It is not uncommon for real estate agents to represent home sellers who are going through a divorce.  In fact, I have done so many times during my 10 year career as a real estate agent.  Given the sensitive nature of the transaction, it is often one that must be handled with extreme care as emotions can run high. 

How much is your home worth?  That is the question!  For many of us, purchasing a home is one of the largest investments we will ever make.  In order to safeguard this investment, we must stay abreast of our home’s value at all times.  Here are 5 key reasons you should know how much your home is worth today.

1. Your home is an investment.  If you invested $1,000 in the stock market, would you monitor your return on investment (ROI)?  Your home should be treated with the same zeal. Your home is probably worth hundreds of thousands of dollars.  Therefore, you should monitor your housing investment just as you would your investment portfolio.

2. You should avoid over investing in your home.  Over investing in your home can be easily accomplished if you do not know your home’s value.  While home repairs and improvements are often warranted, you should avoid making improvements that add “nothing” to your existing property value.  You should also know that each time a property is sold in your neighborhood, the sale could negatively or positively affect the value of your home.  For example, if your home was last valued at $200,000 and your neighbor’s home (which is very similar to yours) just sold for $150,000, it is probably not a good idea to invest in granite countertops and stainless steel appliances as you would not receive an adequate return on your investment.  To avoid over investing in your home, find out how much your home is worth before making any improvements.

3. Your HELOC may be negatively affected.  If you currently have a home equity line of credit (HELOC) on your home, it may be suspended due to a decrease in your home’s value.  Knowing how much your home is worth along with a quick review of your HELOC can help you avoid any unpleasant circumstances.

4. Your home’s value may affect your ability to refinance.  Homeowners often refinance their homes to pay for home repairs and renovations, unexpected medical expenses, bill consolidation, and other expenses.  However, existing market conditions and home sales may leave you void of this option as your home may lack sufficient equity to qualify for refinancing.  Knowing how much your home is worth can put you on the path to finding alternative solutions if refinancing is not an option for you.

5. You can have your home evaluated FREE.  Whether you are planning to sell your home now or sometime in the near or distant future, I am happy to evaluate and determine your home’s value at no cost to you.  Simply follow the link to request your free home evaluation today!     

If you are considering buying a home in northern Virginia within the next 12 months, here are five important steps you need to take right now. 

1.      Establish a relationship with a real estate agent now.  That’s right!  Even if you are not planning to buy a home for several months, find a REALTOR® who is willing to work at your pace and begin building your relationship now.  This will afford you a tremendous opportunity to gain insight into the northern Virginia real estate market.  You can also feel comfortable asking questions and getting a timely response from a single source that you know and trust.  In addition, you will have immediate access to all the resources and tools needed to make your home search simple, easy, and convenient.  

2.      Evaluate your purchasing power now.  No, of course it’s not too early!  There is nothing more frustrating than planning to begin your house hunting activities in November and finding out in October that you do not qualify for the loan amount that you were expecting.  To avoid this unsavory experience, find out how much house you can afford now.  This process is quite simple!  Just ask your REALTOR® for assistance. 

3.      Know how much cash you need to close the deal.  This is a great time to evaluate your cash flow.  Yes, it is still a buyer’s market!  However, this does not guarantee that your entire closing costs will be paid by the sellers.  Even if the sellers agree to pay your closing costs in full, you still may need cash for your down payment, home inspection(s), home warranty, minor repairs, moving expenses, utilities, and so on.  To ensure that you have enough cash to close the deal, evaluate your cash flow now.  Your REALTOR® can guide you through this process quickly and easily.

4.      Understand the housing options available to you.  In the northern Virginia real estate market, there are multiple options available to most home buyers.  These options include regular home sales, short sales, foreclosures or REOs, HUD homes, FSBOs, new construction, and rent-with-option.  Find the housing option that’s right for you by consulting with your REALTOR®.  The purchase process and requirements vary for each of the home choices listed.  Begin working with a real estate agent today to find the choice that’s right for you. 

5.      Get to know your community of choice.  This is a great time to discover what community amenities are most important to you.  Are you most concerned about nearby schools, access to neighborhood shopping, recreational and exercise facilities, transportation access?   What aspects are most important to you in selecting your new housing community?  Regardless of your preferences, now is a great time to narrow down your selections and find the location and community that is right for you.  Search northern Virginia communities now.

If you are thinking of buying a home in northern Virginia within the next 12 months and would like to get started on these five important steps, please contact me for assistance!  Regardless of your timeframe, I am happy to share my knowledge of the real estate industry and help prepare you for your future home purchase. Why Wait?  These services are all complimentary! 

Feel free to contact me at 703-298-6546 or Lisa@LisaDunham and let’s get started today.  Search northern VA homes for sale now.

REALTORS® everywhere will likely agree that the perfect short sale client is not necessarily the buyer or seller who knows the market and understands that there are risks associated with a short sale transaction. Rather, the perfect short sale client is the one who listens! … NOT ... to your former neighbor and resident carpooling expert, Joan, who sold her house six years ago … not to your co-worker and best friend, Bob, who lives in Washington, DC and you live in Walla Walla, Washington … and not to your childhood co-conspirator and closest confidant, Millie, who’s been renting Greenhouse Apt. #101 for nearly 12 years now. The perfect short sale client is the buyer or seller who listens to the professional real estate agent, who has undergone extensive training in how to efficiently and effectively facilitate a short sale transaction. This distinctive group of real estate professionals can be easily recognized by the Blue Logo.

It’s been two or three years since you closed on your dream home.  You vividly remember how excited you were the day of closing.  You arrived at the settlement office 30 minutes early and sat anxiously waiting to sign the papers and receive the keys!  Today, that memorable experience seems like decades ago.  You recently lost your job and the new job doesn’t pay nearly enough to cover your monthly expenses.  To add insult to injury, you have exhausted your savings account and your 401K, your mortgage lender refuses to grant you a loan modification, and the average price of a gallon of gas has soared beyond anything imaginable!  After months of despair, you have no choice but to sell the house.  It’s a painful and undesirable decision, but it's either sell the house or risk a bank foreclosure.

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Tap my personal experience in the industry to learn more about the housing market and the choices you face in today's real estate economy.  If you have questions regarding the real estate market or any of the communities I serve, please contact me for assistance.  As always, I welcome the opportunity to assist you with all of your real estate needs.