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There's no question about it- the demand for single level living has risen dramatically in our Northern Virginia 55+/Active Adult communities. The population is aging and with age, many people find it difficult to get up and down stairs. The problem is, rental housing that allows for single level living is hard to come by in Fairfax County and Prince William County. I know this because I'm a Seniors Real Estate Specialist and the number of calls I receive from people looking for rental housing in 55+ / active adult communities has skyrocketed. Communities such as Spring Hill in Lorton, River Ridge near Occoquan, Four Seasons in Dumfries and Regency at Dominion Valley in Haymarket are just a few of the spectacular 55+/Active Adult communities in which you could find a good investment property to buy, rent quickly and hold. 

To learn more about Northern Virginia's 55+/Active Adult Communities or to receive listings-by-email, you can contact me at SusanBorrelliHomes@gmail.com or go to: www.NorthernVirginiaSelectProperties.com   

Buy & Hold Real Estate Wealth Building Strategy

by Susan Borrelli

I personally believe buying & holding real estate is one of the most effective wealth building strategies available to us as individuals. Holding one or more rental properties affords us the long term opportunity to own the property outright. Unfortunately, Principle Pay Down/Building Equity is a strategy that many people overlook because it's not a get rich quick scheme. In essence, the tenant pays down the landlords mortgage in the form of rent (payments are applied to principle, interest, taxes and insurance). Over time, the principle amount owed diminishes and your equity in the home increases. When you sell (10, 20 or 30 years from now) you have a nice chunk of equity or you own the property outright. 

Potential tax benefits, appreciation and passive income during retirement are more good reasons to consider investing in real estate.  

As with all investment strategies, due diligence is required. Seek the help of a local Realtor to identify areas where homes rent quickly and to verify market rent in those areas. A local lending professional can help you understand your loan options and consult your accountant to assess potential tax benefits. 

If you're considering purchasing a rental property in Northern Virginia and would like to know more about current rental conditions or areas where homes rent quickly and for top dollar, don't hesitate to contact me at SusanBorrelliHomes@gmail.com.  

 

 

There's a new energized direction in downsizing. It's called right-sizing, it's trending and it's happening at an earlier age. People are trading in their big, longtime homes for smaller, comfortable, yet luxurious homes and the accompanying lifestyle and amenities. Homes are often half the size but newer and more energy efficient. They're beautifully upgraded and the communities in which they reside typically come with luxurious amenities and an active lifestyle such as golf, workout facilities, indoor and outdoor pools, themed parties and even on premise restaurant, activity director and concierge services. In essence, people are trading up! They're not waiting for retirement to make their move and why should they?

The HOA fee may be a little higher but in return, there is less spent on upgrading and repairs on the old home, lower taxes, reduced utilities and little or no yard work.  People experience a better, active, resort-like lifestyle after years of hard work. 

The trade-offs are your neighbors are a little closer and the work commute may be a little further. Though you may need to downsize your belongings, in the scheme of things, it could be a great excuse to discard old furniture and modernize. 

If you would like more information about Northern Virginia's active lifestyle communities, you can contact me at: SusanBorrelliHomes@gmail.com or 703-216-2620.

Visit www.NorthernVirginiaSelectProperties.com to see active listings for sale in 55+/Active Adult communities: Spring Hill in Lorton, Four Seasons in Dumfries, River Ridge near Historic Occoquan, Regency at Dominion Valley in Haymarket and much more!

 

How to Buy and Sell a Home at the Same Time? Why Use an SRES®

by Susan Borrelli

Why Use an SRES®  to help with the complicated process of buying and selling a home?

 by Susan Borrelli

 A SENIORS REAL ESTATE SPECIALIST®

Considering selling the family home but need a place to go too? It sounds complicated but there are Realtors who specialize with this type of dual transaction. SENIORS REAL ESTATE SPECIALIST®, SRES designees are Realtors with the senior experience, knowledge and marketing savvy needed to manage the sale of a longtime home and the contingent purchase or rental of a new home.

We create a customized marketing approach to sell your property, and work with you to explore your 55+ housing options to ensure that your next home best serves your current and future needs.

Wcan tap into our network and put you in touch with everything from qualified home inspectors, movers, attorneys, CPAs, handymen and even loan officers with special knowledge on the uses of reverse mortgages, pensions, 401k accounts, and IRAs in real estate transactions.

An SRES will also help you steer clear of loan schemes and scams that victimize borrowers.

We have all the resources and knowledge to simplify the sell-buy process. 

So if you're thinking of buying, selling, renting or relocating, contact Susan, your local SRES, at 703-216-2620 or SusanBorrelliHomes@gmail.com. 

A New Year Brings New Hope to the Spring Real Estate Market

by Susan Borrelli

The beginning of the year always brings about hope, excitement and anticipation of good things ahead and 2016 is no different.  We believe that this year will be a much better year for real estate in Northern Virginia.  There are many reasons for this optimism – great rates, new financing programs, lower inventory levels, positive consumer confidence and pent-up demand.

Let’s review each of these areas.HOPE SPARK IN 2015 REAL ESTATE MARKET

  • Great rates. Although there has been a very slight uptick in rates recently, rates remain very low historically.  Additionally, the interest rates will remain low through 2015 perhaps not reaching 5% until later in the year.
  • New financing programs. Freddie Mac and Fannie Mae have both begun to accept 3% down payments for first time home buyers.  There will be guidelines such as a minimum 620 credit score, borrowers will have to take an educational class, and they couldn’t have owned a home in the last 3 years to qualify.  With 45% of renters delaying a home purchase because of available funds for a down payment, this should increase the number of home buyers in 2015.
  • Lower inventory levels. In September of this year, we reached a 7 year high in inventory in Northern Virginia with 9,163 houses for sale.  Since that time, the number of available homes has declined each week.  We now have just 5,944 homes for sale which resulted in a brisk sales month for December.  Some of these properties will come back on the market this upcoming spring, but many sold.  As long as we have a moderate winter weather-wise, inventory will slowly enter the market and we won’t have the accelerated inventory levels we experienced in May of 2014 due to the weather.
  • Positive consumer confidence. Many more people today believe that the economy, their personal situation and the real estate market are all going to be better in the future.  These optimistic expectations are leading indicators to people purchasing in the upcoming months – including housing.  Additionally, Freddie Mac and builders also have high expectations of the housing market.  These expectations will have a positive impact on housing in 2015.
  • Pent up demand. As previously mentioned, December experienced a brisk sales month here locally.  We continue to receive calls, emails and internet requests on our homes for sale.   This shows us that there are many people ready to buy the right home that suits their personal lifestyle needs.  Also, many people who went through distressed sales just a few years ago are able to purchase again.  Job growth coupled with population growth locally will also increase demand for housing.

One other area to see home ownership grow in 2015 and beyond is the Millennial homebuyers.  They believe in home ownership as a wealth building opportunity and an overwhelming majority of them will be buying in the next 5 years.  Lastly, rising rental rates will push more people into ownership as a cost savings measure.

All of these positive influences in our region will strengthen our housing market in 2015 and beyond.  As we see our local economy continuing to rebound after 4 years of stagnant growth, this will have a positive impact on housing.  To see what this means to you, please feel free to contact me.

Cheers in the New Year!

 

Displaying blog entries 1-5 of 5