Sen. Tim Kaine Receives Positive Antibody Test — “Virginia Sen. Tim Kaine said Thursday he and his wife, Anne, tested positive for coronavirus antibodies earlier this month after experiencing symptoms of the respiratory disease in March and April.” [Patch]

How’s the Local Real Estate Market Faring? — Patch compiled local numbers for homes that came on the market, ones that went under contract and closed sales. [Tysons Corner Patch, McLean Patch, Vienna Patch]

Expanded Contact Tracing — “The Fairfax County Health Department is pleased to partner with the Institute for Public Health Innovation (IPHI) to hire and train staff for COVID-19 contact tracing efforts… To meet the need for large-scale contact tracing efforts, IPHI will hire and train contact tracing staff, community health workers, and other staff as needed.” [Fairfax County]

No Fourth of July Festivities — “The Fairfax County Park Authority’s Summer Entertainment Series will be canceled through July due to public safety concerns related to the COVID-19 pandemic, and Fourth of July events have been canceled, too.” [Fairfax County]

Photo courtesy Jae

Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center. 

The following properties were recently listed in the Tysons, McLean, Vienna and Falls Church areas.

• 7422 Tillman Drive, Falls Church — $1,495,000
• 1570 Spring Gate Drive #7103, McLean — $424,900
• 1624 Hicks Drive, Vienna — $799,990
• 600 Tazewell Road NW, Vienna — $1,600,000
• 422 Dominion Road SE, Vienna — $788,888
• 6706 Haycock Road, Falls Church — $1,049,900
• 5979 Jan Mar Drive, Falls Church — $799,000
• 6900 Fleetwood Road #322M, McLean — $1,149,900
• 6368 Lynwood Hill Road, McLean — $1,200,000

Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].

This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!

Question: Can you explain mortgage forbearance? Is it a good idea to get it and will it negatively affect my credit in the future?

Answer:  Many homeowners who are dealing with a financial hardship during this pandemic are considering mortgage forbearance or asking for clarification about the process. We don’t have all of the answers yet, but enough information is available to help people make more educated decisions about forbearance.

I asked one of the top mortgage lenders in the D.C. area, Jake Ryon of First Home Mortgage, to join as a guest columnist and provide a rundown of how mortgage forbearance works, and what are some of the unintended consequences.

Take it away Jake!

What is Mortgage Forbearance?

Congress passed the CARES Act, allowing those facing financial hardship due to COVID-19 to request a mortgage forbearance (pause in mortgage payments) for 180 days, with the option to extend for an additional 180 days.

The bill does not require you to provide proof that you’re suffering a hardship, but the CFPB makes it clear that if you can pay your mortgage, you should. However, not everyone is following that guidance and some borrowers who are able to pay are choosing not to and may suffer unintended consequences.

Mortgage forbearance is a temporary pause in payment; it is NOT forgiveness. All missed payments by the borrower must be paid back.

Repayment

Unfortunately, the repayment terms for a forbearance are vague. Statements from Fannie and Freddie indicate that you do not have to repay the missed payments all at once, but that it is for the borrower to work out with the servicer. If the payments are not paid back in a lump sum or over a designated period, but instead added to the end of the loan, the borrower is agreeing to a loan modification.

During a forbearance the servicer (the company you pay) is still advancing the monthly mortgage payments to the end investor. This has led to major issues for lenders, and as a response, tightened credit standards and made it more difficult to obtain a mortgage.

Unintended Consequences

While taking a forbearance is not supposed to negatively affect your credit, there are some unintended consequences I’d like to explain.

*Please note this is based on the most up to date information I could find and is subject to change as this is a fluid situation. Please reach out to your loan servicer directly for your options.*

Refinancing: This may vary by lender, but as I understand it, to be eligible to refinance, borrowers must be out of forbearance and current on their mortgage. This is a big concern if rates continue to fall throughout the year.

Repayment Terms: As mentioned earlier, there are options to repay the missed payments via a lump sum, over a repayment period, or modifying the term of the loan. Keep in mind the servicer must agree to the repayment plan.

I’m hearing that modifications are only being offered if there is documentation to show you’ve been adversely affected by COVID-19. This is going to be problematic for borrowers who didn’t lose their job and assumed their skipped payments would be tacked onto the end of their mortgage or forgiven.

Buying Your Next Home: Since this is so new, we haven’t seen any credit reports reflecting modifications as a result of COVID-19. It’s unclear how lenders and investors will treat these modifications when evaluating new loans.

For example, most investors want to see borrowers pay their mortgage on time for a minimum of 12 months after their modification begins. If someone takes the full 12 months of forbearance, they could be looking at a minimum waiting period of 2 years before obtaining a new loan.

Residual Effects to Your Credit: While the CARES Act says mortgage lenders won’t report you as delinquent during a forbearance, they can’t control how other lenders will view it. For example, if you’re a credit card company and you see a borrower is in forbearance, are you inclined to increase their credit limit or issue a new card? If your credit card debt is increasing and your available line of credit is staying the same or decreasing, it will most likely lower your score.

Weekly Tysons Market Snapshot

Thank you very much for all this helpful information Jake!

If you’d like to talk with Jake about a loan, refinance, or any other mortgage related question you can contact him at [email protected].

Here’s a quick look at how the market performed over the past week within 5 miles from Tysons. I will provide a Market Report for the month of May in my next column. Through these tough times, our market has remained busy and hopefully things will only get better moving forward.

Past Seven Days in Tysons

If you’d like more information, or would like a question answered in my column, please reach out to [email protected]. I hope to hear from you soon.

Val Sotillo is a licensed Realtor in Virginia, Washington D.C., and Maryland with Real Living At Home, 4040 N. Fairfax Drive, Suite #10C Arlington, VA 22203, 703-390-9460.

Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center. 

The following properties were recently listed in the Tysons, McLean, Vienna and Falls Church areas.

• 1570 Spring Gate Drive #7103, McLean — $429,900
• 1417 Cottage Street SW, Vienna — $725,000
• 2801 Yarling Court, Falls Church — $364,900
• 2245 Loch Lomond Drive, Vienna — $890,000
• 6609 Beverly Avenue, McLean — $1,450,000
• 9328 Sibelius Drive, Vienna — $1,069,000
• 3413 Executive Avenue, Falls Church — $860,000
• 2161 Royal Lodge Drive, Falls Church — $1,625,000
• 1110 Cedrus Lane, McLean — $1,595,000

Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].

This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!

Question: Is there any new development in Fairfax?

Answer: I hope this column finds you and yours well, healthy, and you’re managing to stay productive.

Yes! West Oaks Corner is conveniently located by West Ox Road and I-66, at 4489 Lateleaf Trail, Fairfax Virginia 22030. Built by Winchester Homes, it’s a community with 188 luxury townhomes. They opened their sales office last July and they have already sold over 80 units.

They just released two properties in their model row available for immediate delivery (they look amazing!), and they have a few homes ready to be customized and depending on the model they can be delivered anytime between October and December this year. The expected completion date is 2021. I visited their model homes and it looks like construction is moving quickly.

The Homes

The community looks beautiful and it was thoughtfully designed. The homes have a traditional brick front-architectural style and all of them offer different outdoor space options. They have many green areas and their amenities are nature focused: 2 tot lots, a community lawn, a picnic area with grilling, a community pavilion, meditation park and a Bocce court.

There are 4 different models, each with unique features:

The Jackson: It’s about 2,311 sq. ft. Three levels and a terrace off the kitchen level.

The Wesley: I loved this one! Approx. 2,701 sq. ft. Four levels and a loft (that can be built as a 4th bedroom with a full bath), and a spacious rooftop terrace in addition to the kitchen level terrace.

The Burke: About 3,061 sq. ft. Three levels with a backyard in addition to the kitchen level terrace.

The Sully: Approx. 2,979 sq. ft. End home, 3 levels and the model has a dreamy terrace with a zen space ideal for practicing yoga or meditation. There’s also a backyard and some are fenced.

You can see all floorplans, photo gallery and videos here.

Read More

Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center. 

The following properties were recently listed in the Tysons, McLean, Vienna and Falls Church areas.

• 1570 Spring Gate Drive #7103, McLean — $429,900
• 431 Center Street N., Vienna — $915,000
• 9909 Finian Court, Vienna — $524,900
• 207 Ross Drive, SW, Vienna — $1,639,888
• 3812 Lakeview Terrace, Falls Church — $1,479,000
• 3127 Beechwood Lane, Falls Church — $899,900
• 6821 Donahue Court, Falls Church — $515,000
• 1310 Oberon Way, McLean — $949,000
• 1514 Woodacre Drive, McLean — $1,325,000

Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].

This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!

Question: What are some good home improvement projects I can do during this time of quarantine?

Answer: I hope this column finds you and your family healthy. This is week 5 and we’re all wondering how to use all this time at home. Putting away winter clothes? Done. Watching YouTube tutorials on how to disinfect groceries? Done. The only reason I’ve stopped making banana bread is that I ran out of flour and it’s sold out in most grocery stores.

You can use this time you’re spending at home to make it better. I’ve collected some examples of wholesome small projects to tackle while you’re hunkered down so your make your home more enjoyable.

Exterior

• Paint your exterior window shutters: Remove old shutters from windows and wipe them down with all-purpose cleaner. Spray paint is easier to use. In a well-ventilated area, hold the can 6-8 inches from the shutter surface and paint the sides and ends of the shutter using a sweeping side-to-side motion with slight overlap. Allow the shutters to dry overnight before reinstalling.
• Replace damaged window screens: This weather is perfect for open windows and fresh air. Just make sure bugs don’t get in.
• Paint your front door: Fast and easy way to increase your curb appeal.
• Check for peeling wood trims: An easy fix for peeling outdoor paint without sanding and scraping is using a thick primer that locks down and hides peeling.

Rearrange your furniture and give a new look to what you already have.

It’s easy to get bored of the same old furniture setup, but what if you move the couch to a different wall, or mix things up by swapping rugs from one room to another? Even switching a lamp from a side table to another spot in your house could brighten up a space in new ways.

Time to Clean

Beyond disinfecting all of your high-touch surfaces, it’s also time to clean your vents and baseboards. Cleaning heating and vent covers can help reduce allergens in your home and increase the efficiency of your air conditioning or heating unit.

Vacuum the vents with a dusting brush attachment or wipe with a dry microfiber cloth. And while you’re at it, change the air filter on your furnace. Unplug lamps and clean the lampshades with a dry microfiber cloth or vacuum cleaner attachment. For other types of lamps, clean the bulbs and use a cloth to dust off the hardware.

Clean curtains can make a room feel much brighter. If you can machine-wash your curtains, use the gentle cycle, cool water and hang them to dry. Get a tub and tile refinishing kit to get your tile and grout looking just as good as new.

Paint

There’s no more affordable way to freshen up a room than with a new coat of paint. If you’re done painting for the day but you still have more to do, a tip to keep your brushes fresh is to simply brush off the excess paint, then tightly wrap them in cling film and place them in the fridge overnight.

You can give your kitchen and bathrooms a new look by painting the cabinets and replacing the faucet and hardware. Love your current hardware but wish it were a different color or finish? Don’t be afraid to give them a little makeover with a can of spray paint.

Make Your House Smart

Try new self-programmable thermostats or camera doorbells. Most of them are easy to install. There are many options for smart home features that seamlessly integrate into your existing wiring and systems and upgrade your home’s energy efficiency.

Pay close attention to your appliances, heating, plumbing, electric and exteriors. Seal gaps and cracks in windows, inspect roof gutters after storms, clean outdoor furniture and power wash exterior decking and tiles.

Now that you’re spending much more time at home, pay attention to the areas that need some work and you can even get the whole family involved and accomplish a project together.

And don’t forget about your pets…

There are seemingly endless resources available to help do-it-yourselfers, such as books with step-by-step instructions and online videos. The general rule is to undertake projects you feel comfortable with and have the skill set to complete with good results. Otherwise hire a professional (I always recommend it for plumbing, heating and electrical work).

Quick Market Update

Within 5 miles from Tysons, here’s what happened in the past 14 days:

• 157 properties were listed
• 110 properties were sold
• 104 properties went under contract

I hope you are staying safe, sheltered in place, stocked with toilet paper, and staying proactive during these unprecedented times!

If you’d like more information, or would like a question answered in my column, please reach out to [email protected]. I hope to hear from you soon.

Val Sotillo is a licensed Realtor in Virginia, Washington D.C., and Maryland with Real Living At Home, 4040 N. Fairfax Drive, Suite #10C Arlington, VA 22203, 703-390-9460.

How Much PPP Funding Went to Virginia Businesses? — “D.C., Maryland and Virginia businesses collectively received about 5% of the total loan dollars greenlit by the Small Business Administration through its wildly sought-after Paycheck Protection Program, which ran out of funds in fewer than two weeks after it debuted… Virginia businesses received 40,371 loans totaling $8.72 billion.” [Washington Business Journal]

McLean Man Shares Dyslexia in New Book — “Michael Balzano’s life has been a classic American rags-to-riches tale – even though he’s had to battle dyslexia every step of the way. His recently published book, “Dyslexic: My Journey,” covers that often misdiagnosed reading disability and the problems it causes, but also has a broader mission.” [Inside NoVa]

Local Real Estate Agents Adapt — “Those who are actively looking tend to be serious buyers and who are employed and have an optimistic attitude that the virus will be under control soon. For others, wanting to sell or buy, there may be too much uncertainty now. Heather Embrey of Better Homes and Gardens Real Estate Premier said she had experienced potential sellers changing their minds to wait out the pandemic.” [Falls Church News-Press]

FCPS Meals for Kids — “The school system’s Office of Food and Nutrition Services as of April 14 had provided more than 357,000 meals, including breakfasts and lunches, at 61 areas locations, said schools spokesman Lucy Caldwell.” [Inside NoVa]

How Local Students Work Interning Virtually — “As Virginia schools remain closed due to the state’s COVID-19 social distancing mandates, BASIS Independent McLean (BIM) 12th graders are undertaking senior internships virtually, adapting to the video and audio tools that allow professional experience training to continue as part of BASIS Independent McLean’s final senior project.” [Patch]

Three Stones Residential agents pride ourselves on our consultative service approach, local expertise and real estate market knowledge. With over 26 years of business experience in the DMV, we have consistently performed in the top 2% of local Realtors and are currently the #1 group at Keller Williams Metro Center. 

The following properties were recently listed in the Tysons, McLean, Vienna and Falls Church areas.

• 6803 Jackson Avenue, Falls Church — $550,000
• 2903 Meadow View Road, Falls Church — $889,000
• 3426 Farm Hill Drive, Falls Church — $869,000
• 1924 Hull Road, Vienna — $769,999
• 918 Ninovan Road SE, Vienna — $1,550,000
• 1700 Asoleado Lane, Vienna — $799,900
• 6821 Dean Drive, McLean — $1,514,900
• 6448 Divine Street, McLean — $1,599,900

Our role is to offer sound advice and guidance to our clients in order for them to achieve their goals in either buying, selling, leasing or managing real estate. We are truly “Your Home… for Everything Real Estate.” To schedule a private showing of these or any other properties of interest please do not hesitate to contact us here or email us at [email protected].

This regularly-scheduled sponsored Q&A column is written by Val Sotillo, Northern Virginia-based Realtor and Falls Church resident. Please submit your questions to her via email for response in future columns. Enjoy!

Question: What has been the impact of the coronavirus on the real estate market in the past weeks?

Answer: First of all, I hope you and your families are healthy and safe. I want to give a special thank you to all the frontline coronavirus workers; from nurses, doctors, hospital personnel, law enforcement, grocery store and pharmacy workers, cleaners, US postal service, to all of those who produce and deliver food, goods and services necessary for our healthy existence!

I’ve seen lots of carryout and delivery activity at local restaurants, and I hope we can keep our favorite establishments in business. Here’s an awesome interactive map that the DMV Foodie Crew put together for restaurants offering delivery and carry-out in Northern Virginia during the Temporary Stay at Home Order.

Okay. Now back to real estate!

What the Stay At Home Order — Executive Order 55 Means for Real Estate Practices

The Northern Virginia Association of Realtors (NVAR) and the Virginia Association of Realtors (VAR) announced that Realtors may continue to operate real estate businesses, but must do so in accordance with Executive Order 55 released on March 30.

This means that real estate operations such as showings, inspections, appraisals, lending, closings and any activities crucial to a real estate transaction are allowed in Northern Virginia.

Due to social distancing, Open Houses have the potential to violate the 10-person guideline and could pose an unnecessary risk to the public. Therefore virtual Open Houses and virtual showings are highly encouraged.

Personally, most buyers I’ve been working with are happy to virtually tour properties while in the safety of their homes. Other buyers who need to find a home immediately and need to see the property in person before making an offer, can still see the properties while taking safe social distancing measures. I always have extra masks, gloves, disinfecting wipes and shoe covers for my clients. As much as I understand a buyer’s need to see a property in person before making an offer, I’m advising clients who are not purchasing for another few months to stay home.

Tysons Market Update

It seems that most of the Virginia market in general has softened in the past weeks. In the graphic below you can see the significant drop in property showings. However, the showings that are taking place tend to be to ready-buyers so it should take fewer showings than it used to for the right buyer to surface.

Read More