FINE NEST AUGUST 2022 NEWSLETTER

8/17/2022

When Someone Brings Up Back to School

Back to school is looming on the horizon for some and for others it's already here! Whether you're a student, parent or someone who lives with a student, back to school preparations are the first warning bell to begin transitioning from relaxing summer to the regimented fall schedule. For all you summer lovers out there, the warm weather is still around until fall really kicks in come October. To squeeze in those last few weekends of warm weather fun, check out what happenings are coming up in your area in the events section!

Fine Nest gladly provides the most up-to-date real estate information and local resources we hope are useful to you and your loved ones as we continue to navigate the real estate market.

The Latest News

August Market Metrics Report

How to Leverage the Market Cooldown

The market numbers are in and they're not looking too hot. July is typically a busy month with buyers and sellers getting in while they can before the inevitable fall market slowdown. However, with un-budging inflation, higher mortgage rates, and decreases in mortgage applications, the downturn in units sold, pending sales, and sale prices for July's numbers really reflect the overall pessimism many have about the changing market. According to the MLS, monthly supply of inventory in Fairfax County increased from 1.3 to 1.8 YOY with days on market (DOM) steadily creeping up. Something buyers would have been elated about last year when inventory was scarce. Despite this new market reality, there are still ways buyers can leverage the market and still afford a new home. With homes staying on the market longer, buyers have more negotiation power with more and more sellers agreeing to contingencies such as home inspections, appraisals, and in some cases, paying closing costs. What this means is that buyers may have the opportunity to further buy down their interest rates in contracts where sellers agree to cover closing costs. Explained in a Rocket Mortgage article, sellers who agree to pay down closing costs can help buy mortgage points to take what would have been a higher interest rate and decrease it to something more manageable for the new owners. For example, an offer is accepted at an asking price of $600,000 with $10,000 in closing costs covered by the seller. A mortgage lender may offer to lower the buyers 5% interest rate on a home by .25% in exchange for a mortgage point (1% value of the home). The buyers can take $6,000 (1% of 600,000) from the $10,000 in closing costs and apply it to the mortgage point to help bring the interest rate down to 4.75% saving the buyers an extra $125 per month on their mortgage. So, if you're looking to win an offer, you might consider asking for closing costs to help maximize your home purchasing finances.

Paint Color Vibes

Most people know how hard it is to pick a paint color for a room. Choose the wrong color and the entire balance of the room is thrown off. What isn't always taken into consideration is the affect a particular wall color will have on yours and others psychology. For instance, hospitals tend to paint their walls and dress their staff in greens and blues as these colors are considered to be a good contrast to red for easy differentiating, but also have been shown to relive stress. With the help of color enthusiast and interior designer Tash Bradley, anyone looking to set a particular mood in their home can now use her helpful paint color guideline when deciding on just the right tone for your walls.

Labor Day Weekend Fun in NOVA & MD

Take a moment to see all that's going on in your area on Labor day weekend to soak up every last bit of summer fun!

NOVA Labor Day Events

MD Labor Day Events

Easy Back to School Month Dinners

Students aren't the only ones adjusting during back to school season. Families everywhere may know the challenge of getting dinner on the table after a full days work, coordinating around child care, school and other necessities. We hope to make your life a little easier this back to school season by providing this list of easy to make, dump and go, kid approved dinner recipes that will both nourish and please all who partake.