Northern Virginia Real Estate Podcast

The 9 Silly Things Sabotaging Your Home Sale

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 18 Jul 2018 13:42:00 -0700

Avoid making these nine silly mistakes when you sell and your home will look amazing.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

Today I have a list of nine silly things that can sabotage your home sale. Are you doing any of these?

1. Visible cords. Mounted flat screen televisions sometimes have cords hanging behind them. When the television is flushed and you cannot see the cords, your home will show much better.

2. Unkempt yards. Always have your yard properly maintained.

3. A dingy front door. Since it is the first thing that potential buyers see when they walk up, make sure that your front door is clean and freshly painted.

4. Pets. You may want to send your animals to stay with someone, or at least crate them, while you are showing your home. Either way, you must keep them away and address potential odors they may have left in your home.

5. Cobwebs. Knock out all the old cobwebs and clean any filters. This shows that you are properly maintaining your home.

Since it is the first thing that potential buyers see when they walk up, make sure that your door is clean and freshly painted.

6. Furniture arrangement. Use your furniture the right way and stage it properly. We are really good at helping with this.

7. Junk drawers. When you are showing your house, a lot of people will be looking into your drawers and cabinets. Make sure that they are clean and tidy.

8. Closets. Clean and organize your closets and having nothing on the floors. This makes them look big, which is important because people care a lot about closet space.

9. Countertops. Remove the clutter from your countertops to make it fresh and open. This makes a kitchen seem a lot bigger.

If you have any additional questions about this or are interested in buying or selling, please feel free to reach out to me. I look forward to speaking with you soon.

5 Signs You’re About to Buy a Home You Can’t Afford

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 12 Jun 2018 10:42:00 -0700

If you’ve noticed any of the five following signs occurring throughout your home search process, it might be an indication that you won’t be able to afford that home.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

During the home buying process, there are five signs to watch out for that indicate you’re about to purchase a home you won’t be able to afford.

1. The lender tries to get you to agree to creative financing terms. This could mean getting you into a balloon mortgage or adding a second mortgage—both are red flags.

2. You agree to a down payment assistance program without a true down payment saved up. This is a big mistake I’ve seen people make. Now, if you’re using a VA loan, that’s really good because you’re basically getting free money to borrow for no down payment. But often, down payment assistance programs can be a bad sign.

3. Due to an unfortunate incident, your savings have been diminished. In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.

In the event of a catastrophe like extreme car/home damage or loss of a job, you probably won’t be able to afford home payments in addition to getting those issues taken care of.

4. Financing your down payment by borrowing from your 401(k), retirement account, Roth IRA, etc. These are signs you shouldn’t be purchasing a home yet.

5. You don’t have a good feeling about buying a new home. If you’re out looking for houses, you want to have a good feeling when you walk in. Make sure you’re buying the right house for you—don’t take advice from other people.

If you have any questions about affording a home or buying one in general, you can give us a call or send an email. We’d love to help you out.

You’re Invited to Our Upcoming Celebration

Chriscolgan@colganteam.com (Chris Colgan) — Thu, 3 May 2018 07:38:00 -0700

We’ve got a party coming up on June 1, and you’re invited. Here are all the details.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

I wanted to make sure you got an invite to the exclusive party that we’re having for all of our friends, clients, and families. Our entire team will be there and we are looking forward to seeing you.

On Friday, June 1, join us at Bar Louie in Gainesville from 5:30 p.m. to 7:30 p.m. for a great time. We’ll have free food, drinks, and a ton of different door prizes. My buddy, Redskin great Brian Mitchell, will be there as well. I would love to have you come out.

Head on over to ravingfanclub.org to reserve your spot.

Just head on over to ravingfanclub.org to reserve your spot. We would love to see you and your family, and we would love for you to meet the team. If you know anybody who is thinking about buying or selling a home, bring them too!

If you have any questions in the meantime about the party or about real estate in general, give me a call or send me an email today. I would love to hear from you soon.

Thank You For an Amazing Year

Chriscolgan@colganteam.com (Chris Colgan) — Fri, 22 Dec 2017 10:50:00 -0800

Happy holidays! If you know anyone who is looking to sell their home or would like to join our awesome team, we’ve got a couple opportunities for you.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

I hope you had an amazing 2017 and that you hit all your goals for 2018. I just wanted to take some time to talk about the great year we’ve had, let you know about a couple opportunities we have available to you, and give you our sincerest gratitude for your support this year.

We have a brand-new inside salesperson in training today, and I’m really excited about the year we’ve had in 2017. Last month alone, we set over 100 buyer appointments for our agents, meaning we had 700 people register on our website. If you know anyone who is thinking about selling their home, we might have a buyer for them right now. We’d love to help them out.

If you know anyone who is thinking about selling their home, we might have a buyer for them right now.

I recently had an amazing trip to Seattle. I was invited by Zillow to come check out their headquarters. I got to see their operation, learn some of the great things they’re doing, and also learn about recruiting new people. We’re always looking for talented agents, admins, ISAs, cold callers, and more. If you or anyone you know is looking for a great team to join, please contact us.

Finally, I want to thank each and every one of you for working with us in 2017 and for the referrals you sent us. I truly appreciate it from the bottom of my heart.

I hope that you have a merry Christmas, a happy New Year, and that you crush all of your 2018 goals. Feel free to shoot me a message; I’d love to take you out to Starbucks, catch up, and see how things are going. Happy Holidays!

How Do This Year's Sales Prices Compare to Last Year?

Chriscolgan@colganteam.com (Chris Colgan) — Fri, 18 Aug 2017 08:44:00 -0700

It’s time for a look at some market statistics. Let’s find out how last year’s numbers compare to what we see today.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

Today I want to take a look at a few market statistics and see how things today compare to where we were at last year.

In Prince William County, the average sales price this time last year was $337,000. This year, that number has gone up to $350,000. In 2016, Fairfax County saw an average sales price of $480,000 compared to this year’s $500,000.

Stafford County’s average sales price in 2016 was $310,000. Now in 2017, the average has gone up by $20,000—now sitting at $330,000. Loudon County saw the same amount of growth, going from $440,000 in 2016 to $460,000 in 2017.

In Culpeper County, the average sales price was $261,000 last year. In 2017 the average is now $275,000.

Warren County has also gone up slightly. The average in 2016 was $212,000 and in 2017 is now $216,000.

While this growth in average sales price has been consistent across the board in our local areas, the growth in Fauquier County specifically is impressive. There, the average sales price has gone from $358,000 in 2016 to $389,000 today.

As you can see from these numbers, we’re experiencing a steady growth of about 3% a year. This points to a healthy market, which is always a great thing.

We’re experiencing a steady growth of about 3% a year.

Lastly, I wanted to announce that our team is growing, too. If you or anyone you know has been thinking about a career in real estate, we ask that you visit our website: www.JoinTheColganTeam.com.

We’re seeking talented, motivated individuals who have what it takes to become a part of our family. Last year alone we had 800 people register on our website to help with their real estate needs.

Additionally, we are always happy to take referrals. Whether you’re looking to buy or sell, we want to help you succeed in your real estate goals.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

10 Benefits of Owning a Home vs. Renting One

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 19 Apr 2017 11:12:00 -0700

Buying a home is oftentimes cheaper than renting one. There are a ton of other benefits to buying, too.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

There are many benefits homeowners get that renters simply can’t. Here are 10 advantages of buying a home over renting one:

1. Predictable monthly house payments. Your landlord can change your rent each time your lease is up. With a mortgage, your payments are fixed for a period of usually 15 or 30 years.

2. Appreciation. Real estate appreciates about 3% per year on average.

3. Tax benefits. You can write off your mortgage interest on your taxes, which you’ll be paying down a lot in the first few years you own the home.

Real estate appreciates about 3% per year.

4. The freedom to make modifications to the home as you see fit.

5. Buying is typically cheaper than renting, especially in the northern Virginia area.

6. Increased privacy. You can find a great property around here on a one- or two-acre lot. A lot of rentals end up being apartments.

7. You can build up a lot of equity in your house. If you ever need it, you can tap into the equity of your house to either make another purchase or sell for a big profit.

8. Community ties. There are a lot of active communities to get involved with as a homeowner. If you’re going to be in the area for a couple decades, meeting the neighbors isn’t a bad idea.

9. Secure retirement. By the time the mortgage is paid off, the payment is gone and you can sell to make retirement a lot easier.

10. You are the owner. This kind of goes back to No. 4, but there is a lot you can do to modify and personalize your home to your tastes that you wouldn’t be able to get away with if you were renting.

If you have any questions for us or you’re looking to buy or sell a home in northern Virginia, give us a call or send us an email. We look forward to hearing from you.

4 Factors That Add the Most Value to Your Home

Chriscolgan@colganteam.com (Chris Colgan) — Mon, 10 Apr 2017 13:40:00 -0700

If you plan on selling your home in the near future, here are the four biggest factors that can add value to it.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

If you plan on selling your home in the next couple years, what can you do to build equity in it? There are four factors that contribute the most when it comes to adding value to your home.

The first factor is the condition of your kitchen and bathrooms. If these two areas are outdated, most buyers nowadays won’t want to put in the work to update them. They want to see newer kitchens and bathrooms. I just recently remodeled my kitchen, and I think it added some great value to my house.

The second factor is whether you can add square footage to the home. Coming from an appraisal standpoint, adding square footage is one of the best things you can do. That’s what appraisers look at the most.

Pay attention to these four factors when it comes to adding value to your home.

The third factor is curb appeal. What’s the outside of the home look like? Are you getting the exterior power-washed? Does the landscaping looking good?

The final factor is the overall condition of the house. Are there a lot of dings in the drywall? Does the paint show well? Does the staging look good? I recommend having a handyman pay a visit a couple times a year to perform the random knickknack tasks that you either don’t want to do or don’t have time to do and make sure the condition of the home stays in good shape.

If you have any questions about this topic, use the question box at the top of this blog to shoot me a message. I’d be happy to help!

How Long Will It Take to Sell Your House?

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 8 Feb 2017 11:43:00 -0800

How long will it take your house to sell? It depends on these six factors.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

How long does it actually take to sell a house?

According to Realtor.com, the average number of days on market throughout the United States is about 65 right now. However, there are some different factors I usually tell people about that will determine this number:

Location is the biggest factor in determining how long it takes a home to sell.

Location: How close you are to a main street in your town or a major transportation hub like the metro system will play a huge role.
Price: You obviously don’t want to overprice your house because there will be a smaller buyer pool looking at it. You could also run into appraisal issues down the road.
Season: The market can change with the season, like if we get slammed with snow over the holidays or it gets very hot in the summer.
Inventory: What’s it like in your neighborhood? I’ve seen neighborhoods with no houses for sale (which is great) up to neighborhoods with so many houses for sale that I’ve had to tell sellers to wait it out a bit.
School districts: A lot of people go on school rating websites to see about schools in the area and how they rank.
Walkability: Is the house somewhere where you can walk to Starbucks or Trader Joe’s? Some neighborhoods have much better walkability than others, but some buyers also don’t care as much about this.

These are typically the factors that determine how long a home will take to sell in the northern Virginia market. If you have any questions for me or you’re thinking about buying or selling a home in the area, don’t hesitate to give me a call or send me an email. I’d be glad to help.

Join Our Team in 2017

Chriscolgan@colganteam.com (Chris Colgan) — Thu, 5 Jan 2017 09:26:00 -0800

We are hiring! There are three positions available on our team: buyer’s agents, telemarketers, and an administrative assistant.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

Happy New Year! I hope you had a great holiday season.

Today, I’m reaching out to you because we are currently hiring for three positions. We would love to have you aboard.

First of all, we are looking for buyer’s agents. On the first Tuesday of every month, we have a career night so you can learn more about our team and our systems. If you would like to learn more about the buyer’s agent position, you can sign up for the seminar here.

We are also looking for outbound prospectors to call potential clients and set appointments on the phone.

We are hiring!

Finally, we are also looking for an administrative assistant to help us with paperwork and all of the behind-the-scenes tasks that happen during a real estate transaction.

This past year, we did $45 million in sales and we are looking to hit $100 million in the next couple of years. Join our team and help us reach that goal.

Since we are at the start of a new year, I also wanted to give you a bit of advice. Studies show that it takes 21 days to establish a new habit. If you are looking for a great way to stick with your New Year’s resolutions, start off with the goal of hitting that resolution every day for 21 days.

If you or anyone you know is interested in joining my team, please don’t hesitate to reach out to me.

Our Market Forecast for 2017

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 29 Nov 2016 11:49:00 -0800

This has been a great year for our real estate market. However, next year could be even better.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

The new year will be here before you know it. We wanted to take a quick moment today to give you a forecast for what to expect from our real estate market in 2017.

The outlook for 2017 is looking good, according to The Mortgage Banker’s Association. We have sold about 5.8 million homes so far this year, and The National Association of Realtors is predicting six million homes will sell in 2017. Fannie Mae and Freddie Mac both predict we will sell around 6.2 million next year.

We look forward to a great year in 2017.

The reason for this quick uptick in sales is that millennials are finally buying homes instead of renting them. Many of these buyers are starting to purchase homes after paying off their student loan debt, so that’s what’s going to be drive the uptick in home sales. 2017 is projected to be a really good year, and we’re certainly excited about that.

We have had a great year so far in 2016 and we look forward to an even better one next year. If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.

Should You Wait Until Next Spring to List Your Home?

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 1 Nov 2016 08:14:00 -0700

Should you put your home on the market this fall or wait until spring? There are five reasons why fall is actually a great time to sell your home.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

Should you sell your home now or wait until next spring?

There are a few points I want to share with you about that, but I briefly want to mention this great book I am reading by John Maxwell called Leadership Promises for Every Day, which is about how to be a great leader.

Now, should you wait until spring to sell? I would say no. There are a few reasons why fall is actually a great time to sell your home:

1. You will face less competition now than you will in the spring. Since everyone waits for spring to list their property, there is low housing inventory during the winter. Typically in Northern Virginia, we don’t get very harsh winters, so listing your home now is actually a great way to get ahead of all the competition that will come on the market in the spring.

2. Interest rates may rise soon. The Fed has been talking about raising interest rates in the coming months. They will meet again sometime before the end of the year to discuss just that. Now is a good time to get your home on the market because rates are so low for buyers. Any time interest rates go up, buyers’ purchasing power decreases, which ultimately limits the number of people who can afford to purchase your home.

Homes actually sell faster in the fall and winter than they do in the spring.

3. You will capture the job transfer market by listing in the fall. People who are getting transferred need to buy a home before January 1st. In order to capture that market, you need to list now.

4. Statistics show that homes actually sell faster in the winter than they do in the spring.

5. There are more serious buyers in the fall and winter. There are a lot of buyers out there during the spring, but many of them are just looking around and exploring the market. People who look at properties during the winter are very serious about purchasing a home. Think of it this way: they want to buy a home before the holidays just as much as you want to sell your home before the holidays.

As you can see, there are many reasons why fall is actually a good reason to put your home on the market. If you have any questions about preparing your home for the market, give me a call or send me an email. I would be happy to help you!

Waiting Periods After Short Sales and Foreclosures

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 18 Oct 2016 08:48:00 -0700

With the election taking hold of the public’s focus, many have forgotten about the real estate market. We haven’t, and we’re answering a question about it today.

Buying in Northern Virginia? Get a Full Home Search Here

Selling in Northern Virginia? Get a Free Home Value Report Here

Everyone seems to be so focused on the election these days that they have forgotten about the real estate market. We haven’t, so we want to answer a common question we’ve been getting lately.

During the market crash, a lot of homeowners had to go through the unfortunate situations of a foreclosure or short sale. While these things did prevent them from buying in the immediate aftermath, most of them are able to purchase now. So, how long do you have to wait to buy after a short sale or foreclosure?

A lot of it depends on the type of financing you had. For those who had a short sale with a conventional loan, they have to wait four years to buy a home. The waiting period for those with FHA financing is three years, and you only have to wait one year after a short sale to buy if you had VA financing.

Keep an eye on your credit card debt.

As for foreclosures, those waiting periods are a little longer on average. If you had a foreclosure and conventional financing, you will have to wait seven years. With FHA financing, you only have to wait three years. With a VA loan, you would only have to wait two years.

One big piece of advice I have for those of you trying to get qualified again after a short sale or foreclosure is to keep your credit card debt low. Don’t charge more than 30% of your debt to your card. Lenders don’t view those who max out their credit cards as reliable people to lend large sums of money to.

If you have any questions for me, don’t hesitate to give me a call or send me an email. I would love to hear from you.

6 Ways to Improve the Value of Your Northern Virginia Home

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 27 Jul 2016 11:38:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

There are six main ways that you can add value to your current home:

Update the kitchen. This is one thing home buyers are always looking for. You don’t have to go crazy, but touching up the little things like new appliances and countertops can go a long way because the kitchen is the first room that most people look at.
Improve the landscaping and curb appeal. There are plenty of things you can do here, from trimming the bushes, to planting new trees, or hiring a company to make your lawn look nice and green.
Remodel any half bathrooms. Since this usually only costs anywhere from $3,000 to $5,000, it makes it one of the cheaper ways to add value to your home.
Remove any wood paneling or popcorn ceilings. These simply aren’t in style anymore, and buyers like to see that it’s already been taken care of so they don’t have to worry about removing it themselves.
Allow as much natural light in as possible. Look for new blinds and shades that can make the rooms more open and airy.
If the basement is unfinished, finish it! When appraisers are out doing their thing appraising property, they’re mainly looking for bedrooms, bathrooms, and finished square feet. Naturally, finishing what hasn’t been finished yet will add value to your property in their eyes.

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Appraisers are looking for bedrooms, bathrooms, and finished square feet.

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If you have any questions regarding any of this, shoot me an email or give me a call. I’d be more than happy to give you advice, even if you’re not selling your home and just want to add some value to it.

3 Ways to Help You Buy a House With No Money Down

Chriscolgan@colganteam.com (Chris Colgan) — Thu, 14 Jul 2016 12:27:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

There are three different programs that exist to help you buy a house with no money down.

The first is a USDA loan. This is mainly for rural areas, and if you happen to live in one, you can have the Agriculture Department give you a loan for your down payment so you don’t have to come up with any money. What we also typically do is ask the seller during negotiations to pay all your closing costs, so aside from a few inspections, you’re saving a lot of money.

Another option, if you are or were once in the military, is a VA loan. With this, you don’t put any money down. It’s 100% financing, so you don’t have to bring any cash to the table. And again, any closing costs you might incur would be something we’d ask the seller to pay.

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Along with using these loans, we ask the seller to pay all your closing costs.

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Finally, there is the Virginia Housing Department 2nd Trust Program, wherein the Virginia Housing Department loans you a second trust for your down payment. This program does run out of money occasionally, but we still have plenty of lenders who use it.

As you can see, there are ways out there to buy a house with no money down and no cash being lifted from your pocket. If you have any questions about any of these programs, or you know anybody else buying or selling a home, give me a call. We’d love to help, and we hope you have a great summer.

Knock 8 Years Off Your Northern Virginia Mortgage With This Trick

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 6 Jul 2016 10:24:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

One question that I get asked all the time is whether it's worth doing a 15- or 20-year mortgage. Obviously that's not available all the time with the increased price, and with housing prices as high as they are in Northern Virginia. One recommendation I have is to add a little extra to your principal every month.

How you do this is to add an additional 1/12 of your monthly payment to your principal each month. Over time, this will keep compounding and knocking down your principal, and eventually, you'll actually save eight years off of your mortgage. That's right - your 30-year mortgage turns into a 22-year mortgage!

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Over time, you'll actually save eight years off of your mortgage.

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Some of the mortgage companies will try to get you to do this on an automatic payment with them. I don't recommend this because if you do have a tough month financially, you won't have to worry about that money getting withdrawn automatically. You can just choose not to pay the extra 1/12 and make it up at a later date.

If you have any questions about this topic or anything else related to real estate, feel free to send me an email. Thanks and have a great day!

Get a Second Opinion on Your Zestimate

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 21 Jun 2016 11:10:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

People have been asking me more and more questions about their Zillow Zestimate and what it means. They want to know what I think about it. Well, there was a recently article posted on inman.com that is quite telling. The article pointed out that when the Zillow CEO went to sell his home recently, it sold for 40% less than the home’s Zestimate. If the CEO’s value is off by that much, how much might yours be off by?

A Zestimate is an algorithm Zillow uses that is mainly based on tax records and past sales. It’s not very accurate, because they don’t know anything about your home’s upgrades, what your neighborhood is like, and the demand for homes in your area. There are a lot of different micro-markets in Northern Virginia. You need your valuation to be as accurate as possible.

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A Zestimate is just an algorithm.

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If you really want to know what your home is worth, we can come out to your property to do a no-cost, no-obligation home valuation. We’ll look at your upgrades as well as all the recent comps in the area so we can give you the most accurate home valuation possible.

If you have any questions for us, don’t hesitate to reach out by giving us a call or sending us an email. We would love to hear from you.

You’re Invited to Our Client Appreciation Party

Chriscolgan@colganteam.com (Chris Colgan) — Thu, 9 Jun 2016 12:51:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

You are officially invited to our annual client appreciation party for friends and family! We’re really excited for this year’s event!

It’s going to be held on June 17th from 6 to 8 p.m. at the Grafton Street Restaurant in Gainesville. We’ll have some great door prizes to give away for sports fans and tech fans alike. We’ve got an autographed football from Kirk Cousins, an autographed baseball from Bryce Harper, and an Apple iWatch.

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To RSVP, just send an email to haley@colganteam.com.

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We’ll also have free drinks and food for you, even if you just have time to stop in for a few minutes. To RSVP to the event, just send an email to haley@colganteam.com to let her know how many people you plan on bringing.

If you have any questions for us or if you’re thinking about buying or selling in Northern Virginia, give us a call or send us an email.

3 Tips for Springtime Sellers in Northern Virginia

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 5 Apr 2016 12:40:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

Today, I’ll cover three of the best tips to sell your Northern Virginia home this spring.

Amp up the curb appeal. Especially with mobile phones and buyers driving around neighborhoods, curb appeal has never been more crucial. Hire a professional landscaping company to freshen up your front lawn. That’s the first thing buyers see and determine whether or not they want to see the inside of your home.
Fix it and don’t forget it. Home inspectors go through your home for about four or five hours and address any repairs. Take a tour of your home, potentially with a local handyman, and inspect for repairs. Fix them ahead of time! They’ll come up later in the home inspection.
Market like you mean it. Because of competition, hire a professional to market your property. We know how to sell for top dollar! Don’t miss out.

If you’re thinking about buying or selling in the surrounding area, give me a call or email. I’d be happy to serve your local real estate needs and answer any questions you may have!

What Influences Your Buying Power in Northern Virginia?

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 29 Mar 2016 07:46:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

Today, I’ll focus on four specific things that help determine your buying power in Northern Virginia.

Your credit score: As one of the most important factors in the buying process, I recommend checking your credit score. Oftentimes, these services offer advice on how to improve your score.
Your down payment: You should know how much your initial down payment will be. A lender looks at this. Different types of loans don’t even require one, so it’s better to familiarize yourself with the requirements.
Your debt-to-income ratio: This accounts for how much debt you have and how much income you bring in. This ratio determines if you’re able to pay off debt, and impacts what type of loan you’ll get.
Your financial resources: One of the lender’s biggest concerns is whether or not a borrower has the means to pay back the loan. They’ll need to review your financial information to know.

If you’re thinking about buying or selling a home in the surrounding area, give me a call or send me an email. I’d be happy to answer any real estate questions you have!

What Are the Latest Numbers in Northern Virginia?

Chriscolgan@colganteam.com (Chris Colgan) — Thu, 6 Aug 2015 14:42:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

A lot of exciting things have been happening lately in Northern Virginia. Our team continues to grow; in fact, we just moved into a new office space. We also recently found out that we were ranked the #23 real estate team in Virginia by RE/MAX.

Today we want to give you a quick update on how the various markets around Northern Virginia are performing. We will be discussing the median sale price and the average days on market to give you an accurate portrayal of our market.

Fauquier County

The median sale price is up 4% from 2014, and now sits at $362,000. The average days on market here is 75 days.

Prince William County

The median sale price here is $344,000, only up 1% from last year. As for the average days on market, it is only 40 days.

Fairfax County
The median sale price in Fairfax County is $495,000, right around where it was at this time last year.

Loudon County
In Loudon County, the median sale price is down 2% from 2014, and the average home here is taking just 44 days to sell.

Stafford County
This area has seen a ton of growth, as demonstrated by its 8% rise in average sale price from last year. The average days on market here is about 60.

We hope this update has been of use to you. If you have any questions for us about the market, we are always here to answer them. We look forward to hearing from you!

How we helped David with his real estate transaction by always going above and beyond

Chriscolgan@colganteam.com (Chris Colgan) — Wed, 15 Apr 2015 13:37:00 -0700

"I wouldn’t use anybody else. We worked primarily with Sebastian. Things came up during closing and they handled all of the negotiations with that. We had another Realtor for five months that didn’t do any of that, so as far as I’m concerned, everything they did was above and beyond."

How Can You Get a Big Return When Flipping Homes in Northern Virginia?

Chriscolgan@colganteam.com (Chris Colgan) — Fri, 13 Mar 2015 08:59:00 -0700

Buying in Northern Virginia? Get a full home search here

Selling in Northern Virginia? Get a free home value report here

There are a lot of reality shows on TV about buying properties and flipping them for a return. Although these shows often make it look a whole lot easier than it is, there are some great opportunities to make money flipping homes here in Northern Virginia. To help you, I want to share the four keys to flipping properties:

Knowing where to find good deals: Great deals aren't going to just fall into your lap. You need to work with a skilled agent and have a solid marketing plan in order to get the results you desire.
Financial resources: Most real estate flippers pay cash for properties because it's very hard to get a loan on a property that's going to need a lot of work. I know local lenders who are interested in giving real estate flipping loans, and I would love to put you in contact with them.
Good network of contractors: When flipping a property, there are various contractors you need to rely on, such as: roofing, HVAC, flooring, painting, carpeting, kitchen work, etc. Having a good network of trustworthy contractors will make each flip a whole lot easier.
Finding a Good Realtor: An experienced Realtor will help you with the marketing of the property and to find a great deal. Additionally, a Realtor will pull comps for you so you can avoid homes that won't net you any money, as well as find homes that are likely to yield a favorable return.

If you have any questions about flipping properties, don't hesitate to give me a call or shoot me an email. I would love to hear from you!

How Can You Grow Your Wealth in 2015?

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 3 Feb 2015 11:36:00 -0800

Northern Virginia is an ideal location with an excellent variety of homes that are situated within a vibrant real estate market. If you to want to look over all the properties currently listed within the area, go here to perform a full home search, or if you're interested in seeing how much your property is worth, click here for a free home value report. For any other questions regarding your property's value or the market conditions of Northern Virginia, do not hesitate to call Chris at (703) 485-1435.

Have you been looking for a way to supplement your income? If so, you've come to the right place. Today, we share a few tips to help you boost your financial situation!

Determine your goals. We encourage you to put your goals on paper and determine where you want to be throughout the year.
Create a budget. There are plenty of tools online to help you. We like www.Envelopes.com, where you can put your budget into a virtual envelope and link it directly to your checking account.
Consolidate loans. There are many banks out there that are willing to lend money for a lower rate. It's simply a matter of filling out the paperwork.
Transfer high credit card balances. Check your credit card statements and ensure you're not paying a crazy interest rate. There are a lot of cheaper cards out there that you can transfer your balance to.
Save for retirement. There's plenty of different ways to save for retirement, whether through mutual funds or a 401(k) through your work. There's a lot of great information out there about saving for retirement we would love to share with you.

If you have any questions about growing your wealth in 2015, don't hesitate to give us a call or shoot us an email. We would love to help you make more money this year!

How Can Waiting to Buy in Northern Virginia Cost You?

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 20 Jan 2015 10:41:00 -0800

Hello, and welcome back to the blog! Today, we want to discuss the 3 reasons you should buy before the spring season hits! Let's get right to it:

Prices are on the rise: A survey of the top economists in the country found that they expect prices to increase by 15% to 30% over the next 5 years. It's always good to get into the market before the busy season starts and competition negatively impacts affordability.
Rates are at historic lows: Interest rates are expected to rise over the course of the year. While they're not expected to rise dramatically, even a normal jump in rates can have a big impact on your wallet.
Renting is costing you: If you're renting, you're missing out on the potential to write-off your mortgage interest when filing your taxes. With conditions as good as they are, now is the time to start building equity!

Are you still on the fence about buying? If so, you can't wait much longer, as market conditions are currently about as good as they get. If you want to sit down and discuss your options, don't hesitate to reach out to us. We would love to help you take advantage of this wonderful market!

Avoid the Many Renovation Pitfalls Other Homeowners Fall Victim To

Chriscolgan@colganteam.com (Chris Colgan) — Tue, 30 Dec 2014 08:59:00 -0800

Many homeowners think that by throwing money into random renovations they are improving their home's value. In reality, you need to be strategic when deciding what projects to undertake. Today I want to touch on a few simple things you can do to add value to your home.

Replacing your front door can make a huge difference when selling your home. The average front door repair is about $1,100, but it adds around $1,500 of resale value to your house. Getting new garage doors can add as much as 114% in value. If you spend $1,500 on new garage doors, you can expect to get around $1,700 back.

Moving inside, one of the best ways to get your money back is to remodel your kitchen. Granite countertops, new appliances, and other upgrades will WOW buyers and add value to your home's sale price. Typically, a project like this in Northern Virginia will run you about $18,000 and you can expect to get 100% of it back. The upside to a remodeled kitchen is you can enjoy it before you decide to sell down the road.

There are a few improvements you need to cautious about. Many homeowners will add a sunroom addition, which costs around $70,000, and you'll add about $46,000 in resale value. If you don't want a sunroom, we don't recommend adding one, as you'll only get around half of your money back when you go to sell. Many people like to do home office remodels, which typically cost anywhere from $20,000 to $30,000. However, you're likely only going to get around 60% back.

As you can see, renovations need to be considered carefully before you commit to spending large sums of money you might not get back. We have a complete list of worthwhile renovations we would love to share with you. Give us a call or shoot us an email - we don't want you to pursue any projects you might regret down the road!