Home Selling Advice Real Estate Advice

5 Ways to Increase Your Home Price in Northern Virginia

When you make the monumental decision to sell your home, the preparation phase is crucial. You’ll want to explore every possible avenue to maximize your value. Avoid the pitfall of setting an unreasonable listing price. Instead, there are steps you take to organically increase your home price in Northern Virginia. Each strategy can be utilized during the home prep process. Always give yourself adequate time to complete them. With these five methods, you’ll have a better chance of selling your home for more.

1. Kitchen Remodel

When making any attempt to increase your home price in Northern Virginia it is important to consider the return on investment. For example, if your kitchen remodel comes at a cost of $20,000 but only raises the value of your home by $10,000, it will not be worth it. Kitchen remodeling is, however, a great way to add value to your home if done correctly. Start small and keep in mind that your purpose for remodeling is to add value and not to please personal preference. Making small changes and modernizing kitchen equipment such as faucets, cabinet hardware, LED lights, etc. are proven methods of increasing the value of your kitchen without breaking the bank. Updating outdated cabinetry or countertops will cost more initially but will cause the value of your home to increase. If you don’t want to replace the cabinetry or countertops, a fresh coat of paint can go a long way.

2. Usable Square Footage Additions

Home price in Northern Virginia is determined by a variety of factors with one of the main considerations being how much livable square footage the home contains. Real estate appraisers will factor the square footage into their home value equation. The square footage factor is more important than other aspects of the home appraisal and will go much further in increasing your home’s worth. While home additions are far from the most affordable option, they can significantly increase the value of the home. Based on your financial standing, you can consider adding a room addition, an extra bathroom, a deck, or even an entire guest suite. 

3. Energy Efficiency Improvements

Energy-efficient improvements save money by reducing the homeowners’ monthly energy expenditure. This added feature can entice prospective buyers that know that their monthly energy bill will enjoy a reduction based on the features that you installed. These upgrades can be affordable as well, meaning your return on investment is protected. To boost your home’s energy efficiency, consider buying a smart thermostat, a renewable energy water heater, or energy-efficient lighting. Beyond these more substantial upgrades, you can make a relatively inexpensive upgrade by resealing or replacing leaky windows, adding insulation, or adding weather stripping to doorways.

4. Maximize Curb Appeal

Being the first thing that an appraiser sees, the curb view of your home should be curated to please the eyes. Your home’s external appearance plays a major role in your home’s value and should not be overlooked. To increase your curb appeal, upgrade your landscaping, maintain your lawn, keep the paint on your home fresh and powerwash or replace your front walkway. 

5. Bathroom Upgrade

One of the safest investments you can make when attempting to increase the value of your home is the bathroom. Similar to the kitchen remodel, make smart changes that are not overly expensive. New lights and faucet fixtures go a long way in modernizing your bathroom. Putting in new grout is simple and can easily be a D.I.Y. The same is true with a fresh coat of paint. If you want to increase your home price in Northern Virginia, but are hesitant to invest a relatively large amount of money, the bathroom is a great place to start.

Get The Most Out Of Your Home Sale

At Federal Hill Mortgage, we strive to make the mortgage process benefit you and will proficiently guide you toward getting the most value out of your home sale. Our mortgage experts will offer transparent advice every step of the way and ensure that you take advantage of every value-increasing opportunity available. Enjoy comprehensive mortgage services from one of Northern Virginia’s highest-rated mortgage brokerage firms, Federal Hill Mortgage. Call or contact us today to get started!

Mortgage Rates

Maryland Mortgage Rates for Winter 2023

As we enter a new year, the mortgage industry still faces a chaotic environment. The pandemic has left lasting repercussions, and analysts predict a recession on the horizon. These factors work in tandem to create complications within the economy at large, and within the real estate market To gain a grounded understanding, we have to analyze the elements that affect Maryland mortgage rates. While even market experts lack a crystal ball, there is information we can extrapolate to determine where rates are headed in Maryland in 2023.

Current Maryland Mortgage Rates

Maryland Mortgage Rates as of January 23rd, 2023

Fixed Rate Mortgages

30-year fixed – 5.875% APR – 6.016%

20-year fixed – 5.375% APR – 5.597%

15-year fixed – 4.99% APR – 5.258%

10-year fixed – 4.99% APR – 5.347%

30-year fixed FHA – 5.875% APR – 7.076%

30-year fixed VA – 5.6255 APR – 5.975%

Adjustable Rate Mortgages

10-year ARM – 5.5% APR – 6.355%

7-year ARM – 5.375% APR – 6.575%

5-year ARM – 5.5% APR – 6.853%

Where is the Maryland Housing Market Trending?

Currently, the Maryland housing market is going through a major change. Maryland mortgage rates are at record highs over the past 20 years at over 7%. With homes beginning to stay on the market longer, sellers are starting to reduce their prices. This means that buyers are gradually regaining their market power. Amidst this shift in the housing market, buyers and sellers alike are wondering if and when the housing market in Maryland will experience an upheaval. 

What to Expect for 2023’s Real Estate Market

As it stands at the beginning of 2023, inflated home prices, low inventory levels, and high mortgage rates create a perfect scenario for the housing bubble we are currently experiencing. If that bubble breaks then the housing market is in jeopardy of crashing. However, with a limited supply of available housing, experts are indicating that the real estate market won’t crash but simply slow down. It is expected that interest rates will keep climbing due to continuing inflation, the war in Ukraine, and the expected recession. It is also expected for home prices to continue a gradual rise over the next year and potentially even out shortly after, especially as the housing inventory remains at a 3-month supply, less than half of what is required.

Professional Maryland Mortgage Brokerage Service

While the housing market is experiencing difficulties, there are still fantastic options out there for the insightful buyer. If you are interested in receiving professional guidance throughout your mortgage process, Federal Hill Mortgage is here to help. Our experts will provide transparent advice that benefits you and your mortgage. We strive to help every one of our clients through the current real estate market and secure the lowest Maryland mortgage rates possible. Ready to get the most out of your mortgage? Call or contact Federal Hill Mortgage today to get started.

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