Fort Belvoir Real Estate Market Trends – Virginia

Finding the Best VA Mortgage - January 2nd, 2012 5:41pm
Finding the best VA mortgage in Northern Virginia

It may surprise you to know that in Northern Virginia many financial institutions can easily beat rates given by USAA and Navy Fed credit unions. These banks offer better rates than USAA and Navy Fed AND they have outstanding loan officers with knowledge specific to our Northern Virginia housing market. We understand that when you decide it's time to buy you might be comfortable arranging financing through the institution you've always used. However, over the years we've developed some very solid contacts in this area. Having a responsive loan officer to call with questions (or meet in person), at any time during the home buying process has many benefits, especially in a fast paced market like Northern Virginia, where Realtor and loan officer often have to work together to assure their clients get to settlement on time.

The other advantage is that you can work with your Realtor of choice. The Realtor should specialize in areas surrounding Fort Belvoir. You receive the same rebate as you would with USAA or Navy Fed and you're not required to work with a realtor assigned to you by lottery draw.

If you would like to explore some other options before committing yourself, please don't hesitate to call or email me. I will gladly refer you to some of the best loan officers in the area.

Very Respectfully,

Susan Borrelli, Realtor
REMAX Gateway
703-216-2620
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News for Fort Belvoir, VA - January 2nd, 2012 2:29pm
When you consider the purchase of a home and are looking at various locations, be sure to ask your Realtor about commute time. Quality of life should be an important factor when buying a home so make sure your commute will be reasonable.

Buying a home near Fort Belvoir - April 3rd, 2011 1:54pm
Home values in areas surrounding Fort Belvoir and Quantico improved overall in 2011. Despite what you hear in other regions of the country, Northern Virginia home prices continue to trend up.

For military personnel with at least a three year assignment, buying a home can make sense especially when we start to compare rental prices in Fairfax County and Prince William County to a would-be mortgage payment. For many parents, renting a 2 car garage townhome or single family residence in your school district of choice can be $2500-$3500.

With owning, you also have peace of mind knowing that you won't be the victim of a landlord that goes to foreclosure or short sale. There's nothing worse than having to move twice, having unexpected out of pocket moving expenses and possibly losing your security deposit (which frequently happens when a landlord files for bankruptcy). Not to mention trying to find an available home for rent in the same school district!
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If you're going it alone and don't need a lot of space or a yard for your beloved pooch then renting may be a viable option. However, if your handy, purchasing a foreclosure or short sale property that needs work could be a terrific investment opportunity and with today's historically low interest rates, it's certainly an enticing consideration.

So, if buying a home is a serious consideration, spend time making sure your credit reports are shipshape to get the best rates offered when you decide to buy. You can check your reports free once per year at www.annualcreditreport.com. In addition, focus on what you can afford. Lenders will check your debt-to-income ratio. That is how much money is coming in versus going out in debt payments. Here's how to calculate debt-to-income ratio before you start loan shopping: Add up all of your debt payments including mortgage principal, property taxes and insurance plus other recurring debt like credit card, student loan and car payments and do the math. Your ratio should be 36 percent or less. For example, if you gross $5,000 per month (before-tax income), you should not pay out more than $1,800 per month toward those bills.

Buying a home also maximizes your tax benefits. As the tax law stands now, mortgage interest is generally tax deductible, which is great incentive for you to buy a home. You can lower your taxable income by the amount you pay in property taxes and interest.
Here's an example: If you earn $60,000 in gross income, and pay $10,000 in interest and another $2,000 in property tax, you can lower your taxable income to $48,000.

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News for Fort Belvoir, VA - March 1st, 2011 2:30pm
In Fairfax County where Fort Belvoir resides, average home prices increased 7% in 2010. Average days on market is under 40 days. In fact, properties in good condition and priced at market value are often going under contract within a week of being on the market. It is no longer a buyers market in Northern Virginia and generally speaking the perception of "fair market value" is closely aligned between buyers and sellers.