Month: August 2012

Consider These Tips When Buying a New Home in Loudoun County

We have seen a relatively recent, but steady, trend of both new home sales and prices rising throughout the country. Builders’ confidence is up, and mortgage rates still remain near record lows. Now is certainly a great time to buy a new home for sale in Loudoun County. The new homes community of One Loudoun, which consists of residential, retail, corporate, and hospitality, offers an all encompassing living experience. It provides the draws of a big city, but all within a walkable community. Whether you are a first-time home buyer, business owner, restaurant or high-end boutique, One Loudoun is being built to meet the needs of everyone. Purchasing a new home can be a big decision, but there are plenty of resources and professionals that are available to help you through every step of the process. Here are some tips for those looking to purchase a new home in Loudoun County, and why they should consider the community of One Loudoun.

Does the community meet the needs of your family. The One Loudoun community is in an extraordinarily convenient location (at Route 7 and Loudoun County Parkway), in Ashburn, close to Lessburg, 3 miles from Dulles International Airport, and just 25 minutes from Washington, D.C.. The new home community of One Loudoun is a spectacular project, and is being designed with the resident in mind, down to the last detail. The ample open spaces integrated with where residents will work, shop, dine, and socialize lend to a balanced lifestyle that exudes sophistication, culture, and connection. One Loudoun has a variety of innovative home styles which were exclusively designed for the community, including single family homes by Camberley Homes, exquisite townhomes by NVHomes, and a brand new single family home series from Miller & Smith called the “Downtown Collection.”

Know your budget. The new homes of One Loudoun, including single-family homes and townhomes, range in pricing from the low $400s to the upper $500s, suited for young professionals, young and growing families, business owners and government employees. Fannie Mae recommends that prospective buyers spend no more than 28% of their income on housing costs.

Have your finances in order. Most likely a buyer will need to get pre-approved for a loan, get insurance, and pay closing costs. Over the past few years, innovative new loan programs have evolved that only require a 5% down payment or less; some allow buyers to put 0% down. Not everyone, however, chooses to purchase a new home with little or no money down. Since less money down means higher monthly mortgage payments, the majority of home buyers will put some cash up front. In addition to a down payment, potential home buyers will also need cash for the closing costs. These include title and settlement fees, lender fees, taxes and prepaid items such as HOA fees or homeowners insurance. No homeowner should ever be without some type of insurance to protect them in the event of a catastrophe. The main types of insurance associated with homeownership are title insurance, homeowners’ insurance, home warranties, and flood insurance.

Keep the “Big Picture” in mind. The purchase of a new home can be a great investment and a great way to build wealth. Housing trends since 2011 across Loudoun County, as well as the country as a whole, have been positive and have brought about an optimistic view for the future of the real estate market. Many analysts and economists have indicated the high probability for home values to continue rising, especially in growing and affluent areas such as Loudoun County. Purchasing a new home for sale also minimizes a homeowner’s risk of having to pay unexpected costs, such as repairs or replacements that are common in older houses. The quality homes of One Loudoun ensure minimal maintenance and piece-of-mind for new homeowners.

July Shows Pick Up in Building Permits

Home construction has been a key component in the U.S. economy, and as home sales and home prices continue to rise, so has new home construction. 

According to the U.S. Census Bureau’s report issued last Thursday, July had a 6.8% increase in building permits to an annual rate of 812,00, the highest rate in four years, and 29.5% higher than July of 2011.  This number was unexpected, as forecasts made by a consensus of housing industry experts showed the permit rate to be more around 750,000 for July.  This is a good sign for those prospective home buyers who are looking at new homes for sale in the Ashburn or Leesburg areas,  as Loudoun County is one of the top fastest growing counties in the nation.  

A rise in building permits is a sign that builder confidence is growing, and could very likely lead to an increase in jobs.  Chief economist for the National Association of Home Builders, David Crowe, estimates that about three jobs are created for every new home that is built and that a rise in applications for building permits is a good indicator of where the housing market is going.  “If you’re looking into the future, ” he said, “permits are a truer picture of the market.”  An increase in construction is also quite possibly a response to the high demand for new homes in Loudoun County, seeing as inventory has been shrinking over the past few months.   

One Loudoun Receives "Blue Ribbon Award" for Site Plan Visualization 

The Great American Living Awards announced a new award, the “Blue Ribbon Award” which highlights a “best feature” about each entry that stands out as being exceptional.  One Loudoun received a Blue Ribbon for their Site Plan visualization. A unique place of sophistication and culture, along with its convenient location along Route 7, the One Loudoun site plan allows the community to be an all encompassing place for living, working, shopping, dining and recreating.  Future homeowners that purchase one of the new homes for sale in One Loudoun will be part of a modern urban destination that will become Loudoun County’s new walkable community and chic downtown.

Close of 2nd Quarter Shows Strong Loudoun County Housing Market

With both home sales and prices up at the close of the second quarter in 2012, Loudoun County is still showing clear signs of continuous health and growth in its local housing market.  Home sale volume went up by 28% compared with the first two quarters of 2011, according to The Loudoun Newsletter, as well as Loudoun County home prices and home values being on the upswing.  Record-low mortgage rates could, in part, be an explanation for why prospective buyers have returned to the market and are purchasing Ashburn and Leesburg new homes for sale.

The recovery seen in the Loudoun County housing market reflects positive trends that are happening across the country.  According to the National Association of Realtors (NAR), the second quarter showed that home prices rose in metropolitan areas, with the median existing single-family home prices rising in 110 out of 147 metropolitan statistical areas (MSAs) based on closings in the second quarter in comparison with the same quarter in 2011.

“It’s most encouraging to see a growing number of metro areas with rising median prices, which is improving the equity position of existing homeowners, says NAR chief economist, Lawrence Yun. “Some of the improvement in prices is due to a smaller share of sales in low price ranges where inventory is tight.” Yun goes on to say that he expects home prices to continue to increase in even more markets during upcoming quarters.