Spring Home Market is Here!
K Michele Hudnall
Changing Lives in Northern Virginia (NVA) through Real Estate? Start-up Tech Market Strategist Turned Realtor & Agent Investor? Your Life Changing Guide to Finding Home in NVA?
In this edition, we dive deep into the latest trends, news, and insights shaping the Northern Virginia real estate landscape. From mortgage rates to local market trends, growth, inventory, buying strategy and cutting through the "Hype News" - we've got you covered and we have fun too! What's your BBQ religion, best Pizza and who knows where the best Southern Fried Chicken joint is in town? I'm still searching!
Here's the Rundown:
??? Mortgage Rates - Rolling Ocean Waves - Factor in the Bene's too!
?? NVA Trends - Cutting Through the Hype!
?? Around Town Making News - East Coast Tech Town Growth!
??? Foodie Fun Time - BBQ, Pizza, & Fried Chicken Joints - Let the War Begin!
?? Latest Tips from @RealEstateOfNVA - Buying - Selling - Investing!
?? Partner Shout Out - The Team Matters! Meet Mine at Universal Title!
?? Knowledge is Liberty - @RealEstateOfNVA Shares All!
??? Finding Home - Get in the Drivers Seat with Coming Soons!
?? Turning Dreams into Reality with @RealEstateOfNVA - Let's Talk!
The winners of the homeownership dream are "playing the game" and winning. What happened to the Starter Home? She may make an appearance again in our inventory starved market as we adjust budgets and requirements.
Let's talk live about a strategy to build equity FAST with a little sweat equity or help from my friends with a buy and fix option. I'm going LIVE with another creative mind on LinkedIN Monday, Feb 26th at 6:30pm edt to discuss funding options and equity building. Join us live or watch later!
There are homes on the market, we need a little creativity to get to the Dream of Homeownership! Where there is a will, there is always a way ?? and I am here to lead you to success!
Thank you for being a valued member of the @RealEstateOfNVA community. Reach out anytime for expert guidance and support from my team on your real estate journey!
Enjoy until next week!
???Mortgage Rates, Trends and News!
Morgage News Daily Interest Rates - February 20th, 2024
??30 Year Fixed Mortgage Rate Trend Lines
Rate Rolling Waves: Interest rates will fluctuate continually. Attempting to "time" the lowest rate with the purchase of the perfect home is like being a fortune teller??. Most industry predictions have the rates remaining in mid 6% to low 7% range for 2024. Here is a piece of interesting information:
For every 1/2% change in interest rates the mortgage payment impact is a mere $32 / $100,000.
Rate Jump Hype News: Mortgage rates jump to new 2024 highs after another report shows higher Inflation. After spiking to the highest levels in over a month last Monday (2/12), rates have held eerily steady.
Can we just call this Hype News at it's best ?? We're only 6 weeks into 2024 and the jump was less than a 1/2 point.
Curious what you can borrow? What does a mortgage payment look like?
??Northern Virginia Market, Trends and News!
New Listings Spike: Here is the story with regards to the Northern Virginia home market, New Listings spiked in January as predicted. Let's contain the excitement and not turn this into Hype News, we are no where close to a spike that will take us out of a Sellers Market.
Pending Sales Spike: The second data point of interest is that Pending Sales spiked along with New Listings keeping Active Listings (Homes on the Market) FLAT. Closed Sales are down as this is the lagging market indicator, the Pending spike will be reflected in next month's closed sales.
Dreams to Reality: The point to note is that there are plenty of Home Buyers seeking the dream of homeownership in the market, scooping up homes as soon as they come to market. These folks see the long term benefits of homeownership and are not focused on the fluctuating interest rates, they are in the game to win! Remember, each 1/2% change in rate represents $32 / $100,000 in loan ?? just a consideration.
No NVA Bubble Poppin': The news around town below illustrates big tech growth into the NVA area continues, along with the continued data center growth. Additional growth is also fueled by Amazon (and others) continued expansion and their announcement to move back to the office. This means Seattle or ARL. The attractiveness of NVA continues to create high salary employment with population growth putting further demands on housing.
After Tax APR: Finally, we often fixate on one line item cost without factoring in the benefits. In this example of a $600,000 mortgage with a 7% interest rate, the tax benefit might be $12,800 leading to an APR After Tax of 5.137%.
Take a look at the whole picture when making a homeownership investment. Real Estate continues to be the best long term investment.
Click on the picture to link to the calculator.
Are you a data nerd like me? Check out the full Northern Virginia Market Analysis report!
?? Around Town Making News!
????Gambling on Dumfries: Looks like gaming has found a home in Prince William County and Fairfax County has put the decision on hold until next year. Churchill Downs, the company behind the upcoming The Rose gaming resort in Dumfries, on Friday announced millions of dollars in financial commitments to the town.
?TikTok Time: Social media giant TikTok appears to be eyeing space in Herndon. Fairfax County’s land use database shows that the video-sharing service has applied for a permit at 13641 Sunrise Valley Drive near the Innovation Center Metro station.
????CoStar ARL HQ Move: CoStar Group, the real-estate analytics company behind popular websites like Apartments.com and Homes.com, is moving its global headquarters to Arlington.
The provider of online real estate marketplaces, information and analytics for commercial and residential property markets will invest $20 million to relocate across the Potomac River from Washington, D.C.
The announcement came a few days after the Super Bowl, which featured four CoStar Group ads as the company ramps up to take on Zillow.
????Caps/Wizards River Crossing: A deal that would move the Washington Wizards and Capitals to a new arena in Alexandria continues to take heat with Monumental Sports and Entertainment jumping to address concerns from both D.C.’s mayor and Virginia Senate Democrats Monday.
??Historic Estate: Welcome to Butchers Run, an 1820s estate near Purcellville once owned by actor Robert Duvall. The 28-acre property features a Quaker-built manor house, eight-stall courtyard barn, stone carriage house and secluded log cabin with two ponds and a resident owl family. Take a look . . .
This is why Virginia is always home - history, city life and quiet peaceful mountain lands all seamlessly blended into a single tapestry!
?????Let's Focus is on Food!
I am definitely a Foodie and there are 3 things I'm super choosey about:
??BBQ: Afterall, this is just religion! Which region do you belong makes all the difference??
Myron Mixon has stepped into town with a new location in Dunn Loring challenging my all time favorite Monk's in Purcellville. I am loyal, but let's face it, Purcellville is a weekend adventure for us city folk. I will give Myron's Q a test and see if it lives up to the legend. Mission BBQ is also a great choice, but ..... you know there is a but there is something to be said for the others who use fire pits over that new fangled electicity thing! ??Stay Tuned ....
??Pizza: This is about the foundation of it - the crust. Fast and soggy is not an option. Take your time and create a perfectly, crispy crust that doesn't collapse when you pick up a slice ??
Aslin Brewery and their next door location, Izzi's, check 2 boxes for me - awesome breakfast/coffee and pizza perfection. If you want quality, Izzi's is it. If you want a 5 minute pizza, call for delivery. ?? There is a new place that has encroached on Aslin in Herndon, Wiseguy Pizza that looks promising enough to give it a try.
??Southern Fried Chicken: Crispy crust, seasoned to perfection with a juicy inside is pure heaven! ??
Finally, the fried bird. I would have said Liberty BBQ in Falls Church, but they have been rearranged and are now The Falls and the bucket of chicken is no longer on the menu?? however it looks promising for shrimp and grits!
I'm still on the hunt for good ole fashioned Southern Fried Chicken! I can recommend an Exxon gas station cafe in Dinwiddie, VA as a pleasant surprise on the way to the "Lake House" and a mandatory stop on each trip now. It's just off I-85, turn left and on the left you will smell it before you pull in! Mind blowing ?? good - mmmmm!
What are you go to BBQ, Pizza and Fried Chicken joints?
领英推荐
?? The Latest from the Desk of @RealEstateOfNVA!
2024 Buying Goals: Are you dreaming of turning the dream into reality this year? Here are a few things to consider on that path to reality. Homeownership is a major financial undertaking, but it’s also extremely rewarding. Setting a goal for the year is a great way to stay motivated and take action. Six steps to hit your goals in 2024.
Must Know Before Buying: It can be difficult to know what questions to ask when viewing a home, especially if you’re a first-time buyer. Even if the property looks great, there could be underlying issues that aren’t easy to see. 10 questions to ask prior to writing that offer.
Foxes in the Hen House: Inventory is low, new construction seems to be the easy way. As my father always said, "Nobody got anywhere taking a short-cut". Builders typically have sales agents on-site, having your?own agent?helps make sure you have proper representation. Remember the on-site agent works for the builder. How your agent helps with a new construction purchase.
Home Mods: Provide a practical and effective solution to aging in place. Adapting the layout of your home or installing extra safety features will allow you to maintain your independence without risking your safety. List of mods and funding options.
This week I want to highlight my partner, Universal Title. A smooth transaction is dependent upon the team that comes to the table to execute your transaction.
I came in touch with Oriana Victor and the Universal team during a transaction in the spring of 2022 when I represented the buyer of a home. I was in the market for a settlement company and chose to use the settlement company preferred by the seller of the home. We'll discuss not doing this in another post ??
I've worked with the team at Universal coming up on 2 years and I cannot say enough glowing remarks about my teammates. Why I became hooked? You always see the value of a team when things hit bumps in the road and I had a tricky first transaction with the Universal team. Their approach was the same as mine, we have a situation and here are the possible routes forward. Calm, cool and no alarm bells. ?? Thank you for not presenting (dumping) a problem that I have to solve.
The remaining qualities are:
Starting a career as a real estate professional is highly dependent upon the team you assemble, as in most professions. No one succeeds alone, only the team succeeds.
We live in evolving times and the current generation is comfortable making DIY/Online purchases and I grew up working for the start-ups that built/managed those apps and technology. I am a fan of technology and it can always enhance a process, however, it never takes the place of human problem solving. There is no replacement for the pro's that support you legally and financially in making smart decisions and solving challenges as they pop-up??
The right team turns dreams into reality!
?? As an added BONUS, check out ALL my guides to buying, selling and investing!
You will find my Buyers Guide, Sellers Guide, Renting vs Buying, Design Workbook, Staging, even How to Sell Your Home and so many more!
To quote James Madison: "Knowledge is Liberty" and @RealEstateOfNVA is your source of informantion to power your real estate decisions!
???Explore our Cities, Counties and Neighborhoods below!
You can browse Active, Coming Soon, Sold Listings, Open Houses and Price Adjustments, while also discovering demographics, schools, nearby attractions, food and shopping options!
These cities and counties represent what is widely known as Northern Virginia. The sprawl runs as far west as Fauquier and Loudoun counties and as far south as Spotsylvania. I include the areas of sprawl more specifically for my investor clients where affordability and cash flow are greater!
THE CITIES
THE COUNTIES
Burke | Centreville | Chantilly | Clifton | Fairfax | Fairfax Station | Falls Church | Great Falls | Herndon | McLean | Mosaic | Oakton | Reston | Springfield | Tysons Corner | Vienna | West Springfield
Aldie | Ashburn | Brambleton | Leesburg | Lowes Island | One Loudoun | Potomac Falls | Sterling
Bristow | Dumfries | Gainesville | Haymarket | Nokesville | Quantico | Triangle | Woodbridge
Bealton | Broad Run | Catlett | Goldvein | Linden | Marshall | Midland | Remington | Sumerduck | The Plains | Warrenton
??Turn Your Dream of Homeownership into Reality!
It's never too early to prepare to put your home on the market and make your next dream come true. Let's discuss your dream and set your plan into action. I'm here put my systems to work on gaining the highest value for your past to support your future!
Same is true if you are preparing to make the leap into home ownership! Let's discuss your dream and let me introduce you to my team of professionals who will support you every step of the way!
It is never a waste of time to discuss what is possible and how to get there - "You don't know what you don't know" Socrates.
As an GRID??Agent-Investor, I have the tools to support your real estate investment dreams whether they are to purchase a rental home (short or long term rentals), distressed homes to flip, land to develop, etc. Let's work together to find & assess great investment opportunities!
Please reach out for a free, no obligation Home Preparation & Value Analysis, Home Ownership Strategy or Investment Consultation anytime??
703.867.3436
Thank you for being a member of the community by subscribing/following @RealEstateOfNVA !
Reach out anytime.
[email protected] | 703.867.3436 | F-IG-LI-T-YT @realestateofnva
Skyrocketing demand in NVA reflects the timeless wisdom that opportunity lies where innovation gathers ?? Aristotle once hinted, progress in place mirrors progress in mind. #realestateinvesting #innovation