Northern Virginia Real Estate Podcast with Janet Gresh and the Gresh Group Janet Gresh

To increase your odds of selling in this market, you might want to look at completing a few home improvement projects. These are the three that we recommend. Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale As we slowly shift to a buyer's market, it’s time to make some adjustments. For one thing, it's worth looking at some simple home improvement projects that can help ensure you sell your home quickly and at a top price.  The thing is, when it comes to selling your home, not all home improvements are created equal. That's why I've collected the three top home improvement projects that homebuyers love, according to a report by the National Association of Home Builders: 1. A laundry room. More than anything, homebuyers currently want a separate room for washing, folding, and ironing clothes so they can keep the mess out of their living space. If you have an unused basement, it makes a lot of sense to put the laundry room there because all of the utility lines will be accessible and you probably won't have to demolish anything. A new laundry room could cost as little as $1,000 and could contribute a lot more than that when you look to sell your home.     90% of buyers want energy-efficient windows in their home. 2. Exterior lighting. Exterior lighting is the most desired outdoor feature by homebuyers, appearing on 92% of wish lists. Your options for exterior lighting include spotlights, walkway lights, and pendant lights. Fixtures range in price between $65 to $132. Exterior lighting will present your home in the best possible light, impressing these potential buyers and increasing overall interest in your home.  3. Energy-efficient windows. Most homebuyers today care about energy efficiency. Specifically, 90% of them want energy-efficient windows in their new home. A set of energy-efficient windows will drive down the costs for your utilities, improve comfort inside your home, and increase your home's curb appeal. That's why, whether you are planning on staying in your home for a while or are looking to sell quickly, energy efficient windows are worth considering. In fact, that's true for all of the above projects. If you have any questions about any of these projects or what else you can do to add value to your home before selling, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

As we head into fall, we wanted to bring you a closer look at the real estate market. Here’s what you need to know. Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale If you've been thinking of selling your home, you'll want to keep listening. Today I’ll show you how to get a significant advantage over a lot of other home sellers in the market today. First, let me give you a bit of background on the current conditions in the (area) housing market: 1. Mortgage rates have hit a 7-year high. Several weeks ago, the 30-year fixed mortgage rate broke through the 4.6%-mark—the highest level since May 2011. This is part of an ongoing upward trend in mortgage rates, which started over a year ago. In spite of the rate increase, mortgage applications spiked in September. This is a signal that buyers expect rates to go up even more in the near future. 2. Affordability is dropping, and demand might soon follow. For the past several years, home prices have increased at twice the speed of inflation. For a while, this didn't have too much of an effect on the market because there was so much pent-up demand. Affordability is suffering—an estimate from early summer put current home affordability levels at a 10-year low.     If you’ve been thinking about selling, the time to act is now. 3. More home sellers are reducing prices. Not surprisingly, the combination of sustained high prices, increasing mortgage rates, and a drop in demand is finally starting to have an impact on the real estate market. More than a quarter of homes listed as of September 16 had a price drop.  What does this all mean for you? In short, if you've been thinking of selling your home, then the time to act is now. In spite of the easing of demand, there are still many hungry buyers on the market and prices remain near all-time highs. This means you can sell your home quickly and for top dollar. However, all of the reasons I listed earlier mean this situation might not hold very long. Demand might slack off even more and many more homeowners might decide to enter the market, driving down prices and really ushering in a buyer's market. That's why it can make a lot of sense to move early—before this kind of awareness reaches the majority of homeowners.  If you want specific information about the current Northern Virginia real estate market, or you're mulling over the idea of buying or selling a home, please give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

The average mortgage rate is at a seven-year high. Is this what’s behind the shift we’re seeing in the market? Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale The 30-year fixed mortgage rate currently stands at around 4.77%. That's near a seven-year high, and almost 1% higher than just a year ago. This is the result of a steady rise starting last September and ending this May. What impact is this having on the real estate market? It's certainly true that affordability is down. In fact, one estimate from June found that home affordability is at a 10-year low. This is translating into fewer home sales, fewer viewings, and fewer mortgage applications. However, I don't believe that the shifts in the mortgage rate is the primary mover of the changes we're seeing in the real estate market. In fact, even at its current level, the mortgage rate is still historically low. Instead, the big reason for the changes in the real estate market is the ongoing growth in prices. Over the past several years, home prices have gone up at close to twice the rate of inflation, and have far outstripped the growth of incomes.    Over the past several years, home prices have increased at twice the rate of inflation. The price increases, in turn, have been caused by a lack of inventory, which has been shrinking for the past three years. In my opinion, it’s this lack of inventory (and the resulting hike in prices) that explains most of the effects on the real estate market that I listed above. If you're looking to sell, you should still have no trouble doing so. Demand continues to outstrip supply, and even with dropping affordability, it's very likely that you would find a buyer quickly and at a top price. If you're looking to buy, the picture is more complex, because it's so hard to predict what the mortgage rate might do in the near term. One thing we do know is that the severe lack of inventory is unlikely to change any time soon. If you want specific information about the current Northern Virginia real estate market, or you're mulling over the idea of buying or selling a home, please give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

Fall is an underrated time for home sellers. Here are a few reasons why. Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale Sometimes it pays to go against the crowd. The real estate market is definitely at a peak during the spring and summer, but going against this trend and listing your home in the fall can have some great benefits: 1. Buyers are more serious. During the spring and summer, many buyers are more curious than actually committed to purchasing a property. On the other hand, buyers in the fall tend to be more serious. Many have been searching throughout the summer and have not found their perfect home yet. Others are simply forced to look for a new home because of a new job, a work relocation, or because they want to complete their move ahead of the holidays. In other words, fall buyers make up in dedication for what they might lack in numbers.               Fall is a great time to make a move up. 2. There's less competition. It's no secret that most homes are listed in the spring and summer. However, homes that are not sold by the end of the summer are often delisted. Otherwise, they start to draw less interest because of the time they have spent on the market. If you list in the fall, you have the benefit of standing out, as well as facing less competition than during the "hotter" seasons. 3. It's easier to move up. If you're looking to buy a new home and also sell your current one, then the fall market may offer the best opportunity to do so. You will enter the market with confidence and without stress, while many sellers who have been unsuccessful in selling their homes during the summer will be more eager to sell during this time. This can lead to very flexible negotiations that will work in your favor. If you have any questions about why the fall is such an opportune time for you to sell or about the home selling process in general, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I look forward to hearing from you soon.

There are three real estate scams I’ve become aware of recently that you need to know how to protect yourself against. Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale It can be a scary world out there. While the majority of people are good and honest, a few bad apples always try to take advantage of others. Unfortunately, the real estate market is no different. Today I wanted to let you know about some real estate scams I've become aware of recently: 1. The mortgage closing scam. This scam is spreading across the country. It has become so prevalent that the FBI estimates it has led to over $1 billion in stolen or diverted funds in 2017 alone. It starts when hackers gain access to a real estate agent's email account. Then, when it's time to close a deal, the hackers, posing as the real estate agent, send instructions to the homebuyer on where to wire the money. Of course, it is only after the buyer has sent thousands of dollars to an unknown bank account that the truth comes out—the real estate agent wasn't actually the one reaching out, and the buyer has been scammed. 2. Fake real estate lawyers. This scam is similar to the first one, in that the scammers will impersonate somebody legitimately involved with a deal. In this case, the hackers will impersonate a real estate lawyer who is associated with a particular home sale.   Find a real estate agent you trust to represent your best interests. 3. The bait-and-switch. Unlike the first two scams, this scam targets sellers. It also doesn't require any hacking or impersonation—just a dishonest buyer. Here's how it works: A buyer makes an offer that's well above the listed price, the seller happily agrees, and the contract is signed. But then, the buyer starts procrastinating, making excuses, and dragging out the process for months or even a year. In the meantime, the seller continues to pay costs for the home, and is getting more and more emotionally worn out. In the end, the unscrupulous buyer flatly says they can only buy the home at a lower price, usually under the listed price. And the seller, desperate by now, frequently agrees. So, how can you protect yourself against these and other scams? For one thing, avoid sending account information over email. Confirm everything over a phone call (to a number that you already know to be valid)—or even better, in person. And ultimately, find a real estate agent you trust to represent your best interests.  If you are ever in need of a trustworthy real estate agent, my doors are always open. If you have any other questions or you are interested in buying or selling a home, don’t hesitate to give me a call at 703-328-3434 or email me at Janet@TheGreshGroup.com. I would be happy to help you.

Before hiring a real estate agent, you need to do some vetting. Here are the questions that we recommend you ask. Selling your Greater Washington DC area home? Get a free home value report Buying an Greater Washington DC area home? Search all homes for sale Buying or selling a home is a major project. Having a trustworthy agent to guide you through that project can be an invaluable asset. But how can you vet potential real estate agents to see who would be a good fit for you? Here are three important questions you should ask to get started:  1. "How many homes have you sold in the last 12 months?" Many real estate agents will tell you the number of years they have in the business. That's useful, but their recent activity can be more relevant than their total experience. Asking this question can tell you how well they know the market, as well as how successful you can expect them to be in your case. Bonus Question: You will probably want to ask whether the agent works primarily with buyers or sellers, because many agents specialize to some extent in one or the other. 2. "Can I have the contact info for your last three deals?" Anybody can say they are a marvelously effective real estate agent. But talking to actual past clients can help you decide whether this is true or a bunch of hot air. When you do talk to a real estate agent's previous clients, you don't need to get too fancy to get useful information. Simply ask them to share their experience.   You want to get a sense that this agent is somebody you can trust. 3. "What is your strategy for my specific needs?" As a buyer, you will want the agent to explain how they will search for your new home, how many homes you can expect to see, and how the agent handles multiple offers. As a seller, you will want to know how and where the agent will advertise your home.  So what kinds of answers should you look for to these questions? Ideally, you will want to get a sense that this agent is somebody you can trust and that you feel comfortable working with. At the same time, you will want them to be experienced and diligent, as evidenced by recent successful deals and a concrete plan of action for your situation.  If you ever want to know how I measure up on these questions, you can always give me a call at 703-328-3434 or send an email to Janet@TheGreshGroup.com. I'd love to hear what your specific situation is and whether I would be a good match to help you in the current Northern Virginia real estate market.