While many people looking to buy a home for sale in Old Town Alexandria VA or Del Ray start out looking at homes, smart buyers know that once they know their tastes and budget, the next step is to meet with their Realtor for an initial consultation.

The initial consultation serves many purposes both for the Realtor, and the consumer.  For the Realtor:

• It provides me an opportunity to listen to your long term and short term goals
• It gives me a chance to review the homebuying process to you from start to finish
• It allows me to explain the different types of agency representation
• It helps me to determine what types of homes can best accommodate your needs
• It gives me the opportunity to provide you with different monthly payment estimates of homes that you select from the MLS, based on your approved mortgage

For the consumer:

• It gives you the opportunity to ask questions about the homebuying process
• It allows you to interview your agent to see if you will work well together
• It helps you to see what homes are available in your price range by browsing the MLS and seeing how your Realtor searches the MLS for you
• It gives you a chance to take a tour of homes to see what neighborhoods may be of interest

Buying a home is a big step.  And remember, getting pre-approved for your mortgage does not obligate you to buy, and meeting with a Realtor for an initial consulation does not obligate you to buy.  But these are two very important steps in your information gathering process.  Once you have determined how much you can afford, and have an idea of where you’d like to live, it’s then time to meet with your Realtor to see what Old Town Alexandria VA and Del Ray homes for sale are available.

Free Report: What You Should Know, Your Buyer Bill of Rights

Free Report: HUD’s Homebuying Guide

Free MLS Search: Browse the MLS and Sign Up for New Listings

Bob and Joyce were referred to me from a past client.  They are excited about their new home, and more importantly being closer to their children and granddaughter.

Tamara,

We just can’t thank you enough for all you’ve done.  You were there with a helping hand just when we needed it most…ready to pitch in and do whatever you could.  You gave us something very special–your time, and we’ll always remember you for it.  We love our new home, it’s just perfect for us.

-Bob and Joyce.

Now is the time to buy the cheapest home in the BEST neighborhoods! Visit www.MovingToNova.com today to start your home search.

Duplex Home In Del Ray

Are you looking at homes for sale in Del Ray, and know you don’t want a condo?  The single-family detached homes may be a bit too big and too pricey.  The townhomes or attached row-houses are ok, but you don’t want an interior unit and you want the extra yard that comes with an end unit.  You should expand your search criteria to include duplex homes.

Duplex Styled Home In Del Ray

I can only think of pros when it comes to describing the benefits of owning a duplex.  For starters, every duplex is an end unit.  That means instead of having a back yard that runs parallel to your home like that of an interior unit townhouse or rowhouse, you have yard space around your home from front to back.

Alexandria VA homebuyers love natural light, and with a duplex you’ll likely have more windows because of one additional exterior wall.

You won’t have to feel sandwiched because with a duplex home, you’ll have only one neighbor sharing a common wall.

Del Ray Duplex Home

Do you love outdoor entertaining? Well, with a duplex home, you’ll have the option of creating more outdoor living space for you and your guests.

The home pictured here has a side screened porch.  This is usually not an option when it comes to interior unit townhomes because of the limited outdoor space.

We all know that parking can be an issue, and many homeowners appreciate the added convenience and security of parking closer to the front door.

Del Ray Duplex For Sale

 This beautiful duplex home offers in-front parking.  Some duplex driveways can fit up to two cars, leaving the street parking to guests.

If you’re a Del Ray homebuyer and you’ve been excluding duplex styled homes in your Del Ray home search, you could be missing out on extra privacy, a larger back yard, more windows, and in-front parking.  Reconsider and expand your criteria, don’t have a complex with a duplex.

Here’s a quick tip on how Alexandria VA homebuyers can get a leg up on the competition once they enter the market to buy a home.

Imagine you’ve narrowed your zip code search for homes to homes for sale in 22314 in Old Town Alexandria VA, or decided to focus on Del Ray.  These popular areas are still seeing multiple contracts or bidding wars on the right home.  From the entry level condo market, to the mid-level prices of $600,000, buyers in all price ranges need to be prepared, and the mortgage approval is that very necessary first step.

Meeting with a lender is more than simply visiting a financial website and using the calculators to see what you can afford.  Mortgage loans and interest rates are credit score driven, and the higher your credit score, the better your interest rate.  For example, did you know that for every 20 points that your credit score is off, you could pay an extra 1/4 percentage in interest?

When you meet with a local, reputable lender, and complete a mortgage application, the lender can check your credit report.  If you’re serious about buying a home in Old Town Alexandria or Del Ray, then having your credit pulled is required (unless you’re paying all cash).  For a lot of first-timers, this can be a money saver because the lender may help you identify errors on your credit report, that once corrected can raise your score (in other words, meeting with a lender can actually save you money!).

A good lender will also explain several different loan types and after listening to your long and short-term goals, will be able to suggest the best loan.  For some buyers, an interest-only loan is best, for others, the traditional 30-year fixed is the better solution.  Different people have different situations.  Those on a fixed, predictable salary may require a different loan than someone self-employed and paid on a commission basis.

You should also receive a Good Faith Estimate of Closing Costs which outlines what the lender will charge to secure your loan.  Be sure to review different scenarios and varying sales prices.  Homes for sale in Old Town Alexandria VA and Del Ray can range anywhere from the  high $100’s to the millions. You’ll need to know what the price range is that will allow you to stay within your monthly comfort zone for your total housing payment.

And finally, your approval letter is your official GREEN LIGHT to shop for a home. An approval letter or a mortgage application does not bind you to any lender, nor does it obligate you to purchase.  But as part of the information gathering process the approval letter tells your Realtor that you’re serious enough about the process and gives you the comfort of knowing you have the financial ability to move forward when you find an Old Town Alexandria VA or Del Ray home for sale that you like.

Bonus Free Report: 10 Questions To Ask Your Lender 

Open This Sunday, October 12 from 1-4 pm
9 Leadbeater Street, - $439,000
Alexandria VA 22305
Del Ray - Off Mount Vernon Avenue

Where Charm, Privacy, and Convenience Come Together!

• Duplex with fully fenced back yard
• Friendly and inviting front porch
• In-front parking, and plenty of off-street parking
• New kitchen with granite countertops and ceramic tile floors
• New kitchen appliances
• Updated bathrooms
• New windows throughout
• New storm door
• Rear deck overlooking landscaped yard and pond
• Red door storage shed with shelving

To some people, the idea of buying a foreclosure home means getting a good deal on a move-in condition model home.  To others, foreclosures equal trouble.  At least that’s according to a recent survey conducted by the real estate search site www.Trulia.com. 

According to Trulia.com, about half of buyers are open to looking at foreclosures, but a full two-thirds felt there were "negative aspects" related to such a purchase, including hidden costs, the possibility of declining value, and other unknown costly risks.

The survey specifically showed:

• 60%of single/never married adults are more likely to consider purchasing a foreclosure versus 50% of married, divorced, or separated adults
• 57% of males are more likely to purchase a foreclosure in comparison to 51% of females
• 69% of younger adults (18-34) are likely to purchase a foreclosed in comparison to just 32% of adults 55 and older
• And on the emotional side, 20% of adults said that having a personal connection with someone who lost their home to foreclosure is a negative aspect of purchasing a foreclosed home

So here’s proof that not every homebuyer gets bright-eyed and bushy-tailed when it comes to buying a foreclosure.  However, in the Northern Virginia area, the lower priced foreclosure home gives many buyers the opportunity to enter the market.  And often in a subdivision that was previously not affordable at the height of the market, or even in a normal market.

With first-time buyers, the worry of hidden defects from a bank-owned home that has been sitting vacant through the different seasons is not too appealing.  Vacant homes often have odors that can indicate possible defects.  For example, the smell of pet odor could mean that there are some areas that need to be cleaned better than others.  Also, the ‘wet’ smell could send up a red flag for possible moisture damage that’s yet to be seen in addition, to mold.  Is there an active leak on the inside of the home, or is the home not properly sealed?

The dreaded "AS-IS" when noted in the listing remarks could also be enough for the browsing buyer to click the ‘Next’ button.  And what about those barely finished new subdivisions that have more foreclosures than seller-owned resales?  What type of signal does that send to the browsing buyer?  Should they be overly concerned with vandalism and break-ins?

Buyers have to consider quite a bit when looking at foreclosure homes.  In some instances, the possibilities and unknowns of foreclosures are enough to attract buyers to the seller-owned homes.  Sometimes, greater value is perceived when a buyer can see that a home shows pride of ownership and has been well taken care of.

In order to keep a sharp eye on the market, some agents conduct weekly tours called Broker Opens.  A Broker Open is an open house for agents and brokers (of course the public can attend!)  Here, we preview the area’s newest lisings.  What’s the advantage to Broker Opens?  Well, they benefit buyers, sellers, and agents:

• Broker Opens allow listing agents to solicit feedback from the other agents on pricing (sometimes before the home officially goes on the market)
• They allow buyer agents to speak more intelligently about what other homes are in the marketplace
• They allow agents to become familiar with the company’s inventory
• They allow sellers to hear comments from other agents who may have a buyer for their home

Here are some the homes that McEnearney Associates has available:

Wondering which homes were on tour this week?  Check out our inventory of homes:

 Search All Home Listed In The MLS:

Open This Sunday, Sept 14 from 1-4pm
5510 Jowett Court
Alexandria, VA 22315 - $559,500
Kingstowne

This elegant brick front end unit townhome offers many special touches for the pickiest buyer.  Improvements and features include:

• Sought-after North Village location, offering convenience to the Van Dorn metro station on the blue line, and five traffic lights to I-495 beltway
• Master bedroom with step-down sitting room, and step-up luxury bath
• Family room off-kitchen
• Hardwood floors
• Lower level rec room with gas fireplace
• Rear deck and patio

• Gourmet kitchen with marble counters

  Schools: Elementary - Bush Hill; Middle - Mark Twain; High - Thomas Edison

Does the recent news about the government takeover of Freddie Mac and Fannie Mae have you scratching your head?  Before the news was news, Lawrence Yun, chief economist of the National Association of Realtors wrote a brief article explaining the current housing situation and what could happen.  Talk about forecasting…

Why are the companies’ share prices falling? Investors fear they will collapse because of rising mortgage defaults driven by home price declines.
What are the default rates on loans held by the companies? For Fannie, 1.22% for single-family loans delinquent 90 days or more, up from .62%; for Freddie, .81%, up from .49%.  The figures are for April and were reported in The Wall Street Journal.
What happens if they collapse? Mortgage rates will rise much higher.
What happens if home prices fall much further than anticipated and the newly raised capital runs out or stock prices fall to zero? The federal government will take over the companies (without a doubt) and assume the mortgage debt default risk.

Yun hit the nail right on the head because the government is now in charge.  But what does it all mean? Here’s a snapshot:

Over the weekend, both Freddie Mac and Fannie Mae have been placed into a government conservatorship that will be run by the recently created Federal Housing Finance Agency.

·         This was a necessary move to prevent the collapse of Freddie Mac and Fannie Mae which would have been more damaging to both US and global financial markets.

·         It is expected that this move will bring stability to the housing market by increasing the available funds for lending, thereby lowering interest rates.  It is also expected to spur buyer activity which will begin the process of reversing the downward trend in property values.

·         Although there is no indication when the conservatorship will end, this move is viewed as a short-term take over intended to increase confidence and lower uncertainty in the housing market. 

·         This takeover has been strongly endorsed by Federal Reserve Chairman Ben Bernanke, "These necessary steps will help to strengthen the U.S. housing market and promote stability in our financial markets."

·         It is not clear how, if at all, this will affect Fannie Mae’s and Freddie Mac’s lending guidelines.  Their lending guidelines will continue to depend on how much risk they are willing to accept.

·         For now, this appears to be a good thing for the housing market but the full impact on the economy and the ripple effects this will have to taxpayers and Fannie Mae/Freddie Mac investors remains to be seen.

Open House Sunday, September 7th 1:00 - 4:00 p.m.
3419 Burgundy Road
Alexandria, VA 22303 - $759,000

When location and luxury are essential, make the time to put this home on your list.  This three level brick front home includes the following special features:

• Three (3) car garage
• Four bedrooms, three full bathrooms, one half bath
• Approximately 3400 square feet of finished living space
• Custom wood moldings throughout
• Rear deck with private yard backing to trees
• Hardwood floors
• Kitchen with double oven, upgraded cabinets
• Office/library
• Master bedroom with large walk-in closet
• Deluxe master bathroom with his and her vanity sinks
• Finshed recreation room