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November 2019

 

REAL ESTATE NEWS
Brought to you by Ron Layton/The R&R Team                     
 

HAPPY HOLIDAYS!!!

Have a wonderful Holiday Season!

 

Status Update: Dulles Market Corridor (DMC) Real Estate
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The DMC real estate market remains very strong with continued low inventory levels, good buyer activity and low mortgage interest rates. You can review DMC market details anytime at this link: R&R Team Blog: Local Real Estate Market Status.

If you are currently or a soon-to-be active buyer or seller in the local market, we highly recommend that you monitor our continuing blog updates on the local DMC market at this blog link and review the latest detailed data for each of the important market status indicators (interest rates, market appreciation/depreciation, etc. We attempt to update this market status blog weekly or more often as needed.

 

When is the Best Time to Buy or Sale?_________________________________________________________________ 

If you are not sure about when is the best time to sell or buy real estate, then do not guess...being right can save you a lot of frustration and bring you a lot of rewards. Please read this article from our R&R Team website to learn more about when is the best time to sell or buy real estate.  

 

Why Hire The R&R Team to Help You Buy or Sell (Or Both)?

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The R&R Team has helped over 620 clients succeed over the years in buying and selling homes and we can help you succeed too:

     - We are an EXPERIENCED and a PROVEN FULL-SERVICE Team; we have been full-time in real estate for 21+ years and have successfully closed over 620 transactions for sellers and buyers (more than $220 million in sales volume) throughout Northern Virginia.                                                       .

     - We will apply our 21 years of proven experience assisting you every step of the way from start to finish (more details for buyers at this link...and for sellers at this link.                   

     - Most importantly, besides applying our expertise and energies on your behalf, you will enjoy HONESTY, INTEGRITY & RESULTS...that is our GUARANTEE when you hire The R&R Team! 

If you would appreciate such attention to detail, combined with our expertise, then do yourself a favor and call us at 703-625-5586 or send us an email 

  

Planning a Home Improvement? New Info on Remodeling Stats and Spending Trends

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Thinking about remodeling? You're not alone. According to a study recently published by Harvard's Joint Center for Housing Studies, home improvement spending in the U.S. is up more than 50% since 2010.

The study found that, "Spending on improvements and repairs to the US housing stock continued on an upward trend in 2017, setting a new high of $424 billion. This represents a 10% increase from 2015 and more than 50% gain from the low in 2010." According to their analysis, 22 million homeowners across the country completed at least one home improvement project in 2017.

Floor installation

"The report[…] attributed part of the increase to a shortage of new construction and a reliance on aging housing stock that requires upkeep and repair," said the New York Times in its article on the 10 most popular home improvements. "Other factors include higher housing prices that have increased the available equity for home improvement loans, and a growing population of older homeowners who are financially equipped to pay for renovations."

The primary "spenders" fall into three main categories: Homeowners using surging equity to make improvements, homeowners playing catch-up on deferred maintenance and updates, and rental property owners.

The average expenditure on home improvement was rather modest; 40% of participants reported spending less than $2,500, and almost 75% spent less than $10,000.

Most common improvements

The most common project in 2017 was adding or replacing flooring, with 5.2 million homeowners, or 7%, upgrading their floors. The next most common projects were:

  • Adding or replacing plumbing fixtures
  • Built-in dishwashers or garbage disposals
  • New windows or doors
  • New water heaters

You can download the Harvard report at this link and can review more details on the most popular remodeling projects at this link

 

USDA Loans: They're Not Just for Homes in the Boonies

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Countryside Field Have you heard of USDA loans? If you're a low-to-moderate-income homebuyer who doesn't have a lot of money for a down payment and who needs lenient credit requirements, you (or your lender) are probably focused on FHA loans.

But if you haven't taken a look at USDA loans, you may be missing out on an incredible opportunity.

If you're saying to yourself, "But USDA loans are only for homes out in the sticks," then that's understandable. It's true that the loans were designed to help buyers in rural areas. But "rural" is a broader term than you may realize.

On the
USDA website, you can enter an address in the search bar and check if it's eligible, or you can drop a pin in a location to find out whether USDA financing is available in the area. Consider these interesting results: Frisco, TX, currently the fastest-growing city in the nation, is not eligible for a USDA loan, but Prosper, just to the north and being called, "The next Frisco," is eligible. The popular Valencia, CA, north of Los Angeles is not eligible, but areas of Santa Clarita, the city in which Valencia is located, are eligible. There's no harm in looking, and you might find a real gem in an up-and-coming area.

 

QUESTIONS? Visit www.TheRandRTeam.com, call us at 703-625-5586 or send an email to ronlayton@verizon.net