Arlington Virginia June 2008 Housing Sales Statistics
July 9th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
Hello – me again…
I’ve been running numbers and statistics for a few different publications I author for the past few days and I find the data very interesting. Here’s how the numbers stacked up for June sales in Arlington:
Doesn’t look remarkable one way or the other… compared with last month, inventory levels and “solds” are stable but contract writing is up significantly (except in the condo market where things are stable).
And here are the current absorption rates:
Pretty good – however, upon further inspection, looking at year-to-date, and year over year comparisons, this really gives us the picture. Here’s year-to-date 2007 to 2008 comparison for the condo market:
WOW – that’s a 42% decrease in unit sales – with average selling prices AND Days on Market remaining somewhat constant – odd…. Here’s what it looks like for single family:
Single family is not as gloomy, but still seeing a 29% decline in unit sales again, with average selling prices only experiencing a 4.3% decline and days on market virtually the same. Somehow out in the world it just doesn’t seem this way. I’m having a busy sales year (don’t get me wrong, I ALWAYS have time for a new client or two!), it does seem like homes are taking longer to sell - but perhaps in my mind it’s always a comparison with 2004 when things were nuts!
So, you might wonder, what’s happening to all of those homes that are “excess inventory?” Many are simply being withdrawn – those will choose another time to sell – if they can. The rental market is up almost 14% this year - so some are being rented rather than sold.
A lot to ponder - but if you are a buyer – there is a lot of inventory to choose from. However, please keep in mind that market conditions aren’t such that sellers just roll over – yes, they would like to sell their homes, but for fair prices with fair terms.
Should you like to discuss it further, I’m always happy to talk real estate!
Happy (gloomy) Wednesday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Wildlife in Arlington Virginia
June 28th, 2008 Categories: Area Attractions, Arlington Dirt, Neighborhoods, Northern Virginia Real Estate Dirt
The other day I was driving home and as I was winding my way up a curvy road in my neighborhood - something caught my eye off to the right. At first I thought it was “lawn sculpture” — but then it moved, ever so slightly… Fortunately I had my camera in my cupholder and I pulled over, rolled down the passenger window and snap snap…
Now, for those of you that don’t know – I live in Arlington Virginia. Busy roads, dense population – the closest county to border Washington DC, our nation’s capital. And here, in a neighbor’s front yard, was a deer, peacefully eating their flowers. I stopped the car and watched her for a while and she didn’t seem to be bothered by me in the least.
It’s nice to live in a community where we do still see occasional wildlife – we have cute red foxes, too! We have a nature center down the street, tucked into a great piece of parkland – what a great resource.
If you’re thinking of taking up residence in Arlington County, please give me a call. I can share all of the wonderful resources like this and more with you!
Happy Saturday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! No time like the present!
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Neighborhood Focus: Ballston - Arlington, Virginia
June 26th, 2008 Categories: Arlington Condos, Arlington Dirt, Neighborhoods, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt
Ballston has certainly been around an awfully long time. For some of us, we remember it as Hechts Parkington! (now I’m aging myself a bit here - but I’m sure I wasn’t more than a baby at the time! wink wink)
Today’s view of Ballston is quite different than that of 40 years ago!
Ballston Common Mall is still there – Macy’s and Macy’s Furniture anchor the mall while there are nice dining options at street level.
Additionally, the new world renowned Kettler Capitals IcePlex is on the roof level of the parking deck. This is the home of the Washington Capitals and it’s an awesome rink.
As far as the feel of the area - it’s certainly become somewhat of a concrete jungle, with high rises everywhere you look. I can think of 10 major residential buildings (condominiums only here, there are MANY MANY rental apartment buildings, too) off the top of my head – and I’m certain there are many other smaller complexes, but I’m just looking at Ballston corridor along Fairfax Drive & Wilson Blvd. They are:
Alta Vista – 2 units currently for sale
The Continental – 9 units currently for sale
Hyde Park – 4 units currently for sale
880 Pollard – 4 units currently for sale
Lexington Square – 3 units currently for sale
Tower Villas – 2 units currently for sale
These are all wonderful places to live each with their own personality, and if you’d like, you can always get in touch with me for further info.
There are also 2 brand new building projects being sold right now: The Hawthorn and The Residences at Liberty Center. Both of these are fabulous projects – here are some highlights:
Residences at Liberty Center:
Liberty Center is a mixed use project with fabulous, dramatic architecture – 1/2 of the building are condos, 1/2 of the building are apartments for rent. Each half has their own private roof-top pool/sun bathing deck, workout room, etc… Street Level is home to some wonderful shops and restaurants including one of my personal favorites, Marvelous Market.
Additionally they have done an exceptional job of working in nice green spaces with benches, fountains and art.
There are 1 and 2 bedroom units available; additionally, there is still at least 1 penthouse unit available to my knowledge!
The Hawthorn Condo
The Hawthorn Condo is located just a block away from Liberty Center. This is a smaller building, more intimate in feel.
With super cool modern accents… check out this trim on the exterior of the building:
There are 1 and 2 bedroom units for sale here as well…
…as evidenced by the signs in all of the windows.
Last but not least, because there is something here for everyone, there is also The Jefferson Retirement Condos. So if you’re looking for something as you reach retirement age, but want to stay here with all of the local amenities, The Jefferson is just your spot!
Ballston has so much more to offer than what I can say here in 500 words – the METRO, Golds Gym, Metro, Cosi, Harris Teeter, Starbucks (of course!), Best Buns burger joint, Va Piano, Ted’s, The Willow Restaurant and so much more. It’s definitely an area worth checking out. Give me a call anytime to discuss –
Happy Thursday!
Jennifer - your Ballston area expert!
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! No time like the present!
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What Can a SELLER do to help their Home Sell?
June 19th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Real Estate 101, Reston Dirt
Let’s face it – what sells a home is the right person walking through the door at the right time. The process is a balance between a competent real estate agent and a client, in most cases. The agent comes to the table with a plan for how to cast the widest net to catch potential buyers. This might include hosting an open house, online advertising, etc…
However, there are definitely two sides to the partnership and if the seller doesn’t truly get their head in the game, you could find yourself with a lopsided partnership - even the best marketing can’t sell a house that really isn’t prepared properly to sell. So let’s examine what the home sellers can, and should, do!
FIRST – PRICE THE HOME TO SELL
I hear this a lot on listing appointments, “Jennifer, we think your pricing strategy is right on - but we’d like to start high in order to test the waters 
to see if we can get a better offer and also, we want to give ourselves some negotiating room.”
While I agree with the sentiment, buyers KNOW when a home is priced right and while there are some knuckleheads out there who may try a lowball offer, when you’ve hit the right price, easily justified, my experience is that sellers don’t need to be braced to have to give away the farm. The negotiation process can be quite even handed and civilized!
Pricing, in my opinion, is the #1 thing a seller can do to influence the reception in the market and to get their home sold quickly. There are certainly challenges, not every home is easy to price, not every buyer will be willing to pay extra for those special inlay hardwood floors, not every home has good comps. But with good homework and a meeting of the minds, GET THE HOME PRICED RIGHT out of the gate - you won’t regret it!
SECOND – PRESENT IT WELL
What does this mean? Well, first, any obvious repairs should be done – re-caulking old icky bathroom tile; perhaps a leak was fixed but the re-painting was never done? Carpets dirty? A good cleaning can do a world of good. (See my previous article on carpet cleaning) Look around through fresh eyes if possible. Remember, when your agent makes suggestions, take them seriously. Try not to have your feelings hurt when they suggest that you remove the 1980’s curtains to freshen and brighten everything up a bit. Appearances are everything and some buyers cannot look past some 
of those “personal touches.”
The clutter and anything excess (furniture, clothing, towels, sheets, food, etc…) should be removed – yes REMOVED. Do whatever it takes. If you need to get a storage unit and it costs you $250 but nets you $10,000 more on your home because it appears to have adequate space and storage – would you be upset? NO - so go to it. Clear it out, clean it out, purge, pack it up, etc…
The exterior should be well maintained – this includes the windows looking to the exterior – clean and sparkly! Lawns should be kept tidy, toys, tools, etc should be kept put away. Garages should be cleaned out and purged just as described above. If any decks or siding require power washing, rent a power washer - it’s easy - even I can do it!
And lastly, CLEAN CLEAN CLEAN. There’s nothing worse than thinking of how much cleaning a place would require before moving in. Bleach might just become your best friend! But it’s true, a neat, tidy, bright, clean house will sell 10 times before the same house without taking those steps to prepare.
I believe that pricing and preparation are 80% of the game. However, there are a few other things that sellers should keep in mind:
1. Be Available. Have your home as available as possible to be shown. This might not always be convenient - but hey, you’re trying to sell your home. Make it as easy as possible, especially as it relates to pets, alarms, children, etc…
2. Communication. Be sure that your agent is on the ball - returning phone calls from prospective buyer agents; returning phone calls to prospective buyers from signs or Internet ads. Be sure that YOU are communicating with your agent about showings and that THEY are communicating relevant feedback to you.
3. Remain Flexible. Flexible with showings, flexible with settlement dates, flexible with finding creative solutions to help your home be more attractive to an “almost fit” buyer. Be flexible and pro-active.
It’s not always easy being a home seller in this market. Most Arlington home sellers are doing ok – I hear once you get a little further out even to communities like Vienna and Reston, the sales are farther and fewer between. However, having your home ready to go ensures that when that buyer does come along, you’ll be the best looking property in their price range!
Good luck, and if you’re thinking of becoming a home seller, give me a call!
Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! No time like the present!
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Reston Hosts Taste of the Town - Saturday June 14, 2008
June 11th, 2008 Categories: Local Events, Northern Virginia Real Estate Dirt, Reston Dirt
Thinking of how to spend your Saturday? Consider attending Taste of the ![DC1[1]](http://www.thearlingtondirt.com/wp-content/uploads/2008/06/dc11-small.jpg)
Town in Reston this Saturday. With 40,000 expected attendees (which is double the size of past years), there will be plenty to see and do. You can sample fare from the 40 great restaurants represented; there will be 3 stages each hosting different live entertainment throughout the day and evening; and you can also expect an entire block dubbed “kiddie korner” with special activities for the kids.
The event will go from noon until 11pm - so plan to hang out and enjoy the day! Maybe I’ll see you there –
Happy Wednesday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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May 2008 - Arlington County Real Estate Sales Figures are IN…
June 9th, 2008 Categories: Arlington Dirt, Market Stats
I can hardly believe another month has rolled by – school is almost out, temps are pushing 100 and summer is just around the corner. Usually May is a strong selling month for us and while it held its own, it’s clear to me that we are not in the same tempo we were a year ago.
Here’s how the numbers looked for May:
The numbers are fairly consistent with what the spring has looked like. Nothing alarming, but look at this May as compared with May of 2007. Condos:
We are down by over 30%, both in contract AND sold, while inventories are fairly consistent to last year…. hmmm…
Here’s what the single family home market looks like:
Same numbers hold true for this market – just under 30% fewer sales year over year. Oddly enough, anecdotally, the market feels very good. Open houses are well attended, people are writing contracts and condos and homes ARE selling!
Even our absorption rates look decent when compared with national numbers:
So there you have it. Don’t be shy – it’s an excellent market for both buyers and sellers. I’ve been saying for some time now that it’s a very balanced market.
Call to chat anytime! I’m staying inside to avoid melting – today someone asked me “like ‘The Wizard of Oz’ melting?” Yes, I said, nice visual! 
Happy Monday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Storm Recovery procedures - Arlington Virginia
June 5th, 2008 Categories: Arlington Dirt, Local News
Yesterday we had horrible storms blow through here. I was sitting in a 
training session at my McLean Virginia office when we lost power. Fortunately, we were a big group of realtors who are glued to their cell phones, so we used our cell phone light to find our way out of the darkness – it was a memorable session in many ways!
I had to take 3 detours on the way home due to trees and power lines down – roads were closed in many locations. I heard horror stories about trees impaling cars as they were driving along, and other such horrific tales.
I received this email just a moment ago and felt it would be good to share with my Arlington readers:
Downed Power Lines:
After a storm look for any downed power lines before cutting up any debris. To report downed power lines, contact Virginia Power at 1-888-667-3000.
Safety Message:
When traffic lights are not working at intersections, treat them as a 4-way stop.
Debris Removal:
To have debris collected from your property, please follow normal brush collection procedures. Go to www.arlingtonva.us/DES or call 703-228-6570 and select Option 2 to request a brush collection. Debris is collected on your regular trash collection day by request only. For more information, visit www.arlingtonva.us/des
I hope everyone has a great day now that the sun is out – be careful out there and ESPECIALLY through those intersections - remember guys 4 WAY STOP. I actually found some of the lights I normally sit through every evening everything went MORE quickly than usual taking the 4–way stop approach.
Happy Thursday – Market stats coming either later today or tomorrow – so stay tuned!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Bank Owned vs. Short Sale - What’s the Difference?
June 2nd, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Real Estate Dirt, Reston Dirt
I’ve been looking at a lot of bank owned property lately. Why? you ask? Well, for one thing, there are A LOT more of them these days. We don’t really have a way in our MLS system to differentiate between Bank Owned, Short Sale or regular, old fashioned sellers - I hear that some of my peers in other parts of the country can do that. Anyway, as I’ve written before about short sales, I generally try to stay away from those types of sales feeling that it really isn’t the best situation in which to represent a buyer.
Short Sales in a Nutshell
So, back on target, what’s the difference? Short sale is the process a homeowner attempts to go through to prevent foreclosure. It’s where they ask the lender to forgive the debt and allows them to sell the property for less than what is owed. The sale is approved by the lender (or lenders if there are two), thus you’ll often see the phrase “subject to 3rd party approval” in the listing.
In these situations, the property owners are still living in the property - they’re not always happy about their situation and they can sometimes take out their frustration on the property. When purchasing a short sale, you accept it in the condition it’s in AS OF SETTLEMENT. Along with the other shortcomings listed out in my previous post, it just boils down to a huge amount of risk and time on the buyer’s part.
REO – Real Estate Owned
How about REO - what is that? REO stands for Real Estate Owned. These are properties that have already been foreclosed on, so the bank is now the owner/seller. The occupants are somehow removed from the picture, but sometimes they leave their stuff behind - sometimes LOTS of stuff. The bank now wants to sell the property hoping for fair market value. However, sometimes, due to the behavior described above, the properties are distressed and there are deals to be made.
Generally when purchasing REO, you still give up many of your rights as a buyer, but it’s a much faster process and the property condition/situation is more controlled. Generally they will allow an inspection but are less interested in dealing with credits or any repairs.
Here are some photos from an REO property I saw last night with a client. It’s so sad to see some of these properties and the condition they’ve deteriorated to.
This is a shed that was to be built out back – the washer/dryer are in there although I’d bet they are not working. Next to them is a sink base w/cabinets. It’s funny that there is a door on the structure, but sad.
This is what the rest of the back yard looks like - furniture, trash, clothing, food, construction materials, etc… What a mess.
So, sometimes REO can be a good deal IF the bank is aware of what they’ve got and if the buyer is prepared to deal with it!
Call to chat!
Happy Monday!
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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Happy Memorial Day
May 26th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
As we wind down Memorial Day 2008 I hope we’ve all taken a moment, whether silent or otherwise, to thank and appreciate the servicemen and women who protect our freedom; and to remember those who have given their lives for our country.
Arlington National Cemetery is a beautiful place I encourage everyone to visit at least once in their lifetime!
Jennifer
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The Dating Game… Finding, Meeting and Getting to know your REALTOR
May 22nd, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
Finding and working with a REALTOR is often a lot like dating! “HUH?” you say? Well, think about the ways that we meet…
Internet Dating
Many times, I will receive an email from a blog reader or someone who has found me on my static web page. They like what they see and send me an email. Sometimes they live in far away places, like Rome or Seattle or even Leesburg (that’s a joke for you Loudoun County readers! 
) We might correspond for months via email before we actually meet. By the time we meet, we know a lot about each other, due to our long “courting” period. It’s an excellent way to get to know someone - their response times, their knowledge and even their sense of humor!
The Blind Date
I recently received a referral from a Keller Williams agent in southern Virginia – he was trying to help his daughter find an agent to work with here in the Arlington area. So she initiated contact via email. (so really, it’s like Internet Dating, too!) We set a time to meet and described ourselves to each other so we’d recognize each other in the wild! She exclaimed that it was a lot like a blind date, which in fact it was, but as I pointed out, a lot less scary! By the way, we had a great time getting to know each other at Starbucks last night!
The Set-Up
Many times a past client will call me to set an appointment for me to meet with one of their friends. Sometimes we all meet together, but more often, as referenced above, we end up describing ourselves to each other to meet on our own.
![The_Dating_Game[1]](http://www.thearlingtondirt.com/wp-content/uploads/2008/05/the-dating-game1-small.jpg)
I’ve never actually participated in a setup like “The Dating Game” where 3 REALTORs are lined up and asked the same questions… “If you were a fruit, which fruit would you be and why?” I’m not sure how that might go over, but it’s an interesting thought!
I welcome all of your calls and questions any time! Things are great – it’s a nice balanced real estate market right now and I would be delighted to discuss it with you at your convenience!
Happy Thursday!
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! Spring is HERE!
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