Let’s Talk Real Estate!

Tuesdays in May are Especially for Sellers!

Fall Properties' FREE Seminar Series is back, and we're focusing on different topics each month. May seminars are targeting home sellers, still on Tuesday evenings from 7-8pm.

May 1 - How is fair market value determined? Appraisers and Realtors rely on specific sales information within the most recent 6 month time frame to arrive at approximate market value. Ideally, they compare apples to apples in terms of style, age and location. Please join us for an informational seminar on determining fair market value, including a discussion of hard to appraise properties such as historic and non-subdivision homes. Appraisal forms will be available for reference and we will have plenty of time for Q&A.

May 8 - Pre-Sale Projects - Getting your home 'show ready'   

May 15 - What legal documentation is required when you sell?

May 23 - Will you owe taxes? Understanding your 'basis' and capital gains

You Only Have One Chance to Make a First Impression...

So I've put together some tips to help you maximize your home's curb appeal. A well maintained landscape will draw people into your home, and can add as much as 10% to its value. Early Spring is a perfect time to get started.

Apply fresh mulch. It's inexpensive, easy to work with, and it makes your beds look neat and cared for. It's the perfect background for all of your flowers & plantings. Think of mulch as a neutral -- it will really make the colors in your garden pop!

Brighten up outdoor containers. Give them a good scrubbing, trim away any dead leaves or faded blossoms, and use them at your doorways and on your patio or deck.

Add some instant color. Annuals are relatively inexpensive, and slipping a few into your beds will add interest and appeal.

Groom your trees and shrubs. Get rid of dead branches and leaves, and prune them wherever they look overgrown. If they are blocking windows, trim them back as much as you can. You'll get the benefit of more natural light inside, too.

Tidy up your perennials. If you have plants that aren't healthy, now is the time to replace them. (And if you have plants you want to take with you when you move, this is a good time to dig them up.)

Power wash dirty surfaces. Either rent a power washer or hire someone with one to come out and clean your sidewalk, driveway, siding, fence, deck, patio -- anything that's looking grimy and faded. They will look NEW!

If the outside of your home is neat, inviting, and well maintained you are on your way to a successful sale.

 

 

Top 5 Remodeling Projects that Pay Off at Resale

Every year, Remodeling Magazine publishes a Cost vs. Value Remodeling Report. They divide the nation into 9 different territories and then figure out the cost of remodeling projects and the percentage of that cost you can expect to recoup when you sell your home.

The top 5 remodeling projects that will give you the best return on your investment (ROI) in our area are

1. Replacing the entry door to steel - est. cost $1238; 73% ROI
2. Converting unfinished attic space into a bedroom with bathroom and shower - est. cost $50,148;     72% ROI
3. Minor kitchen remodel (new cabinets, drawers, countertops, hardware and appliances) - est. cost $19,588; 72% ROI
4. Garage door replacement - est. cost $1512; 72% ROI
5. Wood deck addition - est. cost $10,350; 70% ROI 

I read some negative comments from appraisers about the annual Cost vs Value report -- basically saying that they don't give additional weight to these improvements when they appraise a home. My advice would be to use this report as a planning tool, particularly if you plan to move  within the next 3 to 5 years.

Improve your home while you are still living there and can enjoy the improvements, always keeping in mind which projects will pay off down the road. 

 

April Showers Bring May Flowers...

so spend March getting your gutters cleaned out -- it's the most important thing you can do to protect your home from water damage.

Gutters are designed to channel water away from your home's foundation, but they need to be kept in good shape and free of clogs, holes and sags. Clogs are the biggest problem, but also the easiest to correct.

Everything that falls from the sky (leaves, twigs, rain, pollen, those twirlybird things) rolls down your roof and into the gutters. At least once a year, and twice if you have a lot of trees nearby, you need to have your gutters cleaned out.

If you don't mind standing on a ladder while you reach in and clear out the muck, you can do them yourself. Use a garden hose to flush them clear once you've removed nature's detritus. Or you can pay someone to do the job for you ($50-250, depending on the size of your house). You can get gutter covers, but they still need regular maintenance.

Are your gutters are sagging? It's likely a hardware problem. Take a look at the hangers (hardware that secures them to the fascia) and their fasteners -- they deteriorate over time, but can be replaced inexpensively. Leaking gutter joints can be caulked on the inside with gutter sealant, which can also be used to fill small holes.

Now turn your attention to your downspouts. They need to extend several feet away from the house or you'll be dumping rain right into your basement. Gutter extensions are cheap (less than $20 each)and easy to install yourself. Next time you have a good rainfall, check and see if you have water pooling near the house...this would be an indication that you should get some extenders.

Once you have your gutters all spruced up, you'll be ready to sit inside and enjoy the sound of rain on the roof without worrying about any water problems. Curl up and read a book. Enjoy.

Selling (or Buying) a Home with an Incurable Defect

I know you're thinking 'What the heck is an incurable defect?' and does my home have one? An incurable defect is something that will always be there, no matter what improvements or updates you make to your home. There are several types, but we're going to focus on location-related problems. Some examples are:

• Location on or near a busy road
• Steep driveways
• Adjacent to a cemetery
• Proximity to power lines or railroad tracks
• Located in a floodplain
• Near schools or sports areas
• Noise from nearby highways or airports
• Odors from factories or farming

These are all issues that cannot be remedied. Although you can frame your defects as benefits -- close to schools is great for young families, busy roads often mean easy commutes, cemeteries are quiet -- adjusting your pricing is usually the best way to address them

Pricing your home below market will help you compete with other homes that do not have the same challenges. And chances are when you purchased your home, it was priced below market for the same reason.

If you're a buyer who has found the perfect home at a price that seems to good to be true, look for the incurable defect. It doesn't mean the house isn't right for you, but be aware that these problems will follow you when you go to sell your home. And location defects are just one type. Layout difficulties can also impact the saleability of a home...but that's an article for another post.  

 

Is Your Roof Showing Its Age?

It just might be time to repair or replace it. Here are some guidelines to help you decide exactly what your roof needs are.

You should get in the habit of checking your roof at least once a year. Signs inside your home that you might need to make some changes sooner rather than later include dark areas on ceilings, paint peeling on the underside of roof overhangs, damp spots alongside the fireplace, and water stains on the pipes that vent your hot water heater or furnace.

Take a pair of binoculars and check your roof for cracked caulk or rust spots on the flashing, shingles that are buckled, curled or blistered, or worn areas around chimneys, pipes and skylights. If you see any of these problems, especially on an older roof, have a professional take a look at it. Most local roofers will do this for free in hopes of securing the job.

Leaks in an otherwise sound roof can often be repaired for a moderate fee. But if you need to replace your roof, it's a big ticket. Remodeling magazine's Cost vs Value Report for 2011-12 puts an average cost of $18,672, with $12,098 recouped at sale. If you need to take this step be sure to get several bids.

Once you choose a contractor, be sure they are licensed and insured. Be clear on exactly what their bid includes: disposal of old roofing materials, hourly rate for structural repairs, gutter costs, damage to your landscaping. For additional information on your options, here's an article at houselogic.com. While you're at that website, take a look around...it's a terrific resource.

It's Almost Time for (UGH) Spring Cleaning!

I know it seems like we've hardly had much of a winter, but Spring is just around the corner anyway. And even though we haven't had much snow, our families and our pets have tracked in a lot of dirt. Let's buck up and get everything sparkling for the new season!

I found a terrific source online from S.C. Johnson, Spring Cleaning Room by Room that has downloadable check lists for every room. Each list contains tasks, suggestions for who should do them (adult, child or professional), tool and product recommendations, and some great tips.They suggest that you print out each list, make assignments and tape the list to the door so you can mark things off as they get done.

This might seem over-organized, but it does help you go from thinking about Spring Cleaning to actually accomplishing it. And if you make it a family project, with a reward at the end (pizza party, night at the movies, whatever your gang likes), it will go faster. And think about having a yard sale -- it's a great way to turn the things you don't use anymore into a little cash. Happy Cleaning!

How to Keep Your Pets Safe All Winter

I just finished watching a wonderful video of dogs reuniting with their military owners after a deployment...as pet owners we all should be aware of how to protect our best friends, canine or feline, during these cold winter months.

1. Keep the antifreeze away -- even in small amounts it's deadly to pets.

2. Don't leave your pets alone in the car in cold weather. The car can act like a refrigerator, keeping in the cold, and causing your animal to freeze to death.

3. Keep your cat inside. Since cats have been known to sleep under the hood of a car to keep warm, bang on your car hood before you start the engine. Give those strays a chance to escape.

4. Never let your dog off the leash during a snowstorm. They can lose their scent in the snow and easily become lost.

5. Wipe off your dog's legs and stomach when he comes in out of the sleet or snow -- chemicals that are used to treat streets and sidewalks can be poisonous.

6. Short haired dogs should wear a coat or a sweater outside, and they have little boots for their paws, too. If your pup gets ice balls between his pads they can be very painful. Trim the hair around their feet and then apply a little vaseline or cooking oil, or even Pam spray to their feet before you go outside. It keeps the snow from sticking!

What a Terrific Year this has Been!

We'd like to take a moment to thank all of our clients -- We are wrapping up the most successful year Fall Properties has had since we opened the doors in 2003. We sold over 80 homes this year, with gross sales over 50 Million dollars.

Our 'Days on Market' remained pretty consistent -- 21 days in 2010, 22 in 2011. But the average price of the homes we listed and sold was $658,380 compared to $491,573 last year. That's another strong stat for us.

We focus on the close in suburbs of Northern Virginia: Our clients bought or sold in Falls Church, Arlington, McLean, Alexandria, Annandale, Fairfax, Vienna -- we even had a few far flung sales in Gainesville, Manassas and Fredericksburg! And the business was evenly distributed among our six full time Realtors.

Our new location in the City of Falls Church increased our exposure, and the agents who joined us in 2010 really spread their wings in 2011. Our distinctive signs were everywhere!

Fall Properties represents everything that an independent brokerage should be: we offer personalized customer service, strong internet marketing, and substantial knowledge of our local market. Our agents are well trained and fully supported by a strong administrative staff. And because we are "locally owned, locally operated," we have a flexibility you won't find at a national agency, and a determination to see your contract through to closing.

Even in a challenging economy, we have managed to survive and thrive. We owe it all to you. Thanks again, enjoy the holidays, and we'll see you in the Happy New Year!

4 Reasons to See Open Houses this Weekend - Maybe One of Ours!

Yes, I know it's a very busy holiday weekend, regardless of your religious affiliation. But this is the height of the Spring market -- homes that are in good condition and priced right are selling in a matter of days, with multiple offers.

Low interest rates, lack of inventory, and an improving economy have all helped turn the market around, but four big financial reasons should be pushing you out the door to see what's available:

    1) Interest rates are increasing. That means housing will cost more, even if prices stay low. Waiting for the market to "bottom out" isn't making as much sense as it did just a few months ago.

    2) The 30 year mortgage may be on its last legs. The government's role in supporting home ownership is changing, with the possible elimination of Fannie Mae and Freddie Mac, and a guaranteed 30 year rate may soon be a thing of the past.

    3) Qualifying for a mortgage is going to get tougher. Minimum credit scores of 690, 20% down payments, increasingly conservative debt ratios -- these are all proposed changes to requirements for a qualified residential mortgage.

    4) Rents are going up. As the supply of available rentals decreases, and demand for them increases, rental costs are expected to go up accordingly.

So pack your gang into the car and take a look at some of the fine homes open this weekend. We have two Open Houses on Saturday - 211 S. Lee Street in Falls Church City and 306 Commerce Street in Old Town Alexandria.

And on Sunday, you could stop in at 2748 S. Buchanan Street or 4839 Little Falls Road, both in Arlington, or 1824 Westmoreland Street in McLean. We even have a listing at 427 Lincoln Avenue in Falls Church City that's open Sunday. Follow the links for more photos and information.

Enjoy your holiday, and then get out there and see what the Spring real estate market has to offer you. It's a great time to buy!