Loudoun County VA real estate

Thursday, January 17, 2013

Helena Talbot's blog - First-Time Home Buyers: What You Need to Know Before Starting Your Home Search

With historically low interest rates persevering and prices starting to creep back up, more and more renters are grappling with the question of whether to buy now or keep renting.
Based on the countless clients I have helped buy their first home, I can confidently tell you, yes! Now is a very opportune time to purchase your first home.

According to my colleagues in the Top 5 in Real Estate Network®, a national network of leading real estate agents, first-time home buyers across the country have taken advantage of today’s market conditions to go from renter to homeowner. That said, the ability to move into homeownership is very dependent upon the overall health of your finances. Buying a home not only takes having the necessary cash on hand for the deposit and closing costs, but also the financial wherewithal to convince a bank to lend you 80% or more of the purchase price in the form of a long-term mortgage.

Here are some other important points to be aware of before embarking on a home purchase:

1. Having good credit is all important, so put out the bucks to Fair Isaacs’ myFICO.com to get your current scores (about $16 each for reports from Equifax and TransUnion, another $15 at Experian.com). Don’t be surprised if the scores differ somewhat, and check them carefully for errors. Remember that errors must be reported to and corrected by the agencies themselves, which could take weeks or months.

2. Know what you can afford. Aim for a home that costs about two-and-a-half times your gross income – less if you have significant financial debt. In all, your monthly home payments should not exceed 36% of your gross monthly income. Getting pre-approved by a lender should be your signal to start home shopping.

3. Check your cash situation. Whether you are aiming to amass 20% of the home’s price for a conventional loan, or 3% or more for a loan from Fannie Mae, Freddie Mac, FHA or the Department of Veteran’s Affairs, you will also need to cover fees and closing costs, which can run up to 5% of the mortgage amount. First-time buyers may augment their cash by borrowing from an IRA or getting a cash gift from parents, but check with a financial advisor for amounts and tax consequences.

4. And speaking of tax consequences, remember that homeowners, unlike renters, must pay property taxes each year – and pay for any needed repairs or upgrades. Be sure to leave yourself a little financial wiggle room in order to meet these expected – and sometimes unexpected – expenses.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

I have over 25 years experience in the real estate industry. As a Broker/Owner with Exit Realty Talbot and Company, I bring special tools and solutions that enable me to exceed the expectations of my clientele. If you are considering listing your property in Loudoun County or the nearby areas, ask me about our latest internet marketing systems. I would appreciate the opportunity to earn your business. I am experienced in listing and selling short sales. For information on the short sale process, please visit www.LoudounShortSaleSolutions.com.

My past awards and designations include – 2003 President of the Dulles Association of Realtors, 2003 Dulles Area Assoc Realtor of the Year, Salesperson of the year 2000 Dulles Area Assoc of Realtors, Top Producer awards from both the Dulles Area Association and the Northern Virginia Association of Realtors. I am a member of the Top 5 in Real Estate Network.

I have lived in Loudoun County since 1979. I am married with two grown children and two grandchildren. My son in law is my business partner in real estate. I love to jog in the mornings and spend time relaxing on my Trawler during the summer months.

Loudoun County and Northern Virginia Real Estate Sales and Solutions – Helena Talbot, Broker . I specialize in helping buyers and sellers invest in real estate in the Northern Virginia area to include Loudoun County and surrounding areas including Fairfax, Clarke, Fauquier, Prince William Counties. Our local neighborhoods include Leesburg, Ashburn, Sterling, Potomac Falls, Brambleton, Broadlands, Lansdowne, River Creek, Belmont Country Club, Beacon Hill, Shenstone, Waterford, Lovettsville, Purcellville, Hamilton, Round Hill and Bluemont. Cell 703.727.9885 Office 703.574.3800 www.facebook.com/LoudounCountyConnect www.twitter.com/ExitAshburn www.Linkedin.com/in/HelenaTalbot

Tuesday, January 15, 2013

Helena Talbot's blog - Top 4 Tips for Selling a Vacant Home

A vacant home—regardless of how nice the property—can seem eerily empty and lacking in character and warmth, and selling a vacant home is more difficult than selling a furnished one, no matter the market conditions. However, if you are trying to sell a vacant home—whether it’s a second home or a space you were unable to sell before moving to a new location—there are a few key tips that can make the process easier and help provide a quicker selling time, and a better selling price.

Sweat the small stuff. Once furniture is removed from a space, even the slightest imperfections become apparent. An older carpet that was once disguised by a modern sofa and coffee table is now blaringly out-of-date. Holes in the wall or a hallway in need of a fresh coat of paint are now obvious. Spend extra time fixing up any noticeable damages, repainting, and caulking, getting new carpets, pressure washing and fixing up anything in need of repair.

Air it out. It’s amazing how quickly an empty house can begin smelling stale and musty. Before a showing, throw open windows and doors to allow for fresh circulation, and consider some mildly scented candles or air fresheners.

Amp up curb appeal. Since the house may be lacking inside in terms of character, make sure the exterior packs a punch. Not only should you clear clutter and debris from your yard (children’s toys included), keep grass neat and repair those broken fence posts, but you should also consider planting new flowerbeds, upgrading that tired front walk or even hiring a landscaper.

Consider staging. Even if you have moved all your furniture out, you may want to consider hiring a staging company that offers furniture rental. These professionals can make an empty space into a scene of warmth and comfort.

Remember, potential buyers are not just looking for a roof over their head. They are looking for a place to start a new chapter in their life. You want to show them everything your property has to offer. Since vacant homes often sell for considerably less—typically 15-20 percent lower than the asking price!—hiring a staging company is usually a solid investment.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Monday, January 14, 2013

Helena Talbot's blog - Top 5 Tips for Buying a Luxury Home

Despite the doom and gloom the media portrays regarding today’s real estate market, several unique opportunities exist for home buyers, in particular, luxury home buyers.
While home prices across the country have dropped or stabilized to varying degrees, according to my colleagues in the Top 5 in Real Estate Network®, luxury home prices have been slashed, in many cases, as the market for such high-end properties has dwindled in challenging economic times. This presents a great opportunity, for those who have the financial resources, to purchase a luxury home that might have been completely out of their range six years ago.
Purchasing a luxury property, however, is unlike a standard home purchase. I advise all my luxury-home clients to consider the following before embarking on their search:

1. Weigh the finances carefully.
Even if you’re ready to pay cash for your luxury home, you still want to ensure you’re getting the best possible value and potential return on investment from your home purchase. Make sure you truly have the financial wherewithal to remain in the home as long as you’d like. Consider the stability and growth potential of your future income before moving forward.

2. Have your documentation in order.
Many luxury home buyers derive their net worth from a variety of sources and investments. Given the high-end purchase price of a luxury home, along with today’s unstable economic climate, prequalification is often necessary when it comes to luxury purchases.

3. Investigate alternative search methods.
The best luxury property deals might not be found through traditional real estate search engines but rather through word of mouth. Make sure you’re working with a professional real estate agent who is well connected and networked in the communities your are considering

4. Seeing is believing.
Expansive square footage, sprawling property, and a bevy of incredible views often make luxury homes difficult to completely capture in photos, videos or virtual tours. A visit in person is an absolute must to make sure you’re not missing any potential details and, conversely, to make sure the property lives up to its image.

5. Consider the future.
Your luxury home investment needs to be carefully considered for the future, in particular your expectations in terms of your return on investment. Most luxury home buyers are buying a lifestyle and don’t intend on flipping their home anytime soon. Given the volatility that still exists in today’s market, make sure you’re not headed into your luxury purchase with unrealistic thoughts of financial gain but rather to enjoy a spectacular home for many years to come.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Friday, January 11, 2013

Helena Talbot's blog - Top 5 Ways to Sell Your Home More Quickly

If your home is on the market, or if you're planning to sell your home in the near future, you might be discouraged by the national media's rampant reports of increasing inventory and languishing sales.

While there is, indeed, plenty of inventory currently on the market, there are steps you can take as a home seller to ensure your home sells more quickly, while still garnering the maximum sales price possible. As a member of the Top 5 in Real Estate Network®, I have many years of experience working with home sellers and have learned a few strategies that really work toward securing a buyer more quickly.

First, for your home to sell more quickly, it must be exposed to the maximum number of buyers possible, so make sure your home is listed with a local brokerage that has a comprehensive understanding of your market area and knows how to employ technology to increase exposure. Find out how they will market your home online, what listing portals they will use, how they will utilize social media, how many pictures they will post, videos, etc.
While it's understandable that you’d like the largest downpayment possible from a buyer,be willing to accept a smaller downpayment, provided the buyer has been preapproved for a loan. This can make a huge difference to cash-strapped buyers.
Do some legwork and ask your real estate agent for a tour of competitive properties. This will help distinguish what features of your home you should highlight or what small changes you can make to give your home an edge over the competition.
Choose your battles and understand where certain concessions might work in your favor. In a slow market, for example, it may be better to pay a "seller contribution" to help buyers offset closing costs than to lower the sale price. While a seller contribution may be smaller than a price reduction, it is often more attractive to buyers who need cash to close.
Consider including some value-added items in the sale of your home, such as the swing set in the backyard, the washer and dryer, or items of furniture that buyers fall in love with and/or really need. A few freebies might be just what you need to close the deal.

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Thursday, January 10, 2013

Helena Talbot's blog - Expand Outdoors, Increase Your Home's Value

With many Americans experiencing a financial pinch these days, there is a growing trend among homeowners nationwide to look to the outdoor areas of their own property for not only relaxation and entertainment value, but to also expand their living space and thereby, increase their home’s value.
Through my national network of leading real estate professionals, the Top 5 in Real Estate Network®, I have learned that homeowners across the country are spending more time at home and showing an increased interest in outdoor living areas. By sprucing up your patios, porches and decks, you are making your home more livable now and more attractive to future buyers.
Stylish patios and outdoor rooms with comfortable furnishings and convenient cooking and eating areas provide new opportunities for recreation and relaxing family times. A recent survey by the Propane Education & Research Council, found that 35% of homeowners have a finished outdoor room and 34% say they are planning to design one in the next year or two.

Some of my clients are even foregoing expensive vacations in favor of putting in a swimming pool. The reality is, however, that you do not need to make a major investment to improve your outdoor living areas. Here are five quick additions that will make an immediate difference:

1. Outdoor lighting units
2. Gas grills with cooking and food preparation surfaces
3. Outdoor fire pits or fireplaces
4. Patio heaters
5. Mosquito/bug eliminators

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Wednesday, January 9, 2013

Helena Talbot's blog - How To Win The Bid When The Home Of Your Dreams Receives Multiple Offers

It is heart wrenching to know that you have found the perfect home and then learn that there have been several offers submitted in addition to yours. So what now? Is there anything you can do to help give your offer a boost to the front of the line? Yes, there is!

1. Offer more than the asking price - the chances are very likely that the other offers submitted are at or below the asking price -especially in the current market of bargain seeking buyers. Just remember to offer a higher asking price only if the market data for the area can justify your offer. If it doesn't, then you are just asking for trouble later on down the road if you submit an offer that is not in line with the market price for the area.

2. Show proof of your ability to close the deal - a deal that does not close is no deal at all. Sellers are very aware of the high rate of contract cancellations and credit problems. So if you can show proof that you are credit worthy , can easily be approved and you submit an offer higher than the asking price, you will then have a much higher chance of getting the winning offer.

Here are a few more things you can do to solidify your offer:
• offer a shorter contingency period
• show proof that the areas comps can support your over the asking price offer - this will minimize the risk of the home getting a lower appraised value than the offer you are making
• make an all cash offer or a high-down payment offer
• offer to purchase the home as-is
• get the inspections, appraisals or repair bids prior to making an offer and waive any contingencies up front

All of the above recommendations are contingent upon the right situation. Please work closely with your real estate agent to help you determine when these recommendations are a good idea and when they are not.

3. Always use a highly respected real estate agent and mortgage professional - it is to your advantage to work with an agent that all of the agents in the area know and like. This could work to your advantage and could give your offer a boost. The seller and their agent will feel more comfortable accepting an offer if it is coming from a well known and well liked local agent.

4. Let the buyer know how much you love the home - most sellers are very passionate about the place they have called home for so many years and will not want to sell it to someone that does not love it as much as they do. So write a letter to the seller letting them know how you feel about the home and paint a picture for them about why you feel it would be such a perfect place for you and your family.

This is the time you really need to rely on your realtor to help you achieve the winning offer. Talk to your agent about everything you need to do to secure this house. They will be more than happy to do everything in their power to help you win!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.

Tuesday, January 8, 2013

Helena Talbot's blog - The Facts About Financing A Second Home

Buying a second home is very exciting. This may be a home in the place where you vacation every year, somewhere that you like to go and relax and enjoy your time off. Perhaps you are looking for an investment opportunity. Whatever the case may be, here are some things to consider when it comes time to buy and finance your second home.

• It is a great time to buy a second home - the mortgage rates are low
• If you have a strong credit history you are guaranteed the best rates
• You can use the equity in your current home as a down payment or closing costs
• Lenders are offering some really affordable loan options right now
• Remember, the guidelines for how much you can quality for is based on 28% of your gross income
• If you are a long term homeowner, you may be able to borrow more than you think

A second home as an investment property is a fantastic idea. If you are looking for a way to save money for your retirement, this is it. A second home forces you to put away money every month in the form of a mortgage payment. When it comes time to retire, you can sell it or use the income, which could be significant if you have it paid off.

Another reason a second home as part of your retirement plan is a good idea is due to the fact that your investment money is subject to less income tax and the interest and taxes may be deductible. So planning ahead could pay off in a big way.

You must make sure; however, that you have enough money to cover the mortgage payments plus any additional expenses such as repairs, yearly taxes and insurance, if they are not a part of your mortgage payment, and anything else that may arise. The good news is if you buy the right house at the right price, your rental property should always stay rented.

So if you are able, don't hesitate to call your real estate agent and let them know that you are ready to buy a second home and they will move heaven and earth to help you find a home that fits your needs. Your realtor has "inside information" if you will, about all types of homes in all types of markets and some that are not even on the market yet. So take advantage of their wealth of knowledge and the next thing you know you will be vacationing in your second home or enjoying the benefits of all that extra income!

I specialize in helping buyers and sellers invest in real estate in Loudoun County and Northern Virginia.