So as I’m formulating my post about decorating with gourds

and candles

and jack-o-lanterns…

I’m really finding myself thinking, “oh, where can I run out and get some cute stuff for the season?” 

Well, the first place that comes to my mind is Home Goods.  In fact, when I surfed on over to the site to pick up the link for you, I found that I could become a Fan of Home Goods on Facebook… of course I couldn’t resist.  But THEN, the best part of all, the first post I saw was that their “Dynamite Deals” begin October 8 – already thinking about what my schedule’s like tomorrow – ok, but I digress.

Another great spot to pick up seasonal items is Target.  Of course – we’re all at Target ALL THE TIME anyway right?  It’s the place you can’t get out of for under $100 unless you are seriously time constrained.  Anyway, they have some super cute seasonal merchandise and you can also find the other accouterments to go with whatever theme you’ve started because they have everything from table linens to candles, vases, etc…..  am getting antsy just thinking about my next trip!

There’s also Tuesday Morning, if you’re lucky enough to have one in your area.  It’s hit or miss, but if you go enough, <wink wink>, you’re sure to find good stuff.

Of course there are all sorts of other places to find seasonal items ranging from the grocery stores, pharmacies, farmer’s markets, Hallmark or other card stores, etc…  You can range from the plastic gaudy to selecting materials all from nature like berries, leaves, shells, etc…  You can simply decorate a dining table, or a mantle or go to extremes of multiple rooms, inside and out.  I’m no decorating expert, but if you set out to enhance your home with a seasonal theme, it’s fun and adds a special feel to your world.  Of course you can save your decorating items from year to year, but then you’ve shortchanged yourself out of the fun of the hunt.

See you at Target!

Jennifer

OK I know many of you are wondering what this has to do with real estate sales and it doesn’t but it has a lot to do with your home, which is the heart of the matter now isn’t it?  These are also great staging ideas if you’re considering selling!

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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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As we wind down to the end of the year – the main topic of discussion (and motivation) seems to be the demise of the $8,000 first time buyer tax credit.  Some say it’s definitely going to be extended – others will tell you no way it will be extended – blah blah blah is what I say.  Whatever happens, it is what it is.  Has it stimulated purchases this year?  I believe it has.  Is it still stimulating purchasing?  YOU BETCHA!

As you know, I track ratified contracts in Arlington County Virginia – that’s for ALL property types; condos, townhomes, single family detached – in all zip codes, in all price ranges.  The goal of looking at this slice of the statistical pie is to see the REAL sign of market activity – you can look at sold data – but it’s likely to be months old by the time it’s “sold.”

I recently reported on the market this summer.  What I thought would be very interesting would be to watch the activity for September and October.  I can report to you today that we ratified more contracts last week since the 2nd week of June at a whopping 69 ratified contracts.  There wasn’t a SINGLE WEEK in all of 2008 when we ratified this many contracts.  Yes, you heard me – the highest we hit in 2008 was 65.  Now I don’t have numbers going back as far as 2003, 2004 or 2005 – but I’m telling you this, so listen up:

What we have now is the perfect storm.  If you’re still on the fence, GET OFF.  We have incredible interest rates, shrinking inventory, and sellers who (for the most part) want to sell.  Whether you’re eligible for the tax credit or not, I cannot think of better circumstances under which to consider a home purchase.  

So, pick up the phone and phone or text or email me to start discussions today.  If you’re a seller – don’t delay.  Whether or not you feel you’re in the “zone” for the 1st timers, houses are selling.  PERIOD.

It’s Tuesday folks – have a good one!

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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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opportunity presents itself, that’s when the research begins and you gain market knowledge.  So I’ve been doing a lot of looking and investigating the past weeks as we get ready to market her studio and market it successfully!! 

Some studio facts:

• In the last 12 months, 26 studio condos sold in Arlington County Virginia and there are currently 8 active studio listings
• The sales ranged in price from $85,500 to $305,000
• There is a direct correlation between older buildings and lower prices
• In buildings less than 6 years old, the median sales price was $272,000
• In buildings 29 years or older (there were no buildings in between, by the way), the median sales price was $152,000 – lower by well over $100,000…. that’s HUGE

I think when one is considering buying a studios, you have to adapt the mantra that “not all studios are created equal.”  Some of the important variables to consider are:

Is there enough storage? This is key because space is at a premium and you don’t want your small space to be cluttered – it will feel smaller and claustrophobic. Look for storage everywhere – kitchen, hall closet, bedroom closet, bathroom storage, etc… 

How’s the kitchen?  (That is if you care about the kitchen)  Sometimes, the layout of the studio allows for essentially a kitchen “row” of appliances – not much work space.  Other times, you can actually get a full sized, full function kitchen (I like those!)

Is it feasible to entertain by day and still have someplace to sleep at night?  Many studio owners solve this in one of two ways: either with a sleep sofa or a murphy bed or even both if you anticipate ever having a guest.  I’m not a fan of having one’s bed set up in the middle of the apartment – I’m more a fan of presto-chango.  So look for a setup that you can imagine setting up a living area that can easily be transformed at the end of a long day.

Of course, you know, I’ve been describing the cute studio I’m going to be listing next week – plenty of storage, fabulous gourmet kitchen, murphy bed which conveys, and mine even has a great balcony and it’s own in-unit laundry – all topped off by being located just blocks to the metro in an upscale, full service beautiful 6 year old building.  Stay tuned – or just email me for more info.

If you’d like to discuss your buying options or how I can best assist you in the sale of your home, however large or small, I’d love to hear from you!

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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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Since yesterday was the last official day of summer, I decided a look back was in order.  Remember, I track sales numbers for Arlington County Virginia and this is a combination of ALL sales; condos, townhomes and single family.

For the most part, 2009 has well outperformed 2008 and this is coming into the time last year when things really started to crumble.  Year to date, we’ve seen a 10% increase in sales over 2008 and as I said above, if you look at last October, that’s when a lot of the trouble started.  So I fully expect to end the year on an uptick this year -

Here is what the data looks like for the 13 weeks of summer that just ended:

With the exception of 4 individual weeks, every week of 2009 saw more contracts ratified – and of those 4 weeks, 1 was only lower by 1 contract – we saw an unexplainable dip during the July 4th week in 2009 but otherwise, strong.  And look at where the last 3 weeks have been – 3 weeks ago we saw a 6 contract gap, 2 weeks ago we saw a 10 contract gap and last week, a 16 contract gap. 

I believe the convergence of the 1st time buyer tax credit, good rates and reasonable prices/sellers are all contributing factors to this current climate.  It will be very interesting to see what will happen come 11/1/09.  But for now, we keep chugging along.

If you’d like to see information for your market or would like to talk in general about buying or selling, please feel free to give me a call, drop me an email, facebook friend me or even follow me on twitter at @jklaussen

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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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If you like someone’s landscaping, you ask them if they would share the name of their architect…  right?

If you need a new house cleaner, lawn service, nanny, etc… you start asking around – to get a REFERRAL!

Did you know that 78% of consumers trust peer recommendations (as reported in this super cool video chock full of social media statistics)  It goes on to say that only 14% trust advertisements.  What does that say?  Referrals (or peer recommendations) are becoming ever more important in our business world today.

So, why should your experiences in real estate be any different?  I would contend that they are actually one of the most important referrals you could ever give or receive.  It’s quite possibly the single largest purchase you will make (until you sell and move) and you need a highly qualified person guiding you, who you will work well with (that’s a lot of w’s!).  Be certain, it’s not just the referral, they then need to earn your business, but peer recommendations for that initial list is the absolute best place to start!

Since I don’t know many of my readers, I’ll share with you a recent email I received from a client who just sold and bought this summer:

Jennifer,

Our recent move should have been a stressful time in our life given the circumstances of our Family and the economy. We needed to upgrade in preparation for our new baby and the timing was difficult because of the turbulent economy and housing market. Through your guidance we were able to find a house that we absolutely love, and sell our old house for a fair price. You were very understanding and considerate of the difficulties involved with showing our house with a toddler and a large dog. You worked with us like a friend would, and we are very appreciative of that. You thoughtfully and promptly dealt with any issue or question we had no matter how small or large it was. We always felt like we were your only client even thought in reality I know you were very busy. We look forward to working with you in the future and we will certainly be in touch. Thank you!

- Travis, Miriam, and Keegan Smith

Now what do you think of that?  I will tell you it made me smile!

So don’t keep secrets – share your referrals, share your success stores, share your good experiences!  I for one will be eternally grateful!

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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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A lot of buyers and sellers get hung up on the assessed value – often confusing it with appraised value…  TWO DIFFERENT ANIMALS, believe me.  An appraisal is an opinion of value, rendered by a licensed appraiser, one who has presumably gone through countless hours of training to understand various methods of assessing value.  Generally, upon the sale, or refinance of a property, the lending institution will order an appraisal from a (hopefully) qualified appraiser in order to substantiate value and protect their investment – but I digress, this article is not on the appraisal process.

Here in Northern Virginia, each county is responsible for somehow obtaining an idea of the value of your property so that they may impose a tax – it’s a HUGE money maker for our county – and it does go to pay for schools, roads, emergency services, the courts, etc… and, at least I can say personally in Arlington County, for the most part I am extremely pleased with how the county runs their business.  One question I get asked a lot is whether or not the assessment is an accurate reflection of current market value.

According to the county, the Arlington County Real Estate Assessment is required by law to be at 100% of fair market value.  Now here’s what I tell people…  how do they know?

Sometimes we’re in a market where properties are selling well in excess of their assessed value – guess what – assessments usually trail the market.  So when the assessor’s office sees market gains and properties selling over assessed value – assessments go up.  The same things happens in reverse when the market stabilizes and then goes down…  We end up with assessments in excess of actual value.  And around and around it goes…

However, what I really can’t understand is how in one neighborhood, one house can increase in value, while the one next door decreases in value – with no material changes to the homes, the street, the neighborhood, etc…  We see this happen all the time.  With no apparent rhyme or reason.

So, do a little research before you place a lot of value on County Tax assessments – the other piece of advice I’ll dispense is to think carefully before contesting your assessment.  If you’re in a neighborhood where the assessor has increased values across the board by, say, 5%.  However, you know darn well you can’t sell your home for that, and let’s say, hypothetically that you contest and you win – thus lowering your value by 5% back to the value of the previous year.  Now, flash forward a few years – when you go to sell and the potential buyer looks up the assessments of the neighborhood (and some do) they will wonder why yours is consistently lower – hmmmmm, do you think it might raise some questions in the eyes of that prospective purchaser?  So for a few dollar savings, think ahead – think down the road – think about the possible long term affect that may have.

Bottom line – it’s ONE data point.  Maybe valid, maybe not…  use it to fit into the other methods of establishing value when either writing a contract or listing your home.  I can help with either, you know!

Happy, 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, there’s no time like the present!  The $8,000 tax credit expires on 11/30/09 – There’s still time!

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Right now in Arlington County, we have just over 3 months of supply for single family homes to sell!  For condos, not much better with 3.3 months supply.  Now even when the market softened, we rarely had over 9 months of supply – but c’mon – THREE months of inventory? 

If you are considering selling your home – why not now?  As we leave the lazy summer days behind us, it’s time to re-focus on the tasks at hand.  I realize this seems like a shameless plea for business, but we need good stuff to sell!!  That’s it – just we need good stuff to sell!  PLEASE!

So call me today to discuss the process of the successful marketing and sale of your home – I can get it done and get it done RIGHT!

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, there’s no time like the present!

Like what you’ve read?  Subscribe here

The news overall for Northern Virginia is that inventories are down (in some areas by as much as 20%+), unit sales are up, days on market are down and average sales prices are still slightly lower, while median prices are on the rise – can you say “market improvement?”  While this is excellent news from an economic standpoint, I will say having been out with several buyers lately, it’s getting tougher and tougher to find “good” properties to purchase.  Oh my, I can remember saying that in 2004.

Looking closer to home, in Arlington, take a look at this July 2009 housing market snapshot.  It basically mirrors what we saw for the greater Northern Virginia area.  What scares me a little bit is the absorption rates are under 3 months.  Yep, you heard it.  Rule of thumb is that those numbers indicate a return to a sellers market.  We’ll see if it’s just a fluke as we are heading into a traditionally very sleepy month (August) – but we need to keep an eye on that.

On a final note, as a lot of you know, I track contracts ratified every week year over year to see how we’re doing.  Except for one very strange dip the week after July 4^th, I can definitely see the increased market activity over last year – some weeks in quantities like 20 more contracts ratified.  So all signs are that 2009 is significantly better than 2008 and I would expect 2010 to steadily increase as we have been experiencing.

Message to buyers:  Get out there – in order for the first time buyers to take advantage of the $8,000 tax credit (and why wouldn’t you want to do that – it’s $8,000 of free money from the feds) you need to be settled by 11/30/09.  I can make that happen!

Message to sellers:  Inventories are low – get your home on the market without delay!  Buyers (first timers, at least) have a deadline…  September and October are excellent months in which to sell your home.  I can get it listed and sold successfully!

Happy Friday!  I wanna hear that phone ringing!

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, there’s no time like the present!

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So when a you (assuming you’re a buyer) are out looking at homes, the purpose is to find a home in which you’d like to live – correct?  Not a home you’d live in ONLY IF IT WERE PERFECT, right?  But a home you can see yourself settling into over the coming months and years – building a life, perhaps getting married, perhaps having children, perhaps having parties, perhaps downsizing; maybe it’s your first home and it’s exciting to have a place to call your very own – you can paint the walls Burgundy and the ceiling gold if you want (Hail to the Redskins!).  But it’s a place you can envision calling home – including all of the trips to Home Depot or Lowes or your local hardware store that accompany home ownership.

Hopefully if you see a home you like, you will spend some time in it prior to writing an offer – looking around, looking at the kitchen (appliances, cabinets, etc…) looking at the windows, the utilities, bathrooms, exterior, etc…  Sometimes you walk into a house and get a gut feel that it’s really not in good condition and it makes you wonder what’s lurking beneath the surface – and sometimes you walk into a home and feel (I said FEEL – nothing scientific about it) that it’s “move-in ready.”  So what if the windows are old – you can see that; and the dishwasher is older and might have to be replaced; you might see some dings on the walls or a scratch on the floor.  BUT YOU CAN SEE IT…

Then comes your home inspection – the purpose of a home inspection is to uncover property condition issues that you can’t see and to determine if there are any major deficiencies – so is it a big surprise that if you see old windows that the home inspector will too?  Sure – is it appropriate to ask for a credit to fix or replace those old windows?  NO – hopefully you wrote the contract knowing that you’d have to replace the windows!!!!!  Now, if the inspector uncovers a leak or some wiring issues; an appliance that doesn’t work properly, a cracked foundation, etc… these are issues that need to be dealt with.  Now I’m not saying you should unconditionally accept whatever flaws are uncovered in your soon-to-be new-to-you home but there are aspects of home maintenance that are just to be expected.

I received a home inspection report today on a listing of mine where the buyer has basically asked for everything but the kitchen sink (oh wait, the kitchen sink is included too).  Perhaps the buyer feels this puts them in the best negotiating position – to ask for everything and then accept whatever the seller is willing to do?  Or perhaps they are looking for a perfect (80 year old) home.  (NO SUCH THING)  Or maybe someone told them to be tough – who knows – all it did was irritate my seller.  So what now?  Where is the balance between having some things repaired and seeking perfection?  Honestly buyers, it leaves a seller feeling that they will never be able to make you happy in this process.  So…

The lessons in my opinion to be learned here are:

1) when you buy a house, you are assuming a responsibility to maintain it.  No house is ever perfect – even a brand new house.  Some things are frankly a matter of personal preference (do you want a door stop or not – yes, a door stop was one of the items on the report I received today)

2) as a buyer, when you receive an inspection report littered with little items, focus on the larger items.  Focus on the things you were unaware of or if left un-tended to could pose a longer term problem.

3) is the item you’re asking for an “upgrade” or a repair?  Let’s be clear, at least in Virginia, many items simply need be in normal working order – not upgraded or improved (hmmm, does labeling your electrical box impede the normal working order of the breakers?  didn’t think so…)

4) consider asking for a credit.  This way you can fix things the way YOU want them fixed – to your standards and on YOUR schedule.  If you can agree on a number, often this can be the best route to make everyone happy.

Just remember, it’s an inspection of something imperfect.  If you treat it as such and have realistic expectations, then it can be a smooth and perfectly reasonable part of the transaction… 

Rant over – thanks for listening!

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, there’s no time like the present!

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THE RENTAL MARKET

I believe the rental market can be broken down into different segments: the condo rental market and the single family home rental market.  Now I also believe that within these divisions, the rental market behaves differently at different price points – for condos, call it the “luxury” condo market or high end, vs. the “regular” 1 and 2 bedroom apartment style rentals.  For single family homes, the division seems to come around the $3000/month mark.  These are generalities, and certainly can’t apply across the board, but I think it’s an interesting way to think about the market.

Also, just as a side note, it’s virtually impossible to get a good handle on the rental market as a whole – size of it, statistics, etc…  mainly because there are so many sources and ways to go about renting out one’s home (word of mouth, bulletin board at work, a “for rent” sign stuck in the ground out front, and finally, Craigslist or even a REALTOR.)

CRAIGSLIST

Craigslist first began in San Francisco as a tool to email local events to a list of friends in 1995.  Wow – you’ve come a long way baby!  Now, it’s THE place to go if you’re looking for a place to live.  Whether you’re looking for a rental or even a condo to buy.  Many unrepresented sellers (a.k.a. – FSBO) list their properties there and even REALTORs have embraced Craigslist as a viable (and free, and we LOVE free) advertising tools.  But as for rentals, many landlords post their properties for rent and many many future tenants scan Craigslist daily for updates to their home searches. 

However, is there a point where Craigslist just doesn’t cut it?  Do the owners of a multi-million dollar home feel comfortable finding prospective occupants of their home online?  Does an owner have the time, energy and resources to properly screen applicants?  What about the lease itself…

REALTORS

That’s where we come in…  I believe that there are sectors of the marketplace that a property owner can be perfectly adept at renting out their own property.  Everyone is capable of pulling their own credit these days; tenants can also provide reputable referrals, past landlords as well as employment verification.  For the savvy owner, this is not a difficult task.  I have a client who has had NO trouble renting out any of his own properties within days of his first attempts often at OVER listing price.  He uses Craigslist and additionally he is willing to have un-related occupants in his home, knowing he’ll end up spending some money on spruce-ups between tenants – but hey – he’s saving money doing this himself. 

However, when it comes to the upper brackets, this is where I think REALTORS can really make a difference getting a home rented quickly to quality applicants.  I had an experience this summer where a family was referred to me by some past clients.  They own a 6 bedroom home in a nice part of town with good schools that was renting for $4,750; she had been trying to rent their home out since March and they were using primarily Craigslist, word of mouth, had a sign out front, had posted it in local business, embassies, everything.  I took the listing in June and placed it in MLS and within days had multiple viable options for tenants that were brought by REALTORS.  It definitely made me stop and think.

I believe there is a point at which using a good REALTOR to list your home for rent or to help you find a rental, makes a lot of sense.  If you are in the market looking for a home to rent, or if you’re considering renting out your home and want to explore options, please feel free to give us a call.  I’d be happy to put my expertise to work for you.

Meanwhile, don’t melt out there today – it’s going to be a hot one!

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, there’s no time like the present!

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