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Real Estate

3 tips for paying off your mortgage faster

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Paying off your home can seem impossible, especially if you’ve recently been saddled with a substantial mortgage. Here are three easy tips for paying off your mortgage faster.

1. Increase your payment frequency
If you initially chose to pay your mortgage monthly, contact your lender and ask if you can switch to weekly or bi-weekly payments. This simple change is equivalent to paying one extra monthly payment each year. For example, an additional $1,500 per year means you’ll pay off an extra $30,000 over 20 years.

2. Add to your payments
If your current budget allows you to make larger payments toward your mortgage, don’t hesitate to make the adjustment. You’ll pay off your loan faster and save on interest. Check with your creditor to find out what terms and conditions apply.

3. Make prepayments
Did you get a generous bonus or sell your classic car? You can use this influx of cash to pay off your mortgage faster. Be aware that your contract may stipulate a maximum lumpsum amount. If you go over this threshold, you may have to pay a penalty. Therefore, check with your lender to determine how much you can put down.


Contact a mortgage broker or financial advisor for personalized advice.

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Real Estate

Sharp drop in home sales this month as higher mortgage rates continue to cool the market

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According to the October 2022 Virginia Home Sales Report released by Virginia REALTORS®, there were 8,828 homes sold in Virginia in October 2022. This is 3,828 fewer sales than last October, representing a sharp 30.2% decrease in sales activity. This is Virginia’s largest year-over-year decrease in sales in more than ten years. While there were far fewer sales, it’s important to keep it in context, as last year was an unusually busy year. The sharp slowdown in sales is also partly a result of the market responding to climbing mortgage rates, which rose quickly in October. The average on a 30-year fixed mortgage jumped up nearly half a percentage point in October alone.

Statewide, October’s sold dollar volume was lower than last year, and, on average, homes are taking longer to sell. The average days on market statewide was 29 days, four days longer than October of last year. These trends are allowing the state’s inventory of available homes to build up.

At the end of October, there were 19,523 active listings across Virginia, 764 more listings than a year ago, a supply increase of just over 4%. “We’ve been reporting on Virginia’s waning inventory of available homes for years now,” says Virginia REALTORS® Chief Economist Ryan Price. “In October, we saw the largest inventory build-up the state’s housing market has had in more than eight years.”

“As interest rates have increased and some buyers are choosing to pause their home searches, listings are staying on the market longer, causing the inventory to grow,” says Virginia REALTORS® 2022 President Denise Ramey. “We expect this trend will continue into the near future as buyers continue adjusting to the higher mortgage rates.”


Despite the supply growth, overall inventory remains tight, keeping upward pressure on home prices in many local markets. The median sales price statewide in October was $365,000, an increase of $15,000 from October 2021.

The Virginia Home Sales Report is published by Virginia REALTORS®Click here to view the full October 2022 Virginia Home Sales Report.

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Real Estate

Do solar panels add value to your home? Sometimes yes, sometimes no

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Asphalt shingles are so 20th century. Take a peek at roofs these days; there’s a good chance you’ll spot solar panels. By the end of 2020, roughly 2.7 million solar panel systems had been installed on American homes, and the White House believes that 7.5 million systems will be installed by 2034. Many homeowners install solar panels to lower utility bills and perhaps raise their home values. But do solar panels actually add value to houses?

Research supported by the Energy Department and Fannie Mae examined the value of homes with solar panels installed. Researchers found that solar panels owned outright increased the value of the home by roughly the same amount as the cost of the system itself. Leased solar panels, however, didn’t add value and could, in fact, create some hassles when it came time to sell.

If the solar panel equipment is owned outright, it typically doesn’t add any entanglements to the sale. But if the systems are financed or leased, it can add some complications.

For one, these systems are expensive, and lenders may get cold feet if the added debt pushes the would-be purchasers above maximum mortgage thresholds. In response, many prospective buyers actually solicit lower bids to account for the monthly costs of the equipment. Complications mount if the home seller is behind on payments. A purchaser may demand that the costs to catch up payments be subtracted from the sale.


Homeowners should consider other factors as well. On one hand, panels may reduce utility bills. On the other hand, you may end up on the hook for expensive repairs later on, and solar panels right now have a lifespan of just 25 years.

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Community Events

Community News & Real Estate (November 2022) with Jen Avery, REALTOR

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COMMUNITY NEWS

Humane Society of Warren County

  • Tails & Ales – to benefit the Humane Society of Warren County
    November 19 – Moose lodge starting at 5:30pm. Cash party, raffle, games and more!
  • Pick of the Litter – supporting the Humane Society of Warren County
    New thrift store in town with the best deal around!  Please check them out off 450 Commerce Avenue, Suite F. Front Royal VA.
    Facebook page: facebook.com/pickofthelitterthrift

Rotary Club of Warren County

  • Boots & Bourbon Fundraiser
    The event was a great success.  We brought in approximately $28,000.  It might be enough for 2 book vending machines!
    Full album of memories: photos.app.google

REAL ESTATE

Warren County Market Report for October 2022 with Jen Avery, REALTOR

Watch this video for a quick summary of Warren County real estate for September 2022. We are in the red once again for new listings, new pending, and closed listings.


In general summary:

  1. New Listings are DOWN -28.4%
  2. New Pending DOWN  -35.6%
  3. Closed sales are DOWN -37.1%
  4. Average Median Sold  $320,000
  5. Average Days on Market 23

*If you would like a copy of this report emailed to you, please send request to jenaveryrealtor@gmail.com.

Resource: October 2022 Market Stats by ShowingTime
Bright MLS: Statistics calculated November 2022


Jennifer Avery, REALTOR® “Your Happy Home Expert!”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
jenaveryrealtor@gmail.com | 540-683-0790 | www.jenaveryrealtor.com
CRUM REALTY, INC| 318 S Loudoun St, Winchester VA 22601 | 540-662-0400

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Real Estate

Take advantage of the holiday mood in November real estate, 304 words

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At this time of year, everyone else is going over the river and through the woods to grandmother’s house, but a brave few are headed into the real estate market. Is that a smart move?

Depends on how you look at it. There is no doubt that the real estate market slows down at the end of October. According to the National Association of Realtors, sales of existing homes drop about 30 percent between December and January. Home sales traditionally do not pick up until the end of January.

For sellers, the holidays can still be profitable. Holiday home buyers are usually serious about buying quickly. The buyers are hitting open houses while the browsers are off at the mall. Plus, for sellers, there is no better time to show a house than the holidays, when a tasteful Christmas tree, wreath, and sparkling lights can make a house feel like your future home.

For buyers, it’s a great time, too, because, with less competition from others, buyers have a good negotiating position with sellers who want to move quickly. If a buyer finds a house during the holidays, it is possible that he or she will be able to come to an agreement with the seller to accommodate holiday plans.


If you are selling your home during the holidays, take this advice from home staging experts:

* Stick with simplicity. Take down your personal pictures and collections. Put up simple Christmas decorations, including a tree, wreath, and a few strands of lights outside. Put a few nicely wrapped presents under your tree.

* Build a fire in the fireplace. Play holiday music softly. Display potted evergreens in place of potted flowers.

* Some sellers even place photos or a scrapbook of the home pictured during the summer.

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Some Virginia regions seeing more homes on the market as sales slow statewide

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According to the September 2022 Virginia Home Sales Report released by Virginia REALTORS®, there were 10,172 homes sold in Virginia in September. This is 3,062 fewer sales than September 2021, a decrease of more than 23%.

So far in 2022, the largest drops in sales have occurred in coastal communities such as Northern Neck and the Chesapeake Bay & Rivers region, along with Northern Virginia and parts of the Shenandoah Valley.

In total, there was about $4.5 billion of sold volume in Virginia in September, about $1.1 billion less than a year ago. This drop is more than 20% lower than last September’s volume, reflecting the commonwealth’s slowdown in home sales activity.

Despite the cooling market, the statewide median home price last month was $365,000—a gain of nearly $15,000 in the past year alone. While prices are still trending up, mounting evidence continues to suggest the upward pressure is easing. “In September, Virginia’s average sold-to-list price ratio, meaning what a home sold for compared to the price it was listed for, was 99.9%,” says Virginia REALTORS® Chief Economist Ryan Price. “While this may not seem significant, it’s actually the first time this ratio has dipped below 100% since January 2021.”


Another piece of good news for home buyers is that the inventory of available homes is continuing to grow in many parts of the state. Some of the largest growth in supply has been in the New River Valley, the Winchester area, and parts of Central Virginia.

“Last month, about 44% of all counties and cities in Virginia had more inventory on the market than at the same time last year,” says Virginia REALTORS® 2022 President Denise Ramey. “While our inventory levels remain historically low, we’ll likely see them continue to build as the market continues cooling.”

The Virginia Home Sales Report is published by Virginia REALTORS®Click here to view the full September 2022 Virginia Home Sales Report.

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Real Estate

Real estate viewings: what to expect

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If you’ve recently put your house on the market, be prepared to welcome several types of visitors into your space, especially if you host an open house. Here are the kinds of viewers you’re most likely to meet.

• Future sellers are more interested in the real estate market than buying your home. They’re often neighbors who want to compare your home to theirs and appraise its value.

• Curious visitors aren’t ready to buy right now. They’re mainly interested in seeing what properties are available and what they can afford.

• Shoppers visit several open houses before putting in an offer. They’re looking for a good opportunity and will often ask specific questions and try to determine if you can negotiate.


• Convinced visitors are enthusiastic. They’re convinced your home is the perfect fit and can imagine themselves living there. They’ve fallen in love with the property and are only touring it to confirm their decision.

Simplify the selling process by engaging the services of a real estate broker. They know how to deal with each type of visitor.

 

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Thank You to our Local Business Participants:

@AHIER

Aders Insurance Agency, Inc (State Farm)

Aire Serv Heating and Air Conditioning

Apple Dumpling Learning Center

Apple House

Auto Care Clinic

Avery-Hess Realty, Marilyn King

Beaver Tree Services

Blake and Co. Hair Spa

Blue Ridge Arts Council

Blue Ridge Education

BNI Shenandoah Valley

C&C's Ice Cream Shop

Card My Yard

CBM Mortgage, Michelle Napier

Christine Binnix - McEnearney Associates

Code Ninjas Front Royal

Cool Techs Heating and Air

Down Home Comfort Bakery

Downtown Market

Dusty's Country Store

Edward Jones-Bret Hrbek

Explore Art & Clay

Family Preservation Services

First Baptist Church

Front Royal Women's Resource Center

Front Royal-Warren County Chamber of Commerce

G&M Auto Sales Inc

Garcia & Gavino Family Bakery

Gourmet Delights Gifts & Framing

Green to Ground Electrical

Groups Recover Together

House of Hope

I Want Candy

I'm Just Me Movement

Jen Avery, REALTOR & Jenspiration, LLC

Key Move Properties, LLC

KW Solutions

Legal Services Plans of Northern Shenendoah

Main Street Travel

Makeover Marketing Systems

Marlow Automotive Group

Mary Carnahan Graphic Design

Merchants on Main Street

Mountain Trails

Mountain View Music

National Media Services

No Doubt Accounting

Northwestern Community Services Board

Ole Timers Antiques

Penny Lane Hair Co.

Philip Vaught Real Estate Management

Phoenix Project

Reaching Out Now

Rotary Club of Warren County

Royal Blends Nutrition

Royal Cinemas

Royal Examiner

Royal Family Bowling Center

Royal Oak Bookshop

Royal Oak Computers

Royal Oak Bookshop

Royal Spice

Ruby Yoga

Salvation Army

Samuels Public Library

SaVida Health

Skyline Insurance

St. Luke Community Clinic

Strites Doughnuts

Studio Verde

The Institute for Association & Nonprofit Research

The Studio-A Place for Learning

The Valley Today - The River 95.3

The Vine and Leaf

Valley Chorale

Vetbuilder.com

Warren Charge (Bennett's Chapel, Limeton, Asbury)

Warren Coalition

Warren County Democratic Committee

Warren County Department of Social Services

Warren County DSS Job Development

Warrior Psychotherapy Services, PLLC

WCPS Work-Based Learning

What Matters & Beth Medved Waller, Inc Real Estate

White Picket Fence

Woodward House on Manor Grade

King Cartoons

Front Royal
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Upcoming Events

Dec
3
Sat
6:00 am 66th Annual Pancake Day @ Warren County High School
66th Annual Pancake Day @ Warren County High School
Dec 3 @ 6:00 am – 1:00 pm
66th Annual Pancake Day @ Warren County High School
Veterans,  Law Enforcement, and Fire and Rescue on duty in uniform eats free!
8:00 am Christmas Bazaar @ Valley Assembly of God Church
Christmas Bazaar @ Valley Assembly of God Church
Dec 3 @ 8:00 am – 2:00 pm
Christmas Bazaar @ Valley Assembly of God Church
Food, Crafts, Bake Sale! Still seeking crafters and vendors: 6 foot tables $15.00, 8 foot tables $20.00.
3:00 pm “Can’t Feel At Home” @ Court Square Theater
“Can’t Feel At Home” @ Court Square Theater
Dec 3 @ 3:00 pm – 4:00 pm
"Can't Feel At Home" @ Court Square Theater
“Can’t Feel At Home” an original play by Dr John T Glick. The story of families displaced from the Blue Ridge Mountains in the 1930’s to allow for the construction of Shenandoah National Park and[...]
4:00 pm Christmas Tree Sales @ Royal Plaza Shopping Center
Christmas Tree Sales @ Royal Plaza Shopping Center
Dec 3 @ 4:00 pm – 8:00 pm
Christmas Tree Sales @ Royal Plaza Shopping Center
Kickoff for tree sales — Boy Scout Troop 52 is ready to help you find that perfect tree. We are located at the Royal Plaza in front of Rural King. We will be selling trees[...]
7:30 pm “Can’t Feel At Home” @ Court Square Theater
“Can’t Feel At Home” @ Court Square Theater
Dec 3 @ 7:30 pm – 8:30 pm
"Can't Feel At Home" @ Court Square Theater
“Can’t Feel At Home” an original play by Dr John T Glick. The story of families displaced from the Blue Ridge Mountains in the 1930’s to allow for the construction of Shenandoah National Park and[...]
Dec
4
Sun
3:00 pm “Can’t Feel At Home” @ Court Square Theater
“Can’t Feel At Home” @ Court Square Theater
Dec 4 @ 3:00 pm – 4:00 pm
"Can't Feel At Home" @ Court Square Theater
“Can’t Feel At Home” an original play by Dr John T Glick. The story of families displaced from the Blue Ridge Mountains in the 1930’s to allow for the construction of Shenandoah National Park and[...]
4:00 pm Christmas Tree Sales @ Royal Plaza Shopping Center
Christmas Tree Sales @ Royal Plaza Shopping Center
Dec 4 @ 4:00 pm – 8:00 pm
Christmas Tree Sales @ Royal Plaza Shopping Center
Kickoff for tree sales — Boy Scout Troop 52 is ready to help you find that perfect tree. We are located at the Royal Plaza in front of Rural King. We will be selling trees[...]
Dec
7
Wed
6:30 pm Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Dec 7 @ 6:30 pm – 9:30 pm
Front Royal Wednesday Night Bingo @ Front Royal Volunteer Fire Deptartment
Bingo to support the American Cancer Society mission, organized by Relay For Life of Front Royal. Every Wednesday evening Early Bird Bingo at 6:30 p.m. Regular Bingo from 7-9:30 p.m. Food and refreshments available More[...]
Dec
10
Sat
10:00 am 10th Virginia Infantry Encampment @ Sky Meadows State Park
10th Virginia Infantry Encampment @ Sky Meadows State Park
Dec 10 @ 10:00 am – 4:00 pm
10th Virginia Infantry Encampment @ Sky Meadows State Park
Historic Area Journey back in time and immerse yourself in the sights, sounds and smells of a Civil War Encampment during the holidays. Interact with the 10th VA Infantry, also known as the Valley Guards,[...]
4:00 pm Paint Night @ Living Water Christian Church
Paint Night @ Living Water Christian Church
Dec 10 @ 4:00 pm – 6:30 pm
Paint Night @ Living Water Christian Church
The Living Water Christian Church is hosting a paint night on December 10, 2022, from 4pm-6:30pm. The cost is $40.00 per painting with award winning artist Kelly Walker. This is open to the public but[...]