The Great Space Debate

The Great Space Debate
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Open, Contemporary Floor Plan at PRESTON at Potomac Yards

 

 

The story behind the home focuses on key elements of history, design, location, and community. When all of these come together, we create a value story that defines your home’s distinctive value, style, and luxury that connects people to the best properties available in any market.

As you know, I am a certified residential specialist proudly serving professionals, military, and foreign service professionals across VA and MD. A common thread when listing or buying homes is the concern over square footage. It’s typically the first thing that sellers want me to know. More often than not buyers will start out with a certain amount of square footage requirement as they search online or among the selections I provide during their search.

Sure, square footage is an important consideration. But, consider this: focus on the floor plan! Take a look at how the square footage of your home is used. In essence, is your floor plan functional? For sellers: If your home boasts a great amount of square footage think about how you use that space now. Then, think about what areas you use a certain way that may be taking away from the layout potential for buyers who walk through. When we meet, I typically walk through the house with potential clients so the floor plan becomes more familiar to me. That way, when we discuss the market analysis I can offer distinct differences–pros and cons–about livability. In the end, it’s easier to connect with those spaces most similar to how you live in your current home.  As you encounter different spaces, you can continue the comforts of current life and imagine better ways to use living areas, new rooms, and indoor and outdoor spaces at your new home. It solidifies the reason behind a move or makes a move happier. You know, “that feeling” you get as soon as you walk through the front door.

Most buyers search tirelessly for “that feeling” which I emphasize is the intangible that the data, numbers, and analysis just can’t do for you. So, the space debate among buyers takes on a unique perspective as we tour your favorite properties. When asked about how much space buyers need or want the response I get most often is a number i.e. 2200, 3000 or more and then the number of beds and baths. Clients narrow down my suggestions and add their own preferred properties to visit. Let me be clear that while the debate starts at the first meeting with a typical response in numbers, it doesn’t really take on true meaning until we actually visit homes and experience a floor plan first hand. For example, do you love or not love your kitchen? Need more cooking or counter space? Look for similar layouts like these from BUILDER magazine. More Kitchen Less Hallways You don’t have to build your own home to find a floor plan that fits your favorite places at home.

I encourage you to think about, talk about, and walk through every inch of space and think about how you live at home. Then, decide which elements of each property reflect your current favorites and connect with your expectations for your new home. When the debate is considered in that context, it tends to be easier to prioritize properties, and rank your preferred properties that have potential to meet and exceed your expectations. Here’s a real life example of a recent listing in Vienna Woods. More Can Be Better

What do you think?

 

Hopefully, you’ve found some guidance here and some floor plan food for thought ;-). That way, you can decide for yourself as you consider a sale or purchase. Here are some real examples from BUILDER magazine and how space, style, and design make the most of 1600 square feet for the best use of every inch of these 4 house plans.Best Use of 1600 Square Feet

Read this. Then comment. Considering a sale or purchase? Contact Me. The story behind the home connects people with the best properties available. Clients connect with a home’s existing story or they can create their own. I’d love to show you how.

 

The Story Behind Your Mortgage

The Story Behind Your Mortgage

It’s a New Year! Here’s the inaugural post from our local expert among lenders. Peter Accolla, George Mason Mortgage, offers insight into what the New Year means for the mortgage market. You’ve likely heard about the recent rate hike. But Peter offers perspective on what this could mean for you in the near term and throughout 2016. Peter is an experienced lender whom my clients have trusted for the last 10 years. Welcome, Peter to The Story Behind the Home. I appreciate his experience and perspective as a very important part of your real estate story unfolds.

It’s a New Year of opportunities and changes. If you’re considering a sale or purchase, you may be wondering what to expect from the mortgage market going forward. The short answer is that the Federal Reserve (FED) pretty much has full control. A reality that begs the question “How quickly will the FED raise short term interest rates this year?”  The overall expectation is that short term rates (the Federal Funds rate) will be 1.5% by the end of 2016.  Currently, it is .5%.  This means that there is an expectation of a .25% increase each quarter of this year.  My opinion (and the opinion of many local loan officers and lenders in our area) is that if we see the FED hike the Federal Funds rate more quickly than expected–insinuating a stronger economy and the need to control inflation–we’ll see mortgage rates increase faster as well.  If we see a steady increase of the Federal Funds rate each quarter over the year, we’ll see our average 30 year fixed rate go from roughly 4% (where it is now) to somewhere around 4.5% by year end.

The effect on your purchase power, interest rate, and loan approval will vary according to a set group of criteria. I’ve provided my contact information below. If you’ll give me 15 minutes of your time or visit my website to provide responses to a few questions, I can show you what the new year in the mortgage market means for you. 

Let’s get started.

Best regards, Peter

Peter S. Accolla II
Branch Manager/Mortgage Banker George Mason Mortgage, LLC
(703) 259-0731 (O)
(703) 888-6889 (C)
(703) 653-3052 (F)

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