WHAT MATTERS Warren – Mark your calendars for THIS THURSDAY, NOVEMBER 29th, to hear from a National Association of Realtors economic/research specialist at Lord Fairfax Community College in Middletown (173 Skirmisher Lane Middletown, VA).
Don’t miss this rare opportunity to hear from one of the country’s TOP REAL ESTATE EXPERTS as he answers “How’s the Market?” at the Shenandoah Valley Real Estate Market & Economic Summit sponsored by the Blue Ridge Association of Realtors. Learn insight from speaker Dr. Lawrence Yun, Chief Economist and Senior Vice President of Research at the National Association of REALTORS®.
Yun will present a 12-24 month economic forecast of the national level in addition to a hyper-local forecast of the Shenandoah Valley real estate market. Anyone who is thinking of buying/selling, investors, and members of the real estate industry are encouraged to attend.
Doors Open at 8:00AM for registration and the presentation runs from 9:00 to 11:00AM. Following Dr. Yun, leaders from our local Economic Development Authorities will present updates from Frederick County, Warren County, and Winchester City (including commentary on Amazon’s recent announcement).
Cost is $15.00 in advance and $20.00 at the door, with FREE admission for BRAR Members. For Reservations or more information, call 540-667-2606. This is a nonprofit event and all proceeds will benefit the United Way and the Blue Ridge Association of REALTORS Scholarship Fund.
ABOUT DR. YUN
Lawrence Yun is Chief Economist and Senior Vice President of Research at the National Association of REALTORS®. He oversees and is responsible for a wide range of research activity for the association including NAR’s Existing Home Sales statistics, Affordability Index, and Home Buyers and Sellers Profile Report. He regularly provides commentary on real estate market trends for its 1.3 million REALTOR® members.
Dr. Yun creates NAR’s forecasts and participates in many economic forecasting panels, among them the Blue Chip Council and the Wall Street Journal Forecasting Survey. He also participates in the Industrial Economists Discussion Group at the Joint Center for Housing Studies of Harvard University. He appears regularly on financial news outlets, is a frequent speaker at real estate conferences throughout the United States, and has testified before Congress. Dr. Yun has appeared as a guest on CSPAN’s Washington Journal and is a regular guest columnist on the Forbes website and The Hill, an “inside the beltway” publication on public affairs.
Dr. Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park.
A WHAT MATTERS INITIATIVE
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About WHAT MATTERS:
WHAT MATTERS is a 501(c)(3) that she started this year to enable people to have the benefit of a tax deduction for their donations through her fundraising matches.
Here is the Current Match Campaign for the children of Bunyade school project.
WHAT MATTERS has ZERO overhead as 100% of the expenses are funded by her real estate business (THANK YOU CLIENTS AND SUPPORTERS for making that possible!). Every cent donated goes to the cause.
WHAT MATTERS is a 501(c)(3) that focuses on local and global outreach to help spread the word, support and raise funds for causes that matter. If you’d like to get involved, or travel to Africa with her on a future trip to work with the children of Light up Life Foundations, please visit www.whatmattersw2.com.
5 questions to ask when choosing a neighborhood
Before you start shopping for a new home, it’s a good idea to consider what neighborhood you want to live in. Here are five questions to ask yourself when considering location.
1. Are the schools good? If you have young kids, this is a top priority. Do some digging online and consider visiting the more promising schools in person.
2. Is it safe? Ensure that the neighborhood doesn’t have issues with crime. You can often find information about crime rates on the web. Another option is to make inquiries with the local police department.
3. Where can I go by foot? Consider what shops, services or amenities are within walking distance. This includes grocery stores, cafes, restaurants, daycares, clinics, parks and gyms.
4. What will commuting be like? Take into account how close the neighborhood is to your workplace and your children’s school. If you intend to take public transportation, see how accessible and convenient it is.
5. Do I like the atmosphere? To better understand the overall vibe of the neighborhood, the best thing to do is scope it out in person. Walk the streets, chat with the locals and visit the area’s shops and restaurants.
In addition to asking yourself these five questions, it’s worth discovering what trends are emerging with respect to home values in the neighborhood. This will indicate whether buying in the area will prove a good investment if you choose to sell the property down the road.
Warren County Market Report – July 2019
Welcome back to school, Warren County!
Watch this video for a quick summary of Warren County real estate for July 2019. Charts demonstrate the changes in the market, so be sure to click play!
In general summary:
- New Listings are up 15%. This is a significant increase over last year. Good news is that we are selling what we list and hopefully will continue to do so. Closed Sales are up 9%.
- Average Median Sold $241,000.
- Average Days on Market 76.
*If you would like a copy of this report emailed to you, please send request to email@example.com.
Resource: 2019 Market Stats by ShowingTime
MRIS: Statistics calculated July 2019
Jennifer Avery, Realtor
“Your Happy Home Expert”
BPOR, SRS, CNE, E-Pro Certified | Licensed in VA
firstname.lastname@example.org | 540-683-0790
CRUM REALTY, INC | 318 S Loudoun St., Winchester, VA 22601 | 540-662-0400
Fixed versus variable rate mortgages: what you need to know
Fixed or variable rate? It’s a question every homebuyer is faced with when obtaining a mortgage. If you’re unsure about which option is best for you, this primer should help.
What are fixed and variable rate mortgages?
Fixed rate mortgages are straightforward and involve paying the same monetary installments and interest rate for the duration of your term.
Variable rate mortgages, on the other hand, are a little more complicated. They’re tied to your bank’s prime rate, which may change over time.
Your bank’s prime rate is based on the target federal funds rate or the rate banks charge each other when they lend funds overnight. A quoted prime rate is typically the average of the prime rates charged by the major banks.
The target federal funds rate can increase or decrease several times per year. For example, in 2018, this rate changed four times. It rose by 0.25 percent each time, climbing from 1.25 percent in March to 2.50 percent in December.
Should you choose a fixed or variable rate mortgage?
Variable rate mortgages typically have a lower interest rate than fixed rate mortgages and historically, they’ve saved people money. However, fixed rate mortgages have the benefit of offering certainty and predictability. They make budgeting easier and take away any trepidation around potential interest rate hikes.
To better determine which mortgage type will cost you the least, see what leading economists are forecasting for the target federal funds rate. Just keep in mind that no one can reliably predict future fluctuations.
Right of first refusal: what it is and why it’s useful
A right of first refusal (ROFR) in a real estate contract is a clause that gives an individual first dibs on buying a particular property. If someone other than the specified individual makes an offer, they’re notified by the seller and given the opportunity to match the bid.
Who can arrange an ROFR?
An ROFR clause can be arranged between a tenant and a landlord, between family members or between neighbors. An ROFR can also be offered to a tenant via a homeowners’ association or condo board.
Advantages for tenants
This type of agreement can benefit all parties involved. If, for instance, a tenant is interested in eventually buying the home they’re renting, an ROFR clause gives them the assurance that so long as they have the funds, they’ll be first in line.
Advantages for landlords
On the landlord’s end, he or she maintains the right to sell to the highest bidder and always has at least one interested buyer. As an added bonus, it’s likely to be someone who can purchase the place with little hassle.
If you sign a right of first refusal agreement, make sure that the specifics suit you. Look at details such as the deadline to match an offer and the expiry date of the clause. Additionally, it’s a good idea to consult with a lawyer before entering into any legal agreement.
What are junk fees?
Junk fees are extra charges a mortgage lender tacks on when you close on a home. Paying some closing costs when finalizing a mortgage is expected. However, certain charges are unnecessary or excessive.
Junk fees may be labeled as an application fee, a mortgage rate lock fee, a processing fee, a courier fee, an administrative fee, a documentation fee or something else entirely. While such fees may represent actual work that was done, they tend to be basic services that the lender is expected to provide.
If you think you’re being charged junk fees, press your lender for details. If you find that the fees are in fact unjustified, you could ask the lender to waive them or simply state that you’re unwilling to pay. When pressured, the lender is likely to reduce or eliminate these charges.
Meet Ray Bramble from AireServ
Ray Bramble, President of AireServ, was in our studios recently and spoke with our publisher, Mike McCool, about high utility bills and what we can do to get them under control.
Ray is the President of AireServ, a heating and air-conditioning company in Front Royal. Bramble said, “We want you to stay comfortable and breathe clean air all year round.”
Ray, along with his son Ryan, also discussed a new technology called Aeroseal. Bramble says that duct leakage robs you of comfort, energy and peace of mind. Cracks and holes in your home’s air vents and duct system allow heated and cooled air to escape before reaching your rooms, ultimately leaving you with stuffy, uncomfortable rooms and wasted energy.
Watch as Ray and Ryan explain the Aeroseal process: