Northern Virginia Real Estate: Vienna, Oakton, McLean, Great Falls, Reston, Fairfax, and surrounding areas.

If you’re thinking about selling your Northern Virginia home, either now or in the future, you may be wondering what updates you should make. And if you’re going on the market soon, you may also be wondering whether professional staging is “worth it”.

Check out this two minute video - you may be surprised at what you hear. And feel free to contact The Belt Team to schedule a personal walkthrough of your home. We can discuss with you which updates are necessary for saleability and which updates might add value. Market conditions vary around the country and we’d be happy to fill you in on what the Northern Virginia marketplace expects. There may be even some updates you think you need to make, that you really don’t. We don’t want you to spend money you don’t need to!

TGIF! That means it’s time for our Friday Funday Video AND our new listing announcements!

We have just listed two fabulous townhomes in Northern Virginia - one in Oakton & one in Centreville. You can preview the listings below. But first, in honor of townhome living, we bring you our Friday Funday Video. Hope you get a giggle out of this! (And note - our new listings are even better than Barbie’s Dream Townhouse - because they might be YOUR Dream Townhome!)

JUST LISTED! 

CENTREVILLE - $319,000                          OAKTON - $639,900

More info about 4612 Seasons Drive          More info about 9969 Cyrandall Drive

Contact The Belt Team

In our last market update, we mentioned having recently seen a number of appraisals come in low - meaning below sales price. (An appraisal is an independent property valuation that is usually ordered by the bank or mortgage lender on behalf of the buyer.) So what happens? Does this mean your home sale or purchase is automatically derailed?

The short answer is - it might or it might not. (The National Association of Realtors reported that one in five contracts was canceled in July because of “appraisal issues”.)

In one case we had last month, the appraisal came in over $100,000 below the agreed upon sales price in the contract. Since the contract was contingent upon a satisfactory appraisal, the purchasers had the option of voiding the contract. The Buyers & Sellers tried to come to an agreement to lower the price, but could not reach an accord. And the contract fell apart. The home went back on the market.

What was interesting to note about this case (and very frustrating to all concerned!) is that the appraiser was not familiar with our area. Not only did he live in another state, but he was so unfamiliar with Vienna (where the property was) that he got lost on the way to the home to do the appraisal and had to spend 20 minutes on the phone with our office directing him to the property. (Note that this home is EASY to find and in a sought after, popular area.)

Unfortunately, this is not an unusual occurence. While many appraisers are professional, full-time, local experts (just like many Realtors are), some are not. And based on various lending requirements and other regulatory legislation, there is very little control able to be exercised by Realtors, Sellers, Buyers and even Lenders on the selection of which appraiser to use.

Another common occurence in situations like ours is that when the appraiser is not familiar with the area, and has not been in other similar homes in the neighborhood, he/she often relies strictly on tax records and MLS information. And while that information is important, it is sometime lacking in critical detail. For example, the MLS or tax record may leave out an important “detail” like the fact that the home backs to power lines. This “little detail” has HUGE impact on what Buyers are willing to pay and should be adjusted for when doing a valuation of the home. What we see happen sometimes is that a home is undervalued because an appraiser uses a home like the one backing to power lines as a comp (comparable), but does not adjust the value of the subject property (the one he is trying to set a value for) upward since that home does not back to power lines. How could he if he doen’t know?

We had another situation last month where the appraisal came in below sales price. In this case, the buyer was making a significant down payment (more than the minimum required by the lender), so the buyer had the option of voiding the contract, re-negotiating the sales price with the Seller or proceeding to settlement despite the low appraisal. The buyer was a local buyer, one who had already been living in the general vicinity of the home and who knew the value of the neighborhood and the “intangibles” that an appraiser may not recognize or be able to adjust for based on lending guidelines. So the Buyer chose to proceed to settlement at the original sales price, despite the low appraisal. 

There are all sorts of different scenarios that may play out when an appraisal comes in low. These were just two examples. One conclusion we have made is that the experience of the Realtors on both sides of a transaction has direct influence on what happens (just as the experience of the appraiser affects the outcome). If you are buying or selling a home - a low appraisal is just one of the possible “challenges” you may face. You need a Realtor who can not only fill out forms & ”pull comps” for you, but who can discuss re-sale issues you may not have thought of, who can resolve financing issues you may not be aware of and who has vast resources to draw upon.

In another of our recent low appraisal situations, we had a Buyer and a Seller who both really wanted the sale to go through - despite the low appraisal. The Seller could not afford to lower the price. And the Buyer did not have additional money for a down payment, but felt the value was there, planned to be in the home for the long-term and really wanted the house, even though it appraised for less than sales price. In this case we were representing the Seller. A nice, hard-working, but less experienced agent was representing the Buyer. This agent was not able to help her Buyer find a way to get financing. Since our team has been working in the local market since 1973, we have a vast array of contacts & resources that we can call upon in difficult situations. We were able to connect the Buyer with one of our top lenders. The lender had a special program requiring less down payment and was also able to obtain a more accurate appraisal. And this sale went through. Happy Buyer and Happy Seller.

Each situation is different. Can the appraisal be disputed by the Realtor providing better comps - comps that fit the lender’s requirements? Can a new lender be brought into the picture? Does the Buyer even want to proceed if the appraisal is low? Can a new sales price be negotiated that both parties agree upon? Would a different loan program work? Can the Buyer make a larger down payment so that the lender will proceed with a low appraisal? Is there a relocation company involved and does this affect a buy-back or reimbursement? Would it be better for the Buyer not to proceed? These and many more questions are the types of things your Realtor should walk you through!

If you’re thinking of buying or selling a home, Contact The Belt Team for a more in-depth discussion & analysis We’ll be happy to schedule a consultation and get very detailed about the homebuying or homeselling process so that you can make the decision that is best for YOU!

So . . . you’re thinking of buying a home. What do you do first? Start surfing the web!

(You can search all Northern Virginia homes in the mls here).

And what else do you do? Stop in at open houses!

You’re in luck! This weekend, we have three wonderful homes being held open - two in Vienna and one in Springfield. Details are listed below.

But first, it’s time for our Friday Funday Video. In light of all the rain we’ve been having in Northern Virginia (we may be surfing in the streets soon!) and in honor of those of you who are surfing the web for homes, we bring you Tillman, the Surfing Bulldog!

OPEN SUNDAY 12-2PM - 9430 Lakeside Drive in Vienna - $1,197,850

Rarely available custom luxury home in the sought after Spring Lake community. Located on a beautiful ½ acre plus, impeccably maintained lot on a quiet dead end street. Fabulous recent updates and oversized rooms throughout – great for entertaining and casual living on 3 levels. Renovated kitchen in 2011. Fabulous cathedral ceiling living room. And outside you’ll enjoy a private oasis with lovely landscaping plus a pond with waterfall! $1,197,850

Directions: From Tysons: Route 123 South, Right Beulah, Right Lakeside to #9430. OR: From Tysons: Route 123 South, Right Old Courthouse Rd, Left at light to stay on Old Courthouse, continue to 4 way Stop, Left Beulah Rd, Left Lakeside to #9430.

More Info about 9430 Lakeside Drive in Vienna

Read about “Life In Vienna”

Contact The Belt Team

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OPEN SUNDAY 1-3PM - 5420 Inverchapel Road in Springfield, VA - $494,500

Two level rambler in popular Ravensworth - only one stoplight from the Beltway & easy commuting! This home was beautifully updated in 2011 - including a new kitchen with granite & stainless, new bathrooms, a finished lower level with a rec room and new full bath - plus lots more updates. Enjoy a great, open floorplan - 4 bedrooms & 3 full baths. Outside, the deck offers lovely views of parkland beyond the rear yard. AND you can walk to Lake Accotink Park! $494,500

Directions: Beltway/495 to Braddock Road West, Left on Inverchapel to #5420 More Info about 5420 Inverchapel Road in Springfield Contact The Belt Team

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Are you thinking about selling your home? If so, check out this quick 2 minute video that includes 3 great tips about pricing, pre-sale inspections and whether you should always take the highest offer:

Contact The Belt Team for a free walk-through evaluation of your home and tips on how you can maximize your sale price!

This blog post originally ran last year, but since we recently had ANOTHER HOME WITH A RACOON FAMILY IN IT, we thought it might be fun to re-run it! Enjoy!

People often ask us what it’s like to be a Realtor (or to work for one!). We hear things like “Oh I LOVE looking at houses - what a fun job!”.  We do love our jobs, but being a Realtor might not involve exactly what you think. So we invite you to join us for “A Day In The Life of The Belt Team”. Here are some “truth is stranger than fiction” examples (all true and by no means comprehensive) of what we do in a typical day. And as you’ll soon learn - no day is “typical”. (Make sure you read all the way to the bottom so you don’t miss the part about the pink tutu!)

6:00AM (Terry) - Work out, breakfast & prayer time. Must be physically fit & spiritually fit in order to be mentally fit. 

7:30 AM (Everyone) - Meet for a Belt Team photo shoot. It’s 37 degrees outside, but pretend it’s warm & SMILE!

8:30AM (Terry) - Receive & forward home inspection results to one of our Sellers. Call her to discuss the findings - including the fact that there is a family of raccoons living in the attic that must be vacated before the Purchasers move in! Spend hours tracking down an animal control company that knows how to do this and can do it QUICKLY. Provide the Seller with the info.

8:30 AM (Tara) - Check the computer and see that we had 17 showings of our listings over the weekend. Send out emails & schedule follow up phone calls to contact each agent that showed our properties so we can provide specific feedback to each Seller.

8:45AM (Christy) - Run the MLS to check statistics - sales, contracts, new listings, average days on market. Analyze & determine the trends. Write the weekly market update for The Belt Team blog.

8:45AM (Terry) - Get an email saying that despite the fact that we received a loan approval letter for the buyer of one of our listings, his loan has since been turned down. His agent has no alternative resources for the buyer and since the contract was contingent on financing, he wants to void the contract. Update Seller on the situation. Contact one after another of our own preferred lenders. Find one who may be able to do the loan. Arrange for him to contact the buyer to see if he can qualify him and offer to provide financing. He follows up & it looks like the contract will go through after all.

9:15AM (Gail) - Meet Purchasers for a home inspection of the house they put under contract in McLean over the weekend.

10:00AM (Pauline) - Meet contractors at home of a Seller client who has already moved out of their house in Oakton. Spend 4 hours getting bids & selecting new appliances, countertops & floors so the kitchen can be renovated before home goes on market - making sure to balance cost of improvements with the benefits of saleability.

11:00AM (Gail) - Home inspection turns up possible mold issues. Buyer has severe allergies. Put buyer in touch with mold inspector. Contact listing agent & negotiate an extension to the inspection deadline. Thank God it’s a Buyers Market in this price range. A few years ago, the buyer probably would have had to make a decision on whether to proceed blindly or lose the house.

11:30AM (Jerry) - Head out on the road to make a delivery to a possible Seller. Deliver a listing portfolio with information about The Belt Team and our marketing plan for homes in Vienna so they will be prepared when we arrive the next day for our appointment.

Noon (Gail) - Teach a Master Class at our Keller Williams office in McLean. Class is open to all Realtors in the community. Topic: “The Price Is Right - Or Is It?”.

1PM (Tara) - Upload listing photos for our new Vienna townhouse listing to all the sites and feeder-sites for the 126 locations we advertise on.

2PM (Gail) - Meeting of the Ethics & Standards Committee at the Northern Virginia Association of Realtors.

3PM (Christy) - Contract ratified and another Belt Team listing sold. Update Twitter and Facebook to announce the listing sold for $156,000 over Zillow.com’s Zestimate. Wonder why people give any credence to online value estimates. That makes 7 listings we’ve sold this year that sold higher than what Zillow said they were worth. Glad our Sellers were smart enough to use a Realtor.

4PM (Pauline) -Get a call from one of our Sellers. The For Sale sign was installed in her yard and her 4 year old wants to know “why is there a stop sign in our yard?”.

4PM (Terry) - Finish a 3 hour conference call to counsel a homeowner who is under water on their home. Sometimes it’s best for them not to do a short sale. Referred to an attorney. No listing for us, but a good feeling of being able to help someone.

4:30PM (Mary Jane) - Meet buyer to show new listing of a condo in Arlington. Buyer loves it. Contact listing agent to check status. First day on market and 5 offers already in. Go back to office to write a contract that will be in buyer’s best interest & also have a chance to compete. Good thing we have experience with this!

5:00PM (Christy) - Special Belt Team Correspondent Ryan R (age 10) has finished his homework. Time to film the webcast of “This Week in Vienna Oakton Real Estate“

6:00PM (Mary Jane) - Receive a call on  a contract ratified two weeks ago. The Seller has decided they are considering our Buyer’s contract void due to a different interpretation of dates and are accepting a different contract at a higher sales price. Buyer subsequently shows up to settlement, but Seller does not show. Seller advises that not only are they considering the contract void, they are keeping the Buyer’s $5,000 deposit. Buyer decides they would rather buy another home anyway, but cannot do so without the $5,000. After hours & hours (and days and days) of negotiation, Mary Jane is able to get the Buyers’ deposit back for them. Back to Square One on finding a home. Schedule an appointment to look at more homes this weekend.

6:00PM (Terry) Arrive at home for sale in Reston to preview it. Knock on the door. No answer. Access the home through the lockbox. Shout out “anyone home?” just in case. No answer. Walk through the house, take notes for potential buyer. Go upstairs to see master bedroom. 250 pound woman comes into the hall wearing a pink tutu. Introduce myself. She asks if I want to see the climate controlled bedroom where she keeps her exotic birds. (Not really - but oh well I’m here and need to see the whole house for my clients!).  

7:00PM (Pauline) Prepare to be tomorrow’s “Realtor On Call” at the local credit union. Review IRS regulations again to ensure ready to discuss the First-Time Homebuyer Tax Credit.

8:00PM (Pauline) - Email photos & detailed notes to a West Coast buyer who intends to write a contract on a home in Virginia sight unseen.

9:00PM (Kevin) - Receive radon test results for a home just put under contract this weekend for a Buyer. Results exceed EPA guidelines. Contact remediation company to get an estimate to remediate & make sure they will provide a warranty. Discuss options with Buyer and draw up an addendum to submit to the Seller.

10:00PM (Pauline, Mary Jane, Kevin, Terry) - Respond to emails that couldn’t be responded to quickly via Blackberry during the day.

Midnight (Everyone) - Thank God that we love our jobs!

(Oh yes, I almost forgot -we showed some houses….LOL)

I Want The Belt Team To Help Me Sell My House

I Want The Belt Team To Help Me Buy a House

I Have Raccoons In My House

Buyers & Sellers - here’s a quick two minute video with some great info including:

• What’s happening with interest rates 
• Most common repairs made by Sellers prior to selling
• Tips for Buyers regarding home inspections

If you’d like to discuss any of these topics in further detail, please contact The Belt Team

If you don’t follow our blog regularly, then you probably wonder what “Friday Funday Video” has to do with real estate.

Well, the answer is “nothing”! We may be really serious about our work, we just don’t take ourselves too seriously.

Friday is the day we list our open houses for the weekend and so we try to make it a little more interesting by hooking in a video. For example, we’ve done songs like “Build” by the Housemartins, “If I Had A Million Dollars” by Barenaked Ladies, “The House Is A Rockin” by Stevie Ray Vaughn and “Dreams” by The Cranberries.

Well, this weekend we don’t have any open houses. So our video goes out to our teenagers, young adults AND teacher friends who are just finishing school for the summer. Remember that feeling you had on the last day of school? Our song is especially dedicated to all the new high school & college graduates in our lives. We’re super proud of all of you!

Congrats to:

P.D. Knipe, Sam Callaghan, Chad Carroll, Nick Morabito, Shannon Hippeard, Steven Hurwitt, Amelia Gil-Figueroa, Mary Lupinacci, Luke Willis, Michael Katz, Lansing Veeder, Taiyo Francis, Josh Smith, Kenny Towns, Jared Knoll, Jack Miossi, Dillon Rudnicki, Joseph Vanderplas, Aaron Hoover, Andy Gross & Chris Hanson!

Dream big everyone!

We’re proud to announce that Terry Belt, CEO of The Belt Team, has been asked to be one of the local real estate experts on the radio show Real Estate Radio Washington. A variety of topics are discussed - from how Buyers & Sellers can choose a “great” Realtor (versus a “good” or “bad” one) . . . . to pricing strategies for Sellers . . . . to mistakes you don’t want to make when selling your home & more.

Listen here:

• Selling Your Home - Don’t Make These Mistakes!

• Pricing Strategies for Sellers

• Is There A “Cost Of Waiting”? What Separates a Good Agent From a Bad Agent, More Importantly What Separates A Great Agent From A Good Agent?

• Who Is Terry Belt & The Belt Team

If you’re thinking of buying or selling a home and want a GREAT Realtor to represent you, Contact The Belt Team . It would be a pleasure for OUR family to help YOUR family make a successful move!

TGIF! And time for our Open House Theme Song of the Week (and list of open houses for the weekend)!

First - the song. It’s sung by Sarah Connor. And we bring it to you in honor of Valentine’s Day. It’s an oldie but goodie - “Love On A Two Way Street“. We’re hoping that’s what will happen when you visit our open houses! So, take your inspiration from Sarah and then stop by to visit us. (Open house details below)

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512 Center Street South in Vienna - $1,299,000 - Open Saturday 1-4PM

JUST LISTED!

This delightful one-of-a-kind Steve Bukont designed home is in the HEART OF VIENNA. Enjoy incredible curb apeal outside and a fabulous open floorplan inside. All four bedrooms have walk-in closets and a private attached bath. Gourmet kitchen with 6-burner Wolf stove and Sub-Zero refrigerator. Kitchen opens to breakfast nook surrounded by windows and the family room with gas fireplace. Large, fenced rear yard. Two car detached garage plus covered carport. $1,299,000

Directions to Center Street: From Tysons: Route 123 South into Vienna, Left Center Street to #512. From Vienna Metro/I-66: Take Nutley toward Vienna, Right Maple Ave, Right Center to #512.

More Info about 512 Center Street South in Vienna

Read about “Life In Vienna”

Contact The Belt Team

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903 Plum Street SW in Vienna - $1,274,900 - Open Sunday 12-4PM

Brand new home from one of our favorite longtime builders - Dominion Associates Inc. Great Craftsman style elevation (stones & siding with a charming front porch) plus a fabulous floorplan and a “Heart of Vienna” location! Five bedrooms, 4.5 baths, fireplace, coffered ceiling master suite, 9′ box beam ceiling family room & lots of other elegant touches. Madison HS pyramid! Close to Metro, W&OD Trail & Downtown Vienna!

Directions to Plum Street: From Tysons: Route 123 South into Vienna, Left Park Street, Right Tapawingo Rd, Left Plum. OR - from I66/Vienna Metro - take Nutley toward Vienna, Right Tapawingo, Right Plum.

More Info about 903 Plum Street SW

Read about “Life In Vienna, VA”

Contact The Belt Team