| - Financing - |
| Q |
Where are interest rates going? |
| A |
Not far, and that's good news for both buyers and sellers. With fixed rates today at about 7.0% and no immediate news on the horizon, we expect rates to remain about where they are. |
| Q |
Which better, right now, a fixed rate or ARM mortgage? |
| A |
You tell us your circumstances, We'll tell you which is better. If you plan to keep your home for only a few years (3 to 5 years), right now the ARM is still a good bet. For those buying to keep, the fixed rates are attractive and they stay where you buy them. This makes for a better night's sleep during market fluctuations.
For a more definitive answer, we recommend you give us a call and we will put you in touch with an independent mortgage broker. |
| - Market - |
| Q |
Is this a buyer's or seller's market? |
| A |
The tough questions always come first! Actually, the answer to this has the sound of evasion; it's a buyer's market, it's a seller's market and it's neither. If you are looking to buy in Vienna, We would say it's a seller's market period. If on the other hand you are looking to sell in Ashburn, We would call it a near neutral market. Well, why the differences?
Vienna is essentially "built out" as the developers call it. In the new homes arena, there simply aren't any remaining to build or sell. Accordingly, when the pressure for homes increases, due to major relocations to Vienna, the market in resales heats up.
Likewise, in Ashburn there are many new home opportunities, so selling an existing home is somewhat more difficult. For most of Northern Virginia the market is a seller's market approaching the neutral market side. |
| - Agency - |
| Q |
What is a Buyer's Agent? |
| A |
A Buyer's Agent is a relatively new concept in real estate and even newer in Virginia. Historically, all agents represented the seller. It might appear that an agent was assisting a buyer, through the showing of properties and in assisting with negotiations, however, in reality the agent owed the seller full interest.
A Buyer's Agent works as follows. The purchaser signs a written agreement with the agent to represent their interest in a series of possible negotiations. It is the responsibility of that Buyer's Agency to act solely in the interest of the purchaser. Any negative information regarding a specific property or the circumstances of the seller will be shared by their Buyer Agent. During negotiations the Buyer Agent will work toward obtaining the best possible price and conditions of sale. |
| Q |
Who can be a Buyer's Agent? |
| A |
While any Realtor can operate as a Buyer's Agent, a wise purchaser will seek a Certified Buyer Agent. These agents have trained specifically to represent buyers, although they may also offer listing properties as well. |
| Q |
What is dual agency? |
| A |
This when a single agent represents both sides of the same transaction. As you might guess, this often leads to a conflict of interest situation. For this reason, We represent only one side of any single transaction, unless both parties specifically request and agree to our serving as a dual agent. This unusual circumstance is reserved for transactions between parties where there is little or no negotiation required and is only allowed when all parties are fully informed and agree in writing. |
| Q |
What is a designated agent? |
| A |
In circumstances where an agent has a listing and a buyer requests service the Broker may appoint another agent to represent the buyer's interest, in order to assure that there is no conflict of interest. |
