Tip Tuesday! Get Your Home Ready for Spring – Tip #4

Our friend Jim Fletcher of Square One Home Inspections shares his expert tips on how to get your house ready for the warm weather ahead!

Tip #4 – And finally…flush out that water heater!

Thanks for sharing your expertise Jim and 4 really great spring cleaning tips!

Are you ready to buy? It’s important to work with an experienced agent who has strong relationships with other experts in the market (like Square One). Give us a call and let our 55 years of experience (and partnerships) work for you! 703-242-3975. Or shoot us an email at Info@TheBeltTeam

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel to get tips, updates on the real estate market, community happenings and much more!

What is the Biggest Story So Far This Year in the Real Estate Industry?

The question we get asked the most is “how long is this crazy real estate market going to last?”. That question leads into the biggest story in the industry so far this year. Is it low inventory, rising prices, or something else. Listen to Terry’s update to find out.

If you want to discuss your real estate plans and the current market, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

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! Get Your Home Ready for Spring – Tip #3

Our friend Jim Fletcher of Square One Home Inspections shares his expert tips on how to get your house ready for the warm weather ahead!

Tip #3 – Your Dishwasher!

Stay tuned for more tips from Jim…our team and clients have worked with for years! He’s a great guy who really knows his stuff. Thanks for sharing your expertise Jim!

Are you ready to buy? It’s important to work with an experienced agent who has strong relationships with other experts in the market (like Square One). Give us a call and let our 55 years of experience (and partnerships) work for you! 703-242-3975. Or shoot us an email at Info@TheBeltTeam

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel to get tips, updates on the real estate market, community happenings and much more!

The Average Homeowner Gained More Than $55K in Equity over the Past Year

If you’re a current homeowner, you should know your net worth just got a big boost. It comes in the form of rising home equity. Equity is the current value of your home minus what you owe on the loan. Today, you’re building that equity far faster than you may expect – and this gain is great news for you.

Here’s how it happened. Home values are on the rise thanks to low housing supply and high buyer demand. Basically, there aren’t enough homes available to meet this high buyer interest,  so bidding wars are driving home prices up. When you own a home, the rising prices mean your home is worth more in today’s market. And as home values climb, your equity does too. As Dr. Frank Nothaft, Chief Economist at CoreLogicexplains:

“Home prices rose 18% during 2021 in the CoreLogic Home Price Index, the largest annual gain recorded in its 45-year history, generating a big increase in home equity wealth.”

The latest Homeowner Equity Insights from CoreLogic shed light on just how much rising home values have boosted homeowner equity. According to that report, the average homeowner’s equity has grown by $55,300 over the last 12 months.

Want to know what’s happening in your area? Here’s a breakdown of the average year-over-year equity growth for each state based on that data.

The Average Homeowner Gained More Than $55K in Equity over the Past Year | MyKCM

How Rising Equity Impacts You

In addition to building your overall net worth, equity can also help you achieve other goals like buying your next home. It works like this: when you sell your house, the equity you built up comes back to you in the sale.

In a market where you’re gaining so much equity, it may be just what you need to cover a large portion – if not all – of the down payment on your next home. So, if you’ve been holding off on selling and worried about being priced out of your next home because of today’s home price appreciation, rest assured your equity can help fuel your move.

Bottom Line

Equity can be a real game-changer if you’re planning to make a move. To find out just how much equity you have in your home and how you can use it to fuel your next purchase, reach out to The Belt Team so you can get a professional equity assessment report on your house.

703-242-3975 | Info@TheBeltTeam.com | Contact Us

Wondering what your home is worth? Click below for a FREE INSTANT home valuation!

Tip Tuesday! Get Your Home Ready for Spring – Tip #2

Our friend Jim Fletcher of Square One Home Inspections shares his expert tips on how to get your house ready for the warm weather ahead!

Tip #2 – Yard Debris…

Stay tuned for more tips from Jim…our team and clients have worked with for years! He’s a great guy who really knows his stuff. Thanks for sharing your expertise Jim!

Are you ready to buy? It’s important to work with an experienced agent who has strong relationships with other experts in the market (like Square One). Give us a call and let our 55 years of experience (and partnerships) work for you! 703-242-3975. Or shoot us an email at Info@TheBeltTeam

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel to get tips, updates on the real estate market, community happenings and much more!

Home Sale Statistics in Northern Virginia – February 2022

The story of the market continues to be historically low inventory resulting in lower number of sales and higher prices in many areas.

Here’s a look at all the February 2022 housing market stats for Northern Virginia and some of our hyper local markets at the bottom of the page.

Northern Virginia February 2022 home sales:

3,026 homes went under contract in the region. This is down 2.7% from the same time period in 2021.

68% of the homes that went to settlement in February 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $666,457 (up 10% from the same time period in 2021).

3,352 homes came on the market. That’s down 3% from February 2021.

• Homes that sold (closed) averaged 21 days on market, the same as in February of 2021.

• There is currently a 0.3 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 1,308 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Inventory increased just slightly from last month (but is still an issue) and prices continued to go up. 

If you are thinking of buying or selling this year, please reach out to The Belt Team and let us help you navigate this unprecedented market.

(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 2022 Home Sales

Oakton: February 2022 Home Sales 

McLean: February 2022 Home Sales 

Great Falls: February 2022 Home Sales 

Reston: February 2022 Home Sales 

Falls Church: February 2022 Home Sales 

Arlington: February 2022 Home Sales

Alexandria: February 2022 Home Sales  

*Data compiled from SmartCharts, MarketStats by ShowingTime, whose data comes directly from the Multiple Listing Service (MLS).

Want to know what your home is worth? Click below to get our free instant home valuation!

The Belt Team Awarded Most Viewed Agent!

We looked at the data from 2021 for over 1 million Homesnap Pro agents nationwide, and you’re one of the select few to win a Top Agent Award!

Homesnap

Thank you all for continuing to trust The Belt Team with all of your real estate needs!

http://www.TheBeltTeam.com | Info@TheBeltTeam.com | 703-242-3975 | Contact Us

Tip Tuesday! Get Your Home Ready for Spring – Tip #1

Our friend Jim Fletcher of Square One Home Inspections shares his expert tips on how to get your house ready for the warm weather ahead!

Tip #1 – HVAC…

Stay tuned for more tips from Jim…our team and clients have worked with for years! He’s a great guy who really knows his stuff. Thanks for sharing your expertise Jim!

Are you ready to buy? It’s important to work with an experienced agent who has strong relationships with other experts in the market (like Square One). Give us a call and let our 55 years of experience (and partnerships) work for you! 703-242-3975. Or shoot us an email at Info@TheBeltTeam

Be sure to follow our blog, as well as our pages on Facebook & Instagram and our YouTube channel to get tips, updates on the real estate market, community happenings and much more!

Are Home Prices Continuing To Rise?

Many analysts projected home price appreciation would slow dramatically in the fall of 2021 and then continue to soften throughout 2022. So far, that hasn’t happened. The major price indices are all revealing ongoing double-digit price appreciation. Here’s a look at their reports on year-over-year price appreciation for December:

To show that they’re not seeing signs of softening, here’s a graph that gives the progression of all three indices for each month of 2021.

Are Home Prices Continuing To Rise? | MyKCM

As the graph above reveals, last year, home price appreciation accelerated dramatically from January to July according to all three indices. Then, it began to decelerate in August when prices appreciated at a slower pace, but it didn’t decline. Many thought that would be the beginning of a rapid slowdown in the level of home price appreciation, but as the data shows, that wasn’t the case. Instead, prices began to level off for a few months before two of the three indices saw appreciation re-accelerate again in December.

To clarify, deceleration is not the same as depreciation. Acceleration means prices rise at a greater year-over-year pace than the previous month. Deceleration means home values continue to rise but at a slower pace of year-over-year appreciation. Depreciation means prices drop below current values. No one is forecasting that to happen.

In fact, the FHFA revealed that price appreciation accelerated in December in six of the nine regions it tracks. Case Shiller showed that appreciation accelerated in 15 of the 20 metros they report on. As Selma Hepp, Deputy Chief Economist at CoreLogicexplains:

“After some signs of slowing home price growth . . . monthly price growth re-accelerated again, indicating home buyers have not yet thrown in the towel.”

What Does This Mean for You?

Whether you’re a first-time purchaser or someone looking to sell your current house and buy a home that better fits your needs, waiting to decide what to do will cost you in two ways:

  1. Mortgage rates are forecast to rise this year.
  2. Home prices should continue to appreciate at double-digit levels for some time.

If you wait, rising mortgage rates and high home price appreciation will have a dramatic impact on your monthly mortgage payment.

Bottom Line

Maybe the best thing to do is listen to the advice of Len Kiefer, Deputy Chief Economist at Freddie Mac:

If you’re thinking about waiting until next year and that maybe rates are higher, but you’ll get a deal on prices – well that’s risky. It may be more advantageous to purchase this year relative to waiting until 2023 at this time.”

Please reach out if you’d like to discuss you real estate plans and let us help you navigate this market! 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 2022 Real Estate Tax Assessments…Continued

Now that people in Fairfax County have been receiving their tax assessments, we’ve been getting questions about the increases, the proposed tax rate for FY 2023 and more. So, Terry Belt, CEO, and Patty Schuebel, COO, sat down to provide some answers. Watch below!

If you have more questions about your assessed value, the market value of your home or are thinking of buying or selling, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

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!