Do you need a survey when you buy a property?
Here are some insights from Keith Barrett, attorney and owner of Vesta Settlements in Leesburg, Virginia.
Stay tuned to The Real Estate Whisperer for more news and real estate advise.
Friday, May 18, 2012
Thursday, May 17, 2012
Northern Virginia Real Estate Market Statistics
This information, and much more, is available on my web site at www.VickyChrisner.com and is updated regularly, so for the latest and greatest info, be sure and check out my site.
HOW MUCH INVENTORY IS THERE?
The real estate market is really all about "Supply and Demand", so to understand the market the first question is: How much inventory is there? In other words, how many homes are currently being marketed for sale in our area?
This chart gives you the 5 year historical data on inventory levels in our Northern Virginia area:
PRICING TRENDS & FACTORS:
When inventory is high, prices will inevitably have to fall so that inventory can be re-balanced. This is what you see in 2007-2009. Remember, too, when looking at that data, that the "First Time Home Buyer" tax credit programs were in place for parts of 2008-2010 offering financial tax incentives for those purchasing their first homes. These programs did stimulate the "starter home" market substantially. This meant that the lower priced homes were selling more rapidly and those were a significant portion of the sales during that time, pulling down the "median" sales price statistics. That program helped to re-balance our inventory levels, and made way for sellers to become "move up" buyers. This program continued to have an impact on the market statistics through 2010. In 2011, we saw more normal trends in pricing, with moderate price growth; and 2012 seems to be reflecting a similar, although even more optimistic, trend.
This chart shows you the 5 year historical data on median sales prices within our Northern Virginia area:
ARE SELLERS GETTING THEIR PRICE?
Sellers need to know how much negotiation buyers are generally expecting in the market.... and Buyers need to know if low ball offers are getting accepted. While every transaction is individual, this chart gives us a big picture answer to that question. In the chart below, you can see the 5 year historical averages in our region for the percentage of selling price to original list price.
WHAT ELSE?
If you're interested in hearing the latest available statistics, and market indicators in our region, you won't want to miss this video, and be sure to check back after the 20th of the month to get the next update.
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When you're looking for a REALTOR that knows the market,
you can trust Vicky Chrisner.
Vicky Chrisner, Northern Virginia REALTOROffice: 703.669.3142
Email: MyAgentVicky@Gmail.com
www.Facebook.com/TheRealEstateWhisperer
Wednesday, May 16, 2012
Real Estate Activity Cycles in Loudoun County, VA
WHEN DO MOST LISTINGS HIT THE MARKET?
The chart below shows the 5 year history of "listing" cycles (reflecting the number of NEW listings for each month).
Economic conditions resulted in a high number of foreclosures which hit the market as resales when banks listed the homes for sale. Consistently we see that the highest number of new listings typically hit the market in the early spring (March/April) and summer months, with new listings tapering off through the summer and the lowest number of new listings in December.
WHAT ARE THE MONTHS WITH THE HIGHEST BUYER ACTIVITY LEVELS?The chart below shows the number of new contracts, and number of settlements. Keeping in mind that contracts are usually ratified 30-45 days before settlement, this chart shows what you'd expect: The "New Contracts" level (purple) and "Settled" level (blue) are very similar with the blue settlement level mimicking the pattern of the purple new contracts level, with approximately a one month delay. You can also clearly see that buyers in this area are typically more active in March through May, and December is typically our slowest month of the year.
HOW DO THESE PATTERNS IMPACT AVAILABILITY? Despite the high level of buyer activity in the spring and fall, this chart shows that (since the market began to normalize around the end of 2009), the inventory is typically higher in the late spring and summer. For sellers, this means you have more competition! For buyers, this means you have more choices! By the time late fall comes, the number of active listings has slipped again and inventory becomes scarce. *Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information. Interested in learning more? Check out this resource reflecting historical and current information on Real Estate Pricing Trends in Loudoun County. You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly. When you’re looking for a REALTOR that knows the market, you can trust Vicky Chrisner. Office: 703.669.3142 Email: MyAgentVicky@Gmail.com www.Facebook.com/TheRealEstateWhisperer
Real Estate Pricing Trends in Loudoun County, VA
MEDIAN PRICE HISTORY
ARE PRICES BEING NEGOTIATED?
This chart reflects a 5 year history of median price levels in Loudoun County. The blue line is for all housing types; but as you see, detached homes (purple), attached homes - i.e. townhomes (pink) and condos (red) have all followed a very similar pattern. For those wondering "Are we at the bottom of the market yet?" I'd say there is clear and convincing evidence that in Loudoun, the prices in our market place bottomed out in the first quarter of 2009, and prices have been moderately climbing since.
Buyers and sellers both need to know: "Are buyers in this market expecting to negotiate down from the asking price, or are the buyers expecting to pay the asking price?" It's an important question. Sellers need to price according to market expectations. Buyers need to know, too, so they are looking at properties in the right price range, and so they know how to present a offer that might be accepted.
The 5 year history shown on this chart reflects the "ORIGINAL list price to sale price" ratio. It demonstrates that when you were buying in 2008, you could probably negotiate a good bit from the listing price. But, in the last couple of years we are seeing far less negotiation on sales prices. Sellers are turning down low ball offers and getting within 5% of their asking price.
But (and there is always a "but"), as the chart below shows, homes that are getting contracts quickly after listing are getting their price, sometimes more (purple); homes going under contract in less than 30 days are also getting very close to their asking price (red, maroon); but the longer the property sits on the market the more that seller is likely to consider a lower offer, or to drop their asking price.
*Please note, all charts on this page are updated on or about the 10th of each month as new statistics are available from our local multiple listing service. So please check back for the most current information.
Interested in learning more? Check out this page on the seasonal trends of Loudoun's Real Estate Market.
You can also learn more about the regional market by checking out the page on Northern Virginia Regional Real Estate Market Stats which also contains information that is updated monthly.
When you’re looking for a REALTOR that knows the market,
you can trust Vicky Chrisner.
Office: 703.669.3142
Email: MyAgentVicky@Gmail.com
www.Facebook.com/TheRealEstateWhisperer
Tuesday, May 15, 2012
Distress Sales Plummet in MRIS Territory
This post just in from the Virginia Association of REALTORS, Submitted by Andrew Kantor on May 11, 2012 – 8:32am
We’ve now got MRIS’s April numbers for foreclosures and short sales. Short sales are slightly up, but foreclosures are waaaay down.
Short sales: 12.2% of the market, up about 3% from last April
Foreclosure sales: 11.0% of the market, down 47% from last April
Total distressed sales: 23.2% of the market, down 29% from last April
Foreclosure sales: 11.0% of the market, down 47% from last April
Total distressed sales: 23.2% of the market, down 29% from last April
Granted, having a market where almost a
quarter of the sales are distressed isn’t a Good Thing, but there’s a
sense to it. People bought near the top of the bubble and have to sell
(for whatever reason — job, life change, etc.). So they either take the
hit or work out a short sale with their lenders.
That means that short sales are going to
continue to be a noticeable part of the market for as long as lots of
folks own homes bought between, say, 2004 and 2007. If they have to
sell, they’ll have to sell at a lower price, ’cause it’s gonna be a
while before prices are back up to those unnatural highs.
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Comments from Vicky Chrisner: This
is great news and evidence of the continuing market recovery. From a
personal standpoint, within my service areas I am seeing 20% or less of
the market is distress sales (foreclosures+short sales). In 2008, I
mostly worked REOs (foreclosures); in 2009 it was a mix of REOs and
short sales; in 2011 my business was about 1/3 traditional resales, 1/3
distress sales and 1/3 new construction. So far, in 2012, I have worked
mostly with traditional resales and new construction and am pleased to
report that I am even doing a lot of land sales again…. I estimate the
percentage of distress sales is about 15-20% of my business so far;
which seems very much in line with the submarkets where I work.
-Footnote: MRIS is the Metropolitan
Regional Information System~ It is the multiple listing service for the
Washington DC Metro area which includes Northern Virginia, Washington DC
and most of Maryland.
Monday, May 14, 2012
EVEN REALTORS MOVE!
Even REALTORS have to move sometimes... and the time for me has come!
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I am pleased and proud to announce that I have completed my transition from a national franchise brokerage to a local boutique brokerage based in Loudoun County called Fieldstone Real Estate.
As a result of this change, you'll be seeing some differences in marketing materials but clients who have been working with me for many years can already attest that there has been no change in the service level being received.
I have a great new web site that is being published for the first time later today... You can find it at the same old URL: www.VickyChrisner.com
Like any good real estate web site, you can search for your new home right there. Unlike many other real estate sites, this web site is updated hourly with a direct feed from the MLS system... that means when my web site says the house is available, it is! Imagine that! No more lost time drooling over listings of homes that are no longer available! Plus, when new listings come on the market, you'll see them listed here within the hour! With the market heating up and the best homes often selling within days, you don't have time to be leafing through old listings.
I'll be adding lots more info to this web site in the coming days, weeks and months and look forward to your feedback. If there are some real estate resources you'd like to see, email me at MyAgentVicky@Gmail.com.
My "New" Contact Info is basically the same - only the logo and email address has changed. Reach out to me anytime for the real estate info you need.
Friday, September 9, 2011
Prevent Mold Growth
I am just firing off a quick little post to address the many wet basements and such we have in our area. Sadly, flooding and mold is something I have had to deal with - a lot - over the years. I hope you can benefit from my experience and training.
MOST IMPORTANT RULE:
To prevent mold growth, all wet areas must be thoroughly dry within 72 hours.
Some tips:
1. Solve the problem - do not wait on your insurance adjuster. You have a responsibility to mitigate your damages. Take some pics and then get to work. (Note: I don't think there is any insurance out there that pays for damage from mold!!! It's super important you don't wait for your insurance guy to show - I can not stress this enough.)
2. How did the water get in? If you have something that is clearly leaking from the outside, at least rig up something to temporarily assure more water will not be entering your home.
3. Got standing water? Get rid of it. The fire department will come and soak up water if you have a lot. You also can call almost any carpet cleaning company - check their web sites or call and ask if they offer emergency services. This is an emergency! They will bring water extractors and start sucking the water up and out.
4. Swishy carpet? Generally for carpeted areas (assuming it was soaked), you must pull out and dispose of the padding underneath and pitch it. However, you *may* be able to save your carpet.
5. Wet drywall? Cut it out and get rid of it. You can not dry drywall (assuming it got soaked through) within 72 hours so don't try - cut it out and allow the wall behind it to air dry. Trust me on this.
6. Get fans. Buy them, rent them, borrow them... whatever you have to do.... get them. "Carpet fans" are made specifically for the purpose of focusing air flow UNDER a carpet, between the carpet and the subfloor - where the padding that you just threw out used to be. This is the best way to try to save the carpet. If you don't do this, you will have mold and you will end up having to replace all your carpet, and possibly even subflooring in some cases. If it is an uncarpeted area, sop up the water, mop up the water, and keep the air circulating. Remember to turn on any "whole house" fans and dehumidifiers that you have, too.
NOW you can wait for your insurance guy. Remember to keep receipts for everything.
Sorry you're going through this... but I hope this post helps a little.
Your Favorite Real Estate Expert
Vicky Chrisner
Keller Williams Realty
703-669-3142
Saturday, June 25, 2011
Castles to Condos
Thinking of changing your address? From Castles to Condos, I can help!I am proud to be sponsoring the 2011 Holiday Tea with Cinderella and Her Friends. I sponsored and attended with my daughter last year for the very first time, and I was incredibly blown away. I have never been to such an amazing event!
- A formal tea party.
- A ballet.
- Dancing.
- Pictures with the Fairy Godmother & Cinderella.
- Gifts for every attending princess.
And did I mention it benefits Blue Ridge Speech and Hearing? They work with people that have speech or hearing deficits, and as a non-profit, their services are available regardless of the family's ability to pay. It's a great cause!
Learn more about this event by checking out the links below:
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And, remember... Castles to Condos, I can help!
Let me help you make your real estate dreams come true!
Thinking of selling? Check out my advice for sellers: Ready, Set, Sell!
Better yet, reach out to me today for your own personal consultation:
Vicky Chrisner
Keller Williams Realty
703-669-3142
Sunday, June 19, 2011
The Ironic Story of How My Dad Bought A Home
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
703-669-3142
Other posts you may like:
Saturday, June 18, 2011
It's Summertime! Feelin' the Need to Get Away?
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.)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
Friday, June 17, 2011
Challenging Your Real Estate Assessment Gets Easier
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.
Interested in staying up on news like this that affects us all? Join my Facebook page:
Wednesday, June 15, 2011
New FHA Requirements?
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.
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If you find insights contained in this blog helpful, please consider joining the coordinating
Facebook page: www.Facebook.com/TheRealEstateWhisperer
reach out to me directly:
Vicky Chrisner
703-669-3142
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).
Tuesday, June 14, 2011
Buyer Beware (Part 2: Chinese Drywall)
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.
Sunday, June 12, 2011
Buyer Beware! (Part 1:Snake Infested House)
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.
Saturday, June 11, 2011
Who's Afraid Of The Big Bad Wolf?
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?
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/
Thursday, June 9, 2011
Nifty Tool - Average Appreciation (Depreciation) Rates
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:
Vicky Chrisner
703-669-3142
Wednesday, June 8, 2011
Service Animal or Companion Pet?
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.
Tuesday, May 24, 2011
Selling 101: The Role of the Listing Agent
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.
Thursday, April 14, 2011
Real Estate Tax Exemption for Disabled Vets (Virginia)
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
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
703.669.3142
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