7 Tips for New Homeowners in Loudoun County!

If you are in the market for buying a home; I know of an exceptional place! Loudoun County is an idyllic place to call home as new and exciting things abound in its’ peaceful and quaint setting. Buyers of all kinds find its charm, location and beautiful surroundings hard to resist.

It’s no surprise then, that first time home buyers choose to settle down in Loudoun County and make it their permanent home. There’s a sense of excitement and mystery that surround making this decision for the first time. Dreams of having a living space that is solely “yours”, not being answerable to a landlord for paint colors or home improvements seem surreal. Loudoun County is filled with gorgeous homes and many options for find that ideal home to fit your needs!

In all the excitement, it can be easy for first time buyers to get carried away in wanting to do everything at once. Below are 7 tips to ensure that the transition and whole experience is enjoyable for years to come.

1. Don’t Overspend on Furniture and Remodeling – Give yourself time to adjust to the expenses of home ownership and rebuild your savings – the new kitchen you’ve been wanting will still be waiting for you when you can more comfortably afford them.

2. Don’t Ignore Important Maintenance Items – While you should exercise restraint in purchasing the nonessentials, you shouldn’t neglect any problem that puts you in danger or could get worse over time, turning relatively small problem into a much larger and costlier one.

3. Hire Qualified Contractors – Hiring professionals to do work you don’t know how to do is the best way to keep your home in top condition and avoid injuring yourself.

4. Get Help With Your Tax Return – Home ownership significantly changes most people’s tax situations and the deductions they are eligible to claim. Just getting your taxes professionally done for one year can give you a template to use in future years if you want to continue doing your taxes yourself.

5. Keep Receipts for Home Improvements – When you sell your home, you can use these costs to increase your home’s basis, which can help you to maximize your tax-free earnings on the sale of your home.

6. Don’t Confuse a Repair with an Improvement – Unfortunately, not all home expenses are treated equally for the purpose of determining your home’s basis. The IRS considers repairs to be part and parcel of home ownership -something that preserves the home’s original value, but does not enhance its value.

7. Get Properly Insured – Your mortgage lender requires you not only to purchase homeowners insurance, but also to purchase enough to fully replace the property in the event of a total loss. But that’s not the only insurance coverage you need as a homeowner.

Read the full article 7 Smart Steps Every New Homeowner Should Take on Realtor.org.

If you’re a first time home buyer or are wanting a change of scene; I would enjoy answering any questions you may have about Loudoun County! Come see why so many love to call this charming place “home”.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Loudoun Wine Country: The Perfect Escape

So winter is officially here and we are all looking for a getaway from the weather and the winter doldrums. One of the best things about living in Loudoun is that it’s full of opportunities to escape the everyday, even if it is just for a day or a short weekend.

There is no better escape in Loudoun than visiting any one of its wineries. Savoring the aromas of fruit, currant, spice or chocolate in your glass, feeling the warmth of a roaring fireplace, overlooking breathtaking backdrops of Virginia’s rolling hills. Can you imagine having that experience available at your fingertips whenever you want an escape?

If I have caught your attention, then maybe you’ll be interested in some of the upcoming events held in Loudoun County’s vineyards…

Corcoran Night at Lansdowne’s On The Potomac
Four tasty vintages served with spicy and sweet dishes to perfectly compliment the wines. Follow that with a special Corcoran wine dinner, then make a night of it and spend the night in one of the sumptuous rooms at this Four Diamond Award-winning resort.

Event Date: Sat, Jan 30, 2010
Event Time: 6 pm tasting, 7 pm wine dinner
44050 Woodridge Pkwy
Landsdowne, VA 20176
877-509-8400

Fondue and Willowcroft
Wine paired with chocolate foundue – does it get any better? A great excuse to bring together a group of family and friends.

Event Date: Sat, Feb 06, 2010
Event Time: 1-5 pm
Willowcroft Farm Vineyards
38906 Mount Gilead Rd
Leesburg, VA 20175
703-777-8161

Heart Healthy Dinner and Discussion
The “French Paradox” teaches us a health benefit that is like music to our ears: Wine is good for you. Join an esteemed cardiologist, while he teaches you what makes wine good for our hearts, all while enjoying heart healthy food and heart healthy wine.

Event Date: Sat, Feb 13th
Event Time: 7 pm
Doukenie Winery
14727 Mountain Rd
Hillsboro, VA 20132
540-668-6464 ext. 207

As always, I am here to answer any of your questions about Loudoun County – whether it be about real estate or my favorite vineyard, I promise to get back to you right away.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Weekly Market Activity Report

It’s time for the MRIS Weekly Market Activity Report – here to keep you an informed consumer one week at a time…

The MRIS region is still seeing a pattern of strong home sales, but weak new listings. For the week ending January 16th, signed purchase agreements were up 24 percent from a year ago.  However, new listings were down 1.7 percent.

The next few weeks ahead will be the true test of whether the home buyer’s tax credit actually has any affect on the market. New listing numbers should increase with the tax credit because most buyers taking advantage of the credit will need to sell their first home before buying a new one.

So far, the trend has still been downhill for new listings, but with only 100 days left until the credit expires, the new listing number may be on its way back up that hill.

For the full MRIS Weekly Market Activity Report, click here:

http://www.mris.com/reports/marketactivity/Market Activity.pdf

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Weekly Market Activity Report

My region is experiencing its typical post-holiday surge. For the week ending January 9 there were 1,762 signed purchase agreements, up 19.8 percent from the same week last year.

The good news – over the last three months there have been more than 5,000 more pending sales than there were during the same period a year ago.

The not so good news – new listings were down 9.7 percent from the same week last year.

Check out the full Weekly Market Activity Report.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
My Featured Listings
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New FHA Guidelines: Tightening the Belt

Before the market bust, it seemed that just about anybody could qualify for a home loan. Young couples and the like were realizing the American dream sooner than they ever thought possible. All they had to do was get an FHA loan on their home. Well starting next Wednesday, Uncle Sam is not going to be so welcoming.

To give you a little background, FHA loans were created long before subprime loans became widely available, to help borrowers who couldn’t get conventional home loans because they had low credit scores or limited resources. As you can imagine, this type of loan became very popular for a lot of people who never thought they would be eligible to be a homeowner. After the market bust, those new homeowners were unable to pay their mortgages, the FHA was responsible for backstopping the banks and the result was a severe drop in its reserve fund. Now, they have no choice but to tighten their belts to get themselves back on track…

The new guidelines for FHA backed mortgages require:

Higher insurance premiums. Mortgage insurance costs under the new guidelines have been increased from 1.75 to 2.25 percent of the loan.

A minimum credit score of 580 to obtain a 3.5% down payment. Borrowers with a lower score will be required to put down at least 10 percent.

A reduction on how much the seller can help the buyer, from 6 percent to 3 percent. This change will give borrowers a greater financial stake in their home purchases.

These restrictions are not as bad as they sound, nor are they necessarily a bad thing. They are more of a wake up call for future homeowners to be financially responsible. Of course the FHA still wants to help buyers with financing and buying homes – they are just taking a closer look at the lender’s ability to repay their debt. This shouldn’t affect people’s desire to want to purchase their first home and keep believing in that American dream. I would be more than happy to offer my advice and help keep that dream alive.

If you’re curious about Loudoun County’s lending limits, take a look at the FHA’s requirements for Virginia. If you have any questions about how this may affect you, please give me a call.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Loudoun Luxury in a Buyer’s Market

Loudoun County real estate is unlike any other. Beautiful colonials set on acres of blossoming greenery. Sprawling living spaces filled with custom touches throughout. Easy access to scenic byways, spectacular shopping and villages steeped in history. And now, more than ever, Loudoun is a buyer’s market. You will never again, get the opportunity to invest in such luxurious real estate, at such prices. Here is a little taste of my latest listing…

Luxury is the first word that comes to mind when entering this five bedroom, four and a half bathroom brick Colonial home. Open the door to prestige and elegance in the two-story foyer with Brazilian cherry hardwood flooring. The formal living room boasts lots of windows to bring in natural light. Special occasions dinners will be unforgettable in this sun-lit formal dining room touting a beautiful chandelier and wood moldings. While awaiting dinner to be served, gather around the fireplace for cocktails and conversation in the great room that conveniently opens to the kitchen. Sure to impress every guest and even the most discriminating cook, is the kitchen. It features granite countertops, gleaming hardwood flooring, ample cabinetry, built-in desk workstation, breakfast bar, large eating area and custom backsplash.

With an office on the first floor boasting lots of windows, high ceilings and custom moldings, there’s never an excuse not to get work done.  A convenient mud room and separate laundry room with washer and dryer included complete the first floor.

Continue to be impressed as you take the trip up the winding staircase to the the second floor. The master bedroom suite features a fireplace, walk-in closet, cathedral ceilings, ceiling fan and large sitting area with French doors that lead to the side porch. The resort style master bathroom is the perfect place to unwind after a long day. It features everything from a soaking Jacuzzi tub to an oversized separate shower and dual vanity. This is just the tip of the iceberg, with four more large sized bedrooms waiting to be claimed and discovered.

Experience movie theater bliss in the lower level media room. This finished lower grants access to a spacious backyard! On top of it all, every bedroom has been fully wired for computers and television. Added bonuses abound – a security system, dual zone heat and air conditioning, an irrigation system, plumbing for a wet bar, a fitness room, and much more! When it comes to this residence, no stone has been left unturned.

All of this at a $750,000 price tag unheard of for this caliber of residence. Have I piqued your interest? Give me a call. I promise that Loudoun will not disappoint you. I would be more than happy to show you around.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Loudoun County: Tough through 2009, Ready for 2010

Let’s be honest. We might all be taking a big sigh of relief now that 2009 is over. Its been a long year full of stress and suffering for many.

No town has been untouched by the economy. But I’d like to think that Loudoun County’s strong economic background and motivated community members have kept it more than afloat through this infamous year of 2009…

Golf reemerged itself as a sports pillar of the area. Not only did the 1757 Golf Club open in May, replacing the retired Presidential Golf Club, but we welcomed Donald Trump as the newest owner of the Lowes Island County Club. There are plans to renovate the club and rename it Trump National Golf Club. As we all know, having the Trump name associated with your town is always a welcome addition.

We welcomed new businesses. The Associated Builders and Contractors of Virginia and Guernsey Office Products as well as new facilities, the Purceville Public Safety Center and the Ashburn North Park and Ride Lot.

Our already solid school system continued to grow with the opening of three new elementary schools, school enrollment growth by more than 5% and the hiring of 585 new teachers.

Loudoun County added a few more badges of honor to its collection when it won the top award in the 2009 Green Government Challenge and received a Distinguished Budget Presentation Award for their 2010 Fiscal Year Budget.

And last, but not least, the town of Ashburn, VA in Loudoun County is now proud to officially call itself home to the NFL Washington Redskins.

If this is what can happen in a bad year, can you imagine what is possible as the economy is on its way back up? Loudoun County Real Estate is a great investment.    Its history, beauty and big community players speak for itself. I would love to help you find a home and join us on the ride back up as we greet 2010 with open arms.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Empty Nest = New Beginnings

You meet the love of your life. The two of you bubble with excitement about starting your life together.  You buy that first home and take the iconic picture next to the for sale sign in the front yard.  The next thing you know, you hear the rumble of little feet bounding down the stairs.  Before you know it, the house is bursting at the seams.  Whether you had one child or five – they bring such a large energy to the house that it seems much fuller than you ever imagined.

Then one day, they leave.  Off to school, off to travel, or off to start a family of their own.  You’re left with the empty rooms still reminiscent of childhood things like old stuffed animals, sports uniforms and prom pictures.  You once again only have your significant other, or sometimes, just yourself.

As lonely as this may sound, this should not be looked at as a sad time. Quite the opposite, its a new beginning.  A time to start again with your empty nest.  This time you may not be filling it with children, but with new interests, new hobbies and new friends.

It’s time to make a new home for yourself.  It won’t look the same as the home that you moved into those many years ago, because you were a different person then, and you had different priorities.  This time around it’s all about you.

Loudoun County real estate is a great investment for all of you empty nesters out there looking for your new beginning.  It offers that quieter lifestyle you desire, yet its still filled with energy and culture that you don’t want to give up.  Gourmet eateries, world-class shops, wineries, horse farms, quaint towns, hunting, an active community.  There’s so much to be discovered.  It’s the perfect new beginning.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
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Teal is the New Green: Exit Realtors Trained to Know Green Real Estate

As I spoke about in my last blog, the green movement is bigger and better than ever. It has pushed itself into the forefront of every industry and Real Estate is no exception to that.

EXIT realty is doing everything they can to make sure their agents are knowledgeable about the environment and its affect on real estate.

At the 2009 EXIT Annual Convention, EXIT announced its new initiative, “Teal is the New Green.” With extensive training, resources and other tools, EXIT Realtors are well on their way to becoming Green Realtors.

The training will address green home certification programs like Energy Star and help EXIT agents provide their clients with the best ways to satisfy the green-minded consumer. They are joining forces with EcoBroker International – the world’s first and largest green designation program designed exclusively for real estate professionals.

Lets take a look at some of the newest and most innovative ways the Real Estate market is going green today:

When a home has gotten the Energy Star seal of approval, it encompasses 38 product categories ranging from furnaces and appliances to entire homes. To qualify for the Energy Star label, a home must be at least 30% more energy efficient in its heating, cooling and water heating than the former 1993 Model Energy Code standards.

A home can be green, not for what’s inside, but for the land that it sits on. Site development that reduces erosion and protects trees, indoor and outdoor water conservation and the use of recyclable and renewable materials, makes all the difference in a home’s carbon footprint.

Cool new toys are popping up everywhere too. The talking plug has the power to monitor and capture your home’s energy use, carbon output data, and can also communicate with the internet.

The community a home is located in can also make a home environmentally friendly. If work, school and recreation are close together, that means less traveling and less carbon emissions. If your community, like Loudoun County, emphasizes the importance of the environment, that also makes all the difference.

Helena Talbot
Broker/Owner
Exit Realty Talbot and Company
Phone: 703-574-3800
Email: Helena@mris.com
www.loudouncountyonline.com
My Featured Listings
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EXIT Realty Talbot and Company is Ready for 2010 – Are You?

November MRIS Report Shows Continued Stabilization in Loudoun County

The November MRIS Local Updates Report for Loudoun County, Virginia shows an increase in closed and pending sales with decreases in average days on the market.

The trend towards stabilization in the housing market continues based on the most recent report from MRIS for the Loudoun County real estate market. According to the report, the following statistics are available:

Increases

• Closed Sales: for the month of November are up 10.6% from 359 to 397 compared to 2008 numbers.
• Pending Sales: Up 9.5% from 367 to 402.
• Median Sales Price: Up 1.9% from 318,925 to $325,000.

Decreases

• Average Days on Market Until Sale: Down 49% from 86 days in November last year to 44 this year.

Read the entire Loudoun County MRIS report here.

The expected trends towards market stabilization are continuing in Loudoun County with increases in the sales and decreases in days on the market. With the extended Homebuyer tax credit and enhancements to include existing homeowners, it is expected that these improvements will continue into 2010, laying the necessary groundwork for a complete rebuilding of our long-suffering housing market.

EXIT Realty Talbot and Company is positioned to help both prospective homebuyers and real estate agents looking to boost their business take advantage of the continued improvements to the local housing market. Homebuyers that meet the Federal tax credit qualifications can rest assured that a home purchase in the Loudoun County, VA area means a good investment in a property that will continue to increase in value as the market stabilizes. See Exit Realty Talbot and Company’s current property listings to begin your home search.

Agents can take advantage of EXIT Realty Talbot and Company’s onsite real estate training and mentoring program coupled with the ongoing successes in the Loudoun County housing market to build their business for the coming year. Utilizing all the tools offered to EXIT agents like high-tech marketing capabilities and powerful residual benefits, REALTORS® who want to begin 2010 with a strong foundation need to contact Helena Talbot directly at 703-574-3800.