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Jennifer Young's Northern Virginia Real Estate Blog

Federal Reserve Announcement Keeps Interest Rates Low!

by Jennifer Young on September 19, 2014

All ears concerned with real estate and interest rates were peaked yesterday as the Federal Reserve Bank was scheduled to make an announcement.

Basically, the FED controls interest rates to either stimulate the economy or control inflation. The announcement yesterday was that the FED was reiterating an earlier announcement of keep interest rates at their current low for a “considerable time”. In their announcement, they talked about how the economy is only making gradual improvements so they have no desire to raise the rates yet. They will be working through a slow process to start raising the rates maybe come 2015 and as late as 2016. But for now, GREAT NEWS FOR BUYERS AND SELLERS! Interest rates will continue to stay low for “considerable time”.

How does the FED control interest rates?

Money.howstuffworks.com gives a great explanation:

“If the central bank wants to lower interest rates, it buys a lot of securities, infusing the banking system with cash (kind of like in the old days when the Fed actually controlled the amount of money on the market). With more money available, interest rates decrease. If the Fed wants to raise interest rates, it sells securities. This adjusts the federal funds rate– what banks charge one another for short-term loans. The Fed can also adjust the discount rate, which is the interest rate it chargesbanks for loans obtained directly from the Federal Reserve [source:FRB New York].”

If you are planning to purchase or sell your home, it is a great time to buy or sell! With interest rates remaining low, it helps buyers have a better rate on their loans and it helps sellers because people will be more motivated to buy their home while interest rates are low.

If you are looking to buy or sell in the DC Metro area, give us a call so we can help you better understand the process and how the interest rates can help you now!

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Are Small Homes on the Rise?

by Jennifer Young on September 16, 2014

When looking to purchase a home, there are many questions to ask yourself. One of the biggest areas of debate is how big of a house do you need or want?

Trends of home sizes have really fluctuated over the past 60 years. In the 19650′s, the average home size was 983 square feet. But in 2004, the average home size was 2,340 square feet. That is a HUGE difference, almost tippling the average size in 50 years!

There are recent trends of the “tiny” house. Many people are choosing the tiny house living over living in a big house. The average tiny house is 186 square feet. That means almost 11 tiny houses could fit in the average size American home.

While living in a house smaller than 400 square feet may be extreme for many, lets talk about some benefits of purchasing a smaller home vs a bigger home.

1.Smaller Footprint

Environmentally speaking, leaving a smaller foot print can be a big plus in saving time, money and energy. Many tiny house purchasers have this as one of their biggest reasons for moving into something smaller.

2. Saves Money

Besides smaller homes costing less to buy than a larger home, smaller homes can cost much less to own as well. You will save on taxes, with less of a lot to be taxed on. Saving on your energy bill can be a huge plus to living in a smaller home.

Not only will you save on energy, but you will also save on repairs and renovations. Having a new roof put in on a smaller home could be half the price as on a larger home. And remodeling a smaller home kitchen means more money into the things you want, and less into how much counter you will actually need to purchase if you had a much larger kitchen.

Homes also cost money to decorate and furnish. With less space and fewer rooms, comes less decorations and furnishings to buy.

3. Saves Time

Cleaning, repairing, and maintaining a large home takes TIME! You will spend much less time on projects in a smaller home vs a large home.

4. Helps with Resale

More people are willing to purchase a 3 bedroom house than a 6 bedroom house. Smaller homes appeal to a larger amount of people. If you purchase a big house and eventually need to sell it, it may be harder to sell because their may not be as many people needing or wanting such a large house.

5. Encourages Family Time

In a smaller home, occupants will end up spending more time together naturally because there is less space to spread out. This may drive some people CRAZY and send them running for a bigger house. But for many famlies, this could be a huge draw because life pulls us in so many directions. It would be nice to see more of our family when we are home.

6. Helps you PURGE

Living in a smaller house means owning less stuff. When you have a lot of space, you tend to fill it. And many times, it is filled with things that are unneeded. Buying a smaller house can encourage you to live more simply and live without all the junk we end up accumulating.

Although living small may not be for everyone, there are many benefits to it.

If you are looking to buy or sell your home in the Northern Virginia area, no matter what size, please give our team a call. We would love to help answer your questions and help you with this process.

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Manassas Townhome UNDER CONTRACT in Just 3 Days!!

September 16, 2014

8539 WILLOW GLEN CT, MANASSAS, VA 20110 Listing ID: MN8455361 Price:$219,900 . This home was placed on the market on 9/12 and by the end of the weekend, we had it under contract! If you are interested in selling your home, please contact us today! Call us at 703-561-5655 or email at jyhteam@gmail.com. . Beautiful remodeled [...]

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OUR TEAM JUST SOLD ANOTHER HOME IN EAST MARKET!

September 15, 2014

We JUST SOLD 12402A Liberty Bridge in YOUR Neighborhood for 100% of Listing Price with MULTIPLE offers! List Price – $364,900 SOLD Price – $364,900 Our Team JUST SOLD 12402A Liberty Bridge Quickly and for Top Dollar and We Have More Buyers Who are Looking to Buy in the Neighborhood! . . Best Value for [...]

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Benefits to Selling your Home During the Holidays

September 13, 2014

There are benefits to selling your home in every season. The most popular time of the year to list a home for sale is the spring time. The spring market is busy and many people look to buy a home before summer, because summer is the easiest time for many families to move. Although winter [...]

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OPEN HOUSE – SUNDAY 1-4PM – 4BR/4.5BA

September 11, 2014

Open Sunday, 9/14 from 1-4PM 9794 KEDGE CT, VIENNA, VA 22181 Price: $945,000 Listing ID: FX8418442 Amazing colonial w/in ground pool on private treed lot! Three fireplaces, hardwood flooring, 9′ ceilings, skylights. Formal living room & dining room, updated kitchen w/granite counters, two full prep zones, cooktop, double ovens. Family room w/raised hearth fireplace, wet [...]

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JUST REDUCED and OPEN HOUSE THIS SUNDAY!

September 10, 2014

This gorgeous five level townhouse in the heart of Arlington was JUST REDUCED to $1,245,000! Come see us this Sunday from 1-4PM and view this breathtaking home! 1936 13TH ST N, ARLINGTON, VA 22201 Listing ID: AR8423741 List Price:  $1,245,000 Exquisite brick & stone end unit garage townhouse loaded w/upgrades & shows like a model. 5 [...]

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Breaking News on Buying a Home After a Short Sale

September 9, 2014

Breaking News on Buying a Home After a Short Sale FHA just changed their lending rules and you have to wait 4 years after a short sale to buy a home through FHA UNLESS it is through the FHA ‘back to work program’. The back to work program is a special program for those that [...]

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OPEN HOUSES THIS WEEKEND! Both Homes Open Sunday 1-4PM!

September 5, 2014

12446B LIBERTY BRIDGE RD #206B, Fairfax, VA 22033 Listing ID: FX8448067 Price:$395,000 Beautiful light filled 4 level end unit townhouse style condo w/garage in terrific East Market! 3 bedrooms, 2.5 bathrooms. Open floor plan has huge living room loaded w/windows & 3 sided gas fireplace. Kitchen w/Corian counters, stainless steel appliances & breakfast bar opens to [...]

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How Much Should You Spend on a Home?

September 3, 2014

Determining how much house you can afford before you start looking for homes is a great way to save time and frustration. When searching for a home, having in mind your budget and how much a bank will loan you is essential to avoid falling in love with a home way outside your price range. [...]

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