Baseball is back and in the heart of Tysons at Capital One Center at Capital One Park!! First pitch is tomorrow, March 31st! Fun for everyone at this beautiful facility. Full game schedule and more info at www.capitalonecenter.com. Check it out and let us know what you think!
Tip Tuesday: Preparing Your Home for Sale – Room by Room Analysis – Living and Dining Areas
Our “Tip Tuesday” series of posts on Preparing Your Home for Sale is now focusing on a room by room analysis of the home. Today’s “rooms” are the Living and Dining Areas!
Living Areas: Think of these areas as if they were furniture showrooms. Your job is to make each room generate a positive response. Add touches that make a room look truly inviting.
- If you have a wood-burning fireplace, sweep and clean the fireplace. Place a few logs on the grate to create an attractive appearance.
- Place something colorful on the mantle, but don’t make it look like a country store.
- Improve the traffic flow by removing excess furniture. Create easy traffic flow patterns. Be sure that all doors open fully and easily.
- Draw attention to exposed beams or a cathedral ceiling with special lighting. Be sure to remove any cobwebs and dust.
- Remove oversized television sets if they dominate the room. If necessary, substitute with a smaller one until you move.
Dining Room: Avoid going overboard. To be effective, any stage setting that you create should reflect the character of your entire home appropriately.
- Set the scene by setting the table with an attractive arrangement. Add fresh or silk flowers as a centerpiece.
- Visually enlarge a small dining area. If your dining table has extra leaves, take one or two out. Remove any extra “company” chairs. Consider putting over sized pieces in storage until you move out.
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Why Buying a Home Is a Sound Decision
If you’re thinking about buying a home, you want to know the decision will be a good one. And for many, that means thinking about what home prices are projected to do in the coming years and how that could impact your investment.
This year, we aren’t seeing home prices fall dramatically. As the year goes on, however, some markets may go up in value while others may lose value. That’s why it’s helpful to keep the long-term view in mind. Experts project a return to a steadier rate of price appreciation in the years that follow.
Home Price Appreciation in the Years Ahead
Over 100 economists, investment strategists, and housing market analysts were polled by Pulsenomics in their latest quarterly Home Price Expectation Survey (HPES). The report indicates what they believe will happen with home prices over the next five years. As the graph below shows, after mild depreciation this year, these experts forecast home prices will return to more normal levels of appreciation through 2027.
The big takeaway is experts aren’t forecasting a drastic fall in home prices nationally, even though some markets will see home price appreciation while others may depreciate. And when they look further out, they see steady price appreciation in the long run. That’s a great example of why homeownership wins over time.
What Does This Mean for You?
Once you buy a home, price appreciation raises your home’s value, and that grows your household wealth. Here’s how a typical home’s value could change over the next few years using the expert price appreciation projections from the survey mentioned above (see graph below):
In this example, if you bought a $400,000 home at the beginning of this year and factor in the forecast from the HPES, you could accumulate over $54,000 in household wealth over the next five years. So, if you’re wondering if buying a home is a sound decision, keep in mind what a strong wealth-building tool it is long term.
Bottom Line
According to the experts, while we may see slight depreciation this year, home prices are expected to grow over the next five years. If you’re ready to become a homeowner, know that buying today can set you up for long-term success as home values (and your own net worth) are projected to grow. Let’s connect to begin the homebuying process today.
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Tip Tuesday: Preparing Your Home for Sale – Room by Room Analysis – The Front Entry
Our “Tip Tuesday” series of posts on Preparing Your Home for Sale will now focus on a room by room analysis of the home. Today’s “room” is THE FRONT ENTRY!
Whether a graciously proportioned foyer or a small space just large enough for a coat rack and tiny table, this part of your home deserves your particular attention.
- Study your entry hall and ask yourself what kind of first impression it makes. Flowers or a small plant can make a striking focal point on a hall table at any time of year.
- Virtually any entry hall will benefit from a well-placed mirror to enlarge the area.
- Your entry hall’s flooring will be observed carefully by the prospective buyer. Make sure the surface is spotless!
- The entry hall closet is the first one inspected. Make it appear roomy. Add a few extra hangers. Hang a ball of cedar chips or potpourri to give a fresh, pleasant scent. Remove all off-season clothing.
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and (8) A Room by Room Analysis and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Home Sale Statistics in Northern Virginia – February 2023
The Northern Virginia Real Estate market remains healthy, but we are not seeing the extremes and frenzy that we experienced this time last year. Why is that and are we still in a Sellers Market? Listen to Terry below answer those questions and more.
Northern Virginia February 2023 home sales:
• 2,038 homes went under contract in the region. This is down 33% from the same time period in 2022.
• 46% of the homes that went to settlement in February 2023, sold in 10 days or less from when they hit the market.
• Average sold price was $676,429 (up 1.5% from the same time period in 2022).
• 2,019 homes came on the market. That’s down 40% from February 2022.
• Homes that sold (closed) averaged 32 days on market, 11 days slower than in February 2022.
• There is currently a 0.7 month supply of homes (remember, in a balanced market – the demand from buyers equals the supply from sellers – there is a 5-6 months supply) in the Northern Virginia – and 2,090 homes for sale (townhouse, condo and single-family).
OVERALL: Northern Virginia remained in a Seller’s Market. Inventory was basically unchanged from the prior month but was up 60% year-over-year. The number of homes going under contract and coming on the market also increased, but both of these numbers continue to be down significantly from this time last year. Average sold price was up a bit from January and up slightly compared to the end of February last year.
If you are thinking of buying or selling, please reach out to Terry & The Belt Team and let our experience work for you.
(703) 242-3975 | Info@TheBeltTeam.com | or fill out our Contact Us form
To see what the conditions are like in your community, click on the link to your desired city below!
Vienna: February 2023 Home Sales
Oakton: February 2023 Home Sales
McLean: February 2023 Home Sales
Great Falls: February 2023 Home Sales
Reston: February 2023 Home Sales
Falls Church: February2023 Home Sales
Arlington: February 2023 Home Sales
Alexandria: February 2023 Home Sales
*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).
2 Things Sellers Need To Know This Spring
A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.
1. Houses That Are Priced Right Are Still Selling
Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:
“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”
The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:
“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”
While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.
2. Buyers Are Still Out There
As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:
“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”
That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.
Bottom Line
There are still clear opportunities for sellers this spring. If you’re wondering if it’s the right time to make a move, let’s connect today.
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Tip Tuesday: Preparing Your Home for Sale – The Yard & Driveway
The next topic in our “Tip Tuesday” series of posts on Preparing Your Home for Sale is THE YARD & DRIVEWAY:
- Make sure the yard is neatly mowed, raked & edged.
- Prune & shape shrubbery and trees to compliment your house.
- Consider adding seasonal flowers along the walks or in the planting areas. Such standbys as nasturtiums, petunias, impatiens and verbena are easy to maintain…just remember to water them regularly. Try a row of sweet smelling alyssum to line a short sidewalk or plant some perky dwarf marigolds to form a cheerful oasis of color in your yard.
- It is important to devote at least one area of your yard to outdoor living. Buyers will recognize a scene set with a table & chairs and respond positively to it. Bring out the barbecue equipment and buyers will almost smell the burgers cooking!
- The driveway is no place for children’s toys, bicycles or yard equipment. Not only are such things dangerous, the clutter is unsightly.
- The surface of your driveway should be beyond reproach…after all it’s one of the first things a buyer will see when he drives up. Sweep & wash the driveway & walkways to remove debris, dirt & stains. Repair & patch any cracks, edge the sides & pull up the weeds.
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Tip Tuesday: Preparing Your Home for Sale – The Exterior
The next topic in our “Tip Tuesday” series of posts on Preparing Your Home for Sale is THE EXTERIOR:
Check your home for any needed maintenance just as a buyer would. Repaint or touch up as necessary. You can’t make a better investment when you are selling your house! Don’t let the outside turn off buyers before the inside turns them on.
- Color has the power to attract. A tub of geraniums, a pot of petunias, or a basket of impatiens on the front steps is a welcoming touch.
- If you are selling during the winter months, consider using a wreath of dried flowers on the front door.
- If you have a porch or deck, set the stage with pots of flowers and attractively arranged furniture.
- Check to see that all doors and windows are in good working order. Give special attention to your home’s exterior doors and front entry. Clean and paint doors if necessary. Remember, first impressions are likely to color the remainder of the house tour.
- Wash all windows and replace any broken or cracked window panes.
- Screens should be free of any tears or holes.
- Inspect all locks to ensure they are functioning properly.
- Check for loose or missing shingles.
- Invest in a new doormat that says “Welcome”!
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Fairfax County 2023 Real Estate Tax Assessments Are Available!
No Change Proposed to Current Rate But Your Tax Bill Will Probably Increase
Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly.
For a large number of you (89.5%), the assessment went up. On average, residential real estate assessments are up 6.97%. The average assessment for homes in Fairfax County in 2023 was $719,522(up from $672,639 in 2022).
Note: the Board of Supervisors has not yet adopted the FY 2024 tax rate and will do so later this spring. On February 21st the FY 2024 Budget was presented to the Board and included a current Real Estate Tax Rate of $1.11 per $100 of assessed value. This is the same as the current rate however, it would mean the average tax bill would increase by approximately $520 based on the proposal.
(If you do not receive your notice, you can check your Fairfax County assessment value online)
Here are some overall stats from Fairfax County:
Of the 357,540 taxable parcels in Fairfax County:
- 328,096 have an assessment change
- 29,444 have no assessment change
“The assessed value of properties may change for a variety of reasons. Among these are market driven value increases or declines, referred to as Equalization changes, and/or value changes generated by structural changes (i.e., new construction, remodeling), rezoning, and land divisions/consolidations, referred to as Growth changes. A combination of these factors can apply to the same property. Overall, of the 328,096 properties that have a 2023 assessment change, 9,250 are due to growth, and 318,846 changed due to equalization.”
Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):
- Single family detached homes – $873,149, up 7.80%
- Townhouse /duplex properties – $533,968, up 6.31%
- Condominiums – $334,623, up 3.98%
Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)
If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment.
Assessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with The Belt Team for a custom estimate.
If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 1st. More info here.
Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.
If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!
Tip Tuesday: Preparing Your Home for Sale – Staging
The next topic in our “Tip Tuesday” series of posts on Preparing Your Home for Sale is STAGING:
This part of preparing your home for sale is the most fun and involves the use of color, lighting and accessories to emphasize the best features of your home.
- Small details can make rooms more attractive and appealing. The effect of a vase of flowers, an open book on the coffee table, a basket of birch logs by the fireplace, etc, can make the difference in a room.
- The use of a brightly colored pillow in a wing chair or a throw blanket on a couch can add dimension to a sterile room.
- Soften potentially offending views, but always let light into your rooms. Replace heavy curtains with sheer white panels. Never apologize for things you cannot change. The buyer will either decide to accept or reject the property regardless of the words you say. Just present the home in the best way possible with complete honesty.
- Take advantage of natural light as much as possible by cleaning windows, opening shades and drapes, etc. Add lamps and lighting where necessary. Be sure that all fixtures are clean and have functioning bulbs.
- And, if needed, consult with The Belt Team about retaining a professional stager!
Remember, these weekly posts will guide you through the process of preparing your home for sale in order to achieve the highest possible sales price in the least amount of time. We will concentrate on areas like: (1) Repairing, (2) Cleaning, (3) Neutralizing, (4) Space Management, (5) Atmosphere and (6) Staging (7) Exterior and more!
So look for more home selling tips on Tuesdays and if you are thinking of selling your home this year, please reach out to The Belt Team and let our 50+ years of experience in real estate work for you!
703-242-3975 | Info@TheBeltTeam.com | Contact Us
Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel, to get our updates on the real estate market, community happenings and much more!
Northern Virginia Real Estate Blog 