(OK – Stay with me – this post DOES have to do with real estate!)

So, yesterday, I went to see a doctor for a second opinion and the meeting started out like this:

Me: “Hi Dr. Hartley. It’s nice to meet you.You may remember my Mom. You operated on her shoulder a number of years ago.“

Dr. Hartley laughs and says ” Oh I remember your Mom. And I know all about you too. She wrote me a note.”  And he pulls out a note my mother wrote that was marked “Read this before you talk to patient Christy Belt Grossman”.

As I reflected on my visit after the fact, I realized that what I experienced at the doctor had several parallels to what our clients experience in the real estate market.

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1. When the doctor pulled out the note, I was flabbergasted. I am 51 years old. Does my mother really think that I am not capable of handling my own medical care? I was embarrassed to say the least. But as I think back, I now realize that my Mom has been through many shoulder issues, has gone through lots of physical therapy and several surgeries. So she actually does have a lot of experience and a lot to offer in terms of the best way to go about getting the help I need and achieving a healthy shoulder.

Our clients often experience this same thing. Once they say they are going to buy or sell a house, everyone they know comes out of the woodwork to give them advice. They hear tons of stories about what to do and what not to do, who to call, who to stay away from, and how to do things themselves. Young couples particularly get TONS of advice, usually from loving, well-meaning parents, especially if they are helping with the down payment.

The trouble comes when the people giving advice don’t sell real estate professionally. They may have bought or sold many homes over the years, but things change from state-to-state and year-to-year. Laws change. Strategies change. Markets change. And so just as in my case at the doctor, my Mom could direct me to an expert, but she was not the expert herself on shoulder rehab.

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2. The whole reason I went in for a second opinion was that the doctor I had already seen did not inspire confidence. I did not do my research before I went to him. And while he may be a fine doctor, I just wasn’t sure. Regaining movement in my shoulder and getting rid of the pain is a pretty big deal to me. When my first doctor recommended a cortisone shot, I just wanted to know I was doing the right thing. So I went to see Dr. Hartley.

Dr. Hartley is the President of Commonwealth Orthopaedic (a large practice with about 10 offices). He handles tons & tons of patients with shoulder problems. And he’s been doing it for years. Not only that, I talked to multiple people who have gone to Dr. Hartley and were pleased with the results. My existing doctor is the only doctor at the location I go to. He is much younger and though not inexperienced, he is less experienced.

So what did Dr. Hartley say? He totally agreed with my doctor’s diagnosis and treatment plan. 100%. I breathed a huge sigh of relief, got the cortisone shot & headed back to physical therapy. But I believe the outcome will be much better because of my peace of mind.

I think home buyers & sellers often experience the same thing. There are many Realtors who are probably just fine to work with, even good perhaps. But those who consult with and work with Realtors who are at the top of their field (“great” Realtors) buy & sell their homes with much more confidence and much less trepidation. And because of that, they are able to make the right decisions and make them more quickly. In today’s swift market, that means a much better financial outcome, as well as more peace of mind.

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3. Lastly, I looked back at my day and thought, “You know, even though I’m 51 and my Mom is 74, it still feels really good to have someone looking out for me.” Our clients feel the same way. We look out for them and put their interests first. No matter what. That’s just the way we do business. Sometimes we tell people it would be better to rent their home than to sell. Sometimes we tell them not to sell for a few years. Sometimes we say we think they should buy a less expensive house. Sometimes we advise folks to buy the house that’s best for them, even if we don’t get paid. (You may have seen the national news story about this very issue happening in Des Moines, Iowa recently.)

So – when it’s time for YOU to buy or sell a home, remember my Mom and:

1. Consult an expert Realtor instead of listening to advice from well meaning, but possibly misguided friends & family.

2. Do your research and consult the TOP Realtor in your area so you can proceed with confidence to the outcome you desire.

3. Have the best Realtor you can find look after YOUR best interests.

Call The Belt Team at (703) 242-3975. You deserve the BEST Realtors in Northern VA!

P.S. “THANKS MOM!”

9608 Scotch Haven Drive in Vienna – $487,000

An investors dream! 1 Block to the Vienna Metro. Hardwoods on the main level. Kitchen updated in 2006. Large master suite with 2 sinks and walk-in-closet. Huge family room features a wood burning fireplace and wet bar. 3 bedrooms, 2 full and 2 half baths. Fenced paver patio area. 2 assigned parking spaces. 20 minute ride to DC.

More Info about 9608 Scotch Haven Drive in Vienna

Read about “Life in Vienna”

Contact The Belt Team

We have LOTS of listings coming on the market this Spring. Let us know if you would like to be on our PRIORITY NOTIFICATION LIST so that you can find out about listings BEFORE they hit the market!

TGIF! That means it’s time for our Friday Funday Video & Open House Announcements.

First, our video. In honor of turning the calendar from March to April – we bring you “April Smith and The Great Picture Show“. They’ll be playing right here in DC in May. That’s one of the great things about living in Oakton – it has the feel of being in the country and yet you’re still mere minutes from the city. So take a listen, scroll down for open house details and then come visit us at Pine Street on Sunday. It just might be the PERFECT home for YOU!

OPEN SUNDAY – 1 to 4PM – 10133 Pine Street in Oakton – $649,900

JUST LISTED! This lovely home is in a fabulous location in a quiet neighborhood with a rural feel, yet central to lots of amenities and even less than a mile to Vienna Metro. Enjoy a shaded backyard with deck & patio – perfect for both relaxing & entertaining. Inside, you’ll love the open, airy layout ~ spacious vaulted ceiling family room ~ hardwood floors ~ updated kitchen ~ updated baths upstairs ~ finished walkout lower level with rec room, 4th bedroom, 3rd full bath & office with built-ins ~ plus lots of storage!

More Info about 10133 Pine Street in Oakton

Directions: From Route 66: Exit Route 123 North toward Oakton, Right Hibbard, Right Pine Street to #10133 on left.

Contact The Belt Team

TGIF! That means it’s time for our Friday Funday Video & Open House Announcements.

First, our video. In honor of the Saint Patrick’s Day celebrations going on across the US – we bring you “Crazy Love” performed by Van Morrison (An Irishman) and Ray Charles (an American). We think you might find “Crazy Love” when you see the two homes we have open this week!

Scroll down for open house details after you listen to the video – because big or small, we have the PERFECT place for you to call home!

OPEN SATURDAY & SUNDAY – 1 to 3PM

5300 Columbia Pike #503 in Arlington – $225,000

Spacious condo in luxury hi-rise building. Huge balcony with city views – accessed from both the living room & bedroom. Guest powder room off the marble foyer. Gorgeous kitchen cabinetry & stainless steel appliances – plus a breakfast nook & washer/dryer off the kitchen. Great storage – including a walk-in closet in master bedroom. Building has a gracious lobby, 24 hour security, assigned garage parking, pool & tennis. Bus stop at the front door!

More Info about 5300 Columbia Pike #503 in Arlington

Directions: From Pentagon: West on Columbia Pike to large, white, contenporary building with balconies on left. Visitor parking in front. OR From 495: Exit Route 50 East, Right Carlin Springs Rd, Left Columbia Pike to building on right.

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OPEN SUNDAY – 2 to 4 PM

107 Harmony Drive SW in Vienna – $1,435,000

Gorgeous custom home in Vienna Woods on a large, wooded, cul-de-sac lot backing to Cunningham Park & with a stream! Enjoy a gourmet kitchen, stunning family room with fireplace & coffered ceiling, in-law suite over the garage, a luxurious master bath, finished lower level with rec room, custom bar & fireplace – plus media room & exercise room! Superb Vienna location – minutes to shopping, restuarants & recreation!

More Info about 107 Harmony Drive SW in Vienna

Directions: From 66: Exit Nutley Street toward Vienna, right Tapawingo, right Park, right Harmony to the end #107. OR From Tysons: Maple Ave/Route 123 South into center of town, left Park, right Harmony.

Contact The Belt Team

Last week, we reported on “How Low Can It Go? – and the historic place we are at in terms of low mortgage interest rates. We talked about why now is a great time to buy a home (or a great time to refinance the one you own) and why now is also a great time to sell.

But with all the negative economic news around the country, some of our readers may be wondering whether they should still wait to buy or wait to sell. Buyers may be wondering “What if prices drop, for example? Shouldn’t we try to “time the market” better?” and Sellers may be wondering the reverse, “Should I wait to see if prices keep going up?”

The reality is that no one can perfectly “time the market” – not even Warren Buffett. The only way you will know when the market has “bottomed” out is after the market turns back upward. And the only time you’ll know it has peaked is when market values start dropping.

So, how do you decide the right time to buy & sell?

You need to take a look at the FACTS of YOUR market AND take a look at YOUR personal situation. There is no blanket answer to this question, but you don’t need to feel like this!

1. THE MARKET:

If you read our blog regularly, then you know there are many different markets – the national market, the regional market, the hyperlocal market, your neighborhood, the luxury home market, first-time homebuyer market & more. Markets are segmented by price range, property type, school district, acreage and all kinds of things. The most important one in your decision is YOUR market.

And real estate is a serious business. For most people, the home they buy is the biggest financial transaction of their lifetime. So, our recommendation is that you treat it that way – seriously. So how do you find out about “YOUR market”?

When you have a health issue, you certainly talk to your family & friends about it, you may read magazine articles or books, and you probably go to WebMD.com and a number of other web sites to research & gather info. Then, what do you do? You consult an expert in the field. And when you consult that expert, he/she shares with you not just the facts and knowledge they have access to – but also the experience and “gut” instinct they have gained after seeing so many patients with similar symptoms.

Our recommendation is that you do the same thing with a Realtor who specializes in whatever area you are looking to buy or sell in. Not only will they share the specific market data & economic info that you need to make a good decision (interest rates, financing options, population growth, area home values, comps & more); but they will guide you by asking lots of questions and sharing with you the experiences of many of their past clients.

Did you ever notice when you have some sort of illness, all of a sudden everyone you know considers themselves “experts” because they have had a related experience? You get all sorts of advice – some good, some not so good. And that advice is often based on what that other person’s one limited personal experience was.

The same applies with real estate. Just about everyone you know has some experience – you parents, your co-workers, your friends. They have all bought and sold homes – on average one home every 5-7 years. We think it would be in your best interest to talk to the folks who do this every day – not every few years. And talk to a real estate team that has a shared base of experience developed over the years. Not only will they have more depth of knowledge to share with you, but if they have been in business in the local area for the long term – you can probably be confident they look out for each client’s best interests. (Ask for references if they don’t give them to you! Isn’t that what you do when you look for a medical specialist?)

2. YOUR PERSONAL SITUATION

Every person has a different story – “HAVE to move” vs “WANT to move”, “financially secure” vs “on the brink”, “growing family” vs “retiree downsizing”. You get the picture. When you meet with your Realtor, they should ask you all kinds of questions that will help you assess whether now is the right time to buy or sell. Take the time to go through this process, evaluate what your goals & expectations are, and you will come to the answer that is right for YOU.

• Why are you moving? What will that mean for your family?
• How important is lifestyle? Does lifestyle trump investment or does investment trump lifestyle?
• What are the financial implications of a move?
• If you don’t buy(sell) now, will you regret it or will you be happy with your decision?
• If you are selling a home & buying a new one, have you looked at the implication of BOTH transactions? For example, are you staying in the same market – or moving to a different part of the country? Are both areas in a Buyers Market? Or is one area in a Sellers Market, while the other remains in a Buyers Market? How will this impact me?
• Have you looked at the tax implications? Rent versus buy? Tax credits available? Capital gains? (First-time homebuyers may be wondering if they missed the boat since the tax credits of last year are no longer available – but they might be surprised to know that today’s interest rates probably mean it’s better to buy today than it was during the tax credit period!)
• If you are thinking of buying, how long do you think you will stay in that home?

The list of questions is endless. We haven’t listed them all here, but an expert Realtor should spend a LOT of time with you discussing ALL of these types of questions – not just the top-of-mind questions like “How much will it cost? What can I afford?” or “How much will my house sell for?”

And that bring us back to the second question we asked above: “”What if prices drop, for example? Shouldn’t we try to “time the market” better?“

Well, the short answer is that oftentimes even a significant drop in home prices cannot offset a slight rise in interest rates. Let’s look at a simple example. (You can run your own numbers, but the results should be similar. The actual calculations may be more complicated by down payment, mortgage type, etc. – but this gives the general idea.):

Buy Now or Wait? (Now):

If Home Price is $600,000 and Interest Rate is 4% – Mortgage Payment would be $2,864

SCENARIO 1: Prices Decrease by 5%, Rates Increase .5%

Home price would be $570,000, Interest Rate 4.5% – Mortgage payment would be $2,888

SCENARIO 2: Prices decrease by 10%, Rates Increase 1%

Home price would be $540,000, Interest Rate 5.0% – Mortgage payment would be $2,899.

Will prices drop? Maybe. Maybe not. (We DO know that last year Fairfax County prices increased by more than 7%). Will interest rates rise? Maybe. Maybe not. The government says they will hold tight – but who knows. What we DO know is that rates are at historical lows.

So, for most people in Northern VA, the answer to should I buy or should I sell now – is probably yes. But it depends on YOUR situation and YOUR market. Contact The Belt Team if you’d like to schedule a personal consultation about YOUR market and YOUR personal decision about whether to buy or sell now.