Now’s the Time To Upgrade to Your Dream Home

If you’ve been wanting to sell your house and move up to a bigger or nicer home, you’re not alone. A recent Inman survey reveals the top motivator for today’s homebuyers is the desire for more space or an upgraded home (see graph below):   No Caption ReceivedBut there’s also a good chance you, like many other people, have been holding off on that goal because of recent market challenges. It makes sense – when you’re planning an upgrade that could increase your monthly housing costs, affordability has a huge impact on when you make your move. But there’s good news: now’s actually a great time to make that move happen. Here’s why. You Have a Lot of Equity To Leverage One of the key benefits in today’s market is the amount of equity you’ve likely built up in your current house over the years. Even with recent shifts in the housing market, national home prices have steadily grown, adding to the equity homeowners have today. Selma Hepp, Chief Economist at CoreLogic, explains it well: “Persistent home price growth has continued to fuel home equity gains for existing homeowners who now average about $315,000 in equity and almost $129,000 more than at the onset of the pandemic.” What does that mean for you? If you’ve been in your home for a few years, you’re probably sitting on a significant amount of equity. You can put that toward the down payment on your next home, helping keep the amount you borrow within a comfortable range. This can make upgrading more achievable than you might think. If you’re curious how much you’ve built up over the years, ask your real estate agent for a professional equity assessment. Mortgage Rates Have Fallen, Boosting Your Purchasing Power And there’s another big reason why now’s a great time to make your move: mortgage rates are trending down. Lower rates can help make your future monthly payments more manageable, and they also increase your purchasing power. As Nadia Evangelou, Senior Economist and Director of Real Estate Research at the National Association of Realtors (NAR), points out: “When mortgage rates fall, the interest portion of monthly payments decreases, which lowers the total payment. This makes it easier for more borrowers to . . . qualify for mortgages that may have been unaffordable at higher rates.” That gives you more flexibility when shopping for homes and may allow you to afford a house at a price point that was previously out of reach. A trusted lender can work with you to figure out the best plan for your budget. Bottom Line If you’re ready to sell your current home and find the bigger, nicer home you’ve been dreaming of, don’t wait. Your equity, paired with lower mortgage rates, puts you in a great position to make that move today. To make the best decisions and get the most out of your current market advantage, let’s connect so you have an expert guide through every step of the homebuying process. Call Rajeev Vashist at (703)927-0606. Search for your new Home. Selling Your Home

MORE

Your Dream Home Awaits: Discover 7221 WINNIPEG CT, Gainesville, VA 20155

Welcome to 7221 WINNIPEG CT, a meticulously cared-for gem nestled in the highly desirable Somerset neighborhood of Gainesville, VA. This stunning property is listed at $819,000 and offers a luxurious living experience with its thoughtful design and exceptional features. As you step through the grand two-story foyer adorned with gleaming hardwood floors, you'll immediately feel the warmth and elegance that this home exudes. The bright and open floor plan spans over 4,716 square feet, providing ample space for comfortable living and entertaining. The main level boasts a formal Living Room and a Dining Room that is beautifully adorned with Crown Molding and Chair Rail, adding a touch of sophistication to your dining experiences. One of the standout features of this home is the main level Bedroom complete with a Full Bath. This versatile space can serve as a guest room, home office, or an in-law suite, offering flexibility to suit your needs. The neutral color scheme throughout the home provides the perfect canvas for your personal touch, allowing you to infuse your style into every corner. The heart of this home is undoubtedly the gourmet kitchen—a chef’s delight! With abundant cabinet and counter space, brand-new stainless steel appliances, granite countertops, and a ceramic tile backsplash, this kitchen is both functional and beautiful. The spacious center island provides additional prep space and seating, making it an ideal spot for casual meals or entertaining guests. Dual ovens ensure that you have all the tools necessary to create culinary masterpieces. Adjacent to the kitchen is the sun-drenched two-story family room. This inviting space features a cozy fireplace that sets the scene for relaxing evenings spent with loved ones. Large windows flood the room with natural light, creating a warm and welcoming atmosphere. Upstairs, you'll find an expansive primary suite that serves as your private retreat. The suite includes a walk-in closet and an en suite bath equipped with dual vanities, a soaking tub, and a separate shower—perfect for unwinding after a long day. Three additional generous-sized bedrooms share a well-appointed bathroom with dual vanities, ensuring comfort and convenience for family members or guests. The finished walk-out basement adds even more living space to this already impressive home. It features a large recreation room where you can set up games or movie nights, a wet bar for entertaining friends and family, a full bathroom for added convenience, and ample storage space to keep your belongings organized. Outdoor living is equally delightful at 7221 WINNIPEG CT. The enclosed screened porch is perfect for hosting gatherings or simply enjoying peaceful moments surrounded by nature. Whether you're sipping morning coffee or having an evening meal al fresco, this space will quickly become one of your favorite spots in the house. Location is key, and this home does not disappoint. Situated just minutes from grocery stores, restaurants, entertainment options, and everything that the Gainesville/Haymarket/Bristow area has to offer—convenience is at your doorstep. In conclusion, 7221 WINNIPEG CT offers an unparalleled living experience in one of Gainesville's most sought-after neighborhoods. With its meticulous care, luxurious amenities, and prime location—this home is not to be missed! Schedule your visit today and discover all that this exceptional property has to offer. Your dream home awaits! Call Rajeev Vashist ast (703)927-0606. Start your new home search here Selling your home

MORE

Home Values Rise Even as Median Prices Fall

Recent headlines have been buzzing about the median asking price of homes dropping compared to last year, and that’s sparked plenty of confusion. And as a buyer or seller, it’s easy to assume that means prices are coming down. But here’s the catch: those numbers don’t tell the full story. Nationally, home values are actually rising, even if the median price is down a bit. Let’s break down what’s really happening so you can make sense of the market without getting caught up in the fear the headlines create. Homes on the Market Right Now Are Smaller The biggest reason for the dip in median price is the size of homes being sold. The median price reflects the middle point of all the homes for sale at any given time. And that’ll be affected by the mix of homes on the market. To show you how this works, here’s a simple explanation of a median (see visual below). Let’s say you have three coins in your pocket, and you decide to line them up according to their value from low to high. If you have one nickel and two dimes, the median (the middle one) is 10 cents. If you have two nickels and one dime, the median is now five cents. No Caption ReceivedIn both cases, a nickel is still worth five cents and a dime is still worth 10 cents. The value of each coin didn’t change. The same is true for housing. Right now, there’s a greater number of smaller, less expensive homes on the market, and that’s bringing the overall median price down. But that doesn’t mean home values are declining. As Danielle Hale, Chief Economist at Realtor.com, explains: “The share of inventory of smaller and more affordable homes has grown, which helps hold down the median price even as per-square-foot prices grow further.” And here’s the data to prove it. Price Per Square Foot Is Still Rising One of the best ways to measure home values is by looking at the price per square foot. That’s because it shows how much you're paying for the space inside the home. The median asking price doesn't take into account the size of different homes, so it may not always reflect the true value. And the latest national price per square foot data shows home values are still increasing, even though the median asking price has dropped (see graph below). As Ralph McLaughlin, Senior Economist at Realtor.com, explains: “When a change in the mix of inventory toward smaller homes is accounted for, the typical home listed this year has increased in asking price compared with last year.” This means that while smaller homes are affecting the median price, the average home’s value is still rising. According to the Federal Housing Finance Agency (FHFA): “Nationally, the U.S. housing market has experienced positive annual appreciation each quarter since the start of 2012.” So, while headlines may make it sound like prices are crashing, you don’t have to worry. With a closer look and more reliable data, you can see that prices are still climbing nationally. But it’s important to remember that home prices can vary by region. While national trends provide a big-picture view, local markets may be experiencing different conditions. A trusted agent is the best resource to explain what’s happening in your area. Bottom Line The decrease in median price is not the same as a decrease in home values. The median asking price is down mostly due to the mix of smaller, less expensive homes on the market. The important thing to focus on is the price per square foot, which is a better indicator of overall market value—and those prices are still going up. If you have questions about what home prices are doing in our area, feel free to reach out. Call Rajeev Vashist at (703)927-0606. Buying a Home Selling a Home

MORE