It is always a great idea to check in and understand how our real estate market is doing. So today we are taking a look at our local market – specifically 20148. This includes all of the Brambleton market and some other great surrounding neighborhoods.
For the full report, click here: Market Statistics-20148-Q12015
In the first quarter of 2015, things are looking pretty positive all the way around. Our most impressive number is the sold volume dollars, which is up by + 34.7%. The number of units sold is up by +34.26%. This tells us quickly that there was a larger selection of homes for Buyers to choose from, and they did in fact choose to buy – which pushed these percentages up. Interestingly enough, this did push days on the market up just a bit, as it rose 13.79%. Days on the market increasing gives a slight lean towards a Buyers’ market, which is reflected somewhat in the average sold price per unit, which is down slightly -0.80%.
The key fact here is the the market is moving! Sellers are listing and Buyers are buying. Interest rates remain at a historically low rate, keeping our market healthy. The “buzz” in the lending world is that we should expect to see interest rates rise slightly, potentially headed towards 5% within the next 12 months. Keep this in mind while planning your next move, whether it is buying or selling, as both markets will feel the effects of higher interest rates.
Brambleton is located in the 20148 market and it remains a hot neighborhood not only locally but as a nationally recognized, award winning community!
Fun Facts about the Brambleton market:
-Average adult age is 42
-Average household income is $139,971
-There are +2.32% more females (in the local population)
The JS Realty Team are your local Brambleton experts! We offer 4.5% Full Service Listing fees and cash back to our Buyers! If you are looking to Buy or Sell, contact us today for a free analysis of what we can do for you.
The JS Realty Team – not only serving Brambleton, serving all of Northern Virginia.
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interest rates from the low 3% to over 4.5%.
No one can tell for sure what rates will do, but everything I hear and read indicates that interest rates will rise gradually through 2015. We may see rates approaching 4.5% or even higher by the end of the year.
believe that rates will gradually increase. It is also reasonable to assume that rates may rise to the 5% mark by the end of 2015 or the first half of 2016.
Home Inspection – this is the time we ensure all home inspection items have been resolved satisfactorily.
While we are performing the walk-through, your JS Realty Agent will be checking off all items on the home inspection list that the Seller agreed to remedy. One by one we make sure those issues are taken care of, and when applicable, have a written and paid receipt from the contractor that performed the work.
If there are unresolved issues stemming from the walk-through, your JS Realty Agent will contact the listing Agent and work to resolve the issues. Once we are satisfied that the home is in the proper condition, we will have you sign off on the walk-through.
You make an offer on your dream home and within your offer there are several areas that you fill in that reference the word “contingency” – what does this mean, and why is it important?
you are allowed to void the contract and receive your 
From the Seller’s prospective all of the contingencies are a risk, and if you make the contingencies too long or to aggressive, you risk turning the Seller off in regards to your offer. Most Sellers are looking for short timelines and to secure the strongest offer they can get. So the bottom line is, keep your contingencies to a reasonable and attainable limit, protect yourself, but also help instill confidence and security within your offer to the Seller.
BUYER TIP
Interest rates and mortgage bond prices are inversely related. If mortgage bond prices go up, interest rates go down.
Federal Reserve System:
In summary, there are many factors that influence mortgage interest rates. All of these factors are outside of our personal control. When it comes time that you need a loan to purchase or refinance a home, you will be faced with making a decision to lock in your interest rate or let the rate “float” in hopes that the market improves and you can get a lower rate. Here is my advice in regards to that decision: It is much better to be locked in with rates falling than floating with rates rising.
So what does that mean in plain English? If you are purchasing a home, ratification of the contract begins the moment the contract has been delivered to all parties with ALL of the terms agreed to in writing. This is the moment when you all are committed to each other and the terms of which you have agreed to work under. This is the moment when the timelines that you set in the contract begin (unless otherwise stated that they begin based on other terms). So your Realtor is congratulating you on the fact that all parties have reached an agreement and will be moving forward.
point of being ratified, so getting your contract ratified means they are committing to your terms and no one else’s. Also, as the Purchaser, you will want to know when the home inspection deadlines, appraisal deadlines, financing contingencies and other contingencies actually start. You will want to ensure that you meet the terms of your agreement and stay within the timelines to protect certain rights of yours within the contract.
So, the next time your Realtor congratulates you on officially being “ratified”, you will know that this is in fact a great moment and worth a little celebration!
life. Children can grow up with their same friends, continuing on through school with people they are comfortable with. It helps your family grow roots, so to speak, and feel as though they are part of a community, when you have the familiarity of living in the same home, neighborhood, and town. Children’s (and adult’s!) hobbies and sports also benefit from having the same core group of neighbors, teachers, and coaches continuously supporting them when you own your home in your community.
substantially reduces your taxes owed. As a homeowner with a 30 year mortgage, most of your payment is interest on the loan. Homes generally rise in value; this is how you build equity in your home. As you slowly pay down the loan your home’s value is rising. Making improvements to your home also adds value. Another great benefit is that you get to choose the improvements instead of living with someone else’s choices. Rents in our area are continually on the rise. Provided you have a fixed rate loan, owning your home means your mortgage payment remains the same throughout the length of the loan. And with rates as low as they are today, most people are choosing a fixed rate on a 30 year loan.
control to decide if and when you move. Most rental properties are not available to rent for more than 2 years, so this means every few years you have to start the whole process of finding a home to rent and moving all over again. Stability and being in charge of your own destiny is a very powerful and liberating feeling.
Now, there are instances when buying might not be right for you. If you are not going to be in the area for more than 2 years, you probably would be better off renting. If you are saving to buy a home then maybe sacrificing and living in a small home you rent would help you save the money you need for your down payment.
remember sitting in my Real Estate class, thinking “I am learning a whole new language!” It was a bit overwhelming, even though I had the desire to understand each and every word, along with its definition. Not everyone understands Real Estate terms, especially if this is your first time working with a Realtor. Over the next couple of months, the JS Realty Team will work towards enlightening you and helping you learn our “Real Estate Language.”
An Earnest Money Deposit is an important part of the home buying process. It is an amount of money that you will deposit (in escrow) that tells the Seller you are committed to the purchase of the home. It’s important to know that this earnest money deposit is not an extra cost of buying a home. It will be credited towards the down payment at closing, and in case it exceeds your mortgage down payment, and settlement cost, you will receive the balance at closing.
whether or not there are multiple offers on the property. If you feel that you are not in competition, you can expect to pay around 1-2% of the sales price in most markets. For example: a $300,000.00 sales price x 1% = $3,000.00 EMD. If you are in competition with other offers, you may want to offer more, as this will tell the Seller you are more serious about their home and could help you win the offer. This is where a good Realtor can really help you structure the correct offer with the right amount of EMD.
In most cases you will write the check to your Realtors, Real Estate Brokerage Company or the company that will be assisting you in the settlement (Title Company). Never write the check to the Seller or the Realtor directly. The money is usually due very shortly after the contract is fully accepted by all parties (ratified) and will be placed in an escrow account. Shortly before you go to settlement, it will be released so it can be applied towards your settlement cost and down payment on the day you purchase the home. In the event the amount you put down exceeds the amount needed for these cost, you will get a check refunding you the balance. As you can see, this is your money, and it is treated as such. It is only applied to your cost.
home and really want to buy it.” In most cases the money remains yours and is applied to your cost in regards to the purchase. It can also be a great way to leverage your offer in the event you find yourself in competition with another Buyer. A great Realtor can guide you in the offer process and help you structure a deal that is more than just about a sales price.