Woodbridge, VA Real Estate News

By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
VA zero down home loans typically have rates 1/2% lower than conventional loans. Maybe that doesn't much to you, but if you live in a $500,000 house, and plan to live in your house for five years, you would save almost $8,000 on your home loan. A conventional loan at $500,000 with a 3% rate gives you a payment of $2,108.02 per month, while a VA loan at 2.5% gives you a payment of $1,975.60. The difference is $132.42 per month; $1,589.04. over the course of a year; or $7,945.20 over five years. That's a significant savings.  There is an urban legend that says you can use your VA loan only once, so save it for your retirement home. That is false. You can use your VA loan over, and over again. You can even have two different houses with your VA loan, depending upon the real estate market w...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
Let's see what industry leaders in mortgage and realty are saying about the second half of 2021, and the first half of 2022:realtor.com“. . . homes continue to sell quickly in what’s normally the fastest-moving time of the year. This is in contrast with 2020 when homes sold slower in the spring and fastest in September and October. While we expect fall to be competitive, this year’s seasonal pattern is likely to be more normal, with homes selling fastest from roughly now until mid-summer.”National Association of Realtors (NAR)“Sellers who have been hesitant to list homes as part of their personal health safety precautions may be more encouraged to list and show their homes with a population mostly vaccinated by the mid-year.”Danielle Hale, Chief Economist at realtor.com“Surveys showed t...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
The following is an important message from a real estate agent I respect because she sells more homes than any other agent with whom I work. Are you married, and separating or divorcing? Will you be selling your jointly owned property? There are some REQUIREMENTS to attend to when selling jointly owned property. First and foremost, see an attorney and create a separation agreement. Don't skip or delay. Know who gets what possessions, and how the finances will be handled. "Oh but Peggy, we are still friends, and our separation is amicable, so we don't need a separation agreement." Ha! You say that now, but I've seen too many amicable settlements get ugly at the closing table when the parties get serious about who gets what from their possession, and who gets how much of funds. The time t...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
I was looking over the news headlines online when I found a story about multiple applications with bids going as high as $5,000 over list price. Rental listings in the Multiple Listing Service (MLS) are including screening comments such as, "Credit score must be 740 or higher," and "Applicants must have income 5X the monthly rent," which means that to get a modest $3,500 per month rental house, the tenant must have montly gross income of $17,500, adding up to $210,000 per year, and $3,500 per month rent doesn't get a palace, more like a cottage. Moreover, some landlords are requiring the first and last month's payment, and a security payment of 2X monthly rent. A $3,500 mortgage payment would get you a lovely, spacious, new or newly renovated priced at $621,340, with monthly escrows of ...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
What is an Escalation Clause and how can it help you negotiate a winning offer when multiple offers will be in contention. An Escalation Clause is an addendum that is added to an offer to purchase a house. It says that you will beat any other offer by $1,000, $2,000 or $5,000 (any amount you choose), up to and not to exceed your top bid for the house. For example, a house is listed for $775,000, and you offer $780,000 with an Escalation Clause that you will beat any other offer by $1,000, up to and not to exceed $805,000.  Two other offers are on the table, and we don't know what they are offering for the house. You find out later that the first buyer offered $795,000, and the second bidder  offered $800,000.  This is where your Escalation Clause would come into play, increasing your of...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
This is the tale of two Bobs, and their pathway to wealth. Bob A and Bob B were in the market for a $600,000 house. Bob A's goal was to save enough money for a 20% down payment to avoid Private Mortgage Insurance (PMI) and get a low interest rate on his loan. 20% of $600,000 is $120,000. Bob and his wife, Betty set an automatic transfer of $2,000 per month from their checking account to their savings account to accumulate funds for their down payment. It would take 5 years to accumulate 20% of a $600,000 house. That's five years until Bob A would permit himself to buy a house. Bob B wanted to get a house as soon as possible, so he tapped his savings account for a 3.5% down FHA loan in the amount of $21,000 and $12,000 for closing costs that Bob B and his wife Ashley could borrow from Bo...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
Moving to the Washington DC area? What's happening in the real estate market. I'll get to the point now: it's a seller's market in the Washington DC (DC) area. That means there are more buyers ready to buy than sellers ready to sell. You will have fewer houses from which to choose, and that frequently leads to bidding wars, with buyers offering $10,000, $20,000, even $50,000 above the list price to be the highest bidder. A lot of home shoppers are turning to new homes, because new home builders have inventory to sell. That's the good news; the not so good news is that builders have a backlog of homes waiting to be built. Most of the builders are telling customers that their house will begin construction in October for contracts written now, in May, 2021, and finish the end of December, ...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
Working from home is fueling the current real estate market. There are other factors that are driving the volume of home sales, but we will stick with working from home in this post. The COVID-19 pandemic has millions of office workers working from home. Some companies have already announced that they will divest themselves from the expense of office space, and continue with work from home as the new normal. School closures have sent millions of children home for remote learning through online classes, and parents supplementing teachers to keep the children's education on track.  Houses were plenty spacious before the pandemic, but with mom and dad taking over portions of the house for office space, and kids requiring dedicated classroom space, folks are discovering that their homes are...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
As of April 27, 2012, interest rates on a conventional, 20% down, 30-year mortgage are in the 3.4% range, and headed down to 3.2% by the middle of May. It's only been a few months since rates were bottomed out at 2.75% on a conventional loan (2.25% on government backed loans by FHA and VA). The difference between 3.2% and 2.70% on a $500,000 conventional loan is $121.12. ($500,000 at 3.2% = $2,162.33. $500,000 at 2.75% = $2,014.21 with an APR of 3.2% and 2.75%). You probably spend more on coffee at Starbucks than $121.12 each month. We're not talking about a catastrophic difference in payment.Danielle Hale, Chief Economist at realtor.com, explains:mortgage rates slid for a second week … but we don't expect rates to stay at this level for too long.Hale continues to say:For sellers, getti...
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By Markita Woods NMLS#196099, Queen of Mortgages - FHA, VA, Conventional, USDA
(American Financial Network)
You want to buy a home in Northern Virginia (NOVA) with your veterans benefit for a zero down home loan. Perhaps ypu are a first-time buyer, using your VA home loan for the first time. Or perhaps you are using your VA zero down loan for the second, or third, or fourth time, or more.  One thing for sure is that the military didn't tell you how to use your VA loan.What you need is a loan officer with a respected loan company who specializes in VA zero down loans. Believe it or not, there are loan officers who have been originating loans for ten+ years who have never originated a VA loan.When you buy a home with your VA home loan you need a specialist who is originating 15-20 VA loans at any particular time. You need a VA home loan specialist because behind the scenes, VA loan originartion...
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By Chris Ann Cleland, Associate Broker, Bristow, VA
(Long and Foster REALTORS®, Gainesville, VA)
Why Do Some Agents Make it This Job So Difficult?A tale of success and a tale of frustration are unfolding in my world simultaneously.  Let's get the frustration out of the way.  I have a listing with an offer deadline and about half a dozen agents asking me to let them know if I get an offer.  Apparently, none of them want to submit to either be the first offer or before they know someone else wants the house.  It is maddening each and every time this situation unfolds on one of my listings.  If a buyer wants it, they want it.  Write up your best offer  and get it in.  What's to think about?  Add to that the pre-negotiation that each of these agents want to have to bully their way into a buyer's market and my frustration must have been evident in expressing my thoughts to the umptheent...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
15175 Lancashire Dr, Woodbridge VA 22191 Exclusively Listed by VA, MD & DC Top Real Estate Agent Shawn Derrick - 12:45 Team 540-585-1245 Coming Soon! - You are the first to see this home. 3bed/2.5bath, Condominuim, $340,000.00 Special incentives for buyer - call/text 540-585-1245 or email shawn@1245team.com to check on buyer incentives and schedule your private showing!  To see more photos of the property click here. 15175 Lancashire Dr, Woodbridge VA 22191  Welcome home to the Potomac Club!! If you like luxury and convenience than this is the perfect place for you!! It's a very safe, Gated Community located right off from I-95 highway and great for early commuters. The condominium includes outdoor and indoor pools, rock climbing, sauna, computers, a vast party room, and a huge high tec...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
15175 Lancashire Dr, Woodbridge VA 22191 Exclusively Listed by VA, MD & DC Top Real Estate Agent Shawn Derrick - 12:45 Team 540-585-1245 Coming Soon! - You are the first to see this home. 3bed/2.5bath, Condominuim, $340,000.00 To see more photos of this home email shawn@1245team.com Special incentives for buyer - call/text 540-585-1245 or email shawn@1245team.com to check on buyer incentives and schedule your private showing before it goes live! SPECIAL - Want to have the inside scoop on all coming soon properties before anyone else?  We have the list free for you.  Click here for Coming Soon Properties  15175 Lancashire Dr, Woodbridge VA 22191   See the true value of your home Click Here Need to sell your home? Contact us for special seller incentives and buy this home with us and we w...
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By Nate Johnson, Realtor
(Keller Williams Realty - Serving Northern Virginia)
16132 Kennedy Street, Woodbridge, VA 22191 Exclusively Listed by VA, MD & DC Top Real Estate Agent Philip Johnson - 12:45 Team 571-494-1245 Coming Soon! - You are the first to see this home. Newport, 4bed/3.5bath, Single Family Home, $450,000.00 To see more photos of this home email philipjohnson@1245team.com Special incentives for buyer - call/text 571-494-1245 or email philipjohnson@1245team.com to check on buyer incentives and schedule your private showing before it goes live! SPECIAL - Want to have the inside scoop on all coming soon properties before anyone else?  We have the list free for you.  Click here for Coming Soon Properties  16132 Kennedy Street, Woodbridge, VA 22191   See the true value of your home Click Here Need to sell your home? Contact us for special seller incentiv...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Port Potomac neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Port Potomac Home ValuesIn the past 6 months, 38 properties have sold in Port Potomac ranging from a 4-bed, 3-bath Townhome for $371,000 to a 5-bed, 4-bath, and 1-half bath Detached for $580,000.Port Potomac Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 2 homes sold in Port Potomac. The average sold price was $386,000 and the average days on market was 64 days.  Sell Your Home in 72 Hours for Thousands Mor...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Newport neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Newport Home ValuesIn the past 6 months, 11 properties have sold in Newport ranging from a 3-bed, 2-bath, and 1-half bath Detached for $350,000 to a 5-bed, 3-bath, and 1-half bath Detached for $524,900.Newport Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 2 homes sold in Newport. The average sold price was $358,500 and the average days on market was 25 days.  Sell Your Home in 72 Hours for Thousands More Than T...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Potomac Club neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Potomac Club Home ValuesIn the past 6 months, 71 properties have sold in Potomac Club ranging from a 2-bed, 2-bath, and 1-half bath Townhome for $240,000 to a 4-bed, 3-bath, and 1-half bath Townhome for $430,000.Potomac Club Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 11 homes sold in Potomac Club. The average sold price was $318,308 and the average days on market was 24 days.  Sell Your Home in 72 Hours...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Belmont neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Belmont Home ValuesIn the past 6 months, 5 properties have sold in Belmont ranging from a 3-bed, 2-bath Detached for $290,000 to a 4-bed, 3-bath, and 1-half bath Townhome for $545,000.Belmont Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 1 homes sold in Belmont. The average sold price was $290,000 and the average days on market was 14 days.  Sell Your Home in 72 Hours for Thousands More Than Traditional Real Es...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Belmont Bay neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Belmont Bay Home ValuesIn the past 6 months, 28 properties have sold in Belmont Bay ranging from a 2-bed, 2-bath, and 1-half bath Condo for $295,000 to a 4-bed, 3-bath, and 1-half bath Detached for $645,000.Belmont Bay Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 3 homes sold in Belmont Bay. The average sold price was $475,000 and the average days on market was 35 days.  Sell Your Home in 72 Hours for Thou...
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By Peggy Yee, Search Vienna Homes For Sale - Northern Virginia
(NoVa House and Home)
This is a snapshot of recent sales in the Belmont Town Center neighborhood of Woodbridge, VA. Real estate market data and analysis is provided by Peggy Yee, Realtor. Click here to sign up for my free monthly real estate market update.Highest and Lowest Sold Belmont Town Center Home ValuesIn the past 6 months, 5 properties have sold in Belmont Town Center ranging from a 3-bed, 2-bath, and 1-half bath Townhome for $470,000 to a 4-bed, 3-bath, and 1-half bath Townhome for $539,000.Belmont Town Center Neighborhood Real Estate Market ActivityThese market activity gauges show the market trends for the previous month as compared to the 5-year average of the current month. In December 1 homes sold in Belmont Town Center. The average sold price was $520,000 and the average days on market was 149...
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