How to avoid buying the wrong house

July 18th, 2010 Jeff Wu Posted in Buyers, First-time Homebuyer, Single Family Homes, Uncategorized, real estate No Comments »

Old Wooden HouseHouse 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Hidden costs of redecorating a house that may be sound in value, but strikingly outdated in the interior decorating arena.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

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Old World Charm – Dunn Loring, VA Home for Sale

July 11th, 2010 Jeff Wu Posted in Buyers, Single Family Homes, Transportation, VA, real estate, real estate information No Comments »

 

7898 Oak Street, Dunn Loring, VA
Modern Convenience – Old World Charm – Commuter’s Dream

 

 

 

 

4BR/3+1BA Single Family House

offered at $849,888

Year Built 1986
Sq Footage Unspecified
Bedrooms 4
Bathrooms 3 full, 1 partial
Floors 3
Parking 2 Car garage
Lot Size Unspecified
HOA/Maint $0 per month
DESCRIPTION

Modern Convenience – Old World Charm. Fully Renovated Home. This home is not only beautiful, but a Commuter’s Dream with easy access to the Metro, 495, 66, INOVA Hospital and a bike path.


The Gourmet kitchen has granite, center island, built-in appliances & custom cabinets. Note the designer touches throughout the home. Built-in pantry has lots of room for all your spices and dry goods and so organized!

The Living Room has a full-wall stone fireplace, skylights and access to deck as well as hardwood floors.

Master Suite has huge bathroom with marble and Jacuzzi, his and her vanities and linen closets. Also separate toilet and shower.

There is a spacious area downstairs that could be a mother-in-law suite or great place to entertain. It even has a separate entrance!

Head out back for extended living space in the large back yard with beautiful landscaping and lots of mature hardwood trees and large cascading deck. This a kids and dogs play-haven!!!
 

PROPERTY FEATURES

- Central A/C - Central heat - Fireplace
- High/Vaulted ceiling - Walk-in closet - Hardwood floor
- Tile floor - Family room - Living room
- Bonus/Rec room - Office/Den - Dining room
- Breakfast nook - Dishwasher - Refrigerator
- Stove/Oven - Microwave - Granite countertop
- Attic - Basement - Washer
- Dryer - Laundry area – inside - Balcony, Deck, or Patio
- Yard - Jacuzzi/Whirlpool  
OTHER SPECIAL FEATURES

- Fully Renovated Home
- Center Island and Custom Cabinets in Kitchen
- Custom Designer Touches Throughout
- Marble Tile and Jacuzzi in Master Bath
- Fenced Backyard with Shed and Mature Landscaping
- Convenient to Metro, 495, 66 INOVA Hospital and Bike Path

 

 
 
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21 Detached Single Family Homes sold in 22182 zip code (Vienna) in April 2010

May 13th, 2010 Jeff Wu Posted in Single Family Homes No Comments »

Vienna Real Estate sold April 2010 - 22182 zip code

22182 is one of two zip codes that create our Tysons Corner area.  The other being 22102.  It is really only a part of both that creates the Tysons Corner area.  However, I’m focusing right now on all of 22182.  Whether it’s in Tysons Corner area or not, it’s still called Vienna.  In the last closed month, April 2010, there were 21 single family homes sold.  Here are the facts =

* Homes sold in the neighborhoods = 

BACHMAN PROPERTY, CINNAMON CREEK, DAVID C MOLUMBY PROP, DUNN LORING GARDENS, EUDORA, FRANCIS YOUNG ESTATES, LITTLE RUN FARM, MIDDLETON TWO,  RICHLAND HUNT, SADDLEBROOK FARMS, SHOUSE VILLAGE (2), SPRING RIDGE, SYMPHONY HILL WEST, SYMPHONY MEADOWS II, TAMARACK, TYSONS WOODS, WAVERLY, WAYSIDE, WOLFTRAP VALE, Woodland Estates

*Sold Prices ranging from $490,000 to $1,640,000

* Seller subsidy on 4 transactions

* 1 is described as a bank owned or foreclosure property

* 1 is described as a short sale situation

* Average days on market is 110 (7 were on the market a week or less)

* Acreages ranged from 0.19 to 2.77

The 21 sold properties in the 22182 zip code of Vienna was just slightly better than the Vienna Real Estate sold in April 2009 (20), a year earlier, and suprisingly even with the homes sold in March 2010, just one month before.

Data from MRIS

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January (2010) home sales in Tysons Corner Area

February 7th, 2010 Jeff Wu Posted in Condominiums, Courthouse Station, Fountains at McLean, Peacock Station, Rotonda, Single Family Homes, The Colonies, The Reserve at Tysons, Townhomes, Uncategorized, Wheystone, mclean ridge, real estate, real estate information Comments Off

Tysons Corner area Home sales in January 2010

Tysons Corner area Home sales in January 2010

- 23 Homes Sold in Tysons Corner Area (22102 McLean Zip Code + 22182 Vienna Zip Code) in January 2010

- The Type of homes sold were = 14 Tysons Corner Single Family Homes, 4 Tysons Corner Townhomes + 5 Tysons Corner Condos

- For all Tysons Corner Area Properties sold in January 2010 the average statistics were [1] 99.68% sold to list price ratio, [2] an average subsidy of $2,456.22 and [3] average of 98 days on the market

- The numbers are somewhat different by property type though:

–> Tysons Corner Single Family Homes = [1] 99.8% sold to list price ratio, [2] average subsidy of $1,942.2, and [3]average of 104 days on the market

–>Tysons Corner Townhomes = [1] 98.9%, sold to list price ratio, [2] $7,325.50 average subsidy, and [3] average of 88 days on the market

–> Tysons Corner Condos = [1] 100% sold to list price ratio, [2] average subsidy of ZERO ($0), and [3] an average of 89.8 days on the market.

- Homes sold in a variety of communities and neighborhoods =

–> Tysons Corner Single Family Homes = Colvins Glen, Estates at Great Falls, McLean Hamlet (2), Peacock Station, Pine Hill, Saddlebrook Farms, Shouse Village, Smith Farm, Spring Hill, Spring Lake, Timberly South, Woodhaven, and Woodside Estates

–> Tysons Corner Townhomes = Colonies of Madrillon, McLean Court, The Reserve at Tysons Corner, and Westwood towns

–> Tysons Corner Condos = Fountains at McLean, Regency at McLean, Rotonda (2), and The Colonies

- Of the 23 homes sold in the Tysons Corner area in January 2010, there was 1 identified as a Short Sale, and 1 identified as a “foreclosure” or bank owned sale

data from MRIS

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22102 (Tysons Corner Area) Under Contract

November 28th, 2009 Jeff Wu Posted in Condominiums, Fountains at McLean, Gates of McLean, Hunting Ridge, Park Crest, Peacock Station, Rotonda, Single Family Homes, The Colonies, The Westerlies, Townhomes, Uncategorized, real estate Comments Off

Key stats for 22102, Tysons Corner area, zip code =

* – 52 homes/properties under contract right now (11-27-09 9:01pm)

* – Of the 52 homes under contract: 27 are condominiums (condos), 4 are townhome or attached homes, and the other 21 are single family homes

* – 20 of the 52 homes are identified as potential short sales

* – 1 of the 52 is identified as a foreclosure or bank owned sale

* – The properties were on the market from 0 to 828 days before getting a contract, with the average number being 72 days on the market for these Tysons Corner area properties.

* – Gates of McLean, the Tysons Corner condominum neighborhood, lead all communities with 7 properties under contract.  Coming in second, all with 3 properties under contract were: Hunting Ridge, Park Crest, Peacock Station, Rotonda and The Colonies.

Tysons Area Properties under contract 22102 zip code

Tysons Area Properties under contract 22102 zip code

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Under Contract now in and near Tysons Corner (22182 zip)

November 27th, 2009 Jeff Wu Posted in Courts of Tysons, Hahn Property, Single Family Homes, The Reserve at Tysons, Tiburon, Townhomes, real estate Comments Off

Key stats for the 22182 zip code =

* – 53 homes/properties under contract

* – Of the 53 under contract: 1 is a condominium, 17 are townhomes, and the rest, 36 are single family homes

* – The average time on the market prior to getting a contract, for all properties, was 81 days, the low was 0 days, and the high was 515 days

* – 17 of the 53 properies are listed as potential short sales

* – non of the 53 properties references being a foreclosure

* – The Reserve at Tysons seems to have the most properties under contract of all neighborhoods (5).  Hahn Property, Courts of Tysons, and Tiburon, are neighborhoods that all tie for second place with 3 properties under contract in each.

Under Contract right now in Tysons Corner area zip code 22182

Under Contract right now in Tysons Corner area zip code 22182

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