Northern Virginia Real Estate Dirt
Alphabet Soup of Contingencies - Is the Property Available or NOT?
May 19th, 2009 Categories: Arlington Dirt, First Time Buyers Club, Northern Virginia Real Estate Dirt
I know a lot of prospective buyers and even prospective sellers comb the Internet regularly to keep tabs on the market - favorite homes, comparable homes to theirs, homes they’d like to see with their agent, homes they’d like to see at an open, etc… Sometimes the status changes and one of the questions I get pretty frequently is “what does ‘CNTG/NO KO’ mean??
So I thought it might be helpful to spell out some of these terms and what happens during the process of contract acceptance to close date.
When a contract is accepted, either there are contingencies or not – if there are NO contingencies (finance, appraisal, home or radon inspection, etc…) then it gets entered into the computer as “CONTRACT.” These days that doesn’t happen very often but keep the definition in mind because it means that it is on it’s way to settlement with the only way out being default.
Normally there are purchaser’s contingencies like an appraisal contingency or a home inspection - in which case the status becomes “CNTG/NO KO” and what this means is that it is contingent but the purchasers may not be “kicked out” or displaced - the only way to cancel the contract lies with the purchaser for the reasons outlined in their particular contract, but NOT the seller.
On rare occasions, a seller will accept a purchaser’s contract contingent upon the sale of their existing home – in this scenario, a purchaser MAY BE KICKED OUT, or DISPLACED from their first position with proper notice, etc… this is depicted by CNTG/KO – when you see this, you should treat the property as available with acceptable terms/negotiation.
The only other thing we sometimes see is “PENDING” – our MLS system (MRIS) doesn’t use this term but sometimes another website might pick up a variety of “contract” status’ and call it “pending” meaning, generally, unavailable.
Hope that clears up some questions – if you have others, like how to buy in this market, how to get your $8,000 tax credit, how to take advantage of great interest rates or how to best get your home sold, feel free to call me today! (or tomorrow - I’ll be around!)
Happy Tuesday
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! And remember, spring is HERE!
Like what you’ve read? Subscribe here
| Discussion: 1 Comment »
Listen UP Sellers - Prepare Your Home for 3 Sales… read on…
March 12th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
Yes, I said 3 – THREE – When you’re contemplating selling your home in this market, you may feel that it’s an uphill battle - and for most, it is! The 
hardest hurdle (and single most important thing) is to price your home correctly. Remove emotions as best you can; don’t place extra value on your hand printed wall paper or your custom bathroom fixtures. Chances are the next buyer may not even notice those things, or they may be so personal that rather than placing extra value on them, the next buyer is factoring in money to REMOVE them! Then look at the comparable listings – and comparable solds - with your agent. Look as objectively as possible at the positive features of your home (think big here: location, curb appeal, updates, garage, etc..) as well as the negative aspects (small bedrooms, 1 fewer bath than most of your comparables, street parking, etc…). Remove all of the minutiae of custom this or custom that… look at the big picture.
So I’m sure you’re wondering why, after all this, you have to sell your home 3 times…
First you have to SELL YOUR HOME TO REALTORS – this is why we host broker’s open houses on Tuesdays - to give Realtors a chance to walk through your home and get a good look – they may not have a client for it, but they may talk it up at their office, or even write a blog post about it!
Second you have to actually SELL YOUR HOME TO POTENTIAL BUYERS - now this is the most obvious! You want them to walk in and imagine their lives in your home. Remember, it won’t be your home for much longer, but you want them to imagine their lives there and see the value.
Last you have to SELL IT TO THE APPRAISER – yes, the APPRAISER! This is primarily my job as the agent, but assuming we did the steps discussed in the first paragraph and actually priced off of valid comparables, we should be able to sail through appraisal process – but it is an often overlooked step that is as important as any of the others.
So, take the time to price and prepare your home up front for the best possible outcome and I’d be willing to bet the rest will fall into place!
Call me to discuss further – I’m EXCELLENT with the 3–sale approach with every base covered!
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
So it’s really a buyer’s market….. right?
February 12th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Market Stats, McLean Dirt, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
Last night I met with some new clients who were delightful (you know who you are if you’re reading this!)… a topic came up that comes up a lot and I felt was worthy of discussion today – The media is ALL over the idea that it’s a buyer’s market - but what I’d like to remind you is that real estate is local, it’s really hyper-local. What does that mean?
First, we need to define what IS a buyer’s market? The economic definition of a buyers market reads like this:
A buyer’s market is a market for a good where prices are falling and there are more parties interested in selling than buying.
OK – that makes sense. But how does it translate to real estate? Typically we look at absorption rates – or simply put, how long will it take to sell through our current inventory of homes. I found another definition which generally follows what I’ve always heard which is this:
A seller’s market is defined by absorption rates of 1–4 months
A normal market is defined by absorption rates of 5–6 months
A buyer’s market is defined by absorption rates of 7+ months
One very important factor to keep in mind is that numbers can swing wildly month by month because you are looking at 1 month in a bubble. I’m sure a learned economist might take exception to the quick and dirty, back of the napkin numbers we’re looking at here, but nonetheless I was fascinated by what I found.
So, when I sat down this morning to pull together some facts and figures to share, before I even got started, I figured I’d find that in the closer in markets where things haven’t been in a nose-dive decline, that I’d find lower rates and in markets that are saturated with inventory, I’d find that buyer’s market conditions really exist. Take a look at the chart below. I had ordered it loosely by geography - distance from the city.
At first glance I was surprised to see the LOWEST absorption rates in Manassas - now I don’t do a whole lot of business out in Prince William County – most of my business is done in the closer in areas of Arlington, Alexandria, Falls Church and the like… I was a little surprised by McLean’s super high rate of 16+ months of inventory, but then, it all made sense. Look at the chart below, re-ordered by average list price in that city.
Interesting, huh? With the ONE exception of Falls Church, it lines up EXACTLY with average selling prices. What this tells me is that in areas with reasonable prices, properties are selling – at a very good pace in most cases. This ALSO tells me that with a few exceptions, our metro area is largely within the “normal” ranges – it’s what I’ve been saying, but here are the numbers to show for it.
The other interesting thing I found while researching this morning is that it really doesn’t matter what you label things (e.g., market conditions, outside factors, etc…) - what matters are 3 things:
1) low asking prices
2) acceptable interest rates and
3) large inventories
So there you have it – as a buyer, please don’t think you are driving the boat - that you can get whatever you want and then some from today’s sellers. Likewise, as a seller, recognize a good deal when one comes along. Work with the buyers and their agent, be flexible and realistic. Hey, it sounds like I just described a “normal” market.
Give me a call if you’d like to discuss further – it’s truly a fascinating study.
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: 1 Comment »
Will I Know it When I See It?
January 14th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
I get asked that question a lot from buyers, especially first time buyers, as we begin and move through the house hunting process. Unfortunately, there’s no easy answer, no magic bullet to help sort that out. It’s one part analysis and one part gut feel…
I usually tell them that I’ve had clients that looked at 3 houses and bought one of the 3. I’ve also had clients that I’ve shown 50 houses to and they decided to take a break from looking only to end up renting indefinitely. Who’s to say what’s right or wrong?
Steps to follow to make the process a little easier:
1) Get your financial homework done ahead of time. If you know what you are qualified for and you KNOW what you are comfortable with, you will not have to wonder and shift gears as far as price range goes, mid way through the process. Of course there are exceptions - if you begin looking when interest rates are at 6% and there are significant drops, as I’ve written about before it can have a tremendous affect on your purchase power and it’s definitely worth re-visiting. Otherwise, do that homework first and STICK TO YOUR COMFORT ZONE!
2) Have a good list of what you do and don’t want – I would highly 
recommend AGAINST making anything firm. I was once told by a couple that they didn’t want to look at cape cod style homes because they felt the upstairs wouldn’t be large enough for the husband. Well, you can see where this is headed - they ended up purchasing a cape cod that had a great addition on the back that enabled them to have a nice master closet and bath with PLENTY of head room, storage, etc… But back to my point, have some general ideas of what you want and what you don’t – if you have any showstoppers (Cannot live in a particular school district, cannot live with steps, etc…) it’s a good idea to note those too.
3) PATIENCE – some weeks there will be MANY homes to look at and others, slim pickins… Just be patient. When you see something that you can mentally begin moving into, that’s a good first sign that we’re onto something. That’s when it’s time to analyze how the space would work with your lifestyle, the commute, the longevity (how long could you live in that house if you had to? – e.g., there’s no point buying a “cuter” 3–bedroom house than the 3–bedroom one you already have if you’re outgrowing it – right?).
4) Gut Feel - this is the hardest. But if you can imagine your life in this home, imagine being excited to come home every day, imagine inviting your friends over for a party or for dinner or just to hang out; if you can see your furniture here, or what color you’d like to paint the walls or where your dog will sleep - these are all good solid indicators that you might have just found your new home.
It’s a fun process - call me today to get started!
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
Northern Virginia Welcomes SentriLock Lockboxes - why is this good?
January 9th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Local News, McLean Dirt, Northern Virginia Real Estate Dirt, Reston Dirt
Hello all!!
During the month of January, Northern Virginia real estate agents will be trading in ALL of our old lockboxes and upgrading to the NEW, FANTASTIC, AMAZING SentriLock system. These are super cool, easy to use new boxes that have great benefits to us and sellers. As for buyers, they don’t really care what kind of box you have just as long as you can get them into the house! LOL
These boxes are HUGE – but they have all sorts of great features that our old boxes didn’t have. To highlight a few:
1) Owners have a “Do Not Disturb” code – as a seller, have you ever worried when you step into the shower that you might find buyers in your bedroom when you step out? Well, never to worry again - you have a code that you can enter right into the lockbox that will allow you complete privacy whenever you need it.
2) Much better tracking to allow us to know who’s been inside your home
3) If you’re a condo owner, you should know the key compartment is SO large that no longer will prospective buyers’ agents have to deal with jammed boxes – there’s plenty of room for keys, fobs, card keys, etc…
4) We will be able to issue one day codes for contractors or appraisers to access the home.
5) Smart Card access - this is really just a better system for us as agents – easier to update, no battery life issues, etc… It’s a much more sophisticated system and that translates to better features all around.
So, look for these new lockboxes and think of them as a sign of the future.
Happy Friday - hope you had a great and productive week!
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
2008 in Review - Arlington County Home Sales - Stats, Stats and more Stats…
January 8th, 2009 Categories: Arlington Condos, Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
As we sit her amidst possibly the greatest financial crisis in modern times, we do tend to think “how could this possibly be the best time to buy or sell real estate?” (I’m sure that’s the first thought you have - ok, well maybe not the first, but if it’s on the list at all - keep reading…)
I read a blog post of a colleague of mine a few days ago and a reader absolutely slammed the real estate agents/industry for the mess we’re in – as one colleague so nicely put it, most of us are not representing misguided investors who are looking (or WERE looking) for a quick buck in flipping 
and/or rehabbinb and reselling properties. Most of us were working with people who were looking for homes to live in. Most of us were making sure that they were working with reputable lenders and that they understood what they were getting into - what the tax benefits are of home ownership, and what the risks are. We were (and still are) educating our buyers and sellers about the times and hopefully setting correct expectations… OK, I digress a bit - but a word for the readers, people will always need to buy and sell homes when they outgrow them, or they need less space; when they change jobs, or a family situation changes. There are a multitude of reasons people need to move - but it happens every day – and I will be there to represent at least some of them and I am committed to doing my job well and giving my clients the best representation possible.
OK – on to why you’re here – STATS… first, let me start off with December numbers – some good, some not so good – here’s how the month looked:
In order to provide some perspective, I keep running tallies and here are the stats for the entire year for both Condos and Single Family Homes:
What I see from these is that the condo market seems off – active listings are holding, but contract writing was down – settlements were up from November, but I think that’s a trickle down of the rate and availability of money issues that we saw in the October/November time frame. After all, more condos settled in December than since August.
For the Single Family market, I see somewhat of a trail off in contract writing, but solds are holding – fewer than in the past few months, but not dramatically so…
In any event, I decided I wanted to look at some trending – 2008 as it compared with 2007 - so here are what I think are the most interesting tables of all: the Condo market and the Single Family market broken down by sales, Average Selling prices and Days on Market in 6 month chunks.
Look at the unit trail-off in 2008 - we had a total of 1700 units sell in 2007 and only 1,110 units in 2008. WOW - that’s a 53% decline in unit sales – however, I would say overall, prices are holding; up in the 2nd half of 2007, down in the 1st half of 2008 and back up again in the 2nd half of 2008 – Days on Market have also increased on average. This is interesting to me because being IN the market, it doesn’t feel this way. It could be a result of financing restrictions, fha restrictions on certain buildings/complexes, etc…
Now, for Single Family:
We see the same drop off in unit sales - down from a total of 1,034 in 2007 to just 851 in 2008 for a 21% decline. Average Selling Prices have declined as well - but days on the market have held pretty steady. These are very interesting numbers to look at.
I try not to get too bogged down with numbers and here’s the bottom line I see.
1) Houses are still SELLING – Buyers are still buying
2) FEWER houses and condos are selling this year than last - there are fewer buyers in the market
3) IF you decided you need to or would like to sell your home – you can still expect the marketing time to AVERAGE 60–80 days, depending on what and where you’re trying to sell
4) Interest rates are at record lows - this will begin to bring buyers into the market.
Have we reached bottom? Who knows - depends on who you listen to. We have some exciting changes in store for us and a sort of new beginning to look forward to when our new president takes office on January 20th.
If you’d like to discuss your options, whether buying or selling, I would be honored to receive your inquiry and look forward to working with you on a successful (and pleasant) real estate transaction!
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
It’s 2009 - And our thoughts turn to….
January 5th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
selling our homes…. Yes, it’s true. As we move through the fall and into the holiday season, some people have already planned a spring home sale. After all, our spring selling season begins in about 5 weeks! I’ve already gotten calls from past clients and a few inquiries from new prospects who are planning a spring sale and purchase of a new home.
Really, it’s not too early, folks. This is a perfect time to begin the process of cleaning, purging, storing, tidying, etc… so it’s not such an overwhelming process once it is broken down into tiny tasks!
There are some great preliminary tools you can use to see what’s going on in your neighborhood. One of them is right here on my webiste. You can put your address into the sidebar where it says “MLS Market Snapshot” and a report will be generated JUST FOR YOU with local sales and other statistics such as days on market, etc… it’s a cool tool you can start with. It also runs an automatic update every 30 days or so.
Obviously your next move would be to give me a call to get a real pulse on the market - what’s going on? what can you expect? what sorts of things do you need to do in order to get the most out of your home sale? what type of marketing is important? etc…
Depending on who you listen to, we expect 2009 to be a vibrant real estate market. As you know from my recent posts, homes continue to sell, with those that are properly priced still moving rather quickly - certainly inside of 30 days.
So if you are one of those individuals, couples or families contemplating a move in 2009, I would welcome the opportunity to earn your business.
Happy Monday
Jennifer
| Discussion: No Comments »
Colonial Village 2008 - A Year in Review
December 30th, 2008 Categories: Arlington Condos, Arlington Dirt, Market Stats, Neighborhoods, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
I thought this might be a good time to go over some sales statistics from 
some of the larger and more popular buildings, developments and neighborhoods in Arlington Virginia for 2008. Since I have previously written about Colonial Village, I thought it a good place to start.
Looking back at the condo sales in Colonial Village for 2008, there have been 24 units sold (settled) since January 1, 2008 which is 17 1–bedroom units and 7 2–bedroom units. Let’s first look at the 1–bedroom stats:
Average sales Price: $276K (highest was $286K, lowest was $239K)
Average (net) Sales Price as a percentage of list: 96%
Average seller subsidy: $5,000 (so expect about 2%)
Average Days on Market: 36 (however, the median was only 16 since there was 1 unit that took 196 days to sell)
Then - for the 2–bedroom stats:
Average Sales Price: $343K (highest was $364K, lowest was $315K)
Average (net) Sales Price as a percentage of list: 95%
Average Seller Subsidy: $3,700 (so relatively less than for the 1–bedroom units)
Average Days on Market: 44
As for right now, there are 6 1–bedroom units on the active market listed between $265K-$292K. There is only 1 2–bedroom unit currently available and it’s listed for $349K.
If you are interested in learning more about Colonial Village as a place to live OR if you’re interested in listing your home there, please give me a call to discuss.
Happy Tuesday
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
Does the Real Estate Market REALLY shut down in December?
December 29th, 2008 Categories: Arlington Dirt, Market Stats, Northern Virginia Home Buying, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt
So here I sit, Christmas was last week and I hope everyone has enjoyed a
little down-time with family and friends. Whether you celebrate Christmas, Hanukkah or some other holiday, I hope you’ve had a chance to decompress a little bit - I have! But now is the time I look towards 2009 with excitement and a renewed energy – meanwhile, I’ve been wondering – does the real estate market REALLY shut down in December? So I did a little research…
Other than erratic blog writing, I’m not really sure I could have quantified what the real estate market does in December. Anecdotally, we’ve always said “there won’t be any new listings between Thanksgiving and New Year’s” and we say “nothing’s happening” and perhaps those are all excuses. Here’s what I learned…
Fact 1 - there were actually 39 BRAND new listings from December 15, 2008 through this moment. (compare that with 187 total in November and 278 total for October and so forth, so yes, it’s a relatively small percentage, but hey – there ARE actually NEW listings!)
Fact 2 – there were 23 contracts ratified between December 20 and December 26. That’s amazing!
So, (remember I said I did a “little” research) from this I can conclude that there are still new listings coming on the market and there are still buyers writing contracts. While we’re not seeing the volume of a typical spring month – I wouldn’t expect that. Considering my expectations were pretty close to nil, I would say we’re doing OK!
January is a great time for new beginnings. If you’d like to discuss your upcoming real estate needs, buying or selling, please give me a call. 2009 is going to be a GREAT year!
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
7 Helpful Hints for Selling Your Home in the Winter
December 10th, 2008 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, McLean Dirt, Northern Virginia Home Selling, Northern Virginia Real Estate Dirt, Reston Dirt
Being a seller this time of the year is a lot different. It’s DARK early, it’s 
COLD, it’s SNOWY or ICY, it’s DREARY… c’mon, who would choose this time of year to sell? Well, let’s see if we can accomplish a few things - 1) Let’s create a welcoming environment to get your house sold and 2) Let’s see about turning negatives into positives.
So here we go
WINTER HOME SELLING TIP #1
Keep the heat on. If you have zoned heating, or usually keep a part of your home closed off to save on heating bills, I would strongly urge you to re-consider. You don’t want a buyer to be hurried off before they’re done looking because of the chill in your home. Also, if you usually keep a part closed off, or the vents closed, don’t do that now! You don’t want a prospective buyer to think there’s a problem with your heating system. No amount of savings is worth missing your buyer.
WINTER HOME SELLING TIP #2
Keep your outdoor spaces free of snow and ice. Look at the photo below (provided by google images)
![Snowhome2[1]](http://www.thearlingtondirt.com/wp-content/uploads/2008/12/snowhome21-small.jpg)
As an agent, when I approach this home to show it to my buyers, I CAN’T EVEN GET UP THE FRONT WALK!!! c’mon - make it easy to show, make it SAFE for you and any liability you may face from someone slipping on your front walk or your deck… Keep your shovel and some Ice Melt handy and clear off those outdoor spaces…
WINTER HOME SELLING TIP #3
Turn your lights on. Now I know this isn’t always practical when you leave your home in the morning to know if someone will be showing it or not; but come up with a basic set of lights that will welcome any prospective buyer and help them find their way through your warm and well-lit home. The more the better.
WINTER HOME SELLING TIP #4
Keep rugs by the doors for your lookers to wipe their feet. You may have a sign by the front door to please remove their shoes - but what if they want to walk out on the deck, or in the backyard, or around the house. To protect your floors/carpets AND as a courtesy, pick up a few inexpensive rugs at Target and make it EASY for that buyer to look around!
WINTER HOME SELLING TIP #5
Think about warm holiday/winter scents: gingerbread, pine, mulled cider spices, etc… Perhaps you could use a small bowl of potpourri or a small scented candle to introduce these scents. Don’t overwhelm someone, but they can add to the ambiance you’ve already created with the lights and warmth.
WINTER HOME SELLING TIP #6
If you know you’ll be having a showing at a specific time (perhaps it’s noon and you know someone will be coming by at 2pm) consider leaving on a gas fireplace - you know, one of the sealed ones. If it’s safe and for a short period, you can really add to the setting you’re creating. I would NOT recommend leaving a wood burning fire going or an un-sealed gas log situation.
WINTER HOME SELLING TIP #7
Don’t neglect the outside - there are plenty of plants that thrive throughout the winter - there are some beautiful winter cabbages and such that you can plant to keep your outside looking fresh and seasonal as much as your inside. Talk to your local nursery if you are having trouble coming up with ideas.
The most important thing to remember is that if there are buyers out there in the cold, wet, dark, dreary conditions - the likelihood is that they NEED to buy something. Make every showing count and you will be glad you did!
If you want to talk about listing your home for sale, don’t automatically put it off until spring. Call today to chat about it and we can figure it out together.
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! And remember, spring is RIGHT around the corner!
Like what you’ve read? Subscribe here
| Discussion: No Comments »
Copyright © 2007 Arlington Dirt Real Estate Blog 