Word of the Week: Appreciation
Understanding What “Appreciation” Means in the Real Estate Industry
Appreciation is the increase in the worth or value of property. Investors generally buy property for two reasons – income production and appreciation potential.
The purchase of a home usually is the single greatest investment most people make in their lives. It’s important to look at one’s home as an investment, and understand what drives the value of the property in order to find opportunities that maximize wealth. Given the unpredictable nature of the real estate market, what should you know about home appreciation before you buy?
Location, Location, Location
As the population steadily increases, the demand for land grows as well. The supply of land on this planet is limited, and its price increases as the population does. Home buyers should focus more on how purchasing a property in a specific location will appreciate over time, versus the physical attributes of the home itself. This is a difficult task for buyers who are expecting to spend a significant amount of time in the home. However, almost all homes can be improved as time goes by and can provide a significant return on the investment – if they’re located in an area of high demand.
Current & Future Amenities
Local amenities are great, and definitely a key factor when choosing a property to purchase. But what about the future prospects for commercial and/or governmental development in the area? Future schools, hospitals, traffic patterns and other public infrastructure will have a big influence on land values, as well as current and future development of commercial amenities in a particular location.
Unfortunately, whether your home will appreciate over time is mostly out of your control. The residential real estate market has a natural ebb and flow between being a buyers’ markets and a sellers’ markets.
With so much information and advice out there, it’s hard to know for sure where your property fits into the mix. The JS Realty Team is a great resource when it comes to buying and selling residential real estate. If you’re curious about the appreciation of your current home, contact our Expert Realtors today! They proudly offer FREE Home Analysis and Consultations for Buyers, Sellers, and Investors.
1108 Janney St SW For Sale in Leesburg
Beautiful Single Family Home For Sale on Janney Street in Leesburg, Virginia
Off the 2nd hole of the Westpark Golf Club, 1108 Janney St SW has just been listed For Sale! This beautiful 3 level home features 4 bedrooms, 3 and a half bathrooms, multiple decks, and a sparkling pool.
Community Amenities
Conveniently located in Leesburg, Virginia, it’s just a short drive to parks, shopping, dining & entertainment. Downtown Leesburg hosts “1st Friday” events all year, and the popular Leesburg Corner Premium Outlets offer incredible shopping deals. Commuters will appreciate the proximity to Routes 7, 15 and the Dulles Greenway.
Home Features
A large covered front porch with a swing is the perfect place to sit and relax while meeting new neighbors. A spacious 2 car garage has cabinets for additional storage space. Gleaming hardwood floors can be found throughout the main and upper levels.Main Level
A spacious Living Room features dental crown molding.
The Dining Room boasts dental crown molding, chair railing, a beautiful chandelier and overlooks the backyard.
A gourmet Kitchen features stainless steel appliances, brand new granite countertops, a breakfast bar, tons of cabinets and under cabinet lighting. There is an ample sized pantry and space for a table in the Breakfast area.
The Family Room has a gas fireplace, chair railing, crown molding and access to one of two large decks.
The Office is perfect for those who work from home or need a quiet space. And the double doors can be closed for added privacy.
A bright and spacious Sun Room features tons of windows, access to both decks and overlooks the gorgeous backyard.
A Mudroom offers storage shelves, cabinets, a utility sink, a full size washer & dryer, and access to the garage.
Upper Level
Spacious Master Bedroom boasts large walk-in closet with additional closet and vanity area with a sink.
In the Master Bathroom an oversized granite vanity has tons of cabinet space. There is also a large tile walk-in shower.
Bedrooms 2 & 3 feature large closets and ceiling fans, while Bedroom 4 has a large closet. A 2nd Full Bath has tile floor, granite vanity and a shower/tub combo.
Lower Level and Backyard
The lower level features a large Recreation Room with plush carpet, built-in shelving, and access to the spacious patio.
A 3rd full bath has a pedestal sink, stand-up shower and linen closet.
Tons of additional storage is available under the stairs or in the unfinished basement area.
A fully fenced back yard offers a sparkling and recently updated pool.
There is also plenty of additional enclosed storage space under the Sun Room.
Call Realtor Sarah K. Taylor at 703-475-1003 to schedule a private showing of this beautiful home on Janney Street in Leesburg!
Word of the Week: Assumption
This Week We Define Assumption and How it Works
So what exactly is Assumption? It’s the act of transferring a loan from one borrower to another. So assuming a loan means taking over the seller’s mortgage and continuing to make the payments on it. An assumption generally requires the lender’s approval consistent with the agreement (assumption clause).
For example, some lenders may agree to transfer the seller’s old loan to the buyer, which could benefit the buyer where the existing mortgage has an interest rate below current interest rates. When a buyer assumes a mortgage, they assume personal liability for full payment of the debt. And if the loan is not paid and a foreclosure sale does not satisfy the debt, the new buyer who assumed the loan could be personally liable to pay the outstanding balance. Such payments are court-ordered through a deficiency judgment. In most cases, however, the lender will hold the seller and the buyer jointly and severally liable. That means that the lender may pursue either or both parties to repay the debt. In effect, the buyer becomes a co-guarantor with the original note maker.
In today’s market we don’t see a lot of loans assumed because rates are at historic lows. Loans tend to be assumed when rates rise dramatically and the current owners rates are more attractive than what is being currently offered. Another key point is that most loans can’t be assumed. Typically they are only available as an option on FHA and VA loans.
If you have additional questions on assumption, different types of loans, or Real Estate questions in general, feel free to contact us!
Word of the Week: Amoritzation
Defining Mortgage Amortization and Options
Simply put, amortization is a loan that is paid off with a fixed repayment schedule in regular installments over a period of time. Payments may be Fully or Partially Amortized.
Full Amortization
Full amortization is an organized method of repaying a loan by making regular, equal payments. With this method, the loan – or principal – and all of the interest on the loan, is reduced to zero by the loan’s maturity. Traditionally, the payments are made on a monthly basis. And while each payment remains the same, the amount of interest and principal paid each month fluctuates.
Partial Amortization
Partially amortized loans are a series of amortized payments followed by a “balloon payment” (or lump sum) at the loan’s maturity. The balloon payment is the entire remaining balance. A partially amortized mortgage provides much lower monthly repayments, however a massive final payment is due at the end of the contract. Under a partially amortized mortgage, the final payment is larger than any previous payment as it “balloons” on the last installment. This type of payment is often found in commercial lending arrangements. The lower monthly payments can be helpful while the commercial project grows and, the developer hopes, appreciates.
Full or Partial – Which is best for You?
Not sure which type of amortization is right for you? Contact our good friend and Lender, Keith Harris (NMLS ID #: 838973). Keith is committed to spending the necessary time to understanding his clients needs and will tailor a loan best suited for YOU. From mortgage rates to refinancing, Keith and his team at Intercoastal Mortgage can find the best solution for you and your family.
Ashburn Village Townhome Just Listed
Beautiful Ashburn Village Townhouse with Garage Just Listed For Sale
This spacious 3 level, 3 bedroom townhome in Ashburn Village is located at 20480 Cool Fern Square. It features 2 full bathrooms plus 1 half bathroom, along with a spacious 1 car garage and a driveway! Because of it’s close proximity to Routes 7 and 28, the Dulles Toll Road and Dulles International Airport this home is a commuters dream.
The highly sought after Ashburn Village Community offers many amenities to its residents, including: Community Centers, Pools, Lakes, Ponds, Tot Lots, Indoor & Outdoor Tennis Courts, Basketball Court, walking/jogging paths, along with access to the Ashburn Sports Pavilion.
Enjoy shopping and dining just a few minutes away at the Ashburn Village Shopping Center, the nearby Dulles Town Center, and the Leesburg Corner Outlet Mall.
Main Level
Step into the 2-story foyer, with tile floors, a designer light fixture and a coat closet. Head up the stairs to the main level where a Large Family Room features crown molding and a beautiful fireplace.
Enjoy entertaining with direct access to a large deck from the Family Room!
A spacious and bright Kitchen boasts ample cabinet and countertop space, and has a peek-through window overlooking the Family Room. There is even plenty of space for a table.A separate Dining area is located just off the kitchen.
A powder room with a single sink vanity is also found on the main level.
Upper Level
A bright Master Bedroom features a walk-in closet and an additional large closet for extra storage and a ceiling fan. A private balcony is easily accessible through the sliding glass door.In the Master Bathroom, find a beautiful single vanity sink and tiled shower/tub combination. A bright windows allows lots of natural light to fill the room.In addition to the Master, 2 additional bedrooms are located on the Upper Level. Also found on this level is a 2nd shared full bathroom featuring a single sink vanity with a tile shower/tub combination.
Lower Level
A Laundry Room offers a full size washer & dryer and the 1 car Garage has shelving & peg board walls for additional storage.
Don’t miss out on a chance to own this beautiful, move-in ready home in Ashburn Village! Contact Sarah K. Taylor at 703-475-1003 to schedule a private tour.
Word of the Week: Ad Valorem Process
The Ad Valorem Process and How Virginia Property Taxes are Assessed
We’re back with our Real Estate “Word of the Week“! This week we are going to explain what the Ad Valorem Process is.
Ad Valorem Process: The process by which many state and local governments assess real estate taxes for operating revenue. The term “Ad valorem” is Latin for “according to value.” Ad valorem taxes are based on the unique assessed value of the subject property.
There are three types of property: Land, Improvements to Land (immovable man made things), and Personal (movable man made things). Real estate, real property or realty are all terms for the combination of land and improvements. The taxing authority requires and/or performs an appraisal of the monetary value of the property, and tax is assessed in proportion to that value. Forms of property tax used vary between countries and jurisdictions.
Property Tax Assessment in Virginia
In Virginia, property taxes are calculated by multiplying a home’s assessed value by its total property tax rate. State law requires cities to reassess every two years and counties every four years. Since properties aren’t reassessed yearly, the assessed values typically diverge from market values over time. The state of Virginia conducts an annual sales ratio study to determine the ratio of assessed values to market values. While ratios are generally close to 100%, in some cases they are not.
This means that it is entirely possible to notice significant changes to assessed values. According to Virginia state law, total taxes across a tax district cannot increase by more than 1% because of a reassessment. However, taxes on an individual property can increase by any amount. Keep that in mind as reassessment approaches!
The Real Value of Your Home
So, what is my home really worth? The purpose of reassessment is to determine the fair market value of a property. This is the price the property would sell for on the open market. However, as we mentioned above, the assessed price can often diverge slightly. Couple that with the often misleading estimates on popular Real Estate websites, and it can make for a very confusing conversation if you’re looking to sell your home.
Our Real Estate Team does extensive research before presenting a pricing strategy to a client. Homes that have recently sold in the neighborhood and surrounding areas (referred to as “comps” or “comparables”), the tax assessment, as well as current market trends all factor into our price conculsion.
Our Expert Realtors offer a FREE, no obligation consultation and Home Analysis. If you’re thinking of placing your home for sale, we would love help you reach your Real Estate goals. Simply contact us below and one of our Agents will be in touch.
Impeccable One Loudoun Townhome For Sale
Impeccable 3 Level Townhome in One Loudoun Just Listed For Sale
This impeccable 4 bedroom, 3.5 bathroom home is conveniently located at 44744 Maynard Square in the popular One Loudoun – Loudoun’s new downtown!
Community amenities include:
-Community Recreation center with resort-style pool & fitness center
-Playground, tennis & basketball courts
-Sports Plex (outdoor fields)
-Amphitheater
-Miles of paved, pedestrian pathways
-Gourmet Grocer, Specialty Retail & 4-Star Hotel
-Restaurants, bistros, bars & entertainment
-Central Park Plaza with outdoor seating, fountain & interactive entertainment
Home amenities include:
-Large windows that let in lots of natural light
-Spacious, 2 car garage with driveway
-Surround Sound system wired throughout the entire home
-Close to Routes 7 & 28 & the Dulles Toll Road
-Close to Dulles International Airport
Main Level
Gleaming hardwood floors can be found throughout the open main level. The bright Living Room features Palladian windows.
A separate, formal Dining Room space features recessed lighting.
The spacious Kitchen boasts an oversized center island with a breakfast bar, stainless steel appliances, a large pantry, & gorgeous Bianco Carrara Italian Marble countertops.
A cozy Family Room offers transom windows & French doors that offer deck access.
The beautiful trex deck is perfect for relaxing outdoors.
A powder room with hardwood floors and a pedestal sink is also located on the mail level.
Upper Level
Beautiful and spacious Master Bedroom boasts a cathedral ceiling, crown molding, 2 walk-in closets, a remote controlled ceiling fan & plush carpets.
The large Master Bathroom offers a double vanity sink, tile floors, water closet & separate shower with custom tile & built-in seating!
Bedrooms 2 & 3 feature large closets and windows. The shared bathroom has a granite vanity and a shower/tub combination. A separate Laundry Room is also conveniently located on this level with built-in cabinets and shelving.
Lower Level
The 4th Bedroom or Office space on the Lower Level features plush carpet and easy access to a full bathroom featuring a granite vanity. An ample storage room with an extra refrigerator is also on this level.
NOW is great time to tour this impeccable townhome in One Loudoun! Don’t miss a chance to purchase this beautiful home.
Contact Sarah K. Taylor at 703-475-1003 or email her here to schedule a showing.
Ocean Front Living in Panama
Ocean Front Property For Sale in Veraguas Province, Panama
Bienvenidos a Panama! Bordering both the Caribbean Sea & the Pacific Ocean and cited by International Living Magazine as one of the “World’s Best Places to Retire“, Panama is roughly the size of South Carolina. Among many of its wonderful qualities, the currency is the U.S. dollar and there are many English speakers, especially among the well-trained medical community. Tocumen International Airport also makes it easy to fly from Panama to nearly anywhere in the world… often with no layovers. And moving to Panama (even part-time) is easier than ever, thanks to 2 new residence options. They pretty much have a visa for everyone!
Along the western coast of the Azuero Peninsula sits the gorgeous Panevia properties, in the Veraguas Province.
The Western Azuero Peninsula is known for its cattle ranching, farming, boating, fishing, sunsets, and beaches. A stunning home and several titled lots (a feature very unique to Real Estate in Panama) are For Sale, and offer 270-degree panoramic views of the Pacific Ocean.
Avid Surfers come from all over the globe to ride the waves at nearby Playa Morrillo. The area also enjoys some of the best weather in Panama, and is in a region known as the “Arco Seco” (dry arc).
Key Features of the Panevia community include:
-Private Airstrip
-Large Titled Lots Ready for Building
-World Class Fishing
-Great Beaches & Surfing
-Direct Oceanfront Access
-Scuba Diving & Snorkeling
-Stunning Views
details
Several titled lots of varying sizes are available for purchase in this amazing Panamanian province. Build your dream home overlooking the Pacific Ocean and have direct beach access. Or purchase this gorgeous, custom built 3 bedroom, 3 bath home with million-dollar views!
The lots offer some of the most beautiful vistas and beaches in all of Central America. They are also located just minutes from a private airstrip, which is available for residents to use.
This is an amazing opportunity to invest in Panama’s beachfront property. Build a vacation, retirement, or weekend getaway and treasure your very own piece of paradise.
contact
This is a fantastic time to invest in Real Estate in Panama – and your future. What better place to do that than a tropical paradise? For more information on how to invest, contact Expert Realtor Sarah K. Taylor at 703-475-1003 or send her an email.
Immaculate Manassas Home For Sale!
Immaculate 5BR, 3.5BA Manassas Home For Sale!
This immaculate home is conveniently located at 7010 Bruin Court in Manassas, VA. Due to windows galore, this home is filled with tons of natural light. Spacious 2 car garage with driveway. Gorgeous home sits on 1.8 acres with a wrap around porch & new deck to enjoy the peaceful views. Home located just outside downtown Manassas for added privacy.
Close to major roads: Routes 28, I-66, I-95, Fairfax County Parkway & the VRE. Short drive to parks, shopping, dining & entertainment including: downtown Manassas & Clifton. 30 miles from the highly popular National Harbor.
Main Level
Gleaming hardwood floors throughout main level. Spacious Kitchen boasts cabinet, granite countertop space galore & a large Breakfast Room.
Separate, formal Dining Room features crown molding, shadow boxes, chandelier & hardwood floors.
Bright Living Room has crown molding, shadow boxes & a bay window overlooking the backyard.
Cozy Family Room offers a brick surround fireplace, custom built-in shelving & access to the deck.
Separate Office has crown molding, built-in shelving & glass panel doors for additional privacy. Huge Mudroom has tile floor, washer & dryer & plenty of storage with both cabinets & shelving.
Powder Room with hardwood floors & an oversized single vanity.
Upper Level
Large Master Bedroom boasts huge sitting room, 3 large closets, skylights, chair rail & plush carpets.
Spacious Master Bathroom offers double vanity sink, tile floors, Jacuzzi tub & separate shower.
Bedrooms 2, 3 & 4 feature large closets & windows. Bathroom for the additional Bedrooms to share has 2 single sink vanities & shower/tub combo.
Lower Level
Recreation Room with access to the backyard & to the huge workshop/storage area. Spacious Bedroom with a closet. Climate controlled Wine Cellar offers slate floors, designer door and can hold up to 680 bottles. Full Bath with walk-in shower.
Check out our video slideshow for additional details and photos!