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2011 Arlington Real Estate Market in Review

January 27th, 2012 Laura

So how was the market in 2011 now that we’re almost a month into 2012? In a nutshell, a good year for recovery and growth. The year was fueled by fewer numbers of short sales and foreclosures, along with fewer sales and less inventory, which helped increase sales prices throughout the county. Since we clearly hit the bottom in the winter of 2009, the past 2 years have been steady recovery and growth from year to year, which should position 2012 and 2013 for years of more growth and higher prices. Here’s some stats on how 2011 performed:

  • Decrease in short sales and foreclosures: 2011 market share was 7.7%, down from 9.9% in 2010
  • Fewer closed sales: Down 10.3%
  • Fewer new listings: Down 9.1%
  • Increase in Days on the Market: 61 from 55 (surprising given the decrease in inventory)
  • Increase of % sold compared to Original List Price: 95.8% up from 95.6% in 2010
  • ….drumroll please…..Median Sale Price for Closed Sales: UP 3.6% (2010 prices were up 4.4% from 2009) so back to back years of increases

Remember, these are overall County statistics for the year. Based on your property type and location, the numbers will be different (some much better, some worse).

2012 Real Estate Assessments Now Available

January 26th, 2012 Laura

You should have received your 2012 real estate assessment from Arlington County by now (or should soon). You can also find them online now: Arlington Real Estate Assessment Property Search. Here are some important things you should know about what they mean:

-Values are assessed using sales data from June 2009 to June 2010, meaning sales that are 18 months old. The value they’ve assigned is a lagging indicator of the market. The market in 2009-2010 was the beginning of our recovery, so sales were still modest and slow, but that value does NOT represent market value if you were to sell.

-The county has released the following stats about their values:

  • 32% increased
  • 46% remain unchanged
  • 22% declined

-The 2012 tax rate has not been set yet for the county, so it still remains to be seen whether your actual property taxes will increase or decrease based on this assessment.

-Your tax payments are due twice per year: June 15 and October 5

-You CAN challenge the value, if you think it’s wrong (whether it’s low or high), but the appeal deadline is March 1.

  • If you’re in a condo or townhouse and you’re thinking of appealing your assessment, consider this: when you go to sell your property and someone looks up your tax history, they’re going to wonder why yours is so different from your neighbors. If it’s low, they’ll likely ask “what’s wrong with it?” Just some food for thought.

 

 

Researching Residential Building Permits

January 25th, 2012 Laura

I recently read the description of a house that said something like “amazing remodel! everything new – deck, windows, kitchen…” and thought “I bet that’s pretty inside.” Then I went to Fairfax County’s website because it appeared the be flip done in 3 months. Much to my surprise, all of this work had been done without ANY permits. NONE. A potential buyer could be walking into a hailstorm of paperwork and backlash from the county when they realize all of the work has been done but without county approval. Some counties are so strict, they may even require the seller to tear out everything and start over with permits. As the new buyer, would you really want to deal with that? Probably not.

It’s important to find out that things were done to code, because if the work was done without permits, how do you think the quality of the work was? hmmm….

Here’s a quick list of places to find permit history by property address. Remember that like all technology, this may not be 100% accurate if it comes up with nothing. If nothing comes up, call the county zoning office just to confirm.

Arlington County Permit Lookup

Town of Vienna, VA

Fairfax County Permit Lookup

Alexandria City Permit Lookup

Washington DC Permit Information

Town of Herndon Permit Information

The Basics of a Construction Loan

January 24th, 2012 Laura

Construction loans can be complicated, lengthy, and involve a lot of red tape, but if the house you want is in need of repairs, it might be your best option to make your dream house a reality. Here are some basics you should know on obtaining a construction loan:

  • There are 2 types: 203k Streamlined (for repairs up to $35,000) or a full 203k loan (up to $729,750, the current FHA loan limit)
  • Credit score requirements: 620
  • Work must be completed within 6 months of closing
  • You’ll have 2 appraisals done: an “as-is” value and an “after improved” value
  • Eligible properties must be 1-4 family homes or an FHA approved condo project
  • You’ll need to work with an FHA consultant who will handle bids from contractors and review the work. The FHA consultant also does the inspection, since no actual home inspection will be done.
  • Final approval will be needed after the work is completed prior to fund disbursements.

It can be a long, long process, but with the right people to guide you (and some patience) you should be fine!

Dealing with Tenants During a Purchase Transaction

January 23rd, 2012 Laura

This post is Virginia specific, because laws governing tenants in DC and MD are very different.

When you’re looking at properties that are tenant occupied, you’ll have to keep a few things in mind:

1) Tenants have the right to say there through the end of their lease, whether you buy it before then or not.

2) If you close prior to the end of their lease, make sure their security deposit is transferred or credited to you at the time of closing, since you’ll be on the hook to return it as their new landlord.

3) If you’re using an FHA loan to purchase the property, you must move in to the property within 60 days from closing or else you’ll be committing loan fraud (FHA loans are for owner occupied properties).

4) If you specify the property  must be vacant at the time of closing and the tenants have not moved out at that time, you will likely have a delayed closing until the seller/landlord can get the tenants out and you’ve had another opportunity to walk the property to make sure no damage has been done.

5) If you’re buying the property as an investment and you’re inheriting tenants, make sure you get copies of their current leases and their security deposits.

Arlington Condos Have A Great December 2011

January 19th, 2012 Laura

A month fueled by increases, the year to date median sales price increased 3.6% from 2010, and condo prices increased over December 2010 as well. Of the 177 properties sold, 7 were foreclosures and 8 were short sales, among those 177 properties were selling for 95.1% of the original list price.

Single Family Home
N. Arlington Average Net Sales Price: $798,872 after 59 days
Range: $370,030 – $1,800,000
S. Arlington Average Net Sales Price: $536,674 after 50 days
Range: $289,000 – $1,100,886

Townhomes
N. Arlington Average Net Sales Price: $717,921 after 87 days
Range: $375,000 – $1,634,000
S. Arlington Average Net Sales Price: $379,365 after 54 days
Range: $210,000 – $701,500

1 Bedroom, 1 Bathroom Condos
N. Arlington Average Net Sales Price: $325,252 after 51 days
Range: $200,790 – $408,000
S. Arlington Average Net Sales Price: $255,550 after 84 days
Range: $208,550 – $342,000

2 Bedroom, 2 Bathroom Condos
N. Arlington Average Net Sales Price: $572,001 after 77 days
Range: $341,000 – $950,660
S. Arlington Average Net Sales Price: $389,083 after 69 days
Range: $237,638 – $725,000

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

DC Real Estate Climbs Again in December 2011

January 19th, 2012 Laura

A median sales price increase of 3.76% in December 2011, lead to another strong month in DC. A total of 512 properties sold, only 10.9% was either short sales or foreclosures. Properties were averaging 76 days on the market, down 3 from 2010, and average sale price was 93.8% of the original list price.

Single Family Homes
Average Sale Price: $785,215 after 27 days
Range: $81,754 – $7,700,000

Townhomes/Rowhomes
Average Sale Price: $535,055 after 67 days
Range: $48,000 – $4,150,000

1 Bedroom, 1 Bathroom Condos/Coops
Average Sale Price: $293,496 after 87 days
Range: $28,000 – $546,000

2 Bedroom, 2 Bathroom Condos/Coops
Average Sale Price: $572,105 after 76 days
Range: $36,000 – $1,415,000

Prices Up Across the Board in Falls Church for December 2011

January 19th, 2012 Laura

Despite a rise in foreclosure activity in Falls Church in December, prices were up across the board! A total 0f 104 properties sold in December 2011, of them 28% were either short sales or foreclosures (up from 22% last year). Average days on the market was 61, but varies by property type shown below:

Single Family Home
Average Net Sale Price: $511,608 after 65 days
Range: $256,000 – $1,247,000

Townhomes
Average Net Sale Price: $535,213 after 41 days
Range: $247,000 – $970,000

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $147,790 after 87 days
Range: $95,000 – $296,765

2 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $165,737 after 48 days
Range: $96,500 – $317,500

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $365,445 after 56 days
Range: $155,200 – $606,500

An Early Start to the Spring Real Estate Market

January 17th, 2012 Laura

It’s the middle of January, usually there’s snow on the ground and a small amount of activity in the real estate market. This year, neither seems to be true. Not only is there no snow, but there’s also been a tremendous amount of properties being listed and sold so far in 2012.

Last year, at this point in time, about 80 properties were under contract or sold with a contract date after January 1. So far this year, we’re already over 100. Active inventory is currently a little lower than January 2011, but I suspect we’ll catch up in the last 2 weeks of the month.

If you’re thinking of buying or selling this year, you may want to consider moving up your time frame! With inventory low, being alert for new properties might put you in a better position to find the right one or you may miss out. Similarly, if you’re thinking of selling, putting your property on the market when competition for similar houses is small, may help you make the most of the sale.

Email or call me for helping figuring out your best time to start the house hunt or sale!

McLean Sales in December 2011 End Year High in 22102

January 12th, 2012 Laura

A good finish for sales in 22102 in McLean, as prices soared nearly 38% over December 2011. While townhome prices were up in 22101, overall the average sale price dropped in December, likely fueled by a $9M sale last year which inflated prices. Overall, there were 43 sales in December, of which only 1 was a short sale and 1 was a bank-owned, making 4.6% of the market distressed. Here are the average prices based on property type and zip code:

22101

Single Family Homes
Average Net Sale Price: $1,045,676 after 66 days
Range: $500,000 – $1,922,210

Townhomes
Average Net Sale Price: $823,640 after 48 days
Range: $541,000 – $1,497,700

22102

Single Family Homes
Average Net Sale Price: $2,119,000 after 150 days
Range: $650,000 – $4,000,000

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $231,833 after 4 days
Range: $205,500 – $251,000

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $400,650 after 46 days
Range: $322,000 – $595,000

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

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    Laura R. Schwartz
    Full-Time Realtor, GRI
    Keller Williams Realty
    6820 Elm Street
    McLean, VA 22101
    703.283.6120 (direct/text)
    703.636.7300 (o)
    703.651.0069 (f)
    Laura@TheLJRGroup.com
    Licensed in DC.VA.MD

    All of the opinions expressed on this blog are my own, unless otherwise noted.

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