The in heart of FairFax County lies Tysons Corner. It is Virginia’s largest office market and one of the leading business centers in the nation with 26.3 million square feet of office space. Office buildings are typically mid-rise or high-rise in design. There are a few smaller structures and townhouse office condos around the periphery of the submarket. The largest business parks are Tysons II, West*Gate, West*Park and Westwood Corporate Center.

Fairfax County’s 1 million citizens are diverse and well-educated.

Residential Real Estate

Fairfax County and the Washington metropolitan area boast a broad variety of homes, locations and prices. Housing is available for individuals seeking an urban, suburban, small town or country feel. High-rise apartments, condominiums, single family homes and townhouses are plentiful.

Fairfax County’s major residential communities offer a broad spectrum of choices for the home-buyer or renter. The Northern Virginia Association of Realtors maintains a list of agents in northern Virginia. Real Estate assessment information for homes is available by address or tax map reference number on the Fairfax County Government Web site.

Metro Area Housing Affordability

*County states provided by Fairfax County Economic Development      Authorityhttp://www.fairfaxcountyeda.org/demographics

For additional information regarding Fairfax County history and facts, contact

Jeff Wu
Century 21, New Millenium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

House hunting can be an exciting time for most people, as they search for the perfect house. Becoming a homeowner can be a rite of passage for first time homeowners. The search for a house, whether it’s the first time or just one of the many in a lifetime, is a process. There are many mistakes that house hunters sometimes fall prey to, that can be avoided before the “for sale” sign comes down. Before buying, consider the following key ideas.

1. It’s a Real Fixer Upper

Every house has some potential, and fixer-uppers tend to hypnotize some potential buyers into believing that a house that is listed in “as is” condition can be rehabilitated into the mansion of their dreams. The initial price may be cheap, a real bargain even, but the costs associated with repairing or rehabilitating a fixer upper house, can quickly add up. There are some people who can benefit from buying this type of house, but those that will be required to hire out for all the major repairs, may want to reconsider.

2. The Desperate Purchase

The desperate purchase is often the result of rushing to buy a house. This could be the result of selling a home without purchasing another, or just a case of house hunting fatigue. Planning is key and desperate purchases are permanent, so a little forethought can go a long way in choosing a house to buy. House hunting fatigue often creeps in after months of looking but not finding the perfect home. When the pressure to find a house is high, desperate purchases are more common. To avoid buying a house that will be regret in a few months, take the time to look longer or explore alternatives before buying. Temporarily moving to a rental property until the right house comes along may be an alternative.

3. Built in 1950, Interior Design by Donna Reed

Hidden costs of redecorating a house that may be sound in value, but strikingly outdated in the interior decorating arena. There are many of these houses on the market. Sometimes the homes have great value, but the previous owners never bothered to update the interior in the forty years of living there. There is a difference between cosmetic changes and painting, and more extensive changes to an interior, such as putting in new kitchen cabinets, flooring, and countertops. The less work that you have to do to the interior when you move in, the more money for the mortgage. Interior redecorating can add up, and some new homeowners may come to find that they cannot make immediate changes to the interior after moving in. Others plan to make changes and just never seem to find the right time, leaving them with a home that is part modern, part Donna Reed style.

4. Breaking the Bank

This mistake is similar to the idea of being “house poor.” Most house hunters enter the real estate search with a certain budget in mind. This is often a range of house prices that can be quite broad, depending on the amount the mortgage company will approve for. Selecting a house that stretches into the upper limits of affordability could be a problem if paying the mortgage depends on an income that will stay the same or grow over the next 15-30 years. Pouring all your savings and a large percentage of the weekly paycheck into a house may not be as comfortable to do in five or ten years. If it means that you have to sacrifice eating out and taking vacations until the mortgage is paid off, the house is probably going to break your bank account..

5. The Sell Out

The sell out is typically the result of listening to an aggressive realtor, who has convinced you that you will never find the exact house that you were looking for on the market, and that you should consider something else. You sell out your dreams and settle for a house that leaves you less than excited to move into. Another type of sell out happens when buyers become preoccupied with certain neighborhoods or areas and are willing to sell out quality for a location. Sometimes this works, but most sell out purchases don’t hold their value. A closet-sized house in an upscale section of town may not feel as cozy in a few years.

For additional information on how to avoid buying the wrong house, please contact:

Jeff Wu
Century 21, New Millennium
571-248-1110
240-994-7938
Jeff@AgentKnowsHomes.com
www.AgentKnowsHomes.com

 Progress as of June 21, 2010

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Tysons Area Construction

Courtesy of Jeff Wu

Neighborhood Specialist

The League of Women Voters of Virginia will be attending the League of Women Voters National Convention this week (June 11- June 15) in Atlanta, Georgia.  Many people still do not understand what the League of Women Voters “do” for the voter.  Each league in each town will publish the Voters’ Guide; hold a debate, and answer questions,  pertaining to an election.  The Voters’ Guide will give a pro and con view of the issues on the ballot. In short, The League of Women Voters helps to simplify the issues to be voted on.

At the national convention, the delegates from The League of Women Voters will adopt their program/agenda. Between July 2010 and June 2012 the leagues will implement the programs that were chosen at the convention.  The programs chosen reflect what the leagues want to support.  Prior to the national convention each league has the chance to give voice to what they consider to be important by participating in the program planning stage. 

This year’s proposed program, based upon the responses’ of the leagues:

Retain current positions on:

• Representative Government
• International Relations
• Natural Resources
• Social Policy

Concurrence to amend/update:

• Arms Control

 A Study on:

• Federal Role in Public Education

Some of the additional programs that will be considered for study or review:

•  Campaign Finance Reform
• Citizen’s Right to Vote
• Economic Growth and Job Creation
• Environmental Protection and Pollution Control
• ERA
• Financial Industry
• Foreclosures
• Health Care
• Individual Liberties
• Natural Resources
• Privatization
• Presidency
• Representative Government
• Trade

So contact the League of Women Voters of Virginia; let them know you are interested in what they “do”.

 Want to know your home’s value?  For more information on homes in Tysons, McLean, Reston and the surrounding area,  contact Jeff at Jeff@AgentKnowsHomes.com,

 Cell: 240-994-7938, Office: 703-556-4222

The Senate has approved an extended and expanded tax credit for home buyers

On Wednesday the senate passed an expanded tax credit.  The First Time Home Buyer Tax credit has been seen as a huge success and its expiration on November 30 has had many feeling nervous about what its end will mean.  Those fears can now be put aside.  While the bill still has to pass through the House, which it is expected to do next week, is was overwhelmingly approved by the Senate in a 98-0 vote.

What is new and improved with the extended and expanded tax credit?  The new and improved tax credit is still for first time home buyers but will also include home buyers who have owned their current home for 5 years or more.  The credit is up to for $6,500 for these current homeowners and remains at up to $8,000 for First time home buyers or home buyers who have not owned a home for the past three years.  The tax credit  is income restricted, an individual cannot make more that $125,000 annually and a couple cannot make more than $225,000 jointly.  A home must be  a primary residence and valued at $800,000 or less.  Buyers must have a property under contract to purchase by April 30, 2010, and the property must close by June 30, 2010.

The passing of this extended, expanded tax credit is good news on the real estate front and is expected to be the last tax credit offered for a long time to come.

Help spread the word on this great opportunity.  People can take advantage here in Tysons Corner, McLean, Vienna, Arlington or all across the country.