Long-term renter to buyer – now what?

This is the year; after years of being a long-time renter, the decision to purchase, a home has been made. Now what?  Where does one begin? How does one wade through the influx of information that seems to be thrown at every person the second they say “I am thinking of purchasing”

With the popularity of real estate shows on cable television; everyone has become an expert, on all things real estate. However, while watching television shows makes one well informed, it does not make them an expert. Opinions from others in regards to real estate information is fine, but do not underestimate the value of a professional. The information can become very overwhelming and make the process of purchasing feel more difficult than it is.

One must keep in mind that these shows are filmed in different states which all have different state laws when it comes to real estate purchasing.  Laws that are relevant (at the state level), in Nevada, may not be the same as Colorado. There also can be varying laws dependent upon if a property is located in a specific county. You may ask “how am I supposed to know the laws?”  The answer, you are not supposed to know all the laws relevant to real estate transactions. 

The first step in moving from renter to buyer is to find a licensed Realtor in the state you are purchasing in. Finding an agent is a very personal experience. Not all agents will be the right fit for you and your goals. Do not hesitate to ask questions and be sure that the agent will be looking out for your best interest. 

One needs to trust the experience of the agent as they will be negotiating one of the most important purchases for an individual or a family. Do not feel as if you have to work with the first agent that you speak with; however, once you are committed to an agent stick with them.  

An agent supports themselves and/or family through sales and do not get paid on a transaction until the deal is closed.   If one feels the client/agent relationship is not working, then be courteous and let the agent know. A good agent will understand and respect the honesty.  Once an agent is chosen talk to them about your “wish list”.  Decide what is the most important and what items can be compromised on.  

After both of these steps speak with a lender. Find out what you can afford before starting the house hunting process.  There is nothing worse than finding the perfect home – only to learn the home is above what is affordable. When Looking for a lender speak to several – each company will have different fees and closing costs can differ.  When applying for a loan, a buyer can apply with several lenders within thirty (30) days without it affecting an individual’s credit. It is a good idea to see what company can offer the best rates and closing costs, based on individual scenarios.

Now that a budget has been determined; work with the Realtor regarding the “must haves” list. What is most important and what is feasible to obtain in the given price range.  Have the top three most important items to have in a house and be flexible with the rest.

Keep in mind that no house will be perfect.  Look past bad paint choices, carpet, and outdated fixtures; as these are items that can be easily changed.  It can also help in negotiating a lower sales price.  Remember, location cannot be changed and will be a determining factor (in regards) to current purchase price and future resale value.  

Once a home has been found, offer submitted, accepted, and ratified it is time for the home inspection.  Do not pass on the home inspection as it is the buyers opportunity to see what maintenance will need to be done; along with if there are any major repairs that have been neglected/unknown. The home inspection period is ten (10) days from the day the contract is signed by both buyer/seller.  It is a time to negotiate repairs. If the negotiations are not amenable to the buyer; it provides a way to cancel the contract without any negative ramifications. As long as the cancellation is inside the ten (10) day inspection period.  

After the inspection period is over there is little to do until closing.  Ensure during this time period that very little changes with the financial pictures as any changes could impact financing.  Any changes in financing could affect a successful closing and ultimate recording of the property in the buyers name. If there are no changes, then the contract should proceed to closing/recording with no problems.  At closing all the paperwork is is signed to transfer the ownership of the home to the new buyer.  At the end of closing keys will be provided and the home is now the buyers.  

There are many little nuances during this process not listed in this synopsis, as every transaction is different.  If something is happening during the process that is not understood --- Ask.  As a buyer, one can never ask too many questions.

It is a Realtors job to take a client from house hunting, contract ratification to closing and recording; in addition to ensuring their clients best interest is represented.  Listen to the expertise of the Realtor. Laws involving real estate transactions area ever evolving.  Realtors are required to continually stay current in the changing laws relevant to their state; along with any federal changes.  An agent is paid, not only for their expertise on the local market, but for the knowledge in contract law, negotiations and the ability to close the transaction.  Their expertise is invaluable.  

Have fun searching for the perfect home and congratulations on becoming a homeowner! 

Housing Market 2017

Last year (2016) the real estate market did extremely well; home values, prices, and sales presented the strongest numbers seen since before the market went down a few years ago, it is now 2017.  We are days away from a major political change, within our government but what does that mean for the housing market?  Typically, a transition of power (during an election year) has very little effect on the housing market in and around DC; however, this year it could be different.

A majority of the time when there is an administration change the individuals involved are already in DC. There is a passing of batons as their roles change but the market does not change, as no one is moving into or out of the area. With the President Elect his staff and administration are not part of the political world, currently residing in DC. The administration will be moving from other areas into the DC area, which will most likely effect the housing market. At the same time, there may be increased home sales as long time political affiliates choose to move away from DC; as they are no longer involved in the daily political scene. 

People need a place to live no matter who they work for and it will either be through rentals or buying.  Either way the influx of buyers and sellers will be positive for the DC/MD/VA communities and the surrounding housing market.

In December, interest rates did rise approximately a ½ a percent but it was expected, as interest rates had been very low for a long time. The Federal Reserve might wait further into 2017 before they raise interest rates again to see how the “chips fall” (in regards to the economy) as the new President begins to lay out his policies.  An interest rate hike will affect the housing market more than anything as people will be able to afford less the higher the interest rates are.  

Economists expect home appreciation to continue. There may be a slight slowdown as the economy settles over the next 100 days but it will not abruptly stop.

Home prices will increase, if inventory remains low and if there is an increase of buyers. The price increase will be positive for Sellers; however, in combination with interest rate hikes could make purchasing difficult for the middle class.  Additionally, Rents have been increasing at a record pace, which will push those long-term renters into purchasing (as a mortgage is now cheaper than renting).  

The changes coming to the housing market this year look to be positive for both buyer and seller; however, it also means that one should buy sooner rather than later.  Interest Rates are going to increase and it will affect the buying power of many individuals.  Home prices are not at their peak but are still strong, which is good for sellers.  

No matter who is President or President-Elect the simple fact of change will have an effect on the economy but it will not impact the market immediately.  If you are on the fence regarding buying/selling contact your real estate agent. They can provide you with valuable information to help guide you towards the best decision for you.

Happy House Hunting!!

Exploring Old Town Alexandria

Now that you found your “little gem” by coming to the West End of Alexandria -- what do you do? Maybe you are moving from another state or from across town. Maybe you are just moving from one side of Alexandria to another but have never taken the time, to see all that Alexandria has to offer.  

As residents of a city we become caught up in the whirlwind that life tends to be. There is work, kids, and family.  We have a tendency, to forget that we live in an area steeped in history. That is until a friend or family member, visits from out of state and all of the sudden we have to find things to do.  Recently, I was faced with this situation and found that after living in Northern Virginia for over 20 years – I have really not seen much of what the area has to offer.

My Parents usually visit about once a year. My father is the type of person who will find anything and everything of interest and go see it. This has led to many great adventures (over the years) as those adventures have taken me to places, I would never have ventured to on my own. Granted, his ventures, do not usually take into account weather but they are always fun. He does not care about distance or difficulty it is all about the experience.

This year for Christmas, I was frantically searching for something different for them to do. I ended up buying tickets to Ford Theater to see a Christmas Carol;along with the museums associated with the theater. They absolutely loved the experience. It made me think about all the times, we see the typical and iconic sites of DC; however, we do not look into the lesser known attractions.  

Alexandria city is a historic and sophisticated city nestled along the western bank of the Potomac, South of DC.  The area known as Old Town was part of Virginia and then became part of DC – only to become a part of Virginia again in the middle of the 1800’s.  Alexandria was a very important port in the 18^th and 19^th century and its importance is reflected in the historic streets.

A stroll through the streets of Old Town is like a walk through our past.  From the historic Princess street with the original cobblestone to the historic residences that are all of 10 feet wide.  As one walks the streets you can almost see the hustle and bustle of history flowing past.  

With an adventure in mind; I found three places, rich with history, that are a must see, while strolling the streets of Old Town:

Lee-Fendall House 

This historic home is located at 614 Oronoco and was built in 1785. The home still occupies its original ½ acre lot and a majority of its original construction. The Lee family called the house home for over 100 years and for several years was used as a place to help Union Soldiers heal.  The original ½ acre lot was sold to Philip Fendall (husband to Elizabeth Lee) for 300 pounds. 

The Fendalls were friends of George and Martha Washington and often dined together at the home. The Lee-Fendall house was home to Robert E. Lees Aunt and a place he visited frequently. Robert E. Lee’s boyhood home was just across the street at 607 Oronoco Street  Robert E. Lee’s aunt lived at 614 Oronoco for years and the young Lee could often be found on the property of the Lee-Fendall house  

Currently the home is owned by the Virginia Trust for Historic Preservation and is run as a museum.

The house is open for public tours, special tours and rentals. 

Please visit Lee-Fendall House for more information.

Gadsby’s Tavern 

Gadsby’s Tavern is located at 138 North Royal Street in Old Town Alexandria. The Tavern was built around 1785 and then was added onto right before the 1800’s. The building originally consisted of tavern and a hotel. Famous historical individuals use to dine and sleep at the establishment along with residents and visitors of the city. 

John Gadsby’s tavern was the center of social and political live in the 18^th and 19^th Century.  Many dances, theatrical, musical performances and meetings occurred at this historic tavern.  Some of the more famous patrons included George Washington, John Adams, Thomas Jefferson, James Monroe and James Madison.  Today the tavern is still a working restaurant while the museum (old hotel) offers daily tours.    

For more information please visit Gadsby Tavern or Gadsby Muesum

Stabler-Leadbeater Apothecary Museum 

Located at 105-107 S. Fairfax Street and was built around 1777. In 1792 Edward Stabler leased the building and several years later purchased the building next door to incorporate both into his apothecary business. The business ran from 1792 until 1933 in the same location and became one of Alexandria’s oldest business which ran continuously. The apothecary serviced many residents of Alexandria to include Martha Washington and Robert E. Lee.  During the civil war Union soldiers flooded the shop to purchase a cough drop made of alcohol and paprika.  The drops sold for one penny each and the shop sold more than a thousand a day. 

 The business archives were purchased by a Baltimore business man in 1933 and the Landmarks Society of Alexandria purchased the buildings in 1934. The business archives and collections were donated to the Landmarks Society, the building restored to their 18^th century appearance – then opened as a museum in 1939.  In 2006 the Landmarks Society donated the museum and its important contents to the City of Alexandria. 

Tours are available daily.  

More information can be found at: Stabler-Leadbeater Apothecary Museum 

Take a day, tour Old Town Alexandria and see what you can find…. Why wait until the next visit from an old friend or family member to explore the historic town around us. 

West End Development - Our Little Gem

For many years when one drove up and down Van Dorn one only saw vacant warehouses and dilapidated buildings as you neared Edsall Road.  Pickett street had a mix of the same. The area felt very industrial with great access to many things; yet very little access at the same time.

There has been very little development and progress for the West End of Alexandria; even as one saw development on Eisenhower and Duke street (Cameron Station). Pickett has had a condo/townhouse development that has largely remained forgotten.  Trade Center Shopping Center has Home depot and some smaller companies; however, the area has really seen very little progress in years. Landmark/West End of Alexandria has really felt like a forgotten realm in Alexandria City.

The area felt very suppressed but at the same time, one could also see what it could become. There are many positives of the area with very few negatives.

Location of the West End could be considered “prime”.   It is near two metro stops, convenient access to 495, 95, 395, and Fairfax County Parkway, Pentagon City, Kingstowne, DC inner Harbor and DC itself. While, the location is convenient to those with cars, it lacks accessibility on foot.  It is not convenient to walk anywhere, there are no parks, or walking paths nearby.  Crossing Van Dorn and Duke Street is extremely difficult due to how busy the roads are. The metro is only one mile away but walking is not really an option. What it lacks in walk-ability – it does make up for in public transportation access. 

I have always found the West End to be a diamond in the rough due to its convenient location and knew it was a matter of time before my little gem would shine.  

Alexandria City also saw the potential and in 2009 adopted the Landmark/Van Dorn Corridor Plan which envisions the redevelopment of Landmark mall and the land to the south; which includes Van Dorn from the mall to Pickett Street and Pickett street from Van Dorn to Duke Street.  The plans have a walkable network of urban neighborhoods with a mix of commercial retail, office spaces, and residential.  A bridge over Duke street would connect the new Landmark Mall with the neighborhoods to the south.  There are also plans for improved accessibility to Van Dorn Metro.  The largest missing component of the West end is its walk-ability and the proposed plan resolves this issue. 

In 2016 progress was made in the development of Pickett Street as Trade Center Shopping Center has been receiving a major face-lift to the centers common area structure. Many of the older retail stores have left with newer stores coming in.  New luxury town-home/condos have been erected near the Mercedes dealership where the old bowling alley use to be. This development is mostly sold out with more units to be delivered throughout the year.

One of the biggest improvements to the area has been the completion of the mixed-use apartment and commercial retail complex on Van Dorn and Pickett.  The apartment complex features underground garage parking, media room, gym and large apartments.  The retail space features a dental office, Starbucks, Jimmy John’s, Smash-burger, and a new Porter brew-house and will be opening. The biggest downfall of the building is parking.  Depending on the time of day it can be very difficult to find a space. Once the brew-house opens the parking situation will be even worse.  The retail managers have been speaking with the apartment complex owners to work towards a resolution; however, at this time nothing has been agreed upon.  It is my favorite spot to grab a cup of coffee in spite of the parking situation.

The next phase of development is occurring at the corner of Pickett street, Edsall and Cameron Station Boulevard.  Cameron Park is going to feature another mixed-use building that will have apartments, four story town-homes, retail, public park, underground parking, and a pedestrian bridge with direct access to Van Dorn Metro.  Currently, the metro is .5 miles away on the other side of train tracks with no access. Cameron Park will also be home to a 116 suite Senior living facility owned by Brandywine Senior living.  Completion date for Cameron park is 2017.

Current and future residents will benefit from the development in increased home values, improved walk-ability to retail and metro, jobs, increased tax revenue, access to parks, restaurants, and entertainment.

The “diamond in the rough” that is the West End -- is set to be our little gem. 

Landmark Mall

Landmark Mall and the progress of development

Many of us who have lived in and around the Landmark area for many years, were excited to hear about the plans to redevelop Landmark mall; however, after years of delays, the question has now been -- will it ever occur?

The vision of landmark mall has been to transform the site into an urban village that combines restaurants, retail, green spaces, theater, and apartment spaces into a unique community. The plans for Landmark mall are part of Alexandria City’s Landmark/Van Dorn Corridor Plan, which has plans for the redevelopment of Pickett and Van Dorn Street.

 The plans for Pickett street and Van Dorn have been moving along nicely as a new apartment complex with retail spaces go up at the corner of Van Dorn and S Pickett Street. This new complex brought a Starbucks, Jimmy Johns, Smashburgers and a new Pub House that is to open soon. S. Pickett Street has new townhouse buildings being built that start in the low $600k’s.

With all the progress that has occurred with the development of Alexandria’s West End Landmark Mall’s development has had little progress and to many it seems to be completely stagnant.  What has the holdup been?

Landmark mall is owned by three entities; Sears, Macy’s and the Howard Hugh’s Corporation. The agreement between the three owners is that all parties must agree on any changes. Up until recently the three owners could not agree on the future plans for the mall. Progress was recently made that may find construction of the center part of the mall in the first part of 2017. This could be due to Macy’s recent announcement that they were closing 68 stores (the Landmark location being one of to close).

Millcreek Residential, a prominent builder of apartment complexes in the United States; is contracted to develop the 350-400 unit apartment complex at Landmark Mall.  A recent meeting in Falls Church a company representative indicated the complex at landmark will begin the first part of 2017.  It is disappointing that Landmark chose to build only apartments and not a mix between condos and apartments.  I was hoping the new development would bring some reasonably price new build condos to the market. 

The mall is long overdue for a face lift, as the last one occurred in 1990. The proposed plan for Landmark is very exciting and will bring many benefits to the West End of Alexandria.  Should the project finally come to fruition it would bring jobs, income, entertainment, recreational activities; in addition to increasing home values. 

As a long-term resident of the Landmark area I am anxiously anticipating the development. While there have been many delays over the last couple of years – it looks as if this time work is set to begin. 

The West End of Alexandria is a very diverse area to live and the current development occurring is a long time coming.  If the “Urban Village Vision” is a success it will be a giant leap forward in making the Landmark area a sought after place to live, work, and play… as they always say Location, Location, Location and Landmark is the location to be….. 

Design Trends that will might be less popular in 2017

Design Trends that might be less popular in 2017

In a previous post, I mentioned design trends that will be popular in 2017, but what does that mean for some of our favorite trends from 2016?  For me, some of the trends suspected to be on the way out are some of my favorites; while others I am thrilled to see marching out the door.  However, just because a trend is not as popular does not mean you can no longer use it in your renovations.  It does mean; if you love a trend (that may be on its way out), use it, but also use some incoming trends as well.  

Here are three trends that we may no longer see in 2017.......

Mid-Century Modern

For many years, this nostalgic design has been in the spotlight. The retro design has been used in furniture, art, the color palette and beyond. The over use of the design element could be contributed to the seemingly endless line of furniture companies creating knock-off pieces.  The relative ease in one being able to purchase a furniture piece from the "1960's" no longer made the original pieces unique.  Soon, it felt, as if every house had an element from this vintage era.  

Ultimately, original pieces from this vintage era will never go out of style: however, one will find, the elements of geometric shapes in designing homes and varying color palettes, begin to be less used over the next year. 

Personally, I love the elements of mid-century modern design, that make the era unique and in its own right.  The geometric lines, large windows, varying elevations, and open floor plans appeal to my personal deign style. Mid-Century modern design, is classic and will always be appreciated. It will now be about balance and not being overused in a space.  

Be Creative about how you incorporate elements of this classic era with some of the popular trends for 2017.

Shiplap

Shiplap was traditionally used to build sheds and barns and refers to horizontal wooden boards interlocked together. The use of shiplap with interior decorating was made popular by Johanna Gaines from HGTV’s Fixer Upper. The use of shiplap works well when redecorating a farmhouse or when going for a shabby chic and coastal design.  While shiplap does provide a unique texture to a space it can be difficult to remove. 

This is one design trend I will be happy to see go.  Once again it is a fun element made popular from a unique part of the country; however, it quickly became over used. The design trend began to overtake all homes -- even if it did not fit with the style.

White on White Kitchens

2016 saw a decline in the all-white kitchens but for 2017 they will almost be obsolete.  I am not sure how the all-white kitchen craze caught on but somehow it did. The all white had a very minimalist feeling but also meant you were constantly reaching for the cleaning products to keep the kitchen pristine. The trend was also very specific as it does not appeal to a vast majority of buyers. The all white kitchens were never one of my favorite trends.  I felt it limited sellers in who they could market the home to should they choose to resell. While the design worked well for their sense of style it could turn many buyers away when and if the home was on the market.  In some real estate markets, such as Los Angeles and New York this may not a problem; as more individuals are looking for the all-white kitchen. 

Throughout 2017 we will still see white used in kitchens; however, there will be more depth in color with cabinets, paint choices and flooring. Backslashes will be more interesting and overall the kitchens will start to have more pizzazz.

2017 will be a new year with new trends; it will be fun to see what items become "the next big thing" and what trends from past years fade into memory.