First Time Buyers Club
I Think I’m Ready to Buy - What Now?
April 30th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Real Estate 101, Reston Dirt
Oh boy, I hear this all the time - and it’s music to my ears. It means 
another new face will soon be added to the list of happy, satisfied customers of mine! But I guess I’m getting a little ahead of myself.
It can certainly appear to be a complicated process and one that doesn’t present itself as straight forward as it actually is. I got an email the other day from a reader indicating that he’s ready to start the process and looking for direction on where to start - so here are a few easy steps to begin with.
Lender
This is the first and MOST important place to start – interview a few good, solid local lenders – individuals that will stand beside you during this process - answer questions, walk you through specific scenarios where rates and/or points are adjusted with various what-if situations. These people will not let you down - their reputation hangs on how well they perform each and every time. Also, you must know that no loan is too big or too small. Many lenders offer unique programs or are well versed with a particular type or style of loan (maybe VA or VHDA or FHA or jumbo) – so that’s why I recommend talking with a few.
Property Characteristics — Location, Amenities, Size, etc…
OK, now that you know what you can afford, the next thing to do is to prioritize what it is you’re looking for. Sometimes this is easy because perhaps your budget already lines up with expectations. Other times, sacrifices must be made. Through a simple process, we can easily work together to narrow down some good possibilities for you. I can also make suggestions on neighborhoods that I might be aware of that might be a good compromise and/or buildings that might offer you some built in amenities to save costs elsewhere (gym memberships, parking at work if you’re on metro, etc…).
Hit The Road
Then it’s time to hit the road – by this time we’ve gone back and forth with
priorities, budgets, etc… and it’s time to actually go and see some of the front runners. Often times, once we’re out together, certain priorities will shift – perhaps a commute that was once thought do-able becomes suddenly unbearable – but that’s ok, this is the discovery phase! Perhaps you fall in love with a place that wasn’t want you had in mind at all to begin with!
Eventually we come across a place that makes your heart skip a beat and it’s the one that you find yourself imagining making coffee in, or decorating with your “colors” or walking down the street to one of your favorite haunts! Then we know we’re on to something.
Finding a great place to live can be a fun and rewarding process. I always say if you surround yourself with good people you will position yourself for outstanding results! It’s true – if you’re thinking about beginning the process, give me a jingle. I can point you in the direction of some excellent local resources and we can get started today! No time like the present!
Happy Tuesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
| Discussion: No Comments »
10 Things to Look for when Choosing YOUR Next Real Estate Professional
March 25th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
Choosing who will represent you on the purchase or sale of your home (or investment property) is a big deal! It’s probably 
one of the single largest purchases or sales you will make in your entire life and unless you’re a big investor, probably something you will only do a handful of times in your life. So when the time comes for your to choose that special person that will guide you through this process, it’s important to look for the qualities that are most important to YOU.
I started out thinking I would do a “Top 10 List” of sorts, a la David Letterman. But I quickly realized that the list will be different for everybody! What’s important to you may not be as important to your co-worker, stock broker or college roommate who has recommended an agent to you. Don’t get me wrong, a personal referral is an excellent source, but make sure they are the right person for YOU and your needs.
Here is MY list of what I would look for in a real estate professional (and remember they are in NO particular order - just train of thought):
1. Experience - While I don’t feel it’s necessary to have 30 years in the business (can’t hurt though) I think it’s best to have an agent with a proven track record of success – if they are less experienced, ask how they intend to best represent your interests - what is their plan? And this brings me to #2…
2. Resources - what types of resources do they have available to them? Are they being mentored? Do they have a broker that will assist them? Do they have other resources to lean on in busy times? Perhaps they are part of a team? How will that work? As long as it works for YOU, there is no wrong answer here.
3. Ethics - This is a biggie – and no real way to ask someone how ethical they are – as Realtors, we are required to abide by our Code of Ethics. It’s much more stringent than our local licensing bureau requires – so always be sure you are represented by a real estate professional who proudly understands and abides by the Code.
4. Education – How has your prospective agent kept up with the industry? Have they earned any of the recognized designations? For example, I have earned the GRI designation – I am a Graduate of the Realtor Institute. It took me a year to earn it – I went to classes once a month for an entire day in subjects like Ethics, Agency Law, Real Estate Finance, etc… I attend Continuing Education courses all the time to stay on top of the changes in my industry… ask a few questions as it relates to Education!
5. Market Knowledge – Look, we can’t all be perfect and we can’t know every statistic for every condo building, neighborhood, townhouse complex, etc… in EVERY city, town, nook, cranny that we service – but we CAN have a knowledge of where the market is, where it’s been, where it’s headed. We can understand some basic economic forces that drive it – some basic economic indicators that could give us a clue where things are headed?
6. Online Savvy – I think this one is HUGE. The world is online - if you’re reading this now, you’re reading a blog. Some don’t even know what a blog is – but whether your agent is representing you as a buyer or a seller, it’s important for them to understand how to market online, how to reach potential buyers ONLINE and frankly, how to communicate with YOU. It’s a different world now than it was even 10 years ago. Be sure your agent has kept up with the times!
7. Communication – Another biggie! And something that will mean something different to different individuals. Find out how your agent intends to communicate with you – and how often. If you need updates once a week or once a day, make sure your agent understands your needs and can accommodate them. Do you prefer email? Or a true voice-to-voice conversation? It’s important to understand? Or what about text messaging?
8. Empathy – This is a tough process. While it’s a business for us as agents, you are real people, with real emotions involved in a potentially stressful situation. It’s nice if your agent can be empathetic.
9. Area Knowledge – How familiar is your agent with the area your home is in if you’re a seller or the area you’re looking if you’re a buyer. As I said earlier, nobody can be a neighborhood EXPERT in every neighborhood, and I don’t believe your agent must be an expert in that neighborhood to provide excellent representation, but they must be willing to learn – to familiarize themselves with your immediate area, market trends, schools, demographics, other listings, etc… the list goes on. (ps I’m a local! 
)
10. And last but certainly not least, I believe a Sense of Humor is vital. It all gets a little serious, and it is. But it can be fun, enjoyable and you can make a new friend along the way.
Remember, these are unique individuals and you’re trying to find the best match possible. Trust your referrals, your references, your research; but in the end, trust your gut… oh, and give me a call!
Have a wonderful Tuesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is right around the corner!
| Discussion: 6 Comments »
Mortgages 101 - A First Lesson
February 29th, 2008 Categories: Alexandria Dirt, Arlington Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Real Estate 101, Reston Dirt
Mortgages 101
One question I get asked a lot is “What are rates these days?”
And the answer is, drumroll please….. “well, that depends!” You know, back in the old days, real estate finance was fairly simple. You had to save up a nice down payment of 20% and there was 1 program (an 80% first trust loan) and a rate. That’s it – simple – so simple that the real estate agents used to qualify the consumers! Yep – you met with your Realtor, filled out an information sheet, then he or she would qualify you and after writing a contract, THEN you would head off to find a lender.
Wow have things changed! Now, the lender is one of the very first things we usually like to get taken care of. 1) It helps you to understand what you can afford and 2) you can choose the program that best suits your plans.
Some of the more popular mortgage programs are:
The Classic 80% - fully amortized loan
The Classic with a twist – maybe an 80/10/10 or an 80/15/5 that involve a 2nd trust or Home Equity Line of Credit
Interest Only
ARMS
Another twist now is that the interest rates are influenced by your credit score – the better the score, the lower the risk and therefore, the lower the rate.
Let’s look at some of these programs.
You’ve heard 1st trust, 2nd trust, 80/15/5 or 80/10/10… these terms get tossed around all the time – mainly these programs are determined by how much cash you have to put down at settlement. Example: If you’re looking to purchase a home for $400,000 by the old standards you would need to have $80,000 to put down and you would then finance 80% or $320,000. If you don’t have $80K, you might look at an 80/10/10 which means your 1st trust loan would be in the amount of $320,000 and you would have a 2nd trust loan in the amount of $40,000 which would reduce your down payment to $40,000.
If you don’t have $40K, then you could either look at an 80/15/5 which would lower your down payment requirement to 5% - $20,000 – or you could even consider 100% financing which is still an option today under certain circumstances! With the credit crunch and the tightening up of loan guidelines, you may find this is no longer an option for you – all the more reason to be working with a good, local, TRUSTWORTHY lender!
Once you determine what your cash position is and how much you’d like to 
finance, then you would need to choose a program – do you want to pay down your loan amount each month? That’s called a “fully amortized” loan – if you are more aggressive (and possibly a more disciplined investor) you might want to consider an interest only loan – NO principle is paid down, but the theory is that you can take that monthly savings and place it in your investment account.
In this scenario, you are relying on housing market appreciation to allow you to make a profit and move in years ahead. It’s all about risk. You should also consider the length of time you plan to stay in your home. If you’re looking at a 5-7 year investment, you might consider a 10 year ARM or Adjustable Rate Mortgage. If you’re in shorter – there are 3 or 5 year ARMS.
These days there is an additional category of loans that should be discussed, and I will do so in another post. Those are Government backed loans: FHA, VA, VHDA and the like. These are now VERY viable options whereas they used to be looked at as options only for those with credit issues. This is quite possibly the best route to take in some cases now.
One thing is for sure - you need to be well guided, well educated and ready to make some responsible choices for yourself — especially to avoid future problems. Many people have gotten in over their heads and are now going through the foreclosure process. If you’re conservative and have good advice, there are wonderful properties out there just waiting for you to call “home.”
I hope this has given an introduction to the very complex mortgage industry – de-mystifying some terms – it’s always good to partner with a good lender that can help you navigate through this complex process, making it simple and straight forward. I can help you find some great lenders if needed – I’m always here!
Happy Friday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! The Time is NOW!
| Discussion: 1 Comment »
To Inspect or Not? That is the Question…
February 19th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Real Estate 101, Reston Dirt
One of the questions I get asked a lot is “do I need a home inspection?” ![Images[3]](http://www.thearlingtondirt.com/wp-content/uploads/2008/02/images3-small.jpg)
Well, MOST of the time the answer is a resounding YES!!! Not only is it an opportunity to uncover possible deficiencies in your prospective new home, but it’s also your chance to learn about your home. Perhaps you’ve never bought a home before? Or perhaps you’ve always had a heat pump and in your new home it’s a gas furnace… Your Home Inspector will help you learn all sorts of wonderful things about your home and about home maintenance in general.
With regard to property condition, here in Northern Virginia, our contract stipulates that there will be 6 systems to convey to the purchaser in Normal Working Order: heating systems, cooling systems, plumbing, electrical, appliances and smoke/fire detectors. Aside from those, sellers generally aren’t required to warrant or disclose to a purchaser anything about the condition of their property. This is why a home inspection becomes very important.
So let’s look at some exceptions:
Condominium Purchase
If you’re purchasing a “traditional” condominium unit in a building - you know, like a box in a building – I’m not referring to the garden style with direct entry, maybe porches, patios, multi-level, etc… – but a traditional apartment style condo – there’s not a lot for the home inspector to uncover about your property that’s not already covered by the Normal Working Order requirements as described above. So they can look at the windows, the walls, floors, doors, etc… but really in a condo, I typically recommend a Home Warranty which covers most appliances, heating/cooling systems, etc… as an added protection for the first year. The only exception being if your eyes are telling you that you suspect problems… trust your gut!
If you’re purchasing a condo unit that is perhaps structurally a little more complicated, has attic access, dormer windows, has stairs, is significantly larger or generally you’re unsure of condition, it’s always a good idea to go ahead with the home inspection
An AS-IS Sale
Sometimes around here, sellers want to sell their homes in “as-is” condition. This just means that they’re not even going to conform to the standard contract language requiring those 6 systems listed above to be in normal working order… so they’re asking the purchaser to accept it in as-is condition as of the date of the contract. So basically what-you-see-is-what-you-get. In this case, it’s still a good idea to get a home inspection but what the seller is saying is that 1) they will not remedy anything and 2) they won’t let you out of your contract based on home inspection findings. Although special language can be written in acknowledging the first point, but still asking for an “out” based on findings. Anyway, in either case, it’s a situation to be a little leary of unless you basically already know what you’re getting into OR you’re VERY handy and it doesn’t matter.
Another tactic in these situations would be to go ahead with seller permission and have a home inspection completed prior to writing a contract. Then you’ve got a little protection.
So, I hope you’re a little more comfortable on the topic of home inspections… a few more thoughts… Always hire a home inspector that’s certified either through ASHI, NAHI or NACHI.
Any other questions? You know where to find me.
Happy Tuesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! The Time is NOW!
| Discussion: 5 Comments »
Buyers - Buyers — Where For Art Thou?
February 18th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Reston Dirt
Some people see the glass half empty – others see it half full. But those that see this market as an enormous buying opportunity will be those who prosper in the end! You think that’s crazy? Let’s look at the current market conditions.
Inventory of Homes in Northern Virginia
Let’s see… There are over 6,600 homes for sale in Fairfax County alone, 2/3 of those under $500K! Think you might have some choices now? Uh huh! I think yes. Choices mean you get to be picky – picky about location, condition and, um, yes, PRICE!
Seller Contributions for Closing Cost Assistance
Yep - you betcha! In many cases we are seeing sellers more than willing to cover buyer closing costs. And, if your lender allows, you can accept as much as 6% subsidy from the seller, which often enables the already low interest rates to be bought down even further! There is a lot of creative financing being offered now and it’s NOT the types of programs that got folks into trouble - these are programs that can help you as a buyer get into your home by taking advantage of market conditions.
Price Flexibility
More than ever, sellers are making every attempt to price their homes properly. That is, pricing in order to get an offer in the first week or so at or near their asking price. Not all are able to hit this number, so once a property has been on the market for 30+ days, sellers are beginning to see their way to reducing prices and/or negotiating. Don’t be afraid to put an offer out there. You never know what a seller might be willing to accept - they even surprise us sometimes!
Interest Rates and how they translate to Purchasing Power
Interest rates are still in the extremely low ranges! Especially for borrowers who have been careful with their credit scores and have enough saved for good loan-to-value ratios (20% or more down). Did you know that on a $300,000 loan, the difference in just 1/2% of interest rate (say from 6% to 6.5%) either 
increases the payment by $100 OR it reduces your purchasing power by a whopping $16,000!!! That’s HUGE –
So I ask – why were buyers clamoring to make purchases while chasing the market upwards? Remember 2004 and 2005? Buyers were waiving their rights for inspection and sometimes appraisal; they were outbidding the nearest bidder sometimes by thousands of dollars; often they were behaving like this for homes they weren’t really in love with – it was just the home that happened to be available.
Here we sit in 2008 with inventory (read: choices), seller flexibility, and fantastic interest rates in our corner. Why on earth would you NOT think this would be a more ideal time to buy? You may be nervous about not hitting “bottom” yet – that’s valid - however, economic signs point to a healthy economy here in the Northern Virginia area for the forseeable future, so as long as you intend to stay in your home for the next 3–5 years MINIMUM, I say get your comfy shoes on, put in a call to your local lender and give me a call to get started.
Happy President’s Day!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! The Time is NOW!
| Discussion: 2 Comments »
Earnest Money Depost - Why? Who? How Much?
January 29th, 2008 Categories: Alexandria Dirt, Arlington Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Real Estate 101, Reston Dirt
You’ve heard the term “good faith deposit” or “earnest money deposit” but what does it mean exactly? Who keeps it? What’s the purpose? Why does it matter? How much should it be? Let’s see if I can address all of these issues, bringing clarity to the importance of understanding the earnest money deposit.
What is it?
Here in Northern Virginia, when a buyer writes an offer on a property, our contract 
calls for it to be accompanied by an earnest money deposit of some amount – typically in the form of a personal check. This amount is usually a percent or two of the sales price… as a general rule of thumb. I’ve seen more - the higher the amount, the more seriously your offer is taken. This money belongs to the buyer, but it gets deposited prior to settlement usually with the real estate brokerage that is representing the buyer. However it is applied at settlement towards your closing costs or down payment.
Why do I need it?
The purpose of it is to show the seller that the buyer is serious about the purchase. It is the money that they are risking to lose should they default on the contract. Remember, I said “default.” If the buyer finds something with the home inspection or the association documents that they are unhappy about and can’t work out a solution, they can walk away under most circumstances and they will receive that earnest money back from the broker. However, if they walk away with no cause, or with no “out” from the contract — it’s default and they stand to lose that earnest money deposit and sometimes more. So it’s the money they’re putting forward in good faith indicating their intent to follow through on the contract.
Does it really matter how much I write it for?
From the seller’s perspective, if they received 2 contracts, one with a deposit of a few hundred dollars vs. another with one that was $10,000 - which do you think they’d consider to be stronger? Right, the one that’s higher indicating a higher degree of seriousness.
Now, it’s not all about earnest money - there are plenty of other factors that go into writing a good solid contract – but it is certainly a consideration that everyone should understand in order to be aware of the implications.
For professional guidance through the home buying process, give me a jingle! I’d be more than happy to help educate you on all of the ins and outs of good contract writing. Then, when you’re ready to move forward with your offer, you’ll be knowledgeable about the process and the process can move along smoothly!
Happy Tuesday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation! Spring is right around the corner!
| Discussion: 1 Comment »
Homeowners Insurance - the Ins and Outs
January 28th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Real Estate 101, Reston Dirt
One of the necessary things to plan for when making a real estate purchase is insurance. But what do you need? Well, I’m not an insurance agent (read: insurance expert), but I can tell you from a property ownership perspective the minimums that you should have… read on.
Condominium Insurance Needs
When purchasing a condominium, the association carries a master insurance policy on the entire building structure. This is one of the costs that your condo fee covers. However, you’re not off the hook. You should have insurance to cover your personal belongings, as well as personal liability, so if anyone ever injures themselves on your property, you’re covered.
Single Family and Townhome Insurance Needs
When purchasing any other type of property with fee simple ownership (when you own the ground and air above – exterior walls, fireplaces, roofs, etc…) then you need a full featured home-owners policy, sometimes called a hazard policy, covering the structure, contents, liability, etc. There are specialty riders as well. For example, here in Northern Virginia, we don’t worry too much about earthquake policies and not too many properties are affected by the 100 year flood plain (although there are some) and require special flood insurance.
What to do?
One of your first jobs once you have a ratified contract will be to contact an insurance agent or two, get quotes and make application for insurance.
You’ll need to know such things as:
Wiring type
age of roof
# of layers on the roof (sometimes a new layer of shingles is nailed right onto the old layer)
distance to nearest fire hydrant
etc…
They will also run a C.L.U.E. report. The C.L.U.E. report (Comprehensive Loss Underwriting Exchange) will provide a 5 year history of losses associated with an individual and his/her property.
The home insurance policy will be paid for in full for the first year at the settlement table. Your lender will then begin to escrow 1/12 of your annual policy amount so that the beginning of year 2, they will have collected enough money from you to cover the premium that will come due at that point. IF for some reason you don’t go to settlement - say the contract gets voided because of an inspection item, or an appraisal issue – you’re not on the hook at all — after all, no service has been rendered. You simply call the insurance company and tell them the deal isn’t going through. They can sit tight until the next time!
Additionally, something many don’t realize, if you move to your new residence and have to leave a property vacant, communicating that to your insurance agent is very important. Since it’s obviously vacant, you won’t need to continue to insure the contents, but you will need to carry at a minimum a basic fire policy AND a comprehensive liability policy.
The key to good insurance is communicating with your agent. There are many great insurance companies out there - find one you’re comfortable with that offers competitive rates and you should be set. As always, if you want to talk further, don’t hesitate to give me a call or email.
Happy Monday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation! Spring is right around the corner!
| Discussion: 1 Comment »
Buyer Agency - The Good, The Bad and the UGLY
January 24th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Reston Dirt
Today’s topic is sometimes a sticky one – sometimes misunderstood – sometimes abused – but most of the time, it works out wonderfully for all parties involved.
Today I came across some information that really surprised me. I received a referral from another real estate agent this past winter and worked with
this particular client for 2 1/2 months to help them find their dream home under a buyer agency representation agreement. During that time, we wrote one contract that didn’t go through due to the presence of a better offer. In my estimation, we looked at somewhere between 50 and 60 homes together. That’s A LOT!!! At the end of those months together, they seemed exhausted and frustrated and decided to take a break - they told me they were renewing their lease for another 6 months and would resume their search thereafter. They thanked me for my diligence, my patience with their schedule and my hard work to date, promising to get in touch when it was time to resume the search.
I found out today that 11 days after they told me this, they SETTLED on another property in a neighborhood we’d been looking in. When I contacted them today to ask them what happened, they were surprised to hear that I felt that compensation was due, not to mention that the buyer agency agreement that they signed said it was due. Imagine – they felt that they found the property and consummated the deal without my assistance so therefore I was not due any compensation. What about the 2 months that we worked together? 2 or sometimes 3 days/week – 5 and 6 houses at a time? Missing family events, running out on short notice, quickly previewing new listings and actively chasing down possibilities that weren’t even on the market in their “dream” neighborhood? Hmmmmmm
Obviously feelings are involved, at least on my part – I worked hard, put their needs first, helped educate them, both on the housing market and on lending options, helped them explore different neighborhoods, communities, home styles, etc… my feelings are hurt that all of this effort was not rewarded with compensation. Their feeling is that it’s the nature of the business and I should just deal with it and move on.
Signing a buyer agency agreement is putting in place a contract hiring a qualified, competent real estate agent to work for you. That agent is putting in the time with an agreement that at the end, compensation will be earned. What other business can you think of where someone works for free on the hopes that it all works out? This is very much of a relationship built on trust. The beauty of buyer agency is that the SELLER PAYS THE COMMISSION!!! This is the way I put food on my table for my family – it’s not something I do recreationally for the pleasure of serving others. Don’t get me wrong, for the most part I enjoy each and every one of my clients and we have built long lasting, solid relationships because it’s a mutually 
rewarding and respectful relationship. But it’s how I earn a living.
I’d love to work with you - but please respect me and my time. I will give tirelessly in the pursuit of the perfect place for you to purchase – but I look for mutual commitment. Like I said in the beginning of this post, 99% of the time, buyer agency is a beautiful thing!
Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation! Spring is right around the corner!
| Discussion: 4 Comments »
Taking your (financial) Health Into your own Hands…
January 16th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Real Estate Dirt, Northern Virginia Real Estate Finance, Real Estate 101, Reston Dirt
Yes, today we’re talking about health. Had a checkup lately? Have you 
visited your family doctor? Well, all that might be interesting, but I’m talking about your financial health. YES, have you had a checkup lately? Seen your practitioner?
There are a few basic things one should do especially if preparing to enter into a real estate transaction anytime soon:
Run Your Credit
You are given the opportunity once each year to run your credit “free” so to speak. Here is a great article on the process, how it works, where and whom to contact, etc…
Address any Credit Issues with a Plan
Sometimes your credit report will reveal things you’re completely unaware of. You might find that a credit card or account you thought you “closed” years ago is actually still active with the company even though there have been no charges in a very long time and the cards have been long cut up. It will help your credit scores to methodically go through and, in writing, cancel any unused accounts.
Sit down with your Accountant
If you’re considering selling, be sure you understand how a gain could affect your tax situation. Be sure you understand how much you stand to gain from the sale of your home and how much you’ll be able to put towards your next purchase. (a qualified real estate agent like myself can run through scenarios to create a net sheet for you to use).
IF you’re considering buying, especially for the first time, you need to understand how the mortgage interest (and property tax) deductions work and how they increase your take home pay. Many first time buyers come to me understanding how much they currently pay in rent and trying to make a comparison – it doesn’t work the same way. It’s at this point that I would point you to a qualified lender to help walk you through the approval process.
Most of these are common sense – but all great things to do on a regular basis. There are also some great books out there to help take you through a financial check-up and lead you to financial freedom. So, take care of your health, financially, and the rewards will be great!
OF COURSE, if you want to talk real estate, I’ll look forward to your call or email.
Happy Wednesday!
Jennifer Klaussen
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation! Spring is right around the corner!
| Discussion: No Comments »
First Time Home Buyer’s Seminar - It’s FREE and YOU’RE INVITED!
November 13th, 2007 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Home Buying, Reston Dirt
You, my dear reader, are cordially invited to a free, first time home buyer’s seminar being held in the Keller Williams Arlington Office in Courthouse.
When: Saturday, December 8 — 10am-11am
Where: 2101 Wilson Blvd, 11th Floor; Arlington VA 22201
What: Seminar conducted by Gleyde Schatz of Access National Mortgage and Jennifer Klaussen (me) and Afton McGhee of Keller Williams – Realtors extraordinaire! (and a light continental breakfast)
Who: Anyone who is a first time home buyer considering making a purchase - whether it’s soon or you’re just in the beginning stages of educating yourself about the market and what steps you’ll need to take to be prepared for your first home purchase
Cost: 0$ – Nothing – Zippo – Nada – FREE!!!
Space is limited, so please email me to secure your spot! I’ll look forward to meeting you there!
Happy Tuesday!
Jennifer – your Keller Williams Arlington Real Estate expert!
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