1414 Valebrook Lane Herndon VA 20170 – JUST Listed by The Belt Team

1414 Valebrook Lane Herndon VA 20170 was JUST listed by The Belt Team! Here’s a sneak peek:

Price and LOTS more photos of 1414 Valebrook Lane Herndon VA 20170

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Welcome to this lovely colonial sited on a peaceful cul-de-sac in the popular Kingstream subdivision! Fantastic location mere minutes to the new Silver Line Metro and convenient to local jogging paths! Enjoy an open floorplan with an abundance of natural light. Updates include windows, washer & dryer and flooring. You’ll love the welcoming front porch AND the fenced in backyard – as perfect for entertaining & recreational activity as it is for just relaxing!

Kingstream Subdivision

Kingstream Subdivision

Kingstream Subdivision

Kingstream Subdivision

Fairfax County Real Estate Tax Assessments Versus Actual Market Value

If you live in Fairfax County, then you recently received your real estate tax assessment.

For many of you (45% to be exact), the assessment went up. And gosh darn it (that’s as strong as we can say it here on the blog!) – that will likely mean higher taxes this year. (The Board of Supervisors has not set the 2017 tax rate yet, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased.)

The good news is (in terms of taxes, not values) – assessments are up on average only 0.68%. (That’s less than one percent.)

The bad news is, assessments did not rise as much as the previous year in part because values did not rise as much. While 2015 saw a 3.23% increase in median sold price in Fairfax County, 2016 was flat (0.03%)

(If you have not received your notice yet, you can check your Fairfax County assessment value online.)


Here’s what Fairfax County reports overall:

Of the 353,695 taxable parcels in Fairfax County:

  • 232,280 have an assessment change
  • 121,415 have no assessment change

Here’s the breakdown of average home property assessments (averages are not necessarily indicative of individual properties or neighborhoods):

  • Countywide average for all homes – $533,168
  • Single family-detached homes – $639,468, up 1.10 percent
  • Townhouse/duplex properties – $398,166, up 1.37 percent
  • Condominiums – $260,617, down 0.32 percent

Map of average percentages of real estate assessments countywide.


Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment. Well – here’s an example of why.

We track the tax assessment versus actual sales price on all homes that we sell. (Note: Our statistical pool may not be quite scientific, but since we have sold more homes in Fairfax County than almost any Realtor in the area – we think the results are at least representative.) Here’s what we found over the past years:

  • We saw wide swings in variance between assessed value and actual sales price: from homes selling for $102,100 below assessed value to homes selling for $201,700 above assessed value.
  • Approximately 95% of the homes actually sold for more than the assessed value.
  • Many homes show inaccurate info in the tax records – for example, finished basements are not shown, number of bedrooms may be incorrect, square footage may be off. And all of these things may cause a lower assessed value.

So, while there is often a correlation between assessed value and market value, the market value is almost always higher.

WHat Is My Home WorthAssessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with your Realtor for a custom estimate.

 

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 3rd. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

Unparalleled Trust Necessary Before Listing Your House

The article below came out last week from Keeping Current Matters. We thought it was right on target. It surprises us how often people trust the sale of their largest asset to someone who may not be an expert – just because they are a family member, a neighbor or a friend. They list their home with this person out of obligation. And then they take a BIG leap.

Questions To Ask When Selling Your Home

While they may be able to trust them in terms of their personal relationship, they often cannot really trust this person’s expertise, negotiating skills & problem solving abilities. When you’re selling your home, you need it all. Personal trust (integrity, To be able to trust they will have your best interests at heart) AND to trust they have the ability to do the job at a high level.


Here’s what Keeping Current Matters had to say:

You and your family have decided to sell your house. It is now time to choose a real estate professional to help with the process. One of the major attributes this agent must possess is trustworthiness. To what degree do you need to trust them?

You must have enough trust in them that you feel comfortable they will accomplish all four things below: 

1. Sell possibly the largest asset your family owns

In many cases, a home is the largest asset a family has. Studies have shown that the equity many families have in their home is the largest percentage of that family’s overall wealth. 

2. Set the correct market value on that asset

Pricing is crucial even in the best of markets. You want to get the best price for your home without putting your house at a value that buyers will have little interest in.

3. Set the time schedule for the liquidation of that asset

Your family probably has a certain timetable for the sale of your house and the move into your next home. Coordinating the home selling process to meet certain schedules can be tricky.

4. Set a fair fee for the services required to liquidate that asset

You will need to pay a commission to an agent for selling the home and coordinating all elements of the selling transaction, including possible future negotiations (ex. with a home inspector or appraiser).

That’s a lot of trust. Make sure you pick a true professional to help with the sale of your home.


So how do you know if you can trust the sale of your home to someone?

1. Interview them.

Ask questions. Ask for statistics – things like: how many homes they’ve sold (that will tell you whether they have good problem solving skills, relationships & resources for you to use), what their list to sell price ratio is compared to the average (that will tell you about their negotiation skills), and what their average days on market is (that will tell you about their expertise). Spend more time asking questions like these than asking where they advertise and what kind of videos they do. And don’t choose the realtor who just throws out the highest number. The results they get are what you’re after. If they are experts, you won’t need to tell them how to do what they do best.

2. Ask for references.

Call people who have sold their home with the team you’re interviewing and find out first hand what it’s like to work with them.

3. Google them.

You’ll be surprised what you see (or don’t see).Pay special attention to third party sites like Zillow. Realtors cannot control what is posted there (unlike the testimonials you see on their personal web sites.) And when you read the reviews, read between the lines. Are they generic (“she’s great”) or are they specific (she sold our home in 9 days over list price and has the patience of Job”)?

Whether you’re selling in Vienna or McLean, Great Falls or Falls Church, Oakton or Oak Hill, Arlington, Ashburn or Annadale – wherever you live – you deserve the BEST real estate team. For a FREE report of “Questions To Ask Your Realtor When Selling Your Home” – email The Belt Team or call (703) 242-3975. We are listed in the Top 20 Best Real Estate Agents in Virginia and are happy to help you make the RIGHT move.

Click here for Reviews on Zillow about Terry Belt, Kevin Kleifges, Tom Reilly, Beth Dadisman, Gail Belt & Tom Hanton

Top Realtors Northern VA

The Presidential Election and The Real Estate Market

Keeping Current Matters The Presidential Election and Its Impact on Housing

Every four years, as things start to heat up on the Campaign Trail, we get inquiries from our clients about what the election will mean for the market. It used the be the case here in Northern VA, that we would see a period of pausing, followed by a potential great transition and turnover of homes if a new party was elected to office.

Now that our economy in Northern VA is not solely reliant on the federal government, that is no longer the case. While we still have many government employees, government contractors and elected officials living here – we also have many large companies (for example tech firms), as well as many entrepreneurs and small business owners, many in the service industries.

CEO The Belt Team“If you’re thinking of buying or selling, give us a call, ” said Terry Belt, CEO of The Belt Team. We’ve been through every election cycle in Northern VA since 1972. In fact, a Presidential Election is part of what brought our family here from California. We’d be happy to share our expertise with you. Each Buyer and Seller faces a unique situation. And the conclusion about timing is not always black and white. Call us at (703) 242-3975.”

In the meantime, if you have been wondering about the market, you’ll want to read what our friends at Keeping Current Matters have to say. They gathered input and predictions from a variety of sources.


Every four years people question what effect the Presidential election might have on the national housing market. Let’s take a look at what is currently taking place. The New York Times ran an article earlier this week where they explained:

A growing body of research shows that during presidential election years — particularly ones like this when there is such uncertainty about the nation’s future — industry becomes almost paralyzed. A look at the last several dozen election cycles shows that during the final year of a presidential term, big corporate investments are routinely postponed, and big deals are put on the back burner.

The research is even more persuasive on the final year of an eight-year presidential term, when a new candidate inevitably will become president.

We are seeing this take form in the latest economic numbers. However, will this lead to a slowdown in the housing market? Not according to Fannie Mae, Freddie Mac or the National Association of Realtors.

The Impact on Housing Throughout 2016 : Let’s look at what has happened and what is projected to happen by these three major entities.

National Association of Realtors
“In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007.”

Freddie Mac
“Recent data darkened the growth outlook for the first quarter of 2016. However, despite the disappointing economic reports, we still forecast housing to maintain its momentum in 2016.”

Fannie Mae
“Consumers and businesses showed caution at the end of the first quarter…(but) Home sales are expected to pick up heading into the spring season amid the backdrop of declining mortgage rates, rising pending home sales and purchase mortgage applications, and continued easing of lending standards on residential mortgage loans.”

Bottom Line
Even during this election year, the desire to achieve the American Dream is greater than the fear of uncertainty of the next presidency.

1600 Jubilation Court, Herndon, VA 20170 – Just Listed by The Belt Team in Kingston Chase

1600 Jubilation Court, Herndon, VA 20170 has just been listed by The Belt Team in Kingston Chase. Here’s a sneak peek:


A delightful, updated colonial on a quiet cul-de-sac in the sought after Kingston Chase neighborhood! Along with 3 bedrooms & 2.5 baths, this property offers lovely hardwood floors, a newly updated eat-in kitchen open to the family room, a wood-burning fireplace, a separate dining room, a lovely master suite, a fabulous covered front porch, spacious fenced-in backyard with mature trees and a 2-car attached garage. Fantastic location just minutes to all the amenities of Reston Town Center, the Silver Line Metro, Dulles Airport and more!

Price and LOTS more photos of 1600 Jubilation Court, Herndon, VA 20170

Call Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Northern VA this year. The Belt Team is listed in the Top 20 Best Real Estate Agents in the State of VA. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! )

Homes For Sale Kingston Chase Homes For Sale Kingston Chase


 

Real Estate Property Tax Rate Rising In Fairfax County

Fairfax Real Estate

Last week, the Fairfax County Board of Supervisors approved the Fiscal Year 2017 (Tax Year 2016) budget to include an increase of FOUR CENTS in the real estate property tax rate. This becomes effective July 1, 2016.

The last time the tax rate increased was in 2014 – from $1.085 per $100 of assessed value, to $1.09. That makes this year’s increase 8 times the last increase.

What does this mean for you and what will the new tax rate be?

  • Current Rate: $1.09 per $100 of assessed value
  • New Rate: $1.13 per $100 of assessed value

Here’s the calculation:

Your Assessed Value – Divided by $100 – Multiplied By $1.13 = Your Property Tax

So, if your home was valued at $800,000 last year, then you paid $8,720 in property tax. If your assessed value stayed the same this year, your new tax would be $9,040. (A small $320 increase.  However, 55% of homes in Fairfax County were also assessed at higher values this year than last year. So the increase is larger than it looks.)

Note: Assessed values and market values are not always the same.

Click here to find out the Fairfax County assessed value of your home.

Click here for an INSTANT online estimate of your home’s market value. Then call Terry Belt or Kevin Kleifges & The Belt Team at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Home Prices and Interest Rates – Here’s the 411!

Wondering what’s happening with home prices and interest rates in the national real estate market? Check out this one minute video:

When you’re ready for a hyperlocal update for areas in Northern Virginia like Vienna, McLean, Oakton, Great Falls, Fairfax, Reston, Arlington, Annandale, Ashburn, Falls Church, Burke, Dunn Loring & Alexandria – contact The Belt Team at (703) 242-3975. Local numbers don’t always mirror national trends and you may even find wide variations in adjoining towns and cities in Northern VA!

How Much Is MY Home Worth (FREE, Instant Online Estimate)

Search our State-of-the-Art Home Search Site (updated FASTER than others so you don’t lose out on homes before you know about them!)