, the lien holder is usually the mortgage company.

Mortgagee: The entity to which the debt of a mortgage is owed (also called the sellers lender or bank).

Servicer: The company to which mortgage payments are made is the servicer. The servicer may or may not be the actual mortgagee. This means sometimes we must negotiate through the servicer with the mortgagee.

Short Sale: Short sales are done when an owner needs to sell their property and the proceeds from the sale are not enough to pay off the liens against the property, so the owner must negotiate with the lien holders to release the liens to allow the sale. This gets complicated when there are multiple lien holders with whom one needs to negotiate. (The “second” or “jr.” lienholders are those that are generally owed the lower amount, and their liens are secondary to the primary lienholder.) (We also refer to short sales as one type of "distress sale" and/or "pre-foreclosure."')

* * *

Have I missed any? If you have heard terms thrown around and you're not entirely sure what they mean, please don't hesitate to contact me.

Vicky Chrisner

in Northern Virginia (Fairfax & Loudoun Counties)

703.669.3142

DISCLOSURES:
Please note I am a licensed REALTOR (R) in the state of Virginia, I can not provide legal counsel and I cannot provide real estate advice regarding properties outside the state of Virginia.

Further, my service area is limited to Northern Virginia. So if you have an individual question and own a property in Northern Virginia, please feel free to contact me. If your question pertains to a property outside of my service area, please contact a competent REALTOR(R) or attorney that services your area.

What the federal government thinks you should know about hiring someone to negotiate a short sale for you.

Internet Advertising~ Beyond The Basics

2011-04-09T19:02:00.001-04:00

Most buyers use the internet, with or without the assistance of their real estate agent, when searching for homes. So internet advertising is a major focus of my marketing campaign.

When you list with me, we’ll have access to the Keller Williams Listing System, or KWLS. This proprietary, exclusive system ensures your property is marketed online 24/7 through more than 350 of the most popular search channels and over 76,000 total web sites.

In addition, my marketing package also includes enhanced listing options through REALTOR.com and Trulia to assure maximum exposure on the most popular real estate web sites for buyers of property in our area.

Check out the picture below to see just some of the major real estate sites where your home will be advertised:

Thinking of selling your home? I can help!

Vicky Chrisner

Home Sales Consultant

703.669.3142

Open Houses - see how I take every marketing effort to the next level

Home Sellers May Also Like These Posts:

Is Your Home Ready for the Market? Learn everything from when you need to repaint to how to declutter, depersonalize and stage your home for the buyer.

Dear Sellers, I am Confused: What NOT to do when your home is on the market.

Showing Feedback: It's Cold, Dark and Shows Rough

Thumbtack Business Listing

2011-04-09T16:35:00.003-04:00

I have just listed my business with Thumbtack.

Check out the listing~ Click Below:

Vicky Chrisner

Keller Williams Realty

Selling Homes and Land

in the Northern Virginia/Dulles Area

703.669.3142

See the Real Estate Services Listing on Thumbtack by clicking HERE

Interested in listing your business? CLICK HERE

Tax Auction Sale in Loudoun County

2011-04-08T16:37:00.000-04:00

A tax sale auction of certain properties with delinquent real estate taxes has been scheduled by the Loudoun County Treasurer's office. The sale will be Wednesday, May 11, 2011

.

Properties for sale include:

44075 PIPELINE PLAZA #305,in Ashburn; PIN 087-29-4881-014
1.63 acres near Bluemont; PIN 653-37-5970-000
17550 FORT JOHNSTON RD,in Leesburg; PIN 269-17-5171-000
2.54 acres SYCOLIN,PARCEL A; PIN 192-16-6161-000
576 EDMONTON TE NE in Leesburg; PIN 148-37-0881-000

For more information, please contact:

Vicky Chrisner

Selling Homes and Land in Loudoun County

703.669.3142

Selling Homes and Land in Loudoun and Fairfax

Could a Government Shut Down Impact Your Home Purchase or Sale?

2011-04-08T11:50:00.002-04:00

The answer, sadly, is yes.

According to THIS DOCUMENT summarizing the expected consequences to the real estate and loan industry of a government shut down, the following programs could be impacted as explained:

FHA (Federal Housing Administration): No new loan commitments will be issued nor will FHA closings be authorized during the shut down. I am particularly interested in this since so many FHA buyers are working hard to get homes under contract so that new loan commitments can be issued before the FHA mortgage insurance cost increases (set to increase 4/18). My guess is that if you don't have your loan commitment issued by today, and the government shuts down, you're probably going to be paying that higher mortgage insurance rate. Buyers, and sellers, beware. This will reduce the buyer's ability to pay as much for the home they choose. Watch this video for some interesting info on FHA loans and our current market.

Rural Housing Loans: If the lender had received a conditional approval prior to the shut down, they are authorized to proceed to closing. HOWEVER, no new approvals will be issued during the government shut down.

IRS: If a buyer or seller is expecting an IRS refund check that will help them pay for purchase, sales or moving costs, watch out. The IRS will only collect money, not spend it, during a government shut down. In other words - no refunds until the fed is fully functional again.

Also, most loans in process now require receipt of an IRS transcript.... it's tough to get that when the IRS isn't returning phone calls. Unless lenders find a way around this requirement it could slow down processing of ANY purchase loans - even conventional loans.

Social Security/Disability: The information from NAR does not discuss these programs, but I do recall that in the last government shut down many elderly and disabled were without income. This could impact buyers or sellers depending on those funds for moving or closing. However, the way I remember it impacting "real estate" last time was in the context of rentals. A delay in receipt of a government check might mean someone who can't pay their rent on time.

HAFA and HAMP: We're not sure about the HAFA and HAMP programs which are government sponsored programs allowing loan modifications and short sales. One theory is that those programs will continue as normal since they are "mandatory" spending programs. But we can't be sure. If you're in a short sale transaction, it is entirely possible that the process will be slowed. But stay tuned as more clarity is offered on this subject.

Good News. We're not expecting interuptions of

VA loan programs
FEMA (Flood Insurance)
Fannie Mae/Freddie Mac
Federal Housing Finance Agency

But even with continuing operations for these types of loans and private lenders, getting employment and income verifications completed is going to be tough for anyone. As mentioned earlier, most lenders are requiring an IRS transcript with EVERY loan. And, anyone in a federal job or working for a contractor, who gets furloughed, doesn't have income... at least not until the government is back to work. That is going to effect their ability to qualify for their new home purchase.

I'd like to thank the National Associate of REALTORS(R) for providing this information so I can in turn provide it to you.

"Run Me Home" to benefit Loudoun County Foster Care & Adoption

2011-04-07T16:35:00.000-04:00

Keller Williams Realty supports "RUN ME HOME", an event to benefit children in Loudoun County by raising awareness and funding for Loudoun County Foster Care and Adoption.

When: Saturday, April 30, 2011, 7:30am

Distance: 5K, 10K, and Kids Fun Run

Course: The race features a fast and scenic course in Historic Leesburg, VA running along the W&OD trail.

More information: Facebook @ Run Me Home or http://www.runmehome.com/

The event is being coordinated by Brian Whritenour, Founder of Run Me Home and a fellow Keller Williams agent from our Loudoun Gateway Office.

We Need Sellers!

2011-04-06T19:24:00.000-04:00

We need sellers! It's true. Inventory levels are very low right now in our area.

Check out this article in the Washington Examiner talking about what a hot market the DC Metro area is! It's true that sellers are now seeing multiple offers on competitive priced homes in good condition. The charts below show the inventory levels (in grey) for Fairfax and Loudoun Counties. The green line indicates the absorbtion level (note it is higher than the inventory level). Basically, it means good listings are selling like hot cakes!

If you own property in Fairfax County or Loudoun County, or anywhere in Northern Virginia, this may be the time to try to sell. The "stars may be aligning". Call me today for a personal consultation.

If you're looking for a sneak peak showing you what nearby homes are selling for, check out this automated tool: http://www.salesinmyneighborhood.info/. You do have to enter a good email address - the report takes a few minutes and is emailed to you after your request goes through... that is because it is tailored to the information you submit. It's a pretty good tool, of course a human produced comparable market analysis is better... but if you're looking for an automated tool this one is pretty good. (Oh, and no worries - you never get bulk email from submitting your email there. Promise.)

Vicky Chrisner

703.669.3142

www.Facebook.com/TheRealEstateWhisperer

Other posts that may be of interest to sellers:

1 - Preparing your home for the market
2 - Dear Sellers, I am confused (the importance of property condition)
3 - Showing Feedback

Showing Feedback

2011-04-05T19:25:00.000-04:00

An agent friend of mine has a listing. I gave her feedback and said the home showed "rough". I told her it was:

Was cold (thermostat at 55 degrees)
Was dark (the blinds were all closed)
Needed a paint job (most of the walls were marked up, and it looked like cheap paint - the exceptions were rooms with highly personalized color choices... orange, pink, purple, blue - a good paint job and quality paint, but not widely attractive)
There was dust caked on the baseboards, the carpet was in bad shape.

The house is vacant so all of these things are really all you can focus on. Sure, it's got great bones, a two story foyer, a large (albeit dated) kitchen, a large and private lot (but the back is steep, and I wouldn't want to mow it, but there is a lot of privacy), a finished basement, a nice deck, etc. etc. The list of "positives" goes on. But the focus is on the list of things I pointed out above.

My friend tells me that she is so disappointed. This feedback is consistent with what she is hearing from all the agents that have shown it: 6 in 4 days. You see, they priced it at exactly the closing price of the last home that sold in that neighborhood. That home was the same model. It did have a "better" lot but wasn't as private. It had an unfinished basement. Otherwise, it was basically the same, and that house had multiple offers in 3 days.

My point of this post is "condition, condition, condition". If buyers buy a "fixxer upper" they want a "fixxer upper" price. Even with the unfinished basement in the other house vs. the nicely finished basement in this house, the emotional appeal is different because of the cold, dark, dirty feeling of this new home on the market.

My friend is newish to the real estate game and a part time agent. She probably only sells about 4 or 5 houses a year. She says she is afraid her sellers will think she didn't do her homework on comps. Well, she did her homework there, but that was easy. A huge part of a listing agent's job is coaching sellers on how to prep their home for sale and the importance of it. I sent her an email reply that said... "Don't take it personal. Everyone is being blunt because they are trying to help you. Now you know what you don't have an offer. You have the opportunity to call your sellers and tell them they will either need to hire painters and get new carpet in there or they will need to adjust their price. The price adjustment will probably cost them more than the paint and carpet."

I can not stress enough how much the condition of a home matters. Check out these prior posts where I am doing everything I can to share with you the importance of making sure your home will bring a quick and painless contract. It's all in the prep work:

Dear Sellers I'm Confused - How NOT to Sell Your House
Is Your House Ready For The Market?

Ready to sell?

I can help!

Vicky Chrisner

Loudoun and Fairfax Counties

703.669.3142

Dear Sellers, I am confused...

2011-04-05T15:05:00.005-04:00

Dear Sellers:

I get so confused sometimes when I try to help you sell your home. You see, I have these buyers. Online, it looked like your home fit their criteria - the price and location are just right, and the description of your property made us think that your house could be "the one".

I looked, and I saw your requests about scheduling showings and how I could get access. I complied. I always try to call the day before if I can. You agreed to the showing.

But then I get there and I am so confused....

Why is your home so cold in the winter and hot in the summer? Doesn't the HVAC work? My clients and I could barely stand to be in your house very long, and all we remember about it now was how miserable we were inside.
What was that smell? My clients are afraid it will never come out of the house.
I was actually a little spooked.... Did you know I was coming? All the lights were off and I could barely see to come in the door.
Why didn't you answer the door? You were sitting in that front room, and I knocked, and knocked and rang the doorbell before I used the key. You scared me sitting there on your couch in your bathrobe. But, don't feel bad... we didn't really want to look at the *whole house*... the locked bedrooms and basement weren't a turn off at all.
What were those symbols all over your house? My client thinks you're a devil worshipper and won't even talk about buying your house. I tried to tell him that wasn't the case, but he won't listen to me.
Why is the dehumidifier in your basement? I noticed the new carpet down there, too. We're putting two and two together .... and we've moved on.
Yes, we were planning to see your home, but when we pulled in and there were all those toys and trash in your front yard, my clients didn't want to come in. Sorry.
I can appreciate that you're offering to put in the new carpet "buyers choice". That's nice. But what happened in this house on that carpet? O.M.G. Was that blood? Did someone die in there? Did you let the horse stay inside the house? No, we'll move on to another house. Thankfully there are 10 more in your neighborhood.
Thanks for giving me the personal tour. I would never have known that was the dining room. Really. In 20 years in real estate, it's just something I haven't learned to identify all on my own. And that story you told? Wow. Great story. Unfortunately, we can't really remember now what your house looked like.
Do you know that your kids put signs up all over the house saying that it is haunted? I am guessing you don't know that. You might want to talk to them, or have the house exorcised.

Oh, and about the pets...

Why do you have so many cats? It wasn't advertised as a cat house.
That snake in your living room is creepy, and so is that eel in your basement.
When is the last time you cleaned that fish tank? Wow... now that I look a little closer, when is the last time you *really* cleaned anything - that HVAC filter is as awful looking as the fish tank. Oh, and I think the fish are dead.
Your bird never shut up. And we couldn't help but notice you keep him in the kitchen, his (dirty) cage over the countertop... My client kept wondering how often bird poop had been on the counters where he would prepare food. It sort of grossed him out. So we just left and headed over to the 7-11 to buy some tylennol.
We just have one question... have you ever lost one of your lizards or rats in the house? My client is really concerned about that.
Oh, by the way...maybe you never noticed, but your dog is really scary. He didn't want us to come in. So, we didn't. Have you talked to him lately? I am pretty sure he's not planning on selling... and without his help you're not going to either.

Certainly, my dear sellers, it is your home. Have your pets, keep your trash on the lawn, don't use the HVAC....I respect your right to use your home as you see fit. I am just saying that you're acting a little more like an "owner" and not like a "seller". The good news is that you will probably get to keep your house, and keep on using it just the way you want, for a very long time. Well... if your dog wants you to.

I turn OWNERS into SELLERS.

Thinking of selling? Take your "flexible" pill and call me. I can help you if you'll let me.

Vicky Chrisner

703.669.3142

www.Facebook.com/TheRealEstateWhisperer

Its Taste Test Tuesday Again!

2011-04-05T12:00:00.001-04:00

It's Taste Test Tuesday! That means that here or on the www.Facebook.com/TheRealEstateWhisperer page you will be able to take a peak at a few different houses and give your feedback on which one you like best. Last week, I chose homes that were Single Family Homes for sale in Loudoun County...the listing price was $699K for either home, one a historic home in Middleburg and the other a 20 year old home in Purcellville. The "winner" based on feedback on the facebook page was clear. Check out the page to see the comments.

This week, I am pulling Single Family Homes for sale in Fairfax County, but keeping the price the same. Check out the pictures below, log onto our facebook page and cast your vote. The big reveal will come sometime after we've gotten several comments and/or no later than 9pm tomorrow... we'll give you links to the listings and more details and then you can let us know if the "additional" information changes your vote for which house is "best".

So??? What's your pleasure? Let us know!

Looking for a home like one of these, or any other?

I can help!

Vicky Chrisner

Offering Seller or Buyer Agency in

Loudoun & Fairfax Counties

703.669.3142

Everything You Say Can And Will Be Used Against You

2011-04-04T15:30:00.000-04:00

Do you really understand "AGENCY" in the real estate world? Probably not.

To me, the number one duty of a real estate agent when you are in an agency relationship with them, is to protect your confidentiality. If you are a buyer and have a written buyer agency agreement with an agent, then you have your very own buyer's agent and they are required to keep their mouths shut and not share with others the things you tell them, except on a need to know basis and with permission. If you are a seller and have a written seller agency agreement with an agent, then you have your very own agent, and the same thing goes.

HOWEVER, when you meet another agent, whether you're a seller and you meet the buyer's agent or you're a buyer and you meet the listing agent, be forewarned: Everything you say can and will be used against you later in a negotiation.

I think real estate agents get a bad wrap for this, but it's our job. Unless you have a written agency agreement, then we don't represent YOU. We owe you no duty of confidentiality. And, in fact, we may owe another party an obligation to share with them everything we know.

I sort of touch on this a little when I explain in this post why I like to do my own open houses and show my own listings. This is the sign of a good listing agent (in my humble opinion). But, a smart buyer won't open themselves up to it... at an open house they will be courteous, give the name of their agent, look at the house and leave. Why? Because in addition to selling the home, my job is to get the highest amount of money and best terms for them as possible. Yes, to be a spy for my clients. I am supposed to seriously check out the buyers, watch for body language, listen to their phrasing, hear their questions and even more importantly their statements. With casual conversation I am usually able to determine how qualified the buyers are, how motivated, how our home compares with others they have seen and maybe even just how much they're willing to pay. It's called sales.

I'll admit I haven't (yet) sunk to the level of checking the facebook page for the "other party" (be it seller or buyer). But, after reading this story out of LA, it may be going on my list of reconnaissance activities.

This post is not intended to make you afraid of real estate agents. We're not evil people, we're nice people (most of us anyway) and once we're hired to do a job, we do it.

Representation in a transaction makes a difference. I recommend every buyer and every seller have their own agent. This goes for new home sales, too. A salesperson, whether a listing agent on a resale or a builder's rep, does not represent the buyer. Buyers need to have their own agents if they hope to be on an even playing field with the builders.

Ready to hire your own agent?

Vicky Chrisner

Buyer and Seller Agency Offered

Serving Loudoun & Fairfax Counties

703.669.3142

Selling Homes, Land and Castles

Cinderella Tea 2011

2011-04-04T02:11:00.000-04:00

Last year I had an opportunity to work on the committee for the "Holiday Tea with Cinderella and her Friends". It is a huge fundraiser benefiting Blue Ridge Speech and Hearing, a not for profit agency assisting those with speech and hearing difficulties (regardless of their ability to pay). BRSH is located in Leesburg and serves all of Northern Virginia.

The event is a formal tea party with ballet featuring Cinderella and all her friends. Before the event, there are pre-ballet activites. Last year this included facepainting, Make up tables, nail painting, dancing lessons and photos with Cinderella and the Fairy Godmother.

There is also a raffle and silent auction.

The event is in November, but ticket sales have already started. Right now, they're being offered at last year's prices but we do expect the prices to go up. It's been a sell out every year and this year there will be 2 shows - a morning seating and an afternoon seating.

If you're interested in learning more, check out the information from last year's event at http://www.cinderellatea.com/; the blog http://www.cinderellatea.blogspot.com/; and the facebook page www.Facebook.com/Blue.Ridge.Princess.Tea

If you'd like to purchase tickets, sponsor the event or volunteer, contact Committe Chair Ann Kerr at 540-338-9040 Andrcominv@aol.com.

* * * *

And Remember...

When it's time to change your address, Servants Quarters to Castles, I can help!

Vicky Chrisner

in Fairfax and Loudoun Counties

703.669.3142

Selling homes and land in Loudoun and Fairfax Counties

Successful Open Houses - The Series

2011-04-03T20:50:00.001-04:00

How do you feel about Open Houses? No, statistically very few homes are sold at open houses. I think, however, that is because most agents don't approach them strategically. I do. I have sold many homes because of an open house.

I admit that sometimes I am selling the house and the buyers already have an agent... but the point is had they not seen the home with me, I am not sure they would have bought. Why? Sales skills. Pure sales.

Here are some tips, step by step, on making sure that Open Houses are successful:

Successful Open Houses Part 1: Location For some houses, it just doesn't pay to have an open house.

Succesful Open Houses Part 2: Timing What is the right day and time to do an open house?

Successful Open Houses Part 3: People Without the right people involved an open house can back fire.

Successful Open Houses Part 4: Promotion If you're not promoting your open house, what is the point?

Successful Open Houses Part 5: Beyond Promotion If you are lucky enough to get buyers through the door, make sure you do everything you can to close the sale.

Open Houses are only one component of a successful marketing campaign, but it must be strategic. Sure, you can throw speghetti at the wall and sometimes it will stick, but if you are purposeful and strategic, the chances of it sticking increase dramatically.

Happy Selling!

* * *

Hire an agent who knows how to market and sell homes, hire me:

Vicky Chrisner

Real Estate Sales Consultant

703.669.3142

Successful Open Houses-Part 5: Beyond Promotion

2011-04-03T19:20:00.003-04:00

When you get the buyers to attend your open house, the next step is to sell and close. Setting the stage is crucial.

Make sure the home looks and feels its best.
Utilities should be on.
Home should be a comfortable temperature (even if it is vacant).
Have some seating available to buyers and agents.
Have a bathroom which is stocked with needed supplies so visitors are welcomed to use it.
Have refreshments on hand to slow down your buyers, make them feel welcome and get them to talk.
Make sure the owners are no where to be seen.
Have brochures and fliers available.
Have area and real estate information on hand to assist with the sales presentation.
Have a lender available to discuss financing options.
Have a licensed real estate agent, ideally the listing agent or someone who knows the area and the home well, hold the house open. In the hands, the open house can be a detriment.

SIGNING IN

I do not require people to sign in at open houses. If they don't want to, then there is no advantage, they will just give you false information. I always offer it. And if they prefer not to leave their information, I do ask them for names and make notes from our conversation in case they reappear at some later point. If they are working with an agent, I ask that they write their names and provide contact information for their agent so I can appropriately follow up later for feedback.

People who are interested will leave their contact information and tell you how they want you to follow up with them. I think it goes without saying, follow up when people want you to. It means they have at least some level of interest in either the home or other services.

If you want someone to leave their contact information, offer them something of value. This can be anything from a list of future open houses if they are self described "tire kickers" to a gift certificate to a local business that is randomly drawn. Have a value offering and you'll get contact information.

Read the entire season on having a successful open house by clicking here.

Successful Open Houses - Part 4: Promotion

2011-04-03T19:15:00.001-04:00

If you're not going to promote open houses, then what is the point?

A successful open house requires using a customized version of THIS OPEN HOUSE CHECKLIST. Since every home is different, and all marketing should be strategic, it pays to customize the checklist. Regardless of customization, some things should always be in place, and it requires a week or more of promotion:

A week or more in advance:

COORDINATE: If possible, coordinate to have several homes in the same area open at the same time.
ORDER DIRECT MAIL: Consider sending direct mail that will be delivered 2-3 days before the open house. If there is a lot of rental housing nearby, those are great targets. This sometimes requires that the post cards be ordered and mailed more than a week in advance.
NOTIFY NEWSPAPER: If you're using newspaper ads, get those ads placed on time so as to make the publication.

The week of the open house:

RIDER: As many as 6 days before the scheduled open house, add a rider to the sign to let neighbors and people driving by know when the open house is.
BLOGS: Write the blogs about the open house and submit to the various real estate sites. Send a copy to the seller and ask them to let their friends know. This should be done 2-6 days before the open house.
MLS: Get the listing live, add the open house to it, and be sure to include in the comments section the date and time of the open house. This should be done as soon as possible, 2-6 days before the open house.
OPEN HOUSE ONLINE LISTINGS: Several web sites list open houses. Make sure you've listed it with all of them. This should be done as soon as possible, 2-6 days before the open house.
EMAILS: Email your sphere of real estate agents asking them to invite their clients. Email potential buyers in your database and using any "Listingbook" type services in place for that area. Do this 1-2 days in advance.
SOCIAL MEDIA: Place the link to your blog advertisement on your FB, Twitter and other social media sites. This should be done no more than 2 days before the open house - 1 day before and then again the day before are ideal.
DIRECTIONALS: Some directional signs should be put up as much as 2 days in advance (depends on neighborhood and local restrictions). Then, more directionals added just before the open house.
BALLOONS: If permitted, add balloons/flags or other eye catching additions to the sign in your yard to let people know that indeed their presence is welcomed.

This combination of things I have found will really generate interest. In my opinion if you're not doing an open house RIGHT, then there is no point in doing one at all.

Read the entire series on Successful Open Houses by clicking here.

Succesful Open Houses - Part 3: People

2011-04-03T19:12:00.003-04:00

It's actually sad to believe but many agents don't hold their own open houses - ever. Sure, sometimes I have conflicts and can't be at two places at once, and therefore need to get someone to pinch hit for me. But if I can, I always hold my own listings open.

You see, I prefer to show my own listings. No, this concept is not because I potentially stand to gain more commission. This is because I know the property and can and will sell it.

I have had many, many years of professional training on how to sell property. Most real estate agents do not have this experience to draw from. (Did you know that real estate agent training never includes how to sell property, only how to sell themself? But that is another post.)

Whether the buyer has an agent or not, whether the agent is with them or not, I want the opportunity to talk to buyers.

• I learn about them, they about me.

• I know their hot buttons and can demonstrate to them how the home will meet those needs and wants.

• I can learn their objections and overcome them.

• I can show them why YOUR home is the best home compared to the others they are considering.

• Later, if/when they put in an offer, that meeting with the buyers may offer my clients an upper hand in negotiating. But even if not, I can help explain the buyers concerns better to the seller if there is a sticking point, and since I understand both parties' needs from the transaction, I can provide creative solutions. If I am forced to work through another agent, I never know how things are being communicated, and it is a disadvantage to my clients and me.

• Because we met personally, the buyers will have a personal connection to be, and usually to the sellers (through me) and negotiations are more friendly and focused, with less games being played. This saves me huge amounts in hair dye I don't have to buy!

Read the entire series on successful open houses by clicking here.

Successful Open Houses - Part 2: Timing

2011-04-03T19:03:00.001-04:00

When is it best to have an open house? When you have the highest level of interest, and when you are most likely to be visited. For example, open houses should be planned:

The first weekend the home is available to be seen.
The first weekend after the home has had a status or price change.
Not a holiday weekend.
In nice weather (although this is sort of luck of the draw, but if the weather is very nasty, I won’t hesitate to cancel an open house unless I have confirmed visitors that day).
After a week (or several days) of promotion.
When the home is completely show ready.
Usually on a Sunday, although Saturday open houses can be very popular; and I have even had weeknight/weekday opens that have drawn traffic. In fact, for this reason I even advertise my “brokers opens” in much the same way I advertise my public open houses – with signs, internet ads, etc.
On Sundays, most open houses are held in the afternoon (usually 1-4). This is when buyers will be out looking for open houses, so it usually pays to be open at the same time. On Saturdays, I have found that earlier times work better... usually beginning at 10 or 11, and lasting about 3 hours. There are suggested variables based on market studies and experience in various submarkets, and of course, there are simply limitations that we sometimes can't avoid.

Read the entire series on open houses by clicking here.

Successful Open Houses - Part 1: Location

2011-04-03T19:02:00.003-04:00

Location, location, location!

Let’s face it, some homes are so far off the beaten path that the only way you’re going to get to them is very purposefully. No one is going to drive by or find it convenient to stop in to see a home on their way from church. If your home is one of these, don’t be surprised if your agent doesn’t suggest an open house. If it’s not likely to get someone in the door, multiple someones, then it is not a good use of promotion expenses and time. They are better off to advertise and promote for private showing appointments.

A home located no more than a couple turns off of a well traveled road is ideal for an open house.

Read the entire series on Open Houses by clicking here.

Open House Marketing-Beyond the Basics

2011-04-03T17:21:00.001-04:00

My marketing plan includes many proven methods which are in use by most professional real estate agents. The difference with me is how I choose to take everything to the next level.

Today I am going to use open house promotion as an example. Here are seven levels of marketing an open house. As you begin to read the list you’ll see that most agents do some of these things when they hold an open house. Then you’ll see that very few agents do them all.

Level 1: Put a sign in the yard.

Level 2: Add balloons (where allowed) and/or riders. Riders should be in place in advance when possible.

Level 3: Put directional signs up from main roads. These should be in place in advance when possible.

Level 4: Advertise online (multiple web sites, blogs, social media).

Level 5: Send email invites to potential buyers/agents.

Level 6: Invite neighbors (mail/flyers/phone calls) a week before. (Sometimes have a separate open house or special previewing time.)

Level 7: All of the above plus coordinate to have other nearby homes open the same day to pull in extra traffic from the collective marketing efforts.

Do you need an agent that can take things to the next level? Talk to me, work with me, and you’ll see the difference.

Selling Your Home?

Hire a real estate sales consultant who understands

the marketing and selling process!

Vicky Chrisner

Also read:
Is Your Home Ready For The Market?
Real estate home sales in Loudoun County. Real estate home sales in Fairfax County. Leesburg, Sterling, Ashburn, Brambleton, Broadlands, Hamilton, Dulles, Potomac Falls, Purcellville, Lansdowne, Mount Gilead, Vienna, Fairfax, Herndon, Reston, Great Falls, McLean, Falls Church, Centreville,

703-669-3142

www.Facebook.com/REWhisperer

Open Houses April 3rd (Ffx & Loudoun)

2011-04-03T12:27:00.000-04:00

Check out the list of open houses today...

Loudoun County: http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=41203831652

Fairfax County:

http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=41211527926

And here is where I will be if you'd like to stop in and say hi!http://matrix.mris.com/Matrix/Public/Portal.aspx?ID=41211487321

This week's open houses brought to you by

Vicky Chrisner, Real Estate Sales Consultant

Loudoun & Fairfax Counties

703.669.3142

Seasonal Sales Trends for Fairfax County

2011-04-02T16:45:00.000-04:00

The charts below clearly show seasonal home sales trends in Fairfax County.

In our area, it is widely thought that spring and summer have the highest months of sales.. but have you ever seen statistical data to back that up? You asked, and now you receive.

The chart below (green) shows the number of sales by month in Fairfax County:

June is pretty consistently one of the months with the highest number of sales, and usually May and July are also pretty strong. But, sellers sometimes fail to recognize that means they must have been on the market for 30-45 days before then... THAT is when the contracts come in. Our chart below shows the trends for new contracts by month over the last 5 years:

According to this chart, the highest number of new contracts in Fairfax County are recorded in the spring.

2006: March-April-May

2007: January-March-May

2008: April-May-June

2009: April-May

2010: March-April

2011:.... yet to be seen,

but could you be missing the market already?

If you own a home in Fairfax County and are considering selling, I can help... and now is a great time.

Vicky Chrisner

Selling homes and land in Fairfax, Vienna, Oakton, Falls Church,

McLean, Great Falls and the Dulles area

703.669.3142

Is Your Home Ready for the Market?

Also see:

Order a Market Snapshot at:

http://www.salesinmyneighborhood.info/

This is a home sales report for your neighborhood. It takes 5-15 minutes for the report to be produced and emailed to you. The best part? No spam. Ever.

The Best Time To List Your Home For Sale (Surprise!)

2011-03-31T06:00:00.001-04:00

Yesterday I circulated the chart showing home sales in Loudoun County for the last 5 years. You probably weren't surprised. June has the highest number of closed sales, January and February have the lowest number of closed sales.

But this chart may present more of a surprise for some. It is showing the cycle of new contracts. In other words, this shows you the months the buyers are out looking for homes and making offers, and (with a little luck) ratifying contracts.

BEST MONTHS

2007: January and March

2008: January and March

2009: April, May and June

2010: March and April

2011: Who knows... but you could be missing it right now!

While you are thinking about when you want to move, planning to repaint, packing things up into storage, and generally just waiting... people are out there buying homes! RIGHT NOW. TODAY.

Is Your Home Listed Yet?

Vicky Chrisner

Selling Homes and Land

in Loudoun County and the Dulles area

703.669.3142

Home Sales in Loudoun and Dulles

Is Your House Listed Yet?

2011-03-30T19:48:00.002-04:00

I am often asked about what our local seasonal cycles are for real estate, so I thought I'd pass along this chart (thanks MRIS) for real estate sales volume in Loudoun County since 2006. Despite fluxuations due to weather, tax programs, loan programs, interest rates and many other things, this chart shows a definitive cycle for our area. Lowest sales have been occurring in January and February and the highest number of sales usually in June of every year.

Keep in mind, this chart represents closed sales. Most residential contracts are 30-60 days in contract (of course, with short sales that is longer, but I am speaking "generally" here).

Is your home listed yet? If you're thinking of selling this year, you may want to get a jump on things. Buyers are out in force now, and are looking. Many people won't put their homes on the market until June (they'll wait until school is out, etc), so often the early bird does get the worm.

Thinking of selling your Loudoun County home? I can help!

Vicky Chrisner

703.669.3142

Also see:

Is Your Home Ready For the Market Yet?

Types of Sales in 2011

Tell Congress Mortgage Interest Needs To Be Fully Deductible!

2011-03-29T23:41:00.000-04:00

Congress is looking at many potential revisions to the tax code, including limiting the tax deductions for mortgage interest. This change could truly have a negative impact on our local & national real estate market. We need to let Congress know we want the mortgage interest deduction to be left alone! Click the link, follow the prompts.

Contacting Congress is easier than you'd think: CLICK HERE!

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This message brought to you by your local real estate expert.

Vicky Chrisner

Serving Loudoun & the Dulles Area

703.669.3142

It's Taste Test Tuesday!

2011-03-29T21:01:00.000-04:00

It's Taste Test Tuesday!

OK, I will admit that I am stealing the "game" from Zillow.com, but I liked it. Every Tuesday I will post pictures of 2 or more homes and ask for your favorite. I might shake it up a bit just for variety, but in this case, I have posted 2 pictures of Single Family Homes, both in Loudoun County, both currently for sale, and both priced the same. So, which do you like?

Like "The Real Estate Whisperer" on Facebook and let us know!! Tomorrow, I will post details on the facebook page, and you'll learn the price location and other such fun facts about both homes.

If you are looking for a home like these or any other, I'd love to help!

Vicky Chrisner

Serving Loudoun & the Dulles Area

703-669-3142

That's Not In My Job Description

2011-03-27T16:58:00.001-04:00

I recently completed a series on getting your home ready to sell.

In one post, I mention cleaning... but the focus of that post is about staging...about selling fantasy. Today I stumbled across a post about the opposite of that... about a true nightmare. Take a look!

This post is by a stager. Although I applaud the completed job, the real transformation was *cleaning*.

Sure, the final "AFTER" photos include many staging elements. (Please do check out the after photos). But, I can not overstress the importance of cleaning up the mess.

And, despite some implications, no... cleaning is not the job of a REALTOR or stager. If an owner wishes to sell a property that looks like this, well, best of luck to them.

Types of Sales in 2011

2011-03-24T15:06:00.002-04:00

We're well into 2011 and the market is very different than a few years ago.

In 2008, almost the only properties selling were REOs.

By 2009/2010, the banks had seen the value in working with short sales and had enough trained staff that they were able to start processing the requests in enough time to avoid foreclosure and actually get to the closing table.

In order for production builders to stay in business, they had to keep building, but they had to adjust their price and product. This meant they needed to renegotiate deals with investors, the localities and their lenders. In 2009 we started to see these entities also face the reality of the market, and by 2010 new homes sales were once again returning to the market in force.

Traditional sellers also realized they had to face reality. Market recovery was going to take many years, and recognizing that 2005/2006 values are never likely to return (when you consider inflation). In 2010, traditional resales noticeably re-entered in the market, but hoping to get every dollar they could, these sellers did all they could to make buying their home an advantage - the homes were well prepared for the market, well priced and owners were flexible on terms.

I was pleased that in 2010, my business, and probably that of most local agents was about 15% REOs, 25% Short Sales, 25% New Construction, 35% Resales... nearly balanced between "normal" sales (New Construction and Resales) and "distress" sales (REOs and Short Sales). The market in 2011 continues to show signs of recovery. Inventory is currently very tight. Here are the stats for the last 90 days for Leesburg VA. Check them out:

368 Homes on the market right now

269 Homes under contract right now

195 Homes sold in the last 90 days

This paints the picture that we have less than a 6 month inventory of homes available, which is great. What also is encouraging is the "Types" of sales that are in the marketplace right now.

REOs represent 4% of the Homes Available and 17% of the Sales in the last 90 days

Short Sales represent 12% of the Homes Available and 18% of the Sales in the last 90 days

It's a good sign that distress sales are continuing to decrease in the market. In some neighborhoods, particularly those built during the height of the market, distress sales continue to dominate. However, in other neighborhoods, stability is returning.

Wondering how you're neighborhood is faring? Get a free automated report at:

www.SalesInMyNeighborhood.Info

Notes about Neighborhood Sales Reports:

You must include your address and info about your property so the program can pull appropriate comps.
You must include a valid email address - the report takes a few minutes and is emailed to you.
You will NOT receive any spam... no bulk emails at all. Promise.
It's automated, so it's not perfect.... if it doesn't make sense, please contact me directly for more information.
This program works only in the Northern Virginia area.

For a personalized report by a human with a brain, don't hesitate to reach out to me. I am here to help you evaluate your circumstances and make good decisions for you and your family.

Vicky Chrisner

Real Estate Sales Loudoun/Dulles

703.669.3142

or by email MyAgentVicky@Gmail.com

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Yes, I handle REOs, Short Sales, Traditional Sales and New Construction.
If you are considering buying or selling a "short sale" please see this important disclosure (Click Here).

Is Your Home Ready For The Market?

2011-03-23T11:06:00.002-04:00

I have completed a series of blog posts to help you, Mr and Mrs Seller, get your home ready for the market. Check out the posts referenced below. Or, better yet, give me a call and let's meet.

Part of the service I offer when I list your home is a personal consultation on all of these things! As you read these posts, I hope you'll see how much analytical study has gone into these words of wisdom.

Creating The Best Curb Appeal

Do We Need To Repaint?

Painting For the Market - Color & finish choices

Show Me The Space, I'll Show You The Money! Creating visual space

Knick Knack You're Getting Whacked! - Removing the small obstacles

Vignettes that Sell - Highlighting features, selling benefits

Create the "Not So Lived In" Look - Selling the magic house

PRIORITIES, PRIORITIES - Which staging suggestions are most important?

It's Show Time! (Final touches before a showing)
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If you're really interested in how buyers react to different homes,

CLICK HERE and check ut a photo album on the facebook page. These are pictures from the MLS of homes on the market in Loudoun County, priced between $500-600K. Fans made comments providing their reaction.

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Selling Your Home?

Hire a real estate sales consultant who understands

the marketing and selling process!

Vicky Chrisner

Vicky Chrisner is a real estate sales consultant with Keller Williams Realty in Leesburg, VA

703-669-3142

www.Facebook.com/REWhisperer

It's Show Time!

2011-03-20T19:29:00.004-04:00

This is the final post in our series about getting your home ready for the market. We've discussed curb appeal, when you might need to repaint (and how), how to create visual space, how to create focal points, and creating the not-so-lived-in look. Now....

It's Show Time!

The first few days your home is on the market are typically when you get the most traffic through your home, so making sure your home is 100% ready is really important. Buyers are not going to come back because your agent calls their agent and says "Sorry about that first showing... the owners have staged it now... I think your buyers will like it". So, on day one and every day after that....

Homes must look good, feel good, smell good, and sound good.

Look Good

We've focused on a lot making sure the home looks good. Before leaving your home, take 15 minutes to make sure the stage is set and everything is in its place. This may include final touches like opening blinds, turning on lights, taking the trash out, turning the gas fireplace on, etc.

Feel Good

Make sure the temperature of the home is right - not too hot, not too cool. The man on the right~he is not going to buy your house. Also make sure (especially the surfaces most likey to be touched) are clean. Remember, woman are kinestetic evaluators - they will touch things....stick is a problem for them.

Also in this category is neighbors... make sure you've appealed to your neighbors to assist you. Nothing turns a buyer off faster than a neighbor that fusses at the buyer for parking in the wrong space. No matter what is "right", no one can overcome an unfriendly neighbor. This does not mean that neighbors should "interview" prospective buyers either... it's best that interactions with neighbors, even the well meaning ones, are brief and pleasant - a wave or hello - and nothing more. Hopefully, your neighbors will leave the selling to the sales people.

Smell Good

The biggest thing here is to make sure that your home doesn't have any bad smells... trash, garbage disposals, bathrooms, laundry areas, kitty litter boxes or pet areas are sources for bad smells; and some foods (fish, ethnic foods) create unpleasant odors. Avoid and eliminate these kinds of smells. Usually I do not like air fresheners in a home - some people are sensitive to these kinds of smells, and buyers could think you're trying to cover something up, so if you use these don't over do it. No matter what the smell is - the man on the left... he is definately NOT buying your house.

During an open house, or perhaps on a Saturday morning before several expected showings, you might choose to bake a pie or cookies, or pop popcorn to give the home a "homey" smell. Real candles create a fire hazard and I do not encourage them, even during open houses. There are electric candles that can provide a nice visual affect and sometimes also offer a light scent....but again, don't over do it.

Sound Good

Again, here the important thing is to avoid and eliminate negative sounds that can impact your buyers perception of the home. Talk to your neighbors and let them know you're expecting a showing, especially when you're having an open house - hopefully it is not when they are having band practice next door, or cutting down the tree in their front yard; maybe they can even keep their dogs inside their home so they aren't barking at your potential buyers while they walk around the back yard. Don't leave alarm clocks on, try to avoid setting home alarms that may be accidentally triggered, and turn off the children's cartoons, the teenager's stereo or Uncle Ed's opera music.

Sometimes we'll suggest you leave music on in your home when you're expecting showings perhaps some light jazz or a holiday instrumental which "loops" (you don't want empty static playing when buyers are there).

Price and promotion are what get people to walk in your door. Staging is what closes the sale. Don't skip it.

Ready to talk to me about listing your home? I will bring all of this knowledge, and much more, to the table and will help you acheive your goal - getting the most money for your home in the shortest amount of time.

Vicky Chrisner, Real Estate Sales Consultant

703.669.3142

Painting for the Market
Creating The Best Curb Appeal

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Interesting Notes: Sight and sound are the strongest senses for adults. Women are more kinestetic (meaning they touch things to see if they like them). Smell is stronger for men and children. Men prefer vanilla, apple or cinnamon smells, women tend to like fruity or flowery types of smell (i.e. berry, lemon, lavender). The most widely appreciated smell is vanilla. Understanding this is all part of understanding the psychology of selling, so that you can stage appropriately for all senses. Details matter.

PRIORITIES, PRIORITIES

2011-03-20T15:29:00.009-04:00

For the last couple of weeks, I have been creating posts which, if you try to do all of it, can completely overwhelm a seller. So, here is the reality... no, I do not expect anyone to do everything in these posts. There are limits. And, there are priorities.

If you know who your most likely buyer is, and you understand general buyer psychology, then you can easily prioritize so you're making sacrifices where they are most important.

In general, here is the sales process for most buyers:

Buyers shop first online via a search engine (with or without their agent). They put in search criteria: Geography; Price and Minimum requirements - (i.e. 4 bedrooms, garage). You can not change the geography of your home. It's not too practical to change the basics of your home (like the number of bedrooms). So, what you can control here is price. Determine your listing price carefully so that you will be considered by buyers - with the wrong price (too high or too low) your home will not even be on the radar of the right buyer.
Buyers (or their agents) see your ad. They look at the picture and price FIRST. Then they look at the details and additional pictures. Always have additional pictures in your listing, a good description and lots of details. Photo staging is critical here so you get good pictures. Sometimes it is necessary for more than one photo shoot.
Buyers "drive by". Look again at our tips for good curb appeal.
Buyers schedule a tour - make it easy for them to show your home!
Buyers look at your home.....

When buyers come inside your home, here are some principles to keep in mind when choosing which areas are most important to stage properly:

View from the front door - the first impression usually lasts, so it needs to be impeccable.
While in a typical "married couple/family" scenario, the men usually determine the price range, the women usually choose the house. So, if you must choose between areas to stage, focus on the areas that appeal to women first (if your home is likely to be sold to this type of buyer).
Women focus on kitchens, baths and master bedrooms - and women seek fantasy (relaxation, quiet, romance). Candles by a bathtub rarely will appeal to a man. Dirty dishes in a sink or a full trash can can kill a sale for a woman.
Areas of importance to men are basements, garages, storage spaces (incl. sheds), outdoor spaces, gyms - and men focus on functionality (organization, space for tools, toys and building, and grilling). A workbench in these areas sells. A TV or "party fridge" in the basement or, better yet, a garage, will make a strong impact. Women will barely notice these things.
Children must see some spaces for playing - a few visible toys go a long way with children...even in a home without children, a guest room with a playful motif and a couple of stuffed animals of popular characters will make a friendly impact. It's important that even childrens rooms are not "too" busy with toys or even an over abundance of colors - Adults find this overwhelming and will translate this as chaotic - not a thought that sells. This is even overwhelming for children who will (especially young children) immediately pick up toys that aren't theirs and get into trouble. :(
If your home is likely to be sold to a "typical" suburbian family with children, and your home has 3 or 4 bedrooms, there are a few areas of importance: Make sure bedrooms show as bedrooms - not libraries or dens. Also, make sure there is a table in the kitchen if at all possible (even if it is a small bistro set). Parents like to feed small children in the kitchen.
If your home is likely to be sold to someone who might have extended family living with them, or perhaps have a live in nanny, then staging additional sleeping areas separate from the main living areas will have a strong positive impact. Even if it isn't a true bedroom, basements often have rooms which can easily transform to sleeping areas. Kitchenettes and wet bars are also attractive spaces in basements which appeal to this type of buyer.

Of course, we're talking in generalities here but we always like to stage with the target buyer in mind. When you contact me to help you sell your home, part of my initial investigation is attempting to determine who your most likely buyer will be, so when talk about staging we can strategize together, balancing your need to get the highest amount possible for your home, quickly, with your ability to continue to live in your home.

This series is nearly complete... but there are a few more details to discuss. Next Up: "It's SHOWTIME!"

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A special thanks to my friend Dawn who is allowing me to use her "foot in bubbles" picture in this blog.

ONLY A WOMAN would take a picture like this, am I right? That's my point.

This is what sells, for women.

Create the NOT-So-Lived-In Look

2011-03-19T13:53:00.004-04:00

So far, we've learned how to create visual space, to depersonalize and to highlight features and sell benefits with staging, but I have not mentioned the single most important thing you can do to increase the chances of your home selling.

The home must be clean. Dirt does not sell. You knew that, of course. Well, I hope so. (I am surprised sometimes.)

Not only does the home have to be clean, but it must appear "beyond" organized....It needs to look "lived in" as if life has no negatives.

The typical "lived in" look does not sell.

Ok, it will sell... but it will sell for LESS.

You know that line from the movie when the girl has been shopping for a week and trying on a million outfits and her date finally arrives and says she looks great and she replies: "Oh, (blushing) This old thing?" It's the same concept as the model on TV that washes her face and still has make up on. Yeah, right! And yet, we buy the product.

That's what we're going for here.

When we sell homes we sell fantasy... and in a fantasy, the children never have homework to do, or bookbags thrown on the couch, the jacket is never draped on the kitchen chair, the laundry never stacked in a basket waiting to be put away, bills never come in the mail, the trash never needs to be taken out, there are never cartoons on and toys are never on the floor.

Sure, all those things happen in life... but not in YOUR house. NEVER in your house. In YOUR house, life is perfect. There are only features and benefits and solutions....no problems, tasks, work, challenges, chores or obstacles. Nope. All that stuff might happen in the last house the buyer looked at, but not here. Which house are do you think they are going to buy?

So unfortunately, before every showing, it is critical that you run around the home and be sure it looks like a commercial marketing space and not like your home where your family lives and has bills, and work, and school and homework and sick people and broken legs and cars that have flat tires and a big honkin headache. Nope. NOT HERE.

At YOUR house:

Books and magazines are purposefully displayed properly and neatly, and have all the right titles.
You don't get bills... so there's no mail on the counter top.
Everything in your home works magically without the need to be plugged in... or at least that is what one would think because the surely don't see any chords, wires or plugs.
Kitchen appliances like toasters, blenders, etc. should be tucked away. The food here also magically appears when you're hungry. In fact, there's probably a bowl of fresh fruit right there on the counter top. Always fresh. Not plastic.
Window blinds, when in place, are open evenly, to bring in natural light or otherwise create the desired effect.
Nothing happens at your house that is accidental or by chance - everything is always perfect. From the outside, if you see open windows, every single window is opened to the same level. Always.
Your home is so perfect that you don't even need a trash can... at least not one that people can see, and definately not one people can smell.
Oh... and your closets? They aren't cluttered or packed. Your closets are SO BIG that you have an entire wardrobe in there and still have extra space. How do we know it's your whole wardrobe? Well, golly, you've got something from every color of the rainbow... in fact, it's actually in order by color. Wow. This is a house I want to live in. What about you?

I think you sort of get the picture. I know it is a hard standard but I am telling you it sells. Please understand, buyers have no idea that they are as critical as they are....nor do they realize psychologically how gullible they are to these tricks of the trade. I have shown many homes to people that they think DO look past all of these things, but they don't.

I know trying to live like you're not living in a home is, well, darn near impossible. The good news is that if you have priced well and you actually do most of the things suggested here, your home will not be on the market for very long.

But for those of you who are starting to think "Never mind. I will just die in this house because selling it seems too darn hard.".... well the next post is for you. Priorities, Priorities.

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Vignettes that SELL!

2011-03-18T10:17:00.003-04:00

My goal with this post is to help you understand how to create a pleasing focal point, and why it's important.

Remember earlier in this series when I told you to walk through your home like a buyer? Do it again now. When you talk into a room, where do your eyes go? Is that REALLY where you want the buyers eyes to go?

A home is nothing more than shelter, right? If a home's only purpose is to protect you from the elements then why are they so expensive? Our homes have evolved to be much more than shelter. They are filled with various features, each one of which has its own benefits....and THAT is where the money is.

Our goal with staging is to sell those features and benefits. Here's an example:

Feature: Window/View
Benefit: Sit by the window and read or bird watch.
How to sell that story: The window is clean, has no screens, may (or may not) be framed by sheers on the side. Beside the window sits a comfy chair (turned to welcome the buyer to the room). Beside the chair, sort of behind it but still visible, is a floor lamp and off to the same side is a small footstool with a book, as if someone was reading it and has just walked away - the book is open and upside down. Ah! Maybe it is a book on identifying birds.
When you look at that picture (Chair, lamp, footstool), it's sort of a triangle, and sits beside the feature you're highlighting. Ta-da! You’ve created a “vignette”( a staged focal point). There is NO WAY someone is going to walk in that room and not notice that window and that view. No Way!

Every room should have a strategically placed focal point.

It could be (as in the example above) to highlight a feature and sell a benefit. These would be focal points near fireplaces, windows, etc.
Or, you do the exact opposite, using a focal point to divert attention. For example…a radiator may keep you warm at night, but they aren’t really “pretty”… so you might want to have a staged focal point opposite the radiator so as to detract attention.
You could just be “naming the space” (Often we see areas of a home that people say “what is this room”? Staging eliminates that question.)
By default what you’re highlighting is the space. In that case, the focal point should be the point furthest from where the buyer will enter the room.
You can even stage outside~ Is there a fabulous tree outside where you can create a focal point, perhaps a bird bath and feeder? (Be careful attracting wildlife, though - it's not everyone's cup of tea and no one likes bird poop too close to the house.)

Once you know where your focal point should be in each room, and you know how you're going to create it, then stage the rest of the room around it. Accessories should be in odd numbers - 1, 3, or 5 - and should be varying shapes and sizes but a similar color palette with the exception of your focal point which may be brighter. When you step back and blur your eyes, each "display" will look sort of like a triangle, just like the above picture.

Once stage 3 is complete, you're probably starting to see pieces of this madness come together. The end is in sight!

Our next post is: Creating the Not So Lived In Look! Don't miss it.

Knick Knack, You're Getting Wacked!

2011-03-17T15:56:00.003-04:00

Continuing our series on preparing your home for the market, (check our the previous post "Show Me the Space, I'll Show You The Money"), we're going to tackle the little things....

Step #2: Kick Knack: You're Getting Wacked!

I touched on this in the prior post but it bears talking about again, and more in depth. Some people will delicately refer to this stage as "decluttering" and "depersonalizing". I have seen how some sellers interpret this, so I am taking the delicate out of what I am saying:

If you love it, if it's very presence is what makes this house feel like home to you,

then it probably needs to be hidden.

The pictures of the kids, your parents, your college diploma, the letter from the President, pictures and momentos from your world travels... they are all awesome. But they really need to be put away. They are telling YOUR story.... they tell us about your life. Your life is not for sale. Your house is. We need to display your house, not your stuff.

On that note, got collectibles? Knick Knacks? Check the general "THREE" rules:

Anything smaller than 3 inches tall needs to be hidden.
If there are more than 3 of anything in a room then there are too many.

Keep in mind, your idea of "happily ever after" may not be the same as your buyers'. They are looking for a place where their dreams can unfold....not on picking up where you have left off on your journey.

Emotionally, these are the hardest things for sellers to do. But I promise, it makes a difference. You will get a quicker contract if you're willing to sell your house without your story.

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Our next post is coming soon: Vignettes that Sell! Stay Tuned.

Show Me The Space, I'll Show You The Money!

2011-03-16T15:49:00.001-04:00

When we live in our homes, we surround ourselves with things that make us happy - pictures of loved ones, favorite places, gifts. We put things where they make sense and are readily available for everyday use. We make our homes comfortable and convenient. But when it's time to put your home on the market, you have to make a decision. Do you want top dollar for your home? Then you must be willing to give up some comfort and convenience in exchange so that your home shows its best at all times. Here are some tips to make that happen.

Step #1: Show Me The Space, I'll Show You The Money!

Much like a model will have portfolio shots in a bathing suit, we need to strip your home down to the bare essentials. (Play striptease music now.)

"Let There Be Light"

You have blinds and drapes up to keep people from looking in... but when your home is on the market is exactly when you want people to not only look in but come in. So, we need to thin out window treatments. Remove screens, wash windows, remove heavy drapes. Open blinds or remove them. Consider leaving sheers or valances, just to add a splash of color or accent, but make sure you can see out and the light can get in. This creates a bright happy space and it always makes rooms look larger.

Next, let's talk floors.

Usually an area rug's purpose is to protect the floor underneath. When it's time to put your home on the market its time to show off those floors that you have so valiantly protected over the years. So in most cases runners and area rugs should be pulled to expose the floors beneath. Rugs take up visual space.... so the only time I use them in staging is when the room is otherwise cavernous or has no color.

Important Never-Never Notes: (1) Never leave carpet in a bathroom. (2) Never leave an area rug on a carpeted area. These always get negative comments from buyers.

Musical Chairs!

Walk through the home as if you are a buyer. Enter through the front door, and bring your entire family and a REALTOR with you...everyone walking side by side. This is how a buyer looks at your home. See how crowded everything is when 4 people try to walk through a home together?

In an unstaged home, sometimes showing is remineiscent of a game of musical chairs where, as you walk through the home, it seems you are always standing directly in front of a chair you can sit in when the music stops. Not good.

Move or remove all the furniture you touch. If it's crowding doorways, it's got to go. If you can't walk through walkways, say "bye bye" to the pieces that get in the way. Got furniture blocking windows or doors? Not good. Most rooms can, as a general rule, lose at least one piece of furniture, sometimes several.

Take the leaves from every table you can. If you have those larger dining room chairs with arms, hide them, quickly, even if you must borrow ugly chairs from your daughters house.

What's In A Room?

Buyers must be able to tell what the intended purpose of a room is by the first piece of furniture they see. Bed=bedroom; couch=living room; dining table=dining room; desk=office.

Avoid having beds in the den or desks in the bedroom. Unless you have dedicated "gym" space, originally intended to be gym space, then the treadmill has to be packed away. A treadmill in an office says "there's no space for a home gym in this house". A bedroom used as an office screams "this house has no office, and now no guest room".

Welcome the buyers to every room. (Huh?)

You won't be home when the buyers come (no, you shouldn't be home), so make sure every room is welcoming your buyers... the furniture should be turned to face them as they enter. The buyers shouldn't walk into a room to see the back of a couch, TV or other furniture... it should always be the front. Even pillows on a couch should be turned to "face" them - not the center of the room, but the doorway, as if they are saying "hi".

"As far as the eye can see" For a seller, there is much wisdom in thinking about this phrase.

Look at specifically what is eye level in your home. Buyers are measuring space with their visual perception, so what is that? Can you remove a hutch, a bookshelf, a canopy, a headboard? Consider putting away tall back chairs and keeping the stools, for example.

Generally, there should be no pictures of any kind in a hallway or stairway; and most walls are meant for only one picture....and only in the rarest occaisions should more than 3 pictures be on one wall. Pictures should be used sparingly and not be family pictures.

Get rid of doilies, table cloths, and the seat cushions on chairs (you know, the kind you tie in place). No lace, no frills. This includes the comfy blanket or hand made afgan from Aunt Betsy that is displayed on the back of the sofa. Unless that blanket serves a strategic purpose, then it probably needs to be tucked away.

Trust me here, no one is looking at your beaten up old table or the cheap chairs. They are, however, looking to purchase the floors and space behind and beneath these things, so let them see the space. All this extra stuff is simply a distraction and they will think about your stuff, and not about your house.

Stay tuned, because this is only the beginning of this series.

Next up - "Knick Knack: You're Getting Wacked"

Staging to Sell.... The Series Begins

2011-03-16T05:41:00.002-04:00

You're putting your home on the market, you want the most money possible for your home in the least amount of time. I can help you get that. I've got a plan! But, I am going to need your help.

It goes without saying that if your home is obviously in disrepair then be prepared to sell it at a discount. Otherwise, make the repairs. Then, be willing to "earn" the extra dollars you wish to get from your home...

And with that little tidbit, I begin a series of posts about preparing your home for the market. Ready? Read on!

First up: Show Me The Space, I'll Show You The Money!

Also see prior posts:

Do We Need To Repaint?

FHA Short Refi Program - Hmmm....

2011-03-15T11:51:00.000-04:00

Five of the largest US lenders are signed up to participate in the FHA Short Refi program... but don't count on it helping you. While 50 MILLION dollars have been allocated to the program, a whopping 44 (yes, forty four) people have been helped. (Source: Housing Wire - see article here.

This falls under the category of "Things that make you go Hmmm...." Sort of.

Why aren't they actively participating? And, for that matter, why don't banks just adjust the loans that are in place rather than doing a short sale?

By and large, banks need cash, so if they are going to write down their "receivables" (aka - reduce the amount due to them) then in exchange they want cash, the highest amount they can get. Simply modifying the loan doesn't provide them with a lump sum of cash... so they it really isn't in their best interest.

This is yet another reason short sales are their preferred way to dispose of risky loans.

For news tidbits like this, stay tuned to http://www.therealestatewhisperer.blogspot.com/ or www.Facebook.com/TheRealEstateWhisperer.

Need help evaluating your options? Give me a call!

Vicky Chrisner

Keller Williams Realty

703-669-3142

RED DAY IS COMING!

2011-03-14T10:34:00.001-04:00

Red Day is coming! Red Day is coming!

At Keller Williams we celebrate the birthday of Mo Anderson, who is the Vice Chairman of Keller Williams and who founded the affiliated KW Cares, a 501c3 organization, with a day called 'Red Day'. Mo is known for having a true servants heart and it shows in all she touches and in the culture of Keller Williams offices everywhere. So it is only fitting that 'Red Day' is a day of service where agents in every office internationally are encouraged to stop business as usual and dedicate their time and energy to giving back to their community.

The type of work to be done is up to each office who can decide to serve their community in the way they feel is best. Last year, collectively, KW agents across the continent completed 80 years of service and collected over $600,000 in donations - in ONE DAY. I hope we can top it this year!

I wonder what project our office (Keller Williams Leesburg) will take on....In the past we've done food collections in Leesburg and done service hours for Habitat for Humanity benefiting those that are living in Loudoun County.

Stay tuned to this blog for more information as the story develops.

RED SUNDAY March 13, 2011~Open Houses in Loudoun County

2011-03-13T09:52:00.000-04:00

It's RED SUNDAY! Look for Keller Williams Open House Signs all throughout Loudoun County.

I will be at 10 FIRST ST SW in Leesburg, VA 1-4. Stop in and see me!

This month, we have open houses in Aldie, Ashburn, Leesburg, Sterling, Hamilton, Round Hill, Stone Ridge, Middleburg and Chantilly. At this link, you can see details on each of these homes for sale, and then come and check them out!

Thinking of buying a home in Loudoun County? Give me a call and let me know how I can help, or check out my web site for listings for homes for sale that are always current!

Thinking of selling a home in Loudoun County? Find out "What is RED SUNDAY?"

Interested in having your home participate in RED SUNDAY? Contact me to find out how!

www.VickyChrisner.com

703-669-3142

VChrisner@KW.com

FHA Increases Mortgage Insurance Premiums on April 18th, 2011

2011-03-11T19:49:00.001-05:00

THIS INFO JUST IN FROM BANK OF AMERICA:

On April 18th HUD will be increase the mortgage insurance premiums on all FHA loans by 0.25%. Any FHA financing originated after April 18th will be subject to this higher MI premium. For more information regarding the FHA changes, feel free to contact Marc - contact information below.

Do We Need To Repaint?

2011-03-09T17:03:00.004-05:00

“I will be putting my house on the market soon and I’m wondering~

Do we need to repaint the whole house?”

Common question; but the answers vary.

=============

Clearly, if your home is overdue for a paint job, then yes, to get the highest amount possible for your home, you should repaint. Otherwise, I hate to give a blanket response to that.

Many people have highly personalized décor and coordinating wall coverings; but it may not be necessary to undo all that work when you sell. Having said that, here are some simple guidelines and tips:

A VACANT HOME: If the home is going to be vacant when it is shown and marketed, then it becomes more important to have a fresh paint job, with color selections from a neutral palette so as to appeal to the widest groups of people. [Click here to see repainting guidelines]

WALLPAPER: Because there is a general perception that wallpaper is hard to repair, touch up or remove, it's generally advised that wallpaper be removed, or perhaps painted over before putting the home on the market. This is particularly important if it is in poor repair, dated, highly personalized or a busy pattern.

PANELING: The “circa 1970-something” paneling is outdated and an obstacle to selling today. But did you know you can paint over it? It is far more practical than removing it and hanging drywall, and so that is a common recommendation.

BUYER PROFILING: Who is the most likely buyer for your home? What is their age, origin, family composition, gender? Where do they work and play? Based on that information, we make staging choices which may require some repainting. Here is an example: Women buy for entry ways, kitchens, bathrooms and master bedrooms. Men buy for basements, garages, and storage areas. We try to make sure those areas are appealing to those gender groups. So, for example, a basement family room that looks too feminine (pink paint or flowery wallpaper) may need to be repainted.

The buyer profiling part of these guidelines gets tricky and requires an analytical market study. This is all part of the services I offer when you hire me to represent you to sell your home. So, for a personalized opinion, give me a call and let's set up an appointment!

Vicky Chrisner

Keller Williams Realty

Leesburg, VA

703.669.3142

www.VickyChrisner.com

A Dulles area real estate sales consultant shares truths about the industry and the market.

(Notes about pics on right: While the top picture with green walls will not appeal to most people, it isn't likely to interfere with a sale in most submarkets. The lower picture with the pink bubblegum family room could keep a home from selling.)

Painting For The Market

2011-03-08T12:34:00.002-05:00

If you’ve decided you need to repaint to get your home ready for the market, here are some quick and simple guidelines:

• Make sure drywall repairs are complete before repainting.

• COLORS: Since you’re repainting, select from a neutral color palette. Currently, warm colors are “in”… so choose a light beige type color for the walls; and use white for the trim – this two tone look adds richness and makes the trim “pop”. Ceilings should always be painted white. (See image on right.)

• TYPE: Flat paint is more forgiving of flaws in the drywall, so be sure most of your home is painted in flat paint (if you were repainting for your family you might choose a more durable, washable paint, but you’re painting for the market here). Flat goes everywhere EXCEPT the kitchens, bathrooms, doors and trim – those are all painted in white semi gloss. Ceilings are painted in flat white paint, if they need to be done.

Keep the end in mind – this just needs to spruce up your home enough to sell it, so it is not necessary to use the highest grade paint… you just need it to cover up what’s in place.

• If you don’t have to repaint all areas of your home, don’t. Very often, ceilings do not need to be repainted.

• If you’re repainting the whole house, consider repainting it all the same color to keep costs down, unless you have a floorplan that is “too open” and you need to do have color variations to define spaces. This becomes critically important in vacant homes, but even so, you can generally choose just two tones of the same color and use them strategically to define the spaces. Get a second opinion if you’re not sure if you need to do this.

• Do consider options for painting over paneling and wallpaper rather them having them removed.

Last but not least, please remember this: A bad paint job is worse than no paint job, and despite what you may think, very few people paint well. Please consider hiring a professional (not your brother who needs the work) to do this job, and hold them accountable for the end result and staying on schedule.

Creating The Best Curb Appeal

2011-03-03T13:53:00.005-05:00

You've heard it before... when it comes to selling, curb appeal is 50% of the sales process. To really understand that, you need to understand the home buying process.

Most buyers will see an ad - online or in print - for your home before they visit. Almost always there is going to be at least one picture, and the one most prominently displayed is the exterior front picture. They will decide to look at the ad, or not, the moment they see the picture of your home. If the buyer is still interested after seeing a picture and an initial advertisement (which usually includes price, general location, and number of bedrooms), then it meets their initial criteria. At this point, they are 25% sold!

Next comes the drive by. This often happens before they contact their REALTOR to see the house. Here they will check out location and condition of the home in person and the neighborhood in general. They will see the things they can't see from most ads - how the sun hits the house, what the street looks like, what the house "feels" like when they look at it. From the drive into the neighborhood to the front door of the home, accounts for another 25% of the sales process.

If they still want to go in, they are 50% sold.... maybe more. When I bought the house I live in, my husband and I saw it from the outside and said to one another "Unless this place is trashed on the inside, this is THE house"....and this happens far more than you would expect. The opposite is equally as true. Many times, I have been showing homes to a buyer, pulled in the driveway and had the buyer say "never mind, let's not even get out of the car".

Keeping this process in mind, you can place the appropriate emphasis on evaluating your curb appeal. If you want people to come inside, they have to like the outside. Here are some tips:

Start at the street: Keep the street clear of trash and debris. Consider painting the house number on the curb so it's easy to see. If there are yellow curbs nearby, repaint them. The mailbox should stand straight and be repainted, with the address prominently displayed. Consider flowers around the mailbox or the driveway.
Driveway and sidewalks: The driveway should be in good shape, easily navigated, clear (after snow/ice) and a paved driveway should be freshly resealed.
Lawn: Green it up (in season). Fertilize and water it. Reseed it if you must.
Landscaping: Make sure flower beds are freshly cut in, have fresh mulch and no weeds. Consider adding a touch of color if you don't already have colorful flower beds. Even a home without flower beds can usually add a pot of annuals near the front door.
Home Maintenance: Does your home need to be repainted? Are there shingles missing from the roof? Does your roof need to be washed (yes, you can clean a roof that has stains on it)? Are the gutters clear and in place? Should you repaint or replace shutters? The front door should be repainted or stained - this creates a huge impact. Perhaps the front door should even be replaced. Keep screens out of storm doors and leave only the glass in so the front door can easily be seen, or remove the storm door completely.

Again - this is 50% of the sales process, so please don't skip it!

Stay tuned to the Real Estate Whisperer... this spring I will be doing a comprehensive series on preparing your home for sale. This is the first of many posts to come.

Word on the Street (Loans)

2011-03-02T23:28:00.001-05:00

A quick tid bit: Rumors were circulating through the Mortgage Bankers Assoc meeting this morning are that the high balance FNMA/Freddie Mac loans will NOT be extended past September 30th. There have been previous expectations that this could change, but right now it's not looking good. If this happens it means $417,000 will be the limit for these loans. Anything over that could require 20% down.

On another (related) note: I did meet with a local lender at George Mason Bank today that is currently offering 80/10/10 loans which means they are offering Conv financing, 10% down, and a 10 percent second trust which is a 5 yr balloon with a 30 yr amoritization. If anyone needs contact info pls let me know.

Real Estate, Dr Seuss Style

2011-03-02T15:24:00.001-05:00

A Realty Quiz~ Dr Seuss Style!

In honor of Dr Seuss's Birthday, I've put together a real estate related quiz.... try your hand; then Fan The Real Estate Whisperer on Facebook to get the answers which will be published tomorrow morning!

1. What were the name of the apartments where Jo Jo lived?

2. Where are you likely to find Sneetches?

3. Where does one celebrate their birthday?

4. Gerald McGrew fantasizes about catching a "big bug" that is said to fly between Texas and what city?

5. What is the name of the city "where they never have troubles, at least very few"?

6. Where is Stilt Walkers Hall located?

7. Where did the Grinch go to punder his Christmas Eve decent?

8. What is the name of the county from which the news of the Yawning Bug was received?

9. Where "on some dead ended road" does the narrator suspect he'll find himself if he followed the Spookish Hunt's suggestion?

10. What is the name of the traffic clogged road within G-Zayt?

Bonus: Who has been to the place in the picture and can tell me what it's called and where it is?

+++++++++++++++++

For answers, CLICK HERE!

+++++++++++++++++

This Month In Real Estate (March 2011)

2011-03-01T19:34:00.001-05:00

This month in real estate.....

For more information on loans, the real estate market, and how to prepare your home for sale, stay tuned to The Real Estate Whisperer!

The Real Estate Whisperer

A resource not to be missed!

ChesBay Act in Loudoun

2011-02-28T23:00:00.000-05:00

Here in Loudoun, the Board of Supervisors is looking at the option of adopting the Chesapeake Bay Protection Act for the county. As the county is not mandated to do so by the Environmental Protection Agency, and this completely voluntary, there has been significant debate in the community. If adopted, it will become the "Chesapeake Bay Preservation ORDINANCE" (not Act) of Loudoun County. So, it is being referred to as the CBPO and/or the "Ches Bay" issue.

Everyone agrees clean water is important to us all... but the controversy comes when we talk about how to obtain it. Environmentalists plead that we need to do something for our waterways to clean them up, and don't seem to be deterred by the costs involved in implementing the plan, nor are they concerned that it will result in limitations on how property in Loudoun can be used, and they don't have much research showing that the actions will accomplish the desired result. Property owners, who also want clean water, say that limiting their use of their land, without any compensation, is a "land grab" and are outraged. There are fears that to just put in a swing set could cost a homeowner an additional $6700 in fees and studies to get approval from the county... if the approval ever comes.

The Towns of Loudoun have largely come out against this adoption, even though it would have little to no impact on things within the towns due to jurisdictional limitations. There's a great letter from the Mayor of Purcellville urging the Board of Supervisors to consider offering incentive plans for voluntary actions rather than to force landowners to live within the confines of this Act. The Dulles Area Association of REALTORs pleads that the Board of Supervisors wait to see how the new (pending) legislation that is coming from the EPA to the states and then to localities will impact the water ways, suggesting that more effective plans are in the works and that the adoption of the CBPO could negatively impact property values, and cause huge issues for property owners in added costs and aggravation that is simply unnecessary.

On February 28th, property owners showed at a Board of Supervisors meeting to show their discontent that the BOS is still considering this ordinace. Check out these photos on the REAL ESTATE WHISPERER facebook page (CLICK HERE).

March 16 update: Activities related to the Ches Bay Pres Ordinance continue. Check this link periodically to stay abreast of developments:
http://www.loudoun.gov/Default.aspx?tabid=2872&zoom_highlight=chesapeake+bay

MARS Disclosure (General Commercial Communications)

2011-02-10T12:20:00.002-05:00

This notice is being provided to fulfill the FCC's "MARS" rules intended for those that may be considering a "Short Sale" or loan modification services.

IMPORTANT NOTICE REGARDING

SHORT SALE NEGOTIATION SERVICES

OR REFERRALS FOR SHORT SALE

OR LOAN MODIFICATION SERVICES:

Chrisner Realty Investing Services, Inc. and Keller Williams Realty do offer services to negotiate short sales for buyers or sellers, and may provide referrals to companies which offer these services and/or loan modification services.

Chrisner Realty Investing Services, Inc. nor Keller Williams Realty is associated with the government, and our service is not approved by the government or your lender. Even if you accept our offer of service, your lender may not agree to change your loan, to release a lien against your property permitting a sale, or to forgive you of any remaining debt.

This is also true for most service providers we could refer. If we refer you to a servicer for loan modification and or short sale negotiation, please ask them specifically if they are associated with the government.

If you stop paying your mortgage, you could lose your home and damage your credit.

For more information about short sale negotiation services offered, please contact Vicky Chrisner, VChrisner@KW.com 703-669-3142.

This disclosure is being provided by:

Vicky Chrisner, Real Estate Salesperson

Chrisner Realty Investing Services, Inc.

http://lis.virginia.gov/cgi-bin/legp604.exe?ses=111&typ=bil&val=hb1907&Submit2=Go

Leesburg, VA

ALSO SEE:
General Information on MARS Ruling

Changes to Agency Law

2011-02-03T14:44:00.000-05:00

Minutes ago, House Bill 1907 passed the Virginia House of Delegates.

This bill makes noteworthy changes to the laws regarding Agency in Virginia.

The highlights of this legislation are:

1. All brokerage agreements (including buyer agency agreements) must be written. It it has long been a practice to require written listing agreements, and most agents follow this quite well. However, buyer agency is another animal. While it has always been a best practice to have a written buyer agency agreement, it's a step skipped all too often, especially among friends.

2. Dual agency, while still legal, requires an enhanced disclosure which essentially explains that the agent CAN NOT do all the things the client probably wants his agent to do. I never like to say "Never", but dual agency is, in my opinion, very rarely a good option for anyone in a transaction, and essentially, this new law is that we spell that out for the clients.

3. Since we never seem to get it right, the Property Disclosure Law is being revised AGAIN. Now, we're going to require consumers to use a web site maintained by the Virginia Real Estate Board. I am sort of interested to see how this plays itself out.

4. Real estate agents are given immunity from law suits for reasonably relying on publicly available information. This part of the legislation is designed to protect real estate agents from getting sued because they represented square footage of a home based on the public tax records for that home.

Interested in learning more about this bill? Go to the source:

MARS Ruling - New Protections for Homeowners

2011-02-01T15:17:00.002-05:00

Recently, there was new legislation regarding companies negotiating loan modifications and/or short sales on behalf of homeowners. Essentially, there are new disclosures required from the agents or modification companies and the law now says that these companies/agents may not require an up front fee be paid, that the companies can only get paid on a contingency - meaning if they are successful, then their fee becomes due.

This is great legislation for homeowners, and is being referred to within the industry as the MARS ruling.

ALSO SEE:

Required disclosure for General Communications (MARS)

Guidelines for servicers/REALTORS from the National Association of REALTORS re: MARS RULING:

https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B2PfdTb2RWFGYTk3ZGFmYmQtZmZmNC00Zjc4LWE4MDctYTU4MGExMTJlZWE4&hl=en&authkey=CLmGsNQD&pli=1

Sausage and Law

2011-01-26T12:17:00.002-05:00

Okay, I admit it. I am an idealist... and I like to pretend that if we would all just do the "right thing" everything would be fine all the time. But the reality is that isn't going to happen, and most certainly not when it comes to politics.... and it makes me sad.

Plus, even good people trying to do the "right thing" get confused on what that is. It's not always black and white when you stop to really look at the arguments in depth, something that is hard to do watching 5 minute clips on the news. One has to hope that people we trust are really investigating the issues in depth, and giving us the short version accurately, so we know how to vote, what to support.

For example, when it comes to my business, I belong to many REALTOR associations - National, State and local. They are supposedly all looking out for the interests of property owners, small business owners and REALTORS, I happen to be all three, and so I read the stuff they publish, carefully.

The most recent magazine from the Virginia Association of REALTORs was highly political, and it made me so sad. The board was quite upset with many of us who didn't donate our "fair share" to RPAC, that is the group that handles the political stuff for us - they lobby on the Hill, etc. etc. They told us that while our organization has more cash on hand than most lobbyists, we didn't raise as much this year as we need to. They say that our politicians, before they agree to meet with any group, look to the group's finances... both cash on hand and current contributions...before they decide to give our group (any group) the time of day to even be heard, and so, since we didn't pay into the fund enough this year we might not get to bend the ear of enough of our politicians to get support for the things VAR believes are important.

Don't be upset at VAR for this. Or the other "special interests". Nearly every group has a committee that is supposed to be convincing the lawmakers of what is "good"... the National Association of Homebuilders, the Teachers Association, everyone... no matter what you do for a living, or who you are (handicapped, immigrant, Christian, etc.) there is an association out there working to protect the interests of that group of people. That doesn't upset me. In order to maintain balance, every group of people needs to be heard, and we need to designate committees to do this for us because we can't all go to Capital Hill.

What upsets me is the stuff typed in bold... You mean we can't talk to our politicians unless we have enough money? I was shocked. I suppose it shouldn't be shocking to me, but it was a moment in time that I was forced to take off the rose colored glasses.

Then I think to the State of the Union address where President Obama said (last night) that any bill that comes to his desk with an earmark would be vetoed. Sounds good in theory, but really? Will that happen?

I used to work in Affordable Housing. Again, great in theory. There were these weird exceptions to the rules - rules Congress made up. A consultant I know, John, was in the room when Congress was debating the laws. He said Congressman A stood up and said we should have an exception for someone like his granddaughter... and then he described her situation. Congressman B did something similar, and so it went. In order to get the laws passed, many of those "exceptions" requested had to be included, otherwise the law wouldn't have enough momentum to pass.

I've seen this process in action even trying to update Architectural guidelines for our neighborhood with a committee for our HOA. To get the votes, you have to "give" and make exceptions for the people who are there. It's frustrating.

I remember John (the consultant I mentioned earlier) summing up the experience "There are two things you never want to see being made - Sausage and Law". I think he was right. Both sort of make me sick.

I hope God does bless the USA, because we surely need it.

It's Assessment Time Again! What's the Value of YOUR Property?

2011-01-24T18:32:00.002-05:00

Well folks, it's that time of year again... time for real estate assessments. I got mine in the mail today. According to this, the value of my property went up exactly 3%. The tax rate is going up, too, so this means my real estate taxes are going to go up. Yuk. Yuk. Yuk.

Here in Loudoun County, the county assessor's office attempts to calculate the approximate fair market value of every property in the county. Then the tax rate (now $1.30 per $100 of value) is applied to that value to determine your real estate taxes for the year. So, the higher your value, the higher your taxes. And if you're in a town, like me, you pay an additional tax based on that assessed value, too.

Determining Fair Market Value for every property in the county is no easy task. They do this using a combination of methods, and they are often remarkably "dead on"... but it is NOT a perfect system, and if an error was made, it is your responsibility to catch it.

As a REALTOR, I check by pulling up data in the MLS on recent sales in my neighborhood. Based on that, I determine if I think my house was valued correctly. Most non-REALTORs will use the tax database to check local sales, and that is a good source, but it is not as detailed as the MLS listings which generally reflect details about the condition of the property, pictures of the property, terms of sale, etc., all of which impact value.

Want to know a secret? You CAN have access to the same information I do. You can contact me directly to request that I run a report for you, which I am happy to do, or you can order an automated report at http://www.salesinmyneighborhood.info/. Just fill out the form and within minutes, an automated report will be emailed to you. If you live in a neighborhood of similar homes and there have been recent sales, everything you need will be right there.

However, like any automated report, this is less than perfect. The more unique your property the harder it is for anyone, and especially any automated system, to determine the best comps for your home or property. In that case, I recommend you contact me and ask for a quick CMA.... this will include comps hand chosen for your property, and will give you an idea of whether or not your property was reasonably valued by the assessor's office.

Once you have done a little research, if you disagree and want your assessment changed, requesting a review is simple. Just fill out this online form (Click Here).

If that doesn't get you the result you want, you can appeal the request to the Board of Equalization by June 1st. (Click Here for more information.)

I probably help 4 or 5 neighbors get their real estate taxes reduced each year, and I am happy to provide you with this data. If you want to know a "big" secret (shhhh!), the county doesn't put up much of a fight. So, if you think the assessment is high, it makes sense for you to try to do something about it.

Be sure to call me if I can help!

Vicky Chrisner

703-669-3142

http://www.vickychrisner.com/

Is Your House Making You Sick?: Chinese Drywall

2011-01-24T16:20:00.012-05:00

Chinese Drywall... we sort of hear about it from time to time, but what is it? Who has it?

Should YOU be worried about it?

First of all, what is is? Simply put, it is drywall made in China.

The problem is it seems to emmit a gas, which corrodes many metals and can be very damaging to your health. Click HERE to read one person's story.

If you do have it, what is the "fix"? Sadly, it means all the drywall must be removed from the home. it's not cheap, and so before you buy a home, check it out. If you find it, please follow the recommendations of the Virginia Dept of Health.

Where will you find it? Apparently Virginia has had a number of cases, although I'll admit I don't know of any in the Dulles area - the most well known are in the Hampton Roads area. But that doesn't mean it's not in our area.

A home might have Chinese Drywall IF....

* It was built or remodeled (new drywall hung) between 2003 and 2009.

* It has a sulphur like smell (smells like rotten eggs).

* Its wiring shows signs of corrosion.

* The Drywall is labeled "Made in China" (a CLEAR INDICATOR, but please note that if it doesn't say "Made in China" it may still be).

I thought this video contained some interesting information on finding out you have Chinese Drywall.

If you're thinking of buying a home built between 2003 and 2009, you are probably a wise buyer and already are planning to hire a home inspector. Make sure the inspector you're hiring understands Chinese Drywall and what to look for.

If you already own and are seeing some of these signs, you had better check it out....especially if you're family is getting very ill and no one is quite certain why. Watch the video if you haven't already. They even show you some simple tests you can do yourself.

It's frightening to think your house could possibly make you sick, but it happens. With Asbestos, Mold, Chinese Drywall and any number of other potential environmental hazards, when you're buying a home make sure that you do get a home inspector - a good one - who will be able to advise you of potential dangers and the cost to remediate or correct the problem.

Annual Coat Drive Was Huge Success

2011-01-18T19:33:00.000-05:00

The Keller Williams Realty office in Leesburg, VA does an annual coat drive, collecting gently used coats for those in need in Loudoun County. The coat drive starts during the holiday season, and this year's drive went through January 15th... ending just a few days ago.

I am so thrilled to annouce what a great success it was! The coat drive resulted in 312 coats, 17 scarves, 12 gloves, 22 ball caps, 5 pairs of boots, and 12 winter caps delivered to Loudoun County needy families.

Our agents and their friends and families contributed, as did community members who simply heard about the drive through word of mouth or internet sources like the Leesburg Va Facebook Fan Page. It was a great community effort, and was coordinated by Angela Gammon, who runs a property management business from the Keller Williams Realty Leesburg office. Many thanks to everyone for their generosity!

Are Values REALLY Going Up? Let's Take a Look At Victory Lakes (Bristow)

2011-01-18T10:44:00.002-05:00

Yesterday I received an email that read, in part, "I find it curious that realtors say "prices are going up" while the value of existing homes are going down. Which is it??"

Well, here's the thing. When we talk about "the market" we are looking at the big picture. "Prices are going up" is a generalization and usually refers to "average" or "median" price points for a large area ~ like the Washington DC Metropolitan area. It doesn't mean the price of YOUR home is going up. It doesn't even mean that the price of the SAME home is going up, it means that we're seeing more sales at a higher price point. It's a recovery sign, for sure. But what does it mean to you?

Real estate is not just local, it's hyper local.

The person I was talking to owns a townhome in Victory Lakes, in Bristow VA, so I gave the specific examples.... in Prince William County, in a year over year comparison from December 2009 to December 2010, the median sales price is up almost 18%. Then, in a similar year over year comparison for the same period, the zip code 20136 (where Victory Lakes is) the median price is down almost 24%.

Bristow had a lot of building during the boom years. As a result, most homeowners in that area remain "upside down" (owing more on their mortgage than their home is worth today). So, when life happens, that house becomes a foreclosure or short sale, and that submarket is saturated with distress sales. In neighborhoods where there are both "traditional" sales and "distress" sales, distress sales fetch anywhere from 5-15% less than the fair market value for an otherwise comparable traditional sale. The more distress sales in a sub market, the less difference there is in sales prices. If all your comps are distress sales, then your home, as a traditional sale, will sell for about the same as the distress sales.

In Victory Lakes, build out continues. So, not only is a traditional seller competing with distress sales, so is the builder. As a result, the builders must present a value. For example, when looking for comps for this particular homeowner, I found the highest priced semi-comparable resale, a short sale, which sold for $275K, backed to a lake, had 3 finished levels (about 2500 sf), was an end unit and gorgeous. Miller and Smith is currently selling similar sized homes, with 3 finished levels above grade, BRAND NEW and a detached 2 car garage for around $315/320K and they are paying closing costs for the buyer (assume about $10K for that). While it is still higher priced than the resale/distress sales, it presents a value for the prospective home buyer. So, a comparable "traditional" (non-distress) sale must fall in that range and have a comparable value in order to be even considered by potential home buyers.

Are you thinking of buying?

Would you like to take a closer look at the area you're considering?

Are you thinking of selling?

Need to better understand your submarket?

I can help!

Vicky Chrisner

Service areas include: Bristow, Haymarket, Gainesville, Catharpin and most of Manassas in Prince William County; Centreville, Chantilly, Herndon, Reston, Fair Oaks, Oakton, Great Falls, McLean, Fairfax and Falls Church in Fairfax County; and Leesburg, Ashburn, Sterling, Dulles, Potomac Falls, Hamilton, Purcellville, Paeonian Springs, Round Hill, and all of Loudoun County!

703.669.3142

VChrisner@KW.com

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Dr King and Fair Housing

2011-01-17T20:49:00.009-05:00

Today is a holiday designated to remember Rev. Dr. Martin Luther King Jr and his many contributions to our society....not the least of which are laws (Civil Rights Act of 1964 and Fair Housing Law) ensuring that persons of all races have equal access to housing.

It's hard to tell when the Federal Fair Housing Act would have eventually been passed, or in what form, if it weren't for the life and works of Dr. King. The Act had been bouncing around Congress for a couple of years, unable to get necessary support.

Then on April 4, 1968 Rev. Dr. Martin Luther King Jr was assassinated. "President Lyndon Johnson utilized this national tragedy to urge for the speedy Congressional approval [of the Act]". President Johnson wanted the law enacted prior to Dr. King's funeral, as a tribute to his life. The Act was finally passed and signed into law on April 11th, 1968, two days after the burial of Dr. King.

The Fair Housing Act (Title VIII of the Civil Rights Act, 1968) expanded the protections provided in the Civil Rights Act of 1964, prohibiting discrimination in the sale, rental and financing of housing based on race, color, religion, sex or national origin. In 1988 the Act was further ammended, adding handicapped and familial status as protected classes. (Most states and many localities also have fair housing laws which identify additional protected classes of persons.)

Have you ever thought about how different our lives are because of these laws? Would you, your family or friends have been permitted to live where you are today had the Fair Housing Law not been enacted? Sadly discrimination in housing was everywhere, and it wasn't that long ago.

Our world is a truly different and better place, because of the work of Dr. King. Take a moment today and pay tribute to his memory and how he has changed the landscape of our lives.

Sales Analysis in Stratford Club (Leesburg, VA)

2011-01-15T14:18:00.002-05:00

Thinking of selling your condo in Stratford Club in Leesburg, VA? Here's a little info you may find helpful.

First, a little background. Stratford Club was a rental apartment community. Toll Brothers purchased the community at the height of the market to do condo conversions. They struggled like everyone else, and have rented many of the condos to keep some cash flow, prolonging the sales phase. So, if you're planning to sell today you are still competing with the Toll Brothers sales office.

What's interesting is that converted condos have probably been lived in as rentals post conversion, and if not, they were at least lived in as apartments "pre conversion", so no one is moving into the covetted "NEW HOME" they are all "used". Yet, those being sold by the on site sales office continue to be more in demand.

OK, enough background. Here is what sellers really want to know... How much can I get? For the "Arlington" (one bedroom floorplan without loft, without garage), here is what my preliminary research showed:

1st time sales: Homes purchased from Toll are selling for about $193,000 with Toll paying all closing costs (presumably around $6K worth) and one year condo fees (roughly $2500). (If you're a seller, this means that the net is about $186,500).

Resales: To offset the various "advantages" that Toll has over most sellers, someone selling their similar condo, in similar condition, would need to be priced at a value to get the attention of home buyers. My generalized estimate for a traditional sale comparable to the Toll homes being offered is that a seller could sell for $175K or so, with variations of $10K above or below that depending on specifics.

Distress Sales: But here is the reality of the situation.... distress sales (foreclosures and short sales) are common in this neighborhood, and they are far more of a hassle for buyers. Short sales are more plentiful than foreclosures and are the hardest of the hard for everyone... buyers, sellers, listing and selling agents. So, to induce buyers to put up with the hassle, short sales must be priced at a true "bargain" price. As a result, what we are seeing for that floorplan in that neighborhood are distress sales in the mid $140K's.

A Final Note for Buyers: A forty thousand dollar savings for a buyer is HUGE. It is difficult to find anywhere near that kind savings in that price range. So, this is one example when it makes sense to consider a short sale over a traditional sale from the sales office. There are hassles, and pros and cons, but that is enough of a discount for one to think "hmmm... this time, it might be worth it."

A Final Note for Sellers: If you have a condo in Stratford Club and would like a more specific CMA, please call. You don't even have to clean your house, I can provide more customized information for you right over the phone, and if we can come up with some tentative strategies that might work for you, then I am happy to meet you in person and look at your condo and talk to you in more detail.

Vicky Chrisner

Keller Williams Realty, Leesburg

703-669-3142

Tips for Selling During the Winter Months

2011-01-11T20:44:00.003-05:00

Use the Season to Your Home-Selling Advantage

It is generally thought that spring and summer are the best time to try to sell your home. While these times do offer advantages, I have found that the increase in inventory offsets the increase in demand. In other words, while more buyers may be in the market for a new home, there are more sellers competing for their contract. So I do not advise sellers to wait until spring in an effort to be "strategic". It often backfires.

Regardless of your reasons, if your home is for sale in the winter months you may think you're at a disadvantage. After all, grass is dormant, trees are bare, and the flowers are long gone.

But, there are other aspects of your home that you CAN sell, so let's take a look at how to maximize your opportunities.

* Keep snow and ice at bay. If the buyer can't get in easily, the house won't sell. That means keeping walkways and driveways free of the frozen stuff. You want to make the home look well maintained.

* Warm it up. Think warm, cozy, and homey. Before a buyer comes through, adjust the thermostat to a warmer temperature to make it welcoming. If you have a fireplace, turning it on right before the tour can create a more welcoming ambience. There is nothing that screams "HOME" like warmth when you walk in the door.

* Emphasize winter positives. Is your home on a bus route or some other vital service that means it's plowed or deiced regularly in bad weather? Be sure to mention that to the buyers.

* Make it festive. Even if you're not actually going to be present, greet your buyers as if they were going to be guests at a party. Perhaps consider setting up the dinner table with the good china and silver. Have a plate of cookies for your guests, some warm cider, or even chilled bottles of water....and do put a small sign out inviting your guests to enjoy.

* Use the season to your advantage. When the holidays are over, you can still use winter wreaths and dried arrangements around the door to spark interest. In the winter, with the leaves off the trees, you might also have a nice view that isn't as apparent in the spring and summer months.

* And if you feel that your home shows best in the freshly fallen snow, spring or summer, consider displaying photos of your home in these conditions... a photo album opened near where the brochures are kept, or a digital frame with photos scrolling, are great ways to show off your home in all the seasons.

For more useful tips on selling, contact me, your real estate expert for the Dulles and Loudoun County area, for a private consultation!

Vicky Chrisner

Keller Williams, Leesburg, VA

703.669.3142

January 2011 Update: Mortgage Rates

2011-01-10T20:37:00.001-05:00

Mortgage rates are inching up but remain historically low. This trend continues to support home buying as it translates to significant savings for buyers. As overall economic recovery remains on track, rates are expected to rise to keep inflation in check.

30 year fixed 4.77%

15 year fixed 4.13%

5/1-year ARM 3.75%

30 year average for a 30 year fixed rate mortgage 8.9%

Source: Freddie Mac, Rates as of Jan 7.

PREDICTIONS: The Mortage Bankers Association is predicting that rates will inch up throughout the year; predicting that rates will be 1% higher in a year.

WHY THIS MATTERS: A 1% increase in interest rates decreases buying power by 10%. In other words, if you are looking at purchasing a $500K home today, to keep the payment the same you must reduce the purchase price to $450K if rates are 1% higher. Ten percent makes a HUGE difference in the value of the property.

BOTTOM LINE: These predictions, and those mentioned in my last post (where analysts expect home prices to increase steadily throughout 2011), mean Buyers planning to buy this year should target an earlier time frame, ideally buying in the first quarter of 2011, before these projected changes start taking place.

* * *

For timely real estate news, THE REAL ESTATE WHISPERER is a great resource. Stay tuned. And, when you're ready, call or email for more personal real estate advice!

Vicky Chrisner

REALTOR

Leesburg, VA

Keller Williams Realty

www.VickyChrisner.com

703.669.3142

January 2011 Market Update

2011-01-09T20:02:00.002-05:00

The housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.

Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.

As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.

Home Sales

Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.

Home Price

Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .

Inventory

The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.

Affordability

Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.

Source: National Association of Realtors - October housing data released December 22.

* * *

To find out what this means in your area, contact me,

your real estate expert for the Dulles and Loudoun County area.

Vicky Chrisner

Keller Williams, Leesburg, VA
703.669.3142

OPEN HOUSES IN LOUDOUN COUNTY

Red Sunday

2011-01-08T21:44:00.008-05:00

In December, Keller Williams Realty kicked off a new promotion that I am calling "Red Sunday". Once a month, we will hold as many of our homes open as possible.... and the list of open homes on the Red Sunday tour for January are now available!

January's RED SUNDAY is tomorrow, January 9th. All homes on the tour are open from 1pm to 4pm.

This month, our list includes homes priced from the low $200K's to just under $1.25m... and there's something for everyone. Click the link below to see descriptions, addresses, photos and more!

Happy House Hunting! If you don't find the house you're looking for, please feel free to contact me. I'd love to help you find your perfect home!

Vicky Chrisner

Keller Williams

Leesburg, VA

www.VickyChrisner.com

703-669-3142

The Next Chapter of Your Life May Include the Word "Dream" In the Title

2010-12-31T08:25:00.000-05:00

This morning, I got a little email "love" that made me feel all warm and fuzzy.

I sold a home for some neighbors here in Leesburg last spring. Now they are building their dream home in SC.

I hate getting close to people just as they move out of the area....I miss them so.

But it is thrilling to be able to help launch people into the next chapter of their lives. Even better when the title of that chapter includes the word DREAM!

Congrats John & Claudia - have a fabulous 2011!

As for the rest of you reading this... are you ready to move to the next chapter of your life? Maybe I can help. Give me a call!

Vicky, Ofc: 703.669.3142
Keller Williams Realty, Leesburg

Because It Is The Thought That Counts!

2010-12-30T14:23:00.001-05:00

I just received an email from a client. I sold an investment home they owned a couple of months ago. She sent me a lovely card with the kindest words and a gift certificate for dinner out with my family. I sent an email wishing her and her family happy holidays, thanking her for the gift and card, and asked if she'd like to get together after the first of the year.

In her response, she mentioned that she was still getting e-cards from her prior property manager..(they parted on less than ideal terms).... "it's nice to know we're still in this thoughts"... she commented sarcastically. She's not fooled. She knows that she's in an email list he has that he sends those things to... well, that his assistant sends them to. He probably doesn't even know he is still sending those things to her. He may not know he is sending them to anyone.

I look at these automatic email campaigns, and I know that some agents will get your business because they track your email and spam you to death, and I might miss out on your business because I don't. But, you want to know why I don't? Because, to me, it is the thought that counts. Really. When I send something to you, it is to YOU. If you're a Facebook Friend my comments are general in nature. If you have "Liked" my business on Facebook, I send out tips and tidbits there that are for the "likers"... and are general in nature. But when I am calling you, emailing you, writing you... I am contacting YOU.

My daughter once described my job to someone. She said, "My mommy sells houses, helps people and makes new friends." I love it. I think all the time about putting that on a business card, but I don't want to cheapen the sentiment. I do, however, try to approach my business like that EVERY DAY.

So, if you are a "substance over style" kind of person... If you're looking for a REALTOR that truly cares, maybe you should call me..... we might just get along really well. But if you like mindless emails sent automatically by some server that doesn't have a clue if you are even a real person... well, shoot me an email. I can provide a list of agents to you that can stick you in their ever precious database.

Vicky Chrisner

Leesburg, VA

703.669.3142

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-126835978-329

Painting the Town Red

2010-12-29T21:04:00.003-05:00

Hey, there Lo Co Home Sellers!

New in 2011, Keller Williams Realty will be painting Loudoun County RED once a month.

It is our plan to hold as many of our listings open on the same day each month as possible, literally painting the town(s) with our red signs. Imagine the number of showings on your home when that many homes are held open on the same day!

Your home deserves to get the most attention as possible. This is just one of MANY ways we work to do that. Call me and find out more.

And friends, January is typically a strong month for real estate sales. Our first "Paint the Town Red" day is January 9th. Let's make sure your home is on the tour route that day. Call me now.

Vicky Chrisner

Keller Williams Realty, Leesburg, VA
703.669.3142
http://www.vickychrisner.com/

A New Convenience for My Clients and Customers

2010-12-21T20:44:00.001-05:00

I am very excited to announce that now my clients and customers will have the ability to approve contracts and other documents via email using DocuSign! It can even be done on your phone!

No more juggling schedules to try to meet with the REALTOR, no more printing, signing, and faxing or scanning. That's right! Just review the information and click a few buttons. Imagine selling your house without leaving your business meeting or your daughter's recital!

Finally, a Loudoun County/Dulles Area REALTOR(R) that understands YOUR needs!

Vicky Chrisner
Keller Williams Realty
http://www.vickychrisner.com/
703.669.3142

At Home In Loudoun

2010-10-23T21:40:00.000-04:00

Are you at home in Loudoun? I am, and it's a beautiful place to be! Maybe you'd like to join me, but haven’t made it to Lo Co yet?

I’d love to help you with your relocation – long distance or local – to Loudoun County, my home sweet home.. and hopefully soon to be yours.

Check out some of the open houses we’re having this weekend! Whether you’re looking for a Townhome in Sycamore Hill, or a Single Family Home in River Creek, or something in between, we’ve gotcha covered with 15 open houses this fabulous fall weekend.

If none of these are quite what you had in mind… or if you’ve got other things to do this weekend, please contact me for a private tour!

Vicky Chrisner,

Keller Williams, Leesburg

703-669-3142

October 17th Open Houses in Lo Co

2010-10-17T12:38:00.000-04:00

Just beginning your home search? Well, let me help you out. Real estate agents are holding homes open today all over Loudoun County. They'd love for you to stop in and say hi.

Below you'll find a link with the homes we're holding open today, with a variety of home styles and price points available for your choosing. Here, you can find anything from a 3 bedroom condo in Sterling priced at $215,000 to a gorgeous fice bedroom home in River Creek Land Bay overlooking the Potomac and the 15th hole priced at a little more than $1.3m.

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-126305013-901

No matter what kind of home you're looking for, we've gotcha covered! If you don't see something here that is just right for you, follow the link below to search the MLS for free... and call me for a personal tour!

http://www.vickychrisner.com/

Open Houses October 3rd in Loudoun County

2010-10-02T21:11:00.000-04:00

Just beginning your home search? Well, let me help you out. Check out some of our open houses on October 3rd, 2010 in Loudoun County. Just click on the link below!

http://mrislistings.mris.com/Matrix/Public/Portal.aspx?k=693196XG5TJ&p=DE-124982188-309

And, please, if you're in the area, stop by and see me at 47037 Berwick Court in the Cascades area of Sterling, Virginia. I'd love to meet you!

Can't find the home you're looking for? Search the MLS for free at the web site below and call me for a personal tour!

2:REOs in 2010:Fact vs. Fiction

REOs in 2010

2010-09-13T15:10:00.001-04:00

In the Dulles/Loudoun areas, REOs remain part of our marketplace, although the number has dimished severely since 2008 when I last posted a series on REOS.

As the market has changed; industry practices have evolved, and things are easier. For that reason, I am updating and reposting information on REOs.

WHAT IS AN REO? REO means Real Estate Owned; the phrase is used interchangeably with "foreclosure" or "bank owned". All of those terms mean it is a property that is owned by a financial institute generally after it has been foreclosed upon.

Now that you know what we're talking about, let's take a glimpse back into 2008. If you were trying to buy a property in 2008, you were likely looking at an REO.... and this will give you an idea of what those buyers were finding in the marketplace:

The video is funny, but it doesn't feel nice when that buyer is you.

The good news is that things have gotten better. In the beginning, a few agents were handling all the REOs, and no one was used to having them in the marketplace, so everyone was inexperienced. Now, there are less REOs in our marketplace, and there are many agents are handling the work load, and now they are experienced as are the bank reps (asset managers) handling the accounts for the banks. Ahh. Much better.

Check out these posts to see what's going on in the market place today. It's MUCH quicker than the series done in 2008.

3:REOs in 2010-The Great House Hunt-Looking Back

4:REOs in 2010-Making Your Offer

I hope this update will help you to know what to expect when you're navigating the ever changing marketplace.

=========================

Are you looking to buy a home in the Dulles or Loudoun Area? Whether you're thinking of buying a bank owned home, a short sale, new construction, a custom home... it doesn't matter. I have the experience that makes a difference. Call me. I can help!

Vicky Chrisner

Keller Williams

703-669-3142