Tip Tuesday: Preparing Your Home for Sale – Neutralizing

The next topic in our “Tip Tuesday” series of posts on Preparing Your Home for Sale is NEUTRALIZING:

  1. Be cautious about selecting colors when painting or replacing carpeting. Your objective here is to make your home appeal to the largest possible buying segment. Ask yourself, “How many of the available buyers would be able to move into your house and have their furniture fit in and not have to replace the carpeting or repaint the walls?” Position your home on the market to be as livable as possible to as many people as possible, and allow the buyer to mentally picture the home as theirs.
  2. Forget your personal taste…the “market” is always demand driven. The average buyer will have a hard time looking beyond blue carpeting and bold wallpaper. Consider replacing unusual or bold colors with neutral tones. Two coats of white paint may be the best investment you ever made!

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.

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!

Think Twice Before Waiting for 3% Mortgage Rates

Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped up rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans.

Today, the rate of inflation is starting to drop. And as a result, mortgage rates have dipped below last year’s peak. Sam Khater, Chief Economist at Freddie Macshares:

“While mortgage market activity has significantly shrunk over the last year, inflationary pressures are easing and should lead to lower mortgage rates in 2023.”

That’s potentially great news if you’re a buyer aiming to jump back into the housing market. Any drop in mortgage rates helps boost your purchasing power by bringing down your expected monthly mortgage payment. This means the lower mortgage rates experts forecast this year could be just what you need to reignite your homebuying goals.

While this opens up a window of opportunity for you, remember: you shouldn’t expect rates to drop back down to record lows like we saw in 2021. Experts agree that’s not the range buyers should bank on. Greg McBride, Chief Financial Analyst at Bankrateexplains:

“I think we could be surprised at how much mortgage rates pull back this year. But we’re not going back to 3 percent anytime soon, because inflation is not going back to 2 percent anytime soon.

It’s important to have a realistic vision for what you can expect this year, and that’s where the advice of expert real estate advisors is critical. You may be surprised by the impact even a mild drop in mortgage rates has on your budget. If you’re ready to buy a home now, today’s market presents the opportunity to get a more affordable mortgage rate, find your dream home, and face less competition from other buyers.

Bottom Line

The recent pullback in mortgage rates is great news – but if you’re ready to buy now, holding out for 3% is a mistake. Work with a local lender to learn how today’s rates impact your goals, and contact The Belt Team to explore your options in our area.

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

Tip Tuesday: Preparing Your Home for Sale – Cleaning

The next topic in our “Tip Tuesday” series of posts on Preparing Your Home for Sale is CLEANING:

  1. Make sure every area of the home sparkles and shines! Every hour spent will be worth it. Would you rather buy a clean car or a dirty one? Would you hurry to buy a pair of shoes with mud on them?
  2. Clean all windows inside and out. This helps make the house sparkle.
  3. Clean all carpeting and area rugs…along with tile and wooden floors.
  4. Clean and polish all woodwork. Pay particular attention to the kitchen and bath cabinets.
  5. Make sure all light fixtures are clean and shining!

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.

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 – December/Q4 2022

The year ended seasonally strong and remains a seller’s market, though not nearly as extreme as a year ago. Inventory remains a challenge and despite higher interest rates compared to last year, demand remains very healthy. 

See all of the market statistics below for Northern Virginia for December 2022, as well as some year-over-year numbers.  Then use the links at the bottom of the page to see how your specific community ended the year!

Northern Virginia December/Q4 2022 home sales:

1,433 homes went under contract in the region. This is down 33% from the same time period in 2021.

32% of the homes that went to settlement in December 2022, sold in 10 days or less from when they hit the market.

• Average sold price was $654,685 (up 0.6% from the same time period in 2021).

1,302 homes came on the market. That’s down 34% from December 2021.

• Homes that sold (closed) averaged 31 days on market, 7 days slower than in December of 2021.

• There is currently a 0.8 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 2,265 homes for sale (townhouse, condo and single-family).

Additional Year-End Stats – 2022 vs 2021:

Average sold price increased by 7.9% ($706,568 vs $654,753)

Total units sold decreased by 25%

Average sales price to original list price ratio decreased slightly – 100.8% vs 101.1%

OVERALL: Northern Virginia remained in a Seller’s Market. Inventory decreased again from the prior month but was up 48% year-over-year.  The number of homes going under contract and coming on the market also declined, and both of these numbers continue to be down significantly from this time last year.  Average sold price was down from November but up just slightly compared to the end of December last year.

To see what the conditions are like in your community, click on the link to your desired city below! 

Vienna: December 2022 Home Sales

Oakton: December 2022 Home Sales 

McLean: December 2022 Home Sales 

Great Falls: December 2022 Home Sales 

Reston: December 2022 Home Sales 

Falls Church: December 2022 Home Sales 

Arlington: December 2022 Home Sales

Alexandria: December 2022 Home Sales  

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

If you are thinking of buying or selling, 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

Tip Tuesday: Preparing Your Home for Sale – Repairs

Thinking of selling your home but aren’t sure how to get it ready? Well…we’re here to help! This is the first in a series of “Tip Tuesday” posts about Preparing Your Home for Sale.

These 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.

Today’s topic is REPAIRS:

  1. The rule of thumb is, if something is in need of repair, fix it! There are probably many small things in your home that you have simply become used to over time…things that you have been promising yourself that you would attend to. Well, now is the time. The buyer will mentally add up the cost of repairing all those minor flaws and end up with an amount that is generally much higher than what it would cost you to do the repairs. And if there are too many items, even if they are not costly, the buyer may choose to buy another home. Many buyers do not have the time or “know-how” to make simple repairs. And because our marketplace is so competitive, they have come to expect a near-perfect property.
  2. Repaint.  If paint is in good condition, check for peeling.  Remove dated wall paper if not in style.
  3. Large repairs: In today’s climate of open disclosure & professional home inspections, the rule is “Treat a buyer better than you would treat yourself.” Repair any problems with major systems. It is to your benefit to address these kinds of issues up front rather than to have to re-negotiate.

So look for more home selling tip 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!

A Look Back at 2022 & Happy New Year!

Here we are at the beginning of another year…where does the time go?! The 2022 real estate market had its ups and downs but one thing that was, and remains, consistent for The Belt Team is the trust & support from all of our clients, friends and family. And for that we are grateful!

As we reflected on this past year, we thought it would be fun to put together a short video of some of our favorite moments from 2022 for you to enjoy!

Sending each and every one of you our best wishes for a happy and healthy 2023!

Terry Belt and The Belt Team

3 Best Practices for Selling Your House This Year

A new year brings with it the opportunity for new experiences. If that resonates with you because you’re considering making a move, you’re likely juggling a mix of excitement over your next home and a sense of attachment to your current one.

A great way to ease some of those emotions and ensure you’re feeling confident in your decision is to keep these three best practices in mind.

1. Price Your Home Right

The housing market shifted in 2022 as mortgage rates rose, buyer demand eased, and the number of homes for sale grew. As a seller, you’ll want to recognize things are different now and price your house appropriately based on where the market is today. Greg McBride, Chief Financial Analyst at Bankrateexplains:

“Price your home realistically. This isn’t the housing market of April or May, so buyer traffic will be substantially slower, but appropriately priced homes are still selling quickly.”

If you price your house too high, you run the risk of deterring buyers. And if you go too low, you’re leaving money on the table. An experienced real estate agent can help determine what your ideal asking price should be.

2. Keep Your Emotions in Check

Today, homeowners are living in their houses longer. According to the National Association of Realtors (NAR), since 1985, the average time a homeowner has owned their home has increased from 5 to 10 years (see graph below):

3 Best Practices for Selling Your House This Year | MyKCM

This is several years longer than what used to be the historical norm. The side effect, however, is when you stay in one place for so long, you may get even more emotionally attached to your space. If it’s the first home you bought or the house where your loved ones grew up, it very likely means something extra special to you. Every room has memories, and it’s hard to detach from the sentimental value.

For some homeowners, that makes it even harder to negotiate and separate the emotional value of the house from fair market price. That’s why you need a real estate professional to help you with the negotiations along the way.

3. Stage Your Home Properly

While you may love your decor and how you’ve customized your home over the years, not all buyers will feel the same way about your design. That’s why it’s so important to make sure you focus on your home’s first impression so it appeals to as many buyers as possible. As NAR says:

“Staging is the art of preparing a home to appeal to the greatest number of potential buyers in your market. The right arrangements can move you into a higher price-point and help buyers fall in love the moment they walk through the door.”

Buyers want to envision themselves in the space so it truly feels like it could be their own. They need to see themselves inside with their furniture and keepsakes – not your pictures and decorations. A real estate professional can help you with tips to get your house ready to sell.

If you’re considering selling your house, call The Belt Team today so we an help you through the process while prioritizing these best practices.

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!