Don't Procrastinate Real Estate Decisions

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

I'd like to comment today on something I hear all the time. When sellers are confronted with the value of their home, they often say, "Oh, I'll just wait 6 months or a year to get a better price..."

I always hear this and it makes me wonder: how much do these people think the market will increase in the next 6 months, let alone in the next 2 years?

If you want to be a landlord, you should just make the decision to be a landlord. Don't wait, because a year down the line you will probably be asking yourself why you didn't make this decision sooner.

But also remember to breathe before deciding about this. Take a look and see if this move would benefit you five years down the road. Don't make a brash decision and hurt yourself. Study the market and figure out what to expect.

If you're unsure about a decision like this one, then please do not hesitate to contact me. I am your resource for real estate. The best way to reach me is by dialing (301) 660-6272.

Easily Avoid these Home-Selling Pitfalls

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

Today I am going to discuss three reasons why homes don't sell. There are many different reasons why this can happen, but I want to highlight some of the most common reasons why this happens and how you can avoid these pitfalls.

1. Is price related to the location and condition of the property? Location is an intangible factor in a home, and the condition of the home is subject to change. This requires a balancing act to gauge a correct price for your home. It needs to be an attractive value for consumers, but also one that they're willing to negotiate with. You want to avoid going too high with pricing, because then you will price yourself right out of the market.
2. Communication: The market is talking to you, and you have to listen. For example, if you've been on the market for 7-10 days with only 7-10 visitors and no contracts, you're probably priced 3-5% too high. If it's been 10-20 days with less than 10 visitors and no contracts, you're probably pricing 7-10% too high. You have to pay attention to how the market is responding to your home and capitalize off of this information.
3. Poor Marketing: Here is a surprising statistic: 40% of homes on the MLS do not sell. You cannot rely on one website to market your home. Your realtor should have a complex marketing strategy in place to get your home seen by the largest amount of qualified buyers as possible. If people don't see your home, they surely won't be trying to buy it. Make sure your property is advertised in every nook and cranny imaginable.

Hopefully this information has been helpful to you. If you'd like to discuss this issue in more depth I would be glad to talk to you. The best way to contact me is by calling (301) 660-6272.

Be Careful When Renting a Property

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

A lot of my clients always come to me and ask whether they should buy a property and then rent it out to tenants. While it may seem like a very simple thing to do and an easy investment, you really need to know what you're getting yourself into when you do this.

A common story I hear from a renter is that their monthly mortgage is $1,900 dollars, but they receive $2,000 in rent every month. They tell me that they're making $100 dollars a month and that this is a good investment, or that they would just be happy to break even.

However, this is not the whole story. No matter how good a property manager you are, you will experience vacancies, and at the end of a renting period you will also need to spruce up the property a bit. Also, as an owner, you will have to pay for a special kind of homeowner's insurance. All of these hidden fees and costs can jump out and bite you if you are unaware of the extra costs associated with renting a property.

In all likelihood, you need to sit down with your tax consultant and see if renting is really the right way to go. If you're ill-prepared to rent a property, you are probably making a costly mistake.

Please don't hesitate to contact me because I would be glad to discuss these things with you or recommend you to someone who could help you in a situation like this. My phone number is (301) 660-6272.

How to Simplify a Complex Transaction

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

I have been noticing a lot of first-time buyers coming into the market, and when this happens it allows homeowners to move into newer, better homes. These move-up owners are then asking themselves: Should we buy a new home or sell our own property first?

Well, if you sell first:

If you sell your home before buying another, you will end up in a time crunch to buy another home and may end up settling for a property that you do not want. You might also end up stuffing all of your possessions into a hotel room or storage unit, which is not an ideal scenario.

If you buy first:

On the other hand, you will have to scramble to sell your old house, and may end up settling for less. This is especially worrisome when you need to put down a healthy down payment for your next home. Also, owning two homes at once can be a logistical and a financial nightmare.

However, here are a few ways to minimize the stress involved in this process:

1. Know the market before you take action: Do the necessary research before you buy and/or sell. You need to have a good idea of what kind of market you're going to be participating in as a way to gauge what your possibilities may be in buying a new home and selling your current one.
2. Know your competition: In order to buy low and sell high, you need a realistic look at what your competition is selling for. Knowing the market well is key to the success of this process, so don't slack off with your research, it will play a key role in strategizing a complex transaction such as one like this.
3. Focus on the local market: You need to know if the market caters towards sellers, if it is neutral, or if it is a buyer's market. If you know this, then you can protect yourself when you sell or when you buy. It would also be a good idea to know the average days on market in order to accurately gauge what kind of market you'll be working with.

If you have any further questions about this process, feel free to reach out to me. Also, if you need any assistance buying or selling in Arlington, give me a call at (301) 660-6272.

Homeowners: Are You Tired of Your Outdated or Small Kitchen?

There are many great Reston area homes for sale. Click here to perform full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

Here are the top ten best renovated kitchens from HGTV’s House Hunters: Renovation:

10.    Sometimes all an outdated kitchen needs is a little paint and a lot of creativity! These homeowners updated their kitchen with two tones of grey and a yellow wall to brighten things up!

9.    This house may have had renovation written all over it, but the kitchen was next to perfect! After a few minor changes, the kitchen was perfect!

8.    This kitchen featured tile countertops which led the owners to scrap the countertops and the walls! They then added custom cabinets and countertops and threw a party to commemorate them.

7.    1 ugly kitchen + 2 homeowners ready for a change – 1 one wall = 1 cool kitchen!

6.    This kitchen wasn’t a nightmare, but the owner couldn’t live with its outdated styling. After some renovation magic, they created an open, airy and awesome kitchen!

5.    When a kitchen feels cramped and outdated, there is only one solution: demolition! Six weeks 

later, the kitchen is styling!

4.    A completely wallpapered kitchen (even the went hood featured wallpaper) was not what these homeowners had in mind! However, a vision and $500,000 made for a much improved kitchen!

3.    This snow white kitchen wasn’t winning any style points with the homeowners, but mix in some greys, browns and stainless steel and you get a perfect 10!

2.    Get these tile counters out of our sight! Add some stainless steel appliances and much needed light and the kitchen instantly feels brighter and newer!

1.    The best renovation is... This specious galley kitchen was in the middle of a larger room and was just plain weird. Good thing the owner is also a contractor! They blew the whole thing open and created a blend of modern and beach styles, which is perfect for parties!

These were the top ten renovated kitchens from House Hunters: Renovation. If you would like so more information on home renovations, don’t hesitate to reach out to me. Thanks and have a great day!

Explaining a 1031 Investment Exchange & How it Bolsters Your Assets

There are many great Reston area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

If you are selling an investment property, then you will definitely want to look into a 1031 Exchange. This exchange is called a "1031" Exchange because it comes from section 1031 of the Internal Revenue Code. The greatest advantage to a 1031 Exchange is that you can use the government's money to grow your holdings and save money on taxes.

Using this exchange, an investor can sell a property and purchase another property (or properties) as long as they are equal in value to the property being sold. The IRS code actually reads: "No gain or loss shall be recognized on the exchange of property held for productive use in a trade or business or for investment, if such property is exchanged solely for property of like kind, which is to be held either for productive use in a trade or business or for investment."

To elect for a 1031 Exchange a property owner must identify the property for exchange before closing. Once an exchanger sells a property, they have 45 days to identify a property of equal or lesser value. Once an adequate property is identified, an exchanger then has 180 days to close the property.

A qualified intermediary must be used in the transaction to hold all profits from the sale, which will then be distributed after the closing of the property.

If you need more information about this subject, this is a highly informative article: http://homebuying.about.com/od/1031exchanges/qt/31709_Exchanges.htm

If you need any assistance with a 1031 Exchange, or need any real estate assistance in the Arlington or Washington D.C. areas, then please contact me at (301) 660-6272 or visit www.Help2OwnAHome.com

Handling an inherited property when you're the executor of the estate

There are many great Reston area homes for sale. Click here toperform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at (703) 564-4026 or (301) 660-6272 for a FREE home buying or selling consultation to answer any of your real estate questions.

As real estate agents that deal with estate planning and related concerns on a regular basis, we are often asked specific questions regarding the handling of property transfer. A common question we receive deals with the way to handle a property that is inherited by the executor of the estate. Many people want to know if it is better to sell the property while it is still in Probate.

The short answer is this: it depends.

Since every real estate transaction and every situation is different, there really is no right answer. However, there is one factor to keep in mind. In our many years of experience in dealing with these types of situations we have learned that there is a certain level of protection that you will get from the court. The courts do understand that you are the assistant to the estate. That is why they do not want to put any further liability on top of you. 

There is another aspect to the Probate court factor that also adds protection; by allowing a court to oversee a sale much of the family dynamic and guesswork that can ensue is eliminated. As soon as the property has gone through probate all the other beneficiaries become parties and each of them have a say in the property.

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Only estate attorneys or real estate agents that specialize in estate sales should handle dealing with these and other issues regarding estates. For all your questions regarding probate, we invite you to contact us today.

Call: (703) 564-4026 or (301) 660-6272

Visit: www.Help2OwnaHome.com