“IN SEARCH OF… Buyer Needs” is a weekly post listing the types of properties my clients are looking for…. If you own property like this, please reach out to me.

Today is Friday, May 24th, and the hunt continues.  Sadly, there hasn’t been much change in this last in the last week….I have clients in search of the following types of properties….

Rental Investment Properties: I am working with multiple investors who are looking to purchase homes in the Dulles region (Fairfax/Loudoun Counties) to be used as long term rentals. They would find homes that are already occupied with great tenants to be of particular interest. Any property where the “numbers work” would be considered, but generally, we are targeting townhomes or single family homes with market values of $250K- $350K, and rental values of $1700-$2200 (or more). One of these investors is particularly interested in a home in walking distance to downtown Leesburg, for example, the Drymill area (ie. streets of Meherrin/Occuquan/Town Branch) .  My closing this past week was a great example of the type of investment property my clients are seeking. Check out the details here.

“Tear Down” lots (McLean): I am working with a potential buyer who wishes to purchase a home in the Churchill Road Elementary district in Mclean, Virginia (Fairfax County). They particularly like the Broyhill Langley Estates subdivision and Capital View Drive and Dead Run Drive and are targeting lots that are .35-.50 acres. Price range $750-850K depending on lot.

“Tear Down” Lots (Fairfax Co): I have a builder in search of buildable lots in the Vienna, Falls Church and McLean area. Other criteria: minimum of a .25 acre lot, not on a road with a “double yellow line”, probably not a corner lot (unless it was larger than most), not backing to commercial development or a busy road, ideally where other homes have been torn down and re-built.

Leesburg, Single Family Home: I have a couple who is in search of a single family home, 3 bedrooms or more, with basement, in Leesburg, within walking distance to downtown, and close to the bike trails.  Ideally, the home will have a garage – preferrably a 2 car garage. Neighborhoods like Exeter (NE Leesburg) and Ashton Downs (SW Leesburg) are idea. Max price is in the mid $400Ks.

Leesburg, Downtown: I have a couple who are looking for a home in or very close to Downtown Leesburg… although historic homes would be considered, it’s not a requirement. The 15-20 year old homes in the Memorial Drive area would be ideal, and/or the newer Georgetown Mews area (i.e. Old English Drive) would also be perfect. Target price range is the $650-750K price range.
Are you thinking of selling? These are the buyers I am working with RIGHT NOW… but it does change week to week. So if you’re thinking of selling, please be sure to let me know!

Nope… not much change from last week’s post.  We didn’t find what we’re looking for!  I need your help!!

Ironically, I did stumble across a FABULOUS fix & flip opportunity, and submitted an offer on behalf of a client this week – but last week, I didn’t know I was looking for that opportunity….so that is how that goes.

If you’re wanting to buy, check out my listings,  I am expecting a new listing to come on this weekend – a townhome in Exeter (NE Leesburg, VA)….. not sure what day it will be on the market, but sometime between now and Monday.  If you’re interested, reach out to me.

Home for sale, Foxridge Neighborhood, Leesburg, VA

Congratulations to Todd & Janetta who purchased this lovely home in Foxridge neighborhood today (located in SW Leesburg VA).

It’s a beautiful single family home in the town limits of Leesburg, walking distance to old town with easy access to the W&OD bike trail.

It features 3 bedrooms, two and a half baths, and a one car garage.  Homes in Foxridge are known for their small lots – great for those that don’t want a lot of yard maintenance but do want a little of their own “outside space”.  The 6 foot privacy fence provides a nice quite retreat in the backyard.

Homes here are also known for having a traditional exterior style, but contemporary flares and open floorplans inside. This home is no exception.  It boasts a two story living room, maximizing the feel of the space.  Kitchen has been updated and has new granite counters and stainless steel appliances; with a cozy family room right off the kitchen.  There are laminate floors throughout the home, which is perfect since the new owners plan to use this home as a rental/investment home…. that should help cut down on maintenance costs signficantly.

You can see the photos by clicking here.

It also happens to be one of the largest lots in Foxridge, and backs to the park.  (Double bonus!)

Previous owners are doing a “rent back”, and will be able to stay in the house until their new home in Round Hill is built, making this a perfect win-win situation for all.  My clients, the new owners, have a home with no vacancy loss from day one, and no management fees to pay for several months.  The previous owners will not have to move twice in only a few months.  Win-Win!

What makes a good rental investment home?  With a sales price of $346,000, the new owners anticipate a rent of about $2,200 a month once it’s on the open rental market, which will bring a bit of cash flow from day one even after the cost of their home loan….and the sales price was below the appraisal price.  Score!

Are you looking to buy or sell a home in Foxridge, or another area in Leesburg (VA)? Perhaps you’re interested in real estate investing?  Whatever your real estate needs, I am hear to help!

Vicky Chrisner, Fieldstone Real Estate

www.MoveToLoudoun.com

703.669.3142

MyAgentVicky@Gmail.com

Filing this post under “What a Good Buyers Agent Does”…. because, well, let me tell you…

A listing came on the market today, I wasn’t watching for it, but WOW. What a potential opportunity. A house in an existing community in Leesburg is for sale – hundreds of thousands of dollars below “retail” price. Granted, it’s a shell – no drywall, appliances, cabinets, flooring… but still. I call a client who is a builder. He’s interested. (I had others to call if he wasn’t, but he is.)

I called the listing agent… she said she’s not sure of the history because it’s a bank owned property, but she is guessing there was a fire.

I used to watch Blues Clues with my kids. I could hear “A Clue! A Clue” ringing in my head.

So, before I arrive, I have:
1 – Called the fire company and confirmed there was an incident in January 2008, the fire department was there 20 minutes (i.e. small fire), and that it turned into a medical call. She is going to dig for more information, but she told me what she knew.
2 – Called the county building and development and got the permit history, including the name of a restoration company that pulled a permit.
3 – Called the restoration company and learned they only did the emergency response – boarding windows and such, and no restoration… Odd that there was a permit on file for this, but maybe they anticipated doing more work that they never did.
4 – Called my insurance friend to learn the claim history (none).

Then I got to the property, detailed the issues with video and a list of things I saw. The neighbor was outside and I talked to him. He said there was a fire, it wasn’t huge but there was a lot of heat. The owner moved out and now lives in another neighborhood – he never came back. He was told the bank and insurance company wouldn’t pay to have the restoration done, and so he was letting it go to foreclosure. He said the property sat for years. The HOA recently replaced some windows and cut the grass.

OK, sure the neighbor could have told me most of what I had already pieced together but you never know what you’ll hear. At least I think I know the whole story now.

While I was at the property, 2 other REALTORS came in with clients. They were touring their clients and guessing at what had happened… One says, “Some people get mad when they are getting foreclosed and they rip everything out of a house, that must be what happened here.” It’s not what happened here, but that does happen. Nice due diligence, huh? The next one, “Since it’s a bank owned property we’ll never know what happened. But, it looks like there was a flood of some kind.” Hmm…. I guess they didn’t see the charred steps and framing?

Anyway… Just firing off a little post. Resourceful REALTORS(R) are where it’s at. Hire a good one who knows who to call and find out information. That’s my 2 cents, anyway.

“IN SEARCH OF… Buyer Needs” is a weekly post listing the types of properties my clients are looking for…. If you own property like this, please reach out to me.

Today is Friday, May 17th, and I have clients in search of the following types of properties….

Rental Investment Properties: I am working with multiple investors who are looking to purchase homes in the Dulles region (Fairfax/Loudoun Counties) to be used as long term rentals. They would find homes that are already occupied with great tenants to be of particular interest. Any property where the “numbers work” would be considered, but generally, we are targeting townhomes or single family homes with market values of $250K- $350K, and rental values of $1700-$2200 (or more). One of these investors is particularly interested in a home in walking distance to downtown Leesburg, for example, the Drymill area (ie. streets of Meherrin/Occuquan/Town Branch) .

“Tear Down” lots…. I am working with a potential buyer who wishes to purchase a home in the Churchill Road Elementary district in Mclean, Virginia (Fairfax County). They particularly like the Broyhill Langley Estates subdivision and Capital View Drive and Dead Run Drive and are targeting lots that are .35-.50 acres. Price range $750-850K depending on lot.

Tear Down Lots: I have a builder in search of buildable lots in the Vienna, Falls Church and McLean area. Other criteria: minimum of a .25 acre lot, not on a road with a “double yellow line”, probably not a corner lot (unless it was larger than most), not backing to commercial development or a busy road, ideally where other homes have been torn down and re-built.

Leesburg, Single Family Home: I have a couple who is in search of a single family home, 3 bedrooms or more, in Leesburg, within walking distance to downtown, and close to the bike trails. Neighborhoods like Exeter (NE Leesburg) and Ashton Downs (SW Leesburg) are idea. Max price is in the mid $400Ks.

Leesburg, Downtown: I have a couple who are looking for a home in or very close to Downtown Leesburg… although historic homes would be considered, it’s not a requirement. The 15-20 year old homes in the Memorial Drive area would be ideal, and/or the newer Georgetown Mews area (i.e. Old English Drive) would also be perfect. Target price range is the $650-750K price range.

Are you thinking of selling? These are the buyers I am working with RIGHT NOW… but it does change week to week. So if you’re thinking of selling, please be sure to let me know!

If you’re wanting to buy, check out my listings, including a fabulous new listing for a single family home in Sterling for $359,000 or search for others, right here: SEARCH FOR HOMES FOR SALE

The market is moving quickly, most buyers will tell you that. Whether you’re looking for a townhome in Leesburg, a single family home in Reston, or a “tear down” home/lot in McLean or Vienna, when you have something specific in mind, it can be very, very challenging to find a listing for the place you want.

That’s when the right Buyers Agent can really help you….you know, someone like me.

Sure, I do what everyone does… I start with the MLS, and I show you the homes of interest that are listed. But when the home you want isn’t on the market, and what you want is clear and attainable, I don’t stop there.

There are many resources I use to help people find homes that are not in the MLS.

• Websites…There are many websites where people may advertise a home for sale, and I scour them looking for the opportunity you’re hoping to find.
• There are many networks I can tap into… these may be REALTOR, builder, business, neighbor or lender networks. These people all learn of others that will be selling soon – before they hit the open market, and I leverage those networks to try to find a suitable property for you.
• Advertising… Believe it or not, I advertise for the specific locations my buyers are looking for.  I have started an “In Search Of” post that I will post on Fridays of the types of properties my buyers are looking for… You can find it right here on my blog every Friday.  I circulate this online through Social Networks because, well, I am trying to get the message out and enlist the help of others.
• Direct Mail... I send direct mail pieces like letters and post cards and I reach out directly to the owners of those properties if I can find them… and I tell them I have a client that is interested in talking with them about selling their property.
• Direct Outreach… I will knock on doors, too, and try to gauge their interest in selling.

Just today I received a call from someone who is looking to purchase a lot in McLean.  They have been trying for 2 years, with no success, and their friends referred them to me, because they had hired me to find them a lot and I was successful even when all their previous efforts were not.

Having said all of that, please tune in tomorrow morning for my IN SEARCH OF post.  I really do need your help!

Vicky Chrisner, Fieldstone Real Estate

Serving Buyers and Sellers in Northern Virginia

703.669.3142

“Will we ever have a regular house?” the girls asked their dad.  

Knowing they couldn’t really afford one, he said “Let’s pray,” and they did.  The next day,  Sisco’s employer, asked if he had ever heard of Habitat for Humanity…. and so began the journey that led to Sisco’s family getting their very own, regular, house.  

Their own home, and just in time for Christmas.

Habitat for Humanity fills an important need in our community, THAT I have always known… But how?  When my clients began this journey there was much I did not know about the organization.  Perhaps you’ll be surprised to learn some of what I learned, too.  Read on….

A lot of people mistakenly think that someone who “receives” a ‘Habitat for Humanity’ house is getting a free house.  But that simply isn’t true.  Last year, when Sisco’s family was selected to receive one of these homes, I was honored that he asked me to help him through the process….So into the trenches I went with him.  I was quite surprised when I learned how Habitat for Humanity really worked, from the buyer’s perspective.

1. Sisco, was initially referred to Habitat for Humanity by his employer, Bill Anderson, who frequently works with Habitat for Humanity.  Sisco completed an application which tells his story, about his family and about their income history.

2.  If the application meets initial criteria, the application is processed.  The processing includes all the things you expect any housing application would include, and then some…. Credit checks, income verifications, rental histories, personal references and even multiple home visits (& “inspections”) by committee members with a face to face interview.   The process is explained to the applicant… and there are requirements.  Getting a home from Habitat for Humanity is a hand up, not a hand out.

• Applicant families are required to pay an earnest money deposit.  It may be as little as $1,000 and it may be made in installments if needed, but it does have to be paid.
• Applicant families are required to physically work at the property to help build (or renovate) it, and there are minimum numbers of hours, a portion of which must be worked by the applicant family themselves, but the hour requirement is high enough that it is designed that the applicant will likely have to tap into communities like their church or place of employment to get people to work on their behalf to fill the required hours.  Reasonable adjustments are also made if someone is physically unable (ie. they may be asked to stuff envelopes for a donation drive if they can’t go to the construction site and work).
• Applicant families are purchasing the home, it is not a gift, so they must work to secure financing.  (Habitat for Humanity does have available to its applicants special loans which are not widely available to the public, and they do help applicants through this process.  Ultimately, if the applicant, despite their efforts, is unable to secure financing, Habitat for Humanity offers seller financing until such a time as the applicant does qualify for a loan program.)
•  Applicant families are required to pay 100% of the appraised value of the home – even though they can’t tell you the price of the home while it’s being built and when you sign the contract!

3.  The committee tells the applicant about the next available home, where it is and it’s size and basic features.  In our case, it was being built, so there wasn’t a lot to look at, but my clients did go look at the site and meet some of the neighbors.  If the applicant does not like the home or does not feel it will meet their needs, or if they feel that they can not fulfill the requirements or afford the home, they can withdraw their application.

4.  Based upon this information, the committee members meet and make recommendations on who should receive the next available homes, and there is a vote.

5.  If you’re selected, they contact you to congratulate you and set up a time for you to bring in your deposit (which is actually a fee that is not applied toward your purchasing costs) and sign the contract.  At that meeting, the details of your home and the process is explained, and the contract is signed.  You also begin your financing application process immediately.

6.  Then you begin fulfilling the work requirements…. and eventually the home is complete.

7.  Once the home is complete, a home dedication ceremony is organized and held (you can check out all the photos from my client’s ceremony on “The Real Estate Whisperer” Facebook page HERE).

8.  Hopefully your financing is secured and around the same time as your Home Dedication ceremony you will have a typical “closing” like most retail buyers; but like I said, Habitat will finance the house if they need to for the new owners, so sometimes things are done a little differently.  It varies depending on specifics.

My understanding is that once Habitat for Humanity is paid in full for the home the proceeds are funneled immediately back into the purchase or renovation of additional homes for their next applicant families.

Are you surprised at some of the requirements?  I was.  I did not know that the applicants paid 100% of Fair Market Value as determined by an appraiser, and that the applicants paid fees and put in sweat equity that would not be required if they were buying a home under “retail” conditions.

Habitat does aim to build a quality affordable home… and they do.  But it’s odd to me that a buyer promises to buy regardless of the price of the home.  What the real advantage is of receiving a Habitat for Humanity home is that while your home price is not specified in the contract, the maximum payment of the loan is specified, and Habitat guarrantees that financing.  Plus, they have resources the rest of us do not.

Some people have asked me “Did you get paid for this?”.  No.  Sisco is my client.  I sold the last home this family owned, and I did get paid for that.  But in my head “once a client, always a client”.  It’s not the receipt of a fee that ensures I am working to represent his family’s interests.  So yes, I helped… I was at the home visits, at the contract meetings, and served as a liason between Habitat for Humanity and my client, who is an immigrant, and was sometimes unsure of what they needed or how to do it.  I tried to help coordinate teams of volunteers, and kicked in a few bucks towards the down payment…you know, that kind of thing.  I believe my greatest value in the transaction was just facilitating and tracking the progress, and making sure he understood the terms of what was being offered and felt he could fulfill them.  Well, actually, my greatest value to the transaction was that the whole process was a little confusing and Sisco and his family know I would warn them if I thought there was any reason for them not to move ahead.  Sisco and his family surely made me feel appreciated through the process, and I felt honored that they asked me to help them through it.

Sisco and his family go to my church, and I see them just about every Sunday.  I love getting the updates and knowing that they love their new home, and it’s all working so well for them.

If you’d like to learn more about Habitat for Humanity, how you can help or how you can apply, just go to their web site: www.LoudounHabitat.com.

I am pleased to announce that “Lake Ridge Estates” ( a 31 lot subdivision in Round Hill, Loudoun County) sold last Friday, May 3rd, 2013.  Lake Ridge Estates had Conditional Approval from the Town of Round Hill to build 31 homes, which all be served by water and sewer.

I represented the seller, a local Loudoun County developer, in this sale to a National home builder. Before too long you’ll be seeing a sales office and new homes popping up along Airmont Road in the Town of Round Hill.

Lake Ridge Estates~A 31 lot subdivision in                 Round Hill (Loudoun County) Virginia.

National, regional and local home builders are back with force and looking aggressively for new properties.  With the low housing inventory, new home sales are on the rise again, and the builders are simply running out of homes to sell.  Do you have property that has been or could be subdivided?  Contact me today.  I would love to help you turn those fields into dollars.

Vicky Chrisner, Real Estate Advisor

Selling Homes and Land in Loudoun County and the Dulles Area

Fieldstone Real Estate

703.669.3142

]]> http://vickychrisner.com/subdivision-in-loudoun-county-sold/feed/ 0 http://vickychrisner.com/building-wealth-by-owning-real-estate-five-lessons-for-us-all/ http://vickychrisner.com/building-wealth-by-owning-real-estate-five-lessons-for-us-all/#comments Mon, 06 May 2013 16:54:19 +0000 vickychrisner http://vickychrisner.com/?p=1399 Building Wealth By Owning Real Estate: Five Lessons for Us All

…. and that concludes the blog series on “Building Wealth By Owning Real Estate: Five Lessons for Us All”.  These tidbits and antecdotal stories are the stories of my life, but they have me well on the way to where I want to be financially.  Thanks to smart real estate decisions we have endured some…Read More »

Lesson #5 in this blog series:  Appreciating Real Estate.  Read the entire series from the start by clicking HERE.

Nearly a grown up (by my standards today, anyway…. I was almost 20), I still had one more important lesson to learn about real estate.  I had taken a job at Shannon and Luchs (who was then a major regional real estate brokerage) in the training department and they made me take a real estate licensing course.  In that course they said that the national average of appreciation for real estate was 3% over any 10 year period.  The teacher went on to say that for the Washington DC Metro area it is more like 5% typically.   (By the way, they no longer teach this in today’s real estate courses.)

Hmm… That made me wonder.  So I went back and looked at some specific properties to test this theory.  Here are just a couple, but I have done them for every house I or my parents have owned at different intervals.

Case Study #1:  Vale Road, Oakton (Fairfax County)

Remember this house?  In 1975 it’s appraised value was $106,000.  It last sold in 2011 for $560,000.  That’s approximately a 4.8% average annual rate of return.

Case Study #2:  Charter Oak Drive, Ashburn (Loudoun County)

The first home I owned was a townhouse with a 2 car detached garage in what is now Belmont Greene (Ashburn, VA).

In 1995 we purchased it for $150,000 new.  It hasn’t sold for a while, so I used the home next door – in the picture- for this study (which originally sold for approximately the same thing).  In 2013 it sold for $358,000…. That’s about $1831 shy of hitting a 5% average annual rate of return.

I have done this case study for multiple homes over multiple periods of time (always making sure I had at least 10 years between the selling points), and it has held true.  These homes are all in Fairfax, Prince William or Loudoun Counties, so it’s reasonably representative of the Northern Virginia market.

BUT, WHAT ABOUT “THE BUBBLE”:  In 2005 and 2006 we hit “peak” prices and the rates of appreciation were incredible – 10% OR MORE in a year, for several years in a row.  They were too rapid.  The market correction sent home prices plummeting.  But they have been on the rise for several years now…. And the rate of appreciation is picking up again.  I am curious to see what 2015 and 2016 will show us about that time frame.  We’ll know then if it was really an anomaly or just part of a “normal” cycle that is painful to experience.  Life always looks a little different in the rearview mirror.

Lesson #4 in this blog series:  Buy As Early As You Can.  Read the entire series from the start by clicking HERE.

My next lesson in real estate came at age 18.  It was time for me to get an apartment.  The cheapest place I could find where I would consider living was a terrible old apartment, a two bedroom one bath apartment that didn’t even have it’s own washer and dryer and I had to defrost the refrigerator once a month.  The cost for such luxury?  $575 a month.

I was whining about this to the parents of my best friend who owned a home similar to the one pictured here.  It was a three bedroom home with 2 levels, on an acre of land, and their monthly payment was under $500 per month.

I was so upset. I can remember my response: “That’s not fair!  You’re grown ups.  You both have full time jobs.  Why do you get to pay less for more? “

Her response was some of the best advice I ever received. She said, “Buy a home as early in your life as you can.”  She went on to explain that whatever your mortgage payment is in the beginning is what it stays, so you can lock in your housing price and over the course of several years it starts to be a huge difference from what you would otherwise pay in rent, because your rent WILL INCREASE -likely every year.

…. and I am so glad I followed her advice.  Thank you Sharon Wickham.  My husband and I purchased our first home when I was 24, and currently, about 50% of our “net wealth” is tied up in our home.