Follow this link for the most accurate market information regarding Tysons Corner, Virginia provided by Zillow.   http://www.zillow.com/local-info/VA-Tysons-Corner/r_248061/

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

 Banks are getting very cautious about home mortgage loans these days — right up to the closing date. Even consumers with good credit and plenty of cash may find themselves out on the sidewalk if any of these last-minute mortgage loan application snafus pop up.

To make sure you’re on the right end of a mortgage closing, follow these pieces of advice:

Prepare for a last-minute credit check. This is related to point #1, but with a twist. With new rules initiated by Fannie Mae’s (Stock Quote: FNM) loan quality initiative, which went into effect June 1, banks and lenders will likely make a second credit check right before closing. So, if you miss any credit card payments or are late on a mortgage payment between the time you were approved for a mortgage and the actual closing date, you may be putting your new home purchase in jeopardy. Even applying for a new credit card can trigger a credit score inquiry, which could reduce your credit score and threaten your home loan.

Don’t make any big career changes. Lenders also weigh your salary and job stability when evaluating home loans. So any career move you make could potentially jeopardize your home mortgage loan. At worst, the bank could pull the loan. At best, they could delay the process until you demonstrate your new job is a stable one that guarantees you’ll have the financial resources to pay off your mortgage debt. That’s especially true if you change industries.

Watch out for closing cost surprises. Some homeowners put every last penny into their home mortgage down payment, and don’t leave enough to pay for closing costs. That could be a big mistake. Closing costs can be as much as 3% on the cost of a new home — that’s $6,000 for a $200,000 property. Worse, closing costs are dynamic and can change all the time. If you don’t have cash set aside to pay more for mortgage rate points or on closing fees than you were anticipating, you could lose the home.

Avoid any major purchases before closing your mortgage loan. Some homebuyers think (mistakenly so) that just because they have a mortgage deal all lined up, that the deal is done. Not so. Banks have been known to pull mortgages when the homebuyer buys a new car or makes another major purchase. To banks, such purchases suggest more debt for the homebuyer, and more risk for the banks. Avoid any big-ticket items until after you’ve signed on the dotted line. That goes even for cash deals. Banks also check out your cash reserves when they approve a loan.

For help on better understanding home mortgage costs, check out this guide from the Federal Reserve

Or contact:

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

 The biggest difference between a condo and a house is that a condo usually has less square footage. Therefore, when you decorate a condo, think about how to make the space seem bigger. Most condos have one “great room” rather than a separate living room and family room. This room is often rather small, even though the name of the room indicates otherwise. To make the room seem bigger, try installing some mirrors on the walls. If you can install a mirror opposite a window, the mirror will reflect the window and bring more light into the room, making it feel larger and brighter. A mirror over a fireplace also has the same effect. In any small room, not just the great room, limit window treatments to very light, sheer curtains or even nothing at all. Instead, hang a blind that can be pulled up, and install molding around the window to frame it. Painting the walls in a light, neutral color and the ceiling one shade lighter also will open up any small room.

Make it Unique use some unusual decorating techniques to make your condo stand out from the others in your building. One of the easiest ways to do this is to use ceiling molding, wainscoting and chair rails on the walls. Install wainscoting a third of the way up the wall, top it off with a chair rail and then paint the area above it. Then, install molding around the edges where the walls meet the ceiling. Alternately, choose one wall and wallpaper it with a light-colored but sophisticated print. If you know a carpenter or are handy with wood, build yourself some built-in bookshelves around a fireplace or doorway, then paint them to match the wall.

Victorian style is a very popular style used in a lot of homes but isn’t commonly used in condos. Decorating your condo in a Victorian style would make your condos stand out from the rest. To create a Victorian style condo try adding dark reds and grays similar to the Victorian time. You also need to consider the home décor aspect of it and the furniture. For your decoration you can use paintings and pictures from the Victorian times as well as antique vases. Before attempting this design make sure you have a large room because all the darker colors and big furniture can make a room seem a lot smaller than it is.

Fung Shui is another great decorating idea for your condo. If you choose to decorate your condo Fung Shui style make sure that you concentrate on blending light and dark colors. Make sure all your furniture faces east because this is supposed to bring you good karma. Things like a bonsai tree or a waterfall will make your condo a hit with all your guests. This design plan should make your condo feel a lot more open and subsequently larger. Make sure that your condo isn’t really big or else this design will make your condo seem vast and empty.

 For more creative ways to decorate your condo, contact

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

The time has never been better to buy a bank-owned home. They’re available, they’re cheap and banks are more likely to assist with financing. Your job? To do your homework and make sure the deal is worth the effort.

Where to get started? How about right here, with these tips!

Lay the groundwork. Don’t go into a bank-owned home purchase scenario with blinders on. Sure, banks want to get such homes off of their books, but they are, after all, banks, and won’t just give them away. Banks have been known to trigger bidding wars for bank-owned homes, which they can do now because of an increased demand for cheaper homes.

Know what the deal will be. Buying a bank-owned home isn’t the same animal as buying a home from a private seller. That’s primarily because banks have better lawyers than private sellers. Consequently, expect your new home contract to include untraditional home-buying stipulations, like buying the home “as is” or making you pay for the seller’s costs. Your plan of action? Hire your own lawyer who can navigate – and negotiate – the fine print.

Watch out for a “contingency” trap. With bank-owned purchases, buyers may have to agree to accept an appraisal contingency. In plain English, that means you better have a good handle on your bid for the home. The appraisal contingency is usually standard for bank-owned home contracts. If, for example, you commit to a bid of $240,000 for the home, but the appraisal comes in at $200,000, guess which price you’ll pay? And the only way out is to give up your original deposit and walk away from the deal.

Bring your contractor. One way around the contingency trap is to bring your own seasoned home contractor along with you to inspect the home. Obvious damage may be disclosed by the bank before a sale. But under-the-surface issues that could negatively impact the value of the home – like the absence of a French trench drain to thwart chronic flooding – may not grab your attention.

Bid low – but not too low. The prices for bank-owned homes are low enough that you likely won’t be the only bidder for a home. As a result, you want to bid low, but not so low that other parties will easily trump your bid. Your best bet? Find out the market value of homes in the neighborhood (using real estate value Web sites like Zillow.com or RealtyTrac.com), and then target your bid at 20% below the market value figure.

Other key tips include making sure you’re pre-approved (bank-owned homes tend to move fast) for a loan, working with a realtor experienced in bank-owned homes and planning for a quick inspection turnaround (it could be seven days instead of the usual two-to-three weeks).

Make no mistake. There are plenty of good bank-owned home deals on the market right now. But know that the rules are different with banks so prepare to expect the unexpected.

Above all, play to win. Because that’s exactly what the bank will do.

For additional information please contact:

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

In this current economic climate, homeowners may not be able to completely renovate their abode all at once. They still, however, need to make sure that their house remains in good condition and get the most they can out of their home improvement budget. This means that a practical homeowner has to do some prioritizing.

Once you decide to take the remodeling plunge there are several steps you must take in order to prepare an appropriate budget for the project. Your main objective is to determine an amount that does not strain your current and future financial resources but also provides enough funds to accomplish the primary alterations you need to make to your house.

Here are a few tips that make a little dough go along way!

□ You can give your kitchen a fresh new look by painting the cabinets or adding new cabinet door knobs is one idea. Add a chair guard rail to the wall, or a line of border across a wall. Simply replacing hand towels and oven mitts, adding a table runner or center piece to the dining table also makes a difference in the appearance of the kitchen.

□ Modernize Bathroom Accessories – the bathroom is one of the most important rooms to keep up to date. Making sure your bathroom is easily accessible and comfortable for your family is a great way to improve your home. Some practical changes might include installing an easy-to-hold door handle and cabinet hardware, a grab bar in the bathtub, or shower accessories that come with a hand-held shower head.

□ Painting – fresh paint in any room is a relatively inexpensive way to give your home a new look. Don’t shy away from some of the bolder colors; these will add a lot of life to whatever area you’re painting.

□ Adding house numbers, planting a few flowers or shrubs, and painting trim around doors and windows are inexpensive changes that will make a difference. Check for and replace rotted wood on railings, steps, and window and door trims. Replace the porch light with an updated fixture. Repair damaged walkways. Remove or replace missing or damaged shutters.

□ Your Home’s Energy Efficiency – if you want to make improvements that will give you some significant returns, improving your home’s energy efficiency with an updated water heater, new energy-efficient furnace, or new windows for better insulation is your best bet.

□ Curb Appeal – to improve the look of your home, think “outside the box” – the box being your home! Think about adding trees, shrubs, and flowers to the front of your home when spring rolls around, which it surely will soon! This will give your friends and neighbors a great first impression and be a great lift after the long winter.

For additional information on how to remodel on a budget, contact

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

1. Security – Comes hand in hand with Privacy, Is there a security system in the building complex and in the unit, is it properly lit at night Is the unit or building secure and have ample security to deter criminals?

2. Design and Layout – check the design of the unit and the layout of the floor plan such as rooms, doors, windows. Is the unit in the direct path of the sun? If that’s the case you should consider that in summertime you may spend a bit more energy and money for airconditioning.

3. Amenities – Every building has amenities that are widely available to residents, such as a pool, a hot tub and community room. And always check and ask the building management if there are fees for usage and maintenance of these said amenities.

4. Parking – Which is near an elevator, stairs, or close to your unit. And is properly lit.

5. Noise – from both inside and outside sources visit the unit you want to buy at different times because there are times when it so peaceful but check it at weekends or during rush-hour period to see if the noise is bearable or not.

6. Privacy – We all want our privacy and we must find the perfect unit to help maintain our privacy, check the unit decks and patios to make sure your safe from prying eyes and such.

For additional information on the mistakes to avoid when inspecting your condo, contact

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

SELLING AT THE WRONG TIME

Some properties just aren’t selling.

The truth is that there are currently some property markets at the moment that is finding it really hard, e.g. luxury/executive houses.  These properties are typically bought by highly paid executives that in recent years have been flying high on large salaries and bonuses but now that economic hard times have fallen upon us there are fewer of these executives willing to spend large amounts of money because they’re just not confident in what tomorrow will bring.  Investors that have bought properties in mining towns around Australia have been hit by the drop in demand for our resources and are also now facing a tough time.

Some properties are thriving right now.

On the other hand, the first home buyer market , have seen some really good prices lately with increased demand being driven by lower interest rates (affordability), increasing rents and the governments increased first home owners grant.

But you know what, don’t make the mistake of thinking that there aren’t any luxury homes or mining town properties selling and selling well – because there definitely are some that are.  And don’t think for one moment that every ‘first home buyer type house’ is just flying out the door at record prices – because they’re not, some are taking a while to sell and some aren’t reaching the prices that others are.

So how do you work out whether it’s the right time for you to sell or not?

You need to look at what’s happening in your own back yard and forget what might be happening in other states, towns and suburbs.  You need to look at what other similar properties to yours have sold for in the last 6mths, what’s currently for sale and talk to some of the better agents in your area to understand what they are seeing happening in the market – they are the ones that are taking the calls from potential buyers and sellers every day in your area – they more than anyone are going to have the best understanding of whether or not you are going to be able to get the money you want for the sale of your property.

For additional information on when the right time to sell your home is, please contact:

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

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

As you plan your next vacation, take five minutes to review these simple, yet often overlooked home safety practices that deter burglars from breaking into your house. Your home will appear to be lived in whether you are away for only a weekend or for weeks at a time.

Give a Neighbor A Spare Key
Leave a key with a trusted neighbor in case anything happens to your house while you are away, or in case you get locked out. It’s usually not a good idea to leave a key hidden outside your house, especially in more urban areas.

Change Your Locks
It is usually a good idea to change the locks on your new home when you move in. You never know who might have keys to your house. If your new home does not have deadbolts on all ground-level doors, consider installing them. If a sliding glass door is easily accessible, it is a good idea to put a strip of wood in the lower tract.

Protect Your House Keys
Don’t give repairmen a key, and don’t give people fixing your car your whole set of keys. Your house keys can be easily duplicated and your address can usually be obtained from your license plate number.

Lock Doors And Windows
Keep your doors locked, even if you step out for just a few minutes. Especially remember to lock all doors at night and when you go on vacation. Similarly, keep your windows locked. Check that all windows have locks when you move into a new house. If they don’t, install them or replace the window.

Make Your Home Appear Lived-in
Install automatic timers to turn lights and radios on and off at appropriate times. Ask a friend or neighbor to pick up your mail, or have it forwarded it to the post office. Contact your local newspaper to stop delivery and consider having someone mow your lawn and water the flowers. Lower the sound of your telephone and answering machine so they cannot be heard from outside and make sure your outgoing message does not imply that you are away.

Consider Installing An Alarm
You may also want to install an alarm if the house doesn’t already have one. If you move into a new house with an alarm, make sure you get accurate (written) directions on how to operate it.

 For additional information on keeping your home safe, please contact:

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

WATER CONSERVATION AND LANDSCAPING  

Common Areas/Buildings

• Landscaping Committee. Does your condo association or apartment building have a building and grounds committee?  Attend a meeting or two to find out more about how your landscape is managed.

• Review landscaping contract, and recommend that the contractor:
  • Use native plants,
  • Minimize the use of fertilizers and pesticides,
  • Leave some grass trimmings on the grass for natural fertilizer (grasscycle),
  • Recycle leaves and plant trimmings (if feasible),
  • Take care with lawn watering, allowing the lawn to go dormant during droughts.
• Use the rainwater.   Direct downspouts to planted beds or lawn areas, so that the rainwater from the building can irrigate the plants. 
• Collect rainwater.   Consider installing rain barrels or cisterns to collect and store rainwater for gardeners to use, or for dry periods.
• Use the landscape to help manage stormwater.   If you have areas that are very wet from runoff from a building or parking lot, consider installing a raingarden to help absorb the stormwater.  Green roofs are another option to absorb stormwater runoff from a building’s roof, and also help insulate and improve energy efficiency in the building.  If you are replacing pavement or sidewalks, consider permeable paving stones or other materials that allow some of the water to drain into the soil, and reduce runoff.

Individual Unit Owners

As many condominium units are not individually metered for water use, unit owners may not know how much water they are using or if they have a leak.

• Toilets and laundry are the major water users in most homes (view statistics on average water usage).
• Encourage unit owners to install low flow toilets, or the flapperless toilet model, to help conserve water.  The association could consider a bulk purchase of toilets to offer residents a reduced cost.
• Choose Energy Star when replacing a clothes washer to save water and energy.
• Check pipes and faucets for leaks.  Even small leaks can waste significant amounts of water. Water leaks are not only a waste of water, but also of the energy needed to heat the water.
• Turn off the water when brushing teeth or shaving.
• Try to keep your shower to five minutes or less.
• Install low flow showerheads and faucet aerators. Look for ones that use no more than 2.5 gallons per minute at maximum flow (for showerheads) and 2.2 gallons per minute maximum flow (for faucets).
• Check the toilet for leaks. Leaks inside a toilet can waste up to 200 gallons of water per day. Toilet leaks can be detected by taking the tank cover off and placing several drops of food coloring in the tank. You have a leak if you see the coloring in the bowl after a few minutes. Most leaks involve the rubber flapper or shut off valve found in the tank. Repair as soon as possible.
• View other water conservation tips.

For additional information on making your condo green, please contact:

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