Memorial Day 2015

A quick thank you to everyone who currently or has served our Country to protect our Freedom, but especially to those who made the ultimate sacrifice.

Memorial-Day-2015

Sweeping Real Estate Price Increases in Arlington, VA

During April, there were huge real estate price increases in Arlington, VA. A total of 242 properties sold during April, for an average increase of 8.6% over last year, days on the market averaged 42, and sellers averaged 98.3% of original asking price. Of the 242 sold, 113 of them sold in under 10 days (47%). More importantly: condos increased 6.62% over last year, townhomes with 3+ bedrooms were up 18.5% and single family homes with 4+ bedrooms were up 14.06%.

Single Family Homes

N. Arlington Average Net Sale Price: $1,027,196 in 27 days
Range: $596,600 – $2,665,467
S. Arlington Average Net Sale Price: $668,971 in 56 days
Range: $465,000 – $1,125,000

Townhomes
N. Arlington Average Net Sale Price: $880,000 in 20 days
Range: $530,000 – $1,500,000
S. Arlington Average Net Sale Price: $561,200 in 23 days
Range: $367,500 – $886,500

1 Bedroom, 1 Bathroom Condos
N. Arlington Average Net Sale Price: $349,999 in 41 days
Range: $169,900 – $575,000
S. Arlington Average Net Sale Price: $251,457 in 24 days
Range: $99,000 – $374,900

2 Bedroom, 2 Bathroom Condos
N. Arlington Average Net Sale Price: $682,707 in 32 days
Range: $293,000 – $1,389,900
S. Arlington Average Net Sale Price: $399,296 in 43 days
Range: $200,000 – $645,000

Search Arlington Homes For Sale or Find Out What Your Arlington Home Is Worth

Exxon Relocation and the Housing Inventory, What You Should Know About Purchasing a Relocation Sale

There’s been an increase in inventory both in Arlington County and surrounding areas like Fairfax County, and some of it is attributed to the relocation underway of all Exxon employees to Houston from their current Merrifield location. Every employee who owns a home  will have the option of selling through the relocation company. Currently, there are over 130 homes active or pending on the market for sale that’s a corporate relocation. Most of them are Exxon employees, but not all, which is causing an extra spike in inventory in addition to the normal Spring influx.

As a buyer, here’s what you should know about purchasing a relocation sale:

1. All initial negotiations are done verbally. Yes, you’ll submit the normal contract and addendum with the additional relocation company disclosures, and then negotiations are done with the actual owner.

2. There will be lots of extra paperwork. Most of it will say they know nothing of the actual property!

3. It can take a few extra days to get a ratified contract back.

4. They will require a bigger deposit with the contract than our local market usually needs.

5. They generally don’t allow a rentback option.

 

Under Contract At Station Square

Print_Amenity-Front Elevation (3)This CUTE 1 bedroom plus den, 1.5 bathroom condo in Clarendon at Station Square is under contract!

1201 N Garfield Street Unit 810, Arlington, VA 22201
$542,500
934 sq ft
1 Oversized Parking PLUS 1 Storage Unit
Hardwood floors throughout the dining room and living room
Carpet in the den and master bedroom
Master Bedroom has a walk-in closet with custom Elfa Shelving
Pantry! Washer/Dryer in unit! Coat closet!
Condo fee: $358.76

For virtual tour and floorplan, click here.

New Homes: Virginia Parade of Homes 2015

If you’re in the market for a new home and want to check out different builders, this is your weekend! Today and tomorrow the NVBIA is hosting a Parade of Homes with nearly 50 different homes to view by some of the top builders in the area. The tour runs from 11am-5pm both days. For a map of locations/builders and more information on the event, visit their website.

Station Square Condo For Sale in Clarendon – Open House Today!

Just listed for sale on Thursday, come see this CUTE 1 bedroom plus den, 1.5 bathroom condo in Clarendon at Station Square.

1201 N Garfield Street Unit 810, Arlington, VA 22201
$555,000
934 sq ft
1 Oversized Parking PLUS 1 Storage Unit
Hardwood floors throughout the dining room and living room
Carpet in the den and master bedroom
Master Bedroom has a walk-in closet with custom Elfa Shelving
Pantry! Washer/Dryer in unit! Coat closet!
Condo fee: $358.76

Open house TODAY 4/19 from 1-3pm

For virtual tour and floorplan, click here.

Print_Amenity-Front Elevation (3)
Print_Floor Plan-Dining Room_1
Print_Floor Plan-Kitchen_3

 

Spotty Real Estate Market During March

This has been a very funny, spotty real estate market during March in Arlington. Some things you expect to sell quickly – don’t. Some things you expect to sit – don’t. Overall, sales are up in price and units. Price averaged a 1.25% gain and units were up 25%. Sellers averaged 49 days and 98.7% of original asking price. Over half of the properties sold in March sold in under 10 days.

Single Family Homes

N. Arlington Average Net Sale Price: $983,951 in 38 days
Range: $549,000 – $1,954,000
S. Arlington Average Net Sale Price: $716,330 in 36 days
Range: $334,900 – $1,625,000

Townhomes
N. Arlington Average Net Sale Price: $732,708 in 25 days
Range: $554,500 – $1,037,000
S. Arlington Average Net Sale Price: $454,127 in 62 days
Range: $291,500 – $740,000

1 Bedroom, 1 Bathroom Condos
N. Arlington Average Net Sale Price: $326,956 in 43 days
Range: $155,000 – $500,000
S. Arlington Average Net Sale Price: $248,769 in 35 days
Range: $75,000 – $335,000

2 Bedroom, 2 Bathroom Condos
N. Arlington Average Net Sale Price: $640,941 in 17 days
Range: $394,400 – $1,649,000
S. Arlington Average Net Sale Price: $404,789 in 34 days
Range: $325,000 – $529,000

Search Arlington Homes For Sale or Find Out What Your Arlington Home Is Worth

Spring Checklist for Homeowners

It’s that time again for some annual maintenance on your home.

Outdoor Tasks:

  • Clean gutters and downspouts.
  • Inspect roof and chimney for cracks and damage.
  • Touch up peeling or damaged paint.
  • Wash all windows, inside and out.
  • Install screens on windows and doors.
  • Clean outdoor furniture and air out cushions.
  • Service your lawn mower.
  • Fertilize your lawn.
  • Turn on outside water bibs that were winterized.

Indoor Tasks:

  • Test smoke and carbon monoxide detectors when you set clocks forward.
  • If your basement has a sump pump, test it by dumping a large bucket of water into the basin of the sump pump. This should activate the sump pump. If it does not switch on or if it’s not pumping water, it may need to be serviced by a professional. Also, check for and remove any debris and make sure there are no leaks.

Buying A New House While Renting Your Current One

Many people try to grow their wealth by buying and holding real estate as an investment. It’s not a liquid asset, and unless you’re flipping something, it’s usually a long-term investment. That said, if you’re thinking of renting out your current home and looking to buy something else, I’d like to touch on the timeline of events in order to make that happen and I’ve pulled in my favorite lender, Brian Picker with Southern Trust, to help give some guidance from the loan qualifying side:

Brian says,

There are some differences between Conventional, FHA, and VA requirements so I’ll try to keep it simple.

If someone qualifies carrying the old house and new house they just need 6 months of PITI payments for current and new house payments, pretty straightforward.

If they need to use rental income from the house they used to live in to qualify for the new house they are purchasing there are some requirements that need to be met and we can only use 75% of the lease amount to offset the existing mortgage payment.

Conventional –

  • Requires 30% equity in current house and need appraisal to verify position
  • Need 2 months of reserves for departure house
  • Need signed lease from new tenant and cancelled deposit check from new tenant

FHA –

  • Requires 25% equity in current house and need appraisal to verify equity position
  • No reserve requirements
  • Need signed lease from new tenant and cancelled deposit check from new tenant

VA –

  • They don’t have any specific written guidance on this for equity requirements on the existing house so we don’t need an appraisal done on the house they are converting in to a rental.
  • Need 3 months reserves for house they are departing
  • Need signed lease from new tenant and cancelled deposit check from new tenant

From the other side…

Once you have the required reserves in the bank, in addition to your down payment, you can begin to devise a plan on how and when to start looking for a new home:

1. Advertise your home for rent but build in some wiggle room. For example, if it’s March and you want 3 months to look for a new home, advertise your current place as available beginning in June. You can sign a lease and have that available for the lender.

2. Move out and rent a place for yourself while renting out your old one (neither the most efficient or financially effective method)

3. Look for a new home, go under contract on it, and then begin advertising your current home for rent (this is the best option if you don’t need the rental income to qualify).

 

I can help you find a tenant for your current home if you need/want help, or there’s always good ol’ fashioned Craigslist. Whatever you need, I’m here!

Rules of Social Media and Real Estate

social mediaBuyers and sellers alike should remember one thing when it comes to the rules of social media and real estate: WAIT. Don’t put anything up YET.

Naturally, people are a little Google crazy and curious when it comes to buying and selling a home…who are the sellers? where are they going? what do the buyers do? what’s their story? do they have kids?

If your social media profiles are not private, sellers/buyers can look things up about you, but more importantly, what you SAY about buying or selling. If you’re advertising that you “can’t wait to get out of a place”, or “you’ll take anything” you’ll be shooting yourself in the foot before you even get started. Likewise, if you’re a buyer and start posting pictures of a house you’re writing an offer on and talking about how much you’re in love with it already – a seller knows they have the leverage in the negotiation since you’re already emotionally invested!

Think before you post! Or better yet, wait until you close!!!

Powered by WordPress | Compare Cell Phone Plans at iCellPhonePlans.com | Thanks to Cheap Palm Pixi, Bromoney and Wordpress Themes