OPEN HOUSE SAT APRIL 30TH 1-3PM! 1011 Westwood Dr NE, Vienna VA 22180

Welcome to 1011 Westwood Dr NE!  A beautifully updated colonial in an unbeatable Vienna location…just a stone’s throw from the Town of Vienna AND Tysons Corner!  This 4BR/2.5BA home has over 2,800  square feet of living space on 3 finished levels and is loaded with updates/improvements made by current owner including kitchen remodel, updated baths, flooring, window & roof replacement, back porch addition, HVAC and more! Wonderful living areas inside and out including a family room with fireplace, living room, lower level rec room and fantastic screened-in back porch.  The Westwood Manor neighborhood surrounds Westwood Country Club and is an unbeatable location for commuters & amenities.

See full listing: 1011 Westwood Dr NE, Vienna VA 22180

Call Terry Belt at 703-242-3975 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 54 years and has sold over $1 Billion in transaction volume!

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!

The U.S. News 2022 Best High School Rankings Are Out!

The U.S. News annual high school rankings include data from schools (24,000 public high schools) in all 50 states and Washington DC. They rank almost 18,000 schools based on state assessment performance and how well they prepare students for college.

In the 2022 National Rankings, the top 2 schools remained the same as last year (spoiler alert…#1 is in Virginia!!) however there were some changes to the other 8 in the top 10.

How well did Virginia high schools do? 323 schools in our state made the list…here’s a list of the top 10:

#1 – Thomas Jefferson High School for Science and Technology (and #1 overall in National Ranking)

#2 – Langley High School (#136 in National Rankings)

#3 – McLean High School (#157 in National Rankings)

#4 – Open High School (#177 in National Rankings)

#5 – Marshall High School (#247 in National Rankings)

#6 – Oakton High School (#282 in National Rankings)

#7 – W.T. Woodson High School (#337 in National Rankings)

#8 – Madison High School (#361 in National Rankings)

#9 – Richmond Community High School (#364 in National Rankings)

#10 – West Springfield High School (#434 in National Rankings)

Click Here for the complete list of Virginia Schools

Click Here for the complete National Ranking list

Here are the six factors on which U.S News based their assessment:

  • College readiness
  • State assessment proficiency
  • State assessment performance
  • Underserved student performance
  • College curriculum readth
  • Graduation rate

Additional ranking lists:

Best Charter Schools

Best Magnet Schools

Best STEM Schools

Looking for a home in a particular school district? Reach out to The Belt Team and let our 33+ years of experience in the Northern Virginia Area work for you!

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

1011 Westwood Dr NE, Vienna VA 22180 – Just Listed by The Belt Team!

Welcome to 1011 Westwood Dr NE!  A beautifully updated colonial in an unbeatable Vienna location…just a stone’s throw from the Town of Vienna AND Tysons Corner!  This 4BR/2.5BA home has over 2,800  square feet of living space on 3 finished levels and is loaded with updates/improvements made by current owner including kitchen remodel, updated baths, flooring, window & roof replacement, back porch addition, HVAC and more! Wonderful living areas inside and out including a family room with fireplace, living room, lower level rec room and fantastic screened-in back porch.  The Westwood Manor neighborhood surrounds Westwood Country Club and is an unbeatable location for commuters & amenities.

See full listing: 1011 Westwood Dr NE, Vienna VA 22180

Call Terry Belt at 703-242-3975 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 54 years and has sold over $1 Billion in transaction volume!

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!

How To Approach Rising Mortgage Rates as a Buyer

In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead.

If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise. 

How Rising Mortgage Rates Impact You

Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your monthly payment (see chart below):

How To Approach Rising Mortgage Rates as a Buyer | MyKCM

With mortgage rates on the rise, you’ve likely seen your purchasing power impacted already. Instead of delaying your plans, today’s rates should motivate you to purchase now before rates increase more. Use that motivation to energize your search and plan your next steps accordingly.

The best way to prepare is to work with a trusted real estate advisor now. An agent can connect you with a trusted lender, help you adjust your search based on your budget, and make sure you’re ready to act quickly when it’s time to make an offer.

Bottom Line

Serious buyers should approach rising rates as a motivating factor to buy sooner, not a reason to wait. Waiting will cost you more in the long run. Let’s connect today so you can better understand your budget and be prepared to buy your home even before rates climb higher.

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!

10870 Burr Oak Way, Burke VA 22015 – Just Listed by The Belt Team!

Welcome to 10870 Burr Oak Way…a beautiful colonial backing to mature trees located on a peaceful pipe stem in Burke Centre. This 4BR/2.5BA home has over 2,600 square feet of living space on 3 finished levels. Updates/improvements include new paint & carpet throughout, stainless steel appliances, air conditioning unit & recessed lighting, as well as updated bathrooms, roof, garage floor and more. Main level features include shining hardwood floors, a warm and inviting family room with gas brick fireplace, kitchen with SS appliances & cherry cabinets and a formal/separate dining room. The primary bedroom with updated walk-in closet and attached bath is located the upper level along with 3 additional bedrooms and full bath. The finished lower level rec room with wet bar is a great versatile extra living space! The fantastic back deck overlooking mature landscaping and trees is the perfect spot to relax, enjoy a meal or entertain friends and family. This home also has an asphalt driveway leading to a 2-car attached garage. Wonderful Burke Centre HOA amenities and close to lots of shopping, dining and commuter options. Don’t miss this opportunity to make this your next home!

 
 
Call Terry Belt & The Belt Team for more details or to schedule a showing! 703-242-3975
 

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 50 years and has sold over $1 Billion in transaction volume! 

Free Instant Online Home Valuation – What Is My Home Worth?

Home Sale Statistics in Northern Virginia – March 2022

Continued record low inventory this March translated into just a 2 week supply of homes.  This resulted in a lower number of sales and further price increases compared to 2021 as buyers feel urgency with increasing interest rates.

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

Northern Virginia March 2022 home sales:

3,869 homes went under contract in the region. This is down 18.4% from the same time period in 2021.

81% of the homes that went to settlement in March 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $722,148 (up 12% from the same time period in 2021).

4,776 homes came on the market. That’s down 8% from March 2021.

• Homes that sold (closed) averaged 12 days on market, 4 days faster than in March of 2021.

• There is currently a 0.5 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 1,851 homes for sale (townhouse, condo and single-family).

OVERALL: Northern Virginia remained an aggressive Seller’s Market. Inventory increased 41% from last month (but continues to be historically low) and sold prices continued to rise. 

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: March 2022 Home Sales

Oakton: March 2022 Home Sales 

McLean: March 2022 Home Sales 

Great Falls: March 2022 Home Sales 

Reston: March 2022 Home Sales 

Falls Church: March 2022 Home Sales 

Arlington: March 2022 Home Sales

Alexandria: March 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!

What You Need To Know if You’re Thinking About Building a Home

If you’re ready to move up, you may be trying to decide whether you want to buy a home that’s already on the market or build a new one. And since the supply of homes available for sale today is low, you’re willing to consider either avenue. While home builders are doing everything they can to construct more houses and help narrow the supply shortage, they’re also facing delays due to factors outside of their control.

Here’s the latest on some of the key challenges homebuilders are experiencing today and how they could impact your plans to move up. When you know what’s happening in the industry, you can make an informed decision on whether to look for a newly built or an existing home in your home search.

Supply Chain Issues 

The first hurdle builders are dealing with is the lack of supply of various building materials. According to a recent article from HousingWire:

. . . Nearly everything needed in the homebuilding process is facing some sort of delay and subsequent price increase.”

The supply issue isn’t just with lumber, even though that’s what’s covered most in the news. The article explains many other supplies are impacted too, including roofing materials, windows, garage doors, siding, and gypsum (which is used in drywall).

The difficulty in getting these items is dragging out timelines for new homes as builders wait on what they need to finish construction. And since materials are in short supply, even when they do get the product, the principle of supply and demand is driving prices up for those goods. HousingWire explains it like this:

When supplies are low, charges inevitably go up, . . . Meanwhile, a lack of availability is causing huge delays, meaning builders are struggling to stay on schedule.”

The National Association of Home Builders (NAHB) agrees:

Builders are grappling with supply-chain issues that are extending construction times and increasing costs.”

Skilled Labor Shortage

But that’s not the only challenge with new home construction today. Builders are also having a hard time finding skilled labor, which means they’re short-handed, further dragging out their timelines. Odeta Kushi, Deputy Chief Economist at First Americansays this is an ongoing challenge for the industry:

The skilled labor shortage in the construction industry is not new – it’s been an issue for more than a decade now.”

But there is good news. The February jobs report shows employment gains in the construction industry. Kushi puts this encouraging news into perspective in the article mentioned above:

“Overall this was a good report, . . . The supply of workers continues to fall short of demand, but the underlying momentum of the labor market recovery is strong, and falling COVID case counts provide further forward momentum.”

That means, while finding workers continues to be a challenge for builders, there are signs of positive momentum moving forward.

How This Impacts You

HousingWire explains how these things can impact move-up buyers today:

The residential construction industry is facing a crisis as builders manage the critical shortage of building materials and labor. Explosive supply and labor costs are forcing long delays. . . .” 

So, when you weigh your options and try to decide between building a home or buying an existing one, factor the potential delay in new home construction into your decision. While it doesn’t mean you should cross newly built homes off your list, it does mean you should consider your timeline and if you’re willing to wait while your home is being constructed.

Bottom Line

When planning your next move, understanding the latest market conditions is key to making the best decision possible. To make sure you have all the information you need, let’s connect. Together we can make sure you know what’s happening in our local market so you can confidently decide what’s right for you, your priorities, and your timeline.

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!

131 Kingsley Rd SW, Vienna VA 22180 – Just Listed by The Belt Team!

Price, features and LOTS more details: 131 Kingsley Rd SW, Vienna VA 22180

Welcome to 131 Kingsley Rd SW…a stunning custom build by Wetherburne Homes with over $300,0000 of additional  improvements and updates by current owners on a gorgeous landscaped 1/2 acre lot in the Town of Vienna.  Almost 8,000 finished  square feet of quality with 8 bedrooms/7 full baths on 4 levels including a main level bedroom/bath/library.  Ideal for work from home with multiple office options.  Exceptional feature include super floor plan, custom mill work, finished in place hardwood & marble floors, huge gourmet kitchen, lower & loft levels with bedrooms/baths, numerous outdoor living spaces and oversized garage with storage.  Excellent schools and unbeatable location!

Call Terry Belt at 703-242-3975 for more details or to schedule a showing!

Call The Belt Team at (703) 242-3975 if you are thinking of buying or selling. The Belt Team has been in business for over 54 years and has sold over $1 Billion in transaction volume!

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!

What You Need To Budget for When Buying a Home

When it comes to buying a home, it can feel a bit intimidating to know how much you need to save and where to find that information. But you should know, you’re not expected to have all the answers yourself. There are many trusted professionals who can help you understand your finances and what you’ll need to budget for throughout the process.

To get you started, here are a few things experts say you should plan for along the way.

1. Down Payment

As you set your savings goal for your purchase, your down payment is likely already top of mind. And, like many other people, you may believe you need to set aside 20% of the home’s purchase price for that down payment – but that’s not always the case. The National Association of Realtors (NAR) says:

One of the biggest misconceptions among housing consumers is what the typical down payment is and what amount is needed to enter homeownership. Having this knowledge is critical to know what to save . . .”

The good news is, you may be able to put as little as 3.5% (or even 0%) down in some situations. To understand your options, partner with a trusted professional who can go over the various loan types, down payment assistance programs, and what each one requires.

2. Earnest Money Deposit

Another item you may want to plan for is an earnest money deposit. While it isn’t required, it’s common in today’s highly competitive market because it can help your offer stand out in a bidding war.

So, what is it? It’s money you pay as a show of good faith when you make an offer on a house. This deposit works like a credit. You’re using some of the money you already saved for your purchase to show the seller you’re committed and serious about their house. It’s not an added expense, it’s just paying some of that up front. First American explains what it is and how it works:

The deposit made from the buyer to the seller when submitting an offer. This deposit is typically held in trust by a third party and is intended to show the seller you are serious about purchasing their home. Upon closing the money will generally be applied to your down payment or closing costs.”

In other words, an earnest money deposit could be the very first check you’ll write toward your purchase. The amount varies by state and situation. Realtor.com elaborates:

The amount you’ll deposit as earnest money will depend on factors such as policies and limitations in your state, the current market, what your real estate agent recommends, and what the seller requires. On average, however, you can expect to hand over 1% to 2% of the total home purchase price.”

Work with a real estate advisor to understand any requirements in your local area and what they’ve recommended for other buyers in your market. They’ll help you determine if it’s something that could be a useful option for you.

3. Closing Costs 

The next thing to plan for is your closing costs. The Federal Trade Commission (FTC) defines closing costs as:

The upfront fees charged in connection with a mortgage loan transaction. …generally including, but not limited to a loan origination fee, title examination and insurance, survey, attorney’s fee, and prepaid items, such as escrow deposits for taxes and insurance.”

Basically, your closing costs cover the fees for various people and services involved in your transaction. NAR has this to say about how much to budget for:

“A home costs more than just the sale price. For example, closing costs—which make up about 2% to 5% of the home’s purchase price—are a major added expense…Lenders provide a Closing Disclosure at least three business days prior to closing on a mortgage. But buyers will need to budget for these added costs ahead of time to avoid sticker shock days before closing.”

The key takeaway is savvy buyers plan ahead for these expenses so they can come into the process prepared. Freddie Mac sums it up like this:

“If you’re in the market to buy a home, your down payment is probably top of mind. And rightly so – it’s likely the biggest cost of homebuying. However, it is not the only cost and it’s critical you understand all your expenses before diving in. The more prepared you are for your down payment, closing and other costs, the smoother your homebuying journey will be.”

Bottom Line

Knowing what to budget for in the homebuying process is essential. To make sure you understand these and any other expenses that may come up, let’s connect so you have reliable expertise on what to expect when you buy a home.

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! How to Make Sure Your Trees Are Healthy

5 things to look for to keep this from happening to your trees!

Huge thanks for Bonilla Tree Expert for taking such good care of our clients!

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!