Virginia and DC Metro Real Estate :: City Smart Living

Housing Market

2024-12-14T15:57:52Z

Why Today’s Foreclosure Numbers Are Nothing Like 2008

You’ve likely seen headlines about the number of foreclosures climbing in today’s housing market. That may leave you with a few questions, especially if you’re thinking about buying a house. Understanding what they really mean is mission-critical if you want to know the truth about what’s happening today.

According to a recent report from ATTOM, a property data provider, foreclosure filings are up 6% compared to the previous quarter and 22% since one year ago. As media headlines call attention to this increase, reporting on just the number could actually generate worry and may even make you think twice about buying a home for fear that prices could crash. The reality is, while increasing, the data shows a foreclosure crisis is not where the market is headed.

Let’s look at the latest information with context so we can see how this compares to previous years.

It Isn’t the Dramatic Increase Headlines Would Have You Believe

In recent years, the number of foreclosures has been down to record lows. That’s because, in 2020 and 2021, the forbearance program and other relief options for homeowners helped millions of homeowners stay in their homes, allowing them to get back on their feet during a very challenging period. And with home values rising at the same time, many homeowners who may have found themselves facing foreclosure under other circumstances were able to leverage their equity and sell their houses rather than face foreclosure. Moving forward, equity will continue to be a factor that can help keep people from going into foreclosure.

As the government’s moratorium came to an end, there was an expected rise in foreclosures. But just because foreclosures are up doesn’t mean the housing market is in trouble. As Clare Trapasso, Executive News Editor at Realtor.com, says:

“There’s no reason to panic, at least not yet. Foreclosure filings began ticking up . . . after the federal foreclosure moratorium ended. The moratorium was enacted in the early days of COVID-19, when millions of Americans lost their jobs, to prevent a tsunami of homeowners losing their properties. So some of these proceedings would have taken place during the pandemic but got delayed due to the moratorium. This is a bit of a catch-up.”

Basically, there’s not a sudden flood of foreclosures coming. Instead, some of the increase is due to the delayed activity explained above while more is from economic conditions. As Rob Barber, CEO of ATTOM, explains:

“This unfortunate trend can be attributed to a variety of factors, such as rising unemployment rates, foreclosure filings making their way through the pipeline after two years of government intervention, and other ongoing economic challenges. However, with many homeowners still having significant home equity, that may help in keeping increased levels of foreclosure activity at bay.”

To further paint the picture of just how different the situation is now compared to the housing crash, take a look at the graph below. It shows foreclosure activity has been lower since the crash by looking at properties with a foreclosure filing going all the way back to 2005.

While foreclosures are climbing, it’s clear foreclosure activity now is nothing like it was during the housing crisis. In addition to all of the factors mentioned above, that’s also largely because buyers today are more qualified and less likely to default on their loans.

Today, foreclosures are far below the record-high number that was reported when the housing market crashed.

Bottom Line

Right now, putting the data into context is more important than ever. While the housing market is experiencing an expected rise in foreclosures, it’s nowhere near the crisis levels seen when the housing bubble burst, and that won’t lead to a crash in home prices.

City Smart Living Presents: Fall Fest at Cox Farms.

2024-12-14T15:57:52Z

Don’t Miss Out Next Year!

Tractors, and Hay Rides and Minion Pumpkins OH MY! We had our first annual Fall Fest event and man did we have a ball. It was the perfect chilly autumn day @ Cox Farms. We invited all of our clients, connections, friends and family, out to the pumpkin patch on us!!! We don’t think we’ve seen such cute kids in our lives 🙂 ! Everyone had the chance to win a hand paint minion pumpkin by picking the right toy out of the mystery box! Let’s just say it got super competitive, the little round guys were the talk of the town! Wait it gets better! Before the families entered the farm, we had hot apple cider, tons of candy, good convo, and some tear jerking laughs! The event was a success! Join us next time.

Email us to get on the VIP list for event details: info@citysmartliving.com

Awesome Decor and Craft tips for FALL TIME!

2024-12-14T15:57:52Z

Fun Crafts For Fall You Won’t BeLEAF’

There are so many fun crafts and decor you can make with just the leaves that have fallen in your yard. Let’s be honest, besides the beautiful colors of the leaves and the fun of diving in them, they’re mainly just another thing to clean up. A little glue and glitter goes a long way to add some zest to your pest. Not only do you get a cool autumn piece for your home, but it’s a great chance to bond with the kids, family and friends.

Click the tips below for details on how to create these crafts:

Welcome Sign– Adopt a Christmas tradition for the fall and make an autumn leaf wreath. You can make one in the traditional circle or you can grab your favorite welcome sign for the door and decorate the perimeter with the colorful leaves.
Leaf Candle Holder– You won’t regret this craft when the flame shines through the Mason Jar and it illuminates all of the beautiful hues of the leaves.
Glittery Garland– Add a little glue and glitter over the leaves and punch a hole to insert the string and VOILA’. A little extra tip that they don’t mention is spray the leaves after with a little hairspray to help the glitter stay put. 🙂
Autumn Tote– Do you remember putting a leaf under a sheet of paper and scribbling over it to see the imprint? Same concept. Great craft for kids to have an awesome tote to showcase at school.
Forget Carving Pumpkins– Tired of carving pumpkins and having them rot? This year try painting a pumpkin and adding some traced leaves from tissue paper. Looks great for the spooky holidays or for a fall home accent.

July is HOT But We Are On FIRE!!

2024-12-14T15:57:52Z

The month of July has been a crazy month for City Smart Living. Had to swing by and let you guys in on all of the greatness we have going on. We currently have 9 listings and counting this July. They all will be closing in early August and September! One of the properties in Ashburn, VA didn’t even last ONE weekend or through it’s first open house before the offers came rolling in. The gorgeous house is now under contract after less than 5 days. CRAZY RIGHT! Our listings for July range from Arlington, Washington. D.C, Ashburn, and Leesburg! We also have 4 clients that are under contract to purchase homes from Arlington all the way down to Woodbridge, VA. It’s okay to toot your own horn right? *toot toot! There’s a lot of excitement going on within our team. The best part is seeing our clients smile and taking on the hassles of the selling/purchasing process for them, so that they can be more at ease. Customer service is key, our clients think of us like family because we are always one call away. Our agents and admin staff don’t rest until our clients find the home they imagine when they close their eyes. We are like fairy-god agents 🙂 Stay tuned for more information on what’s happening with City Smart Living, so when the time comes you know who to call.

Client Appreciation Event Was A Success!!! #movienight

2024-12-14T15:57:53Z

OUR CLIENTS ENJOYED A FREE MOVIE….ON US!!

On Sunday, June 25th City Smart Living hosted this quarters client appreciation event. We hosted a ROCKIN movie night at Tysons Corner movie theater and it was a major success. All our clients had to do was RSVP with the event link, show up, choose a movie and force themselves to eat snacks, that they purchased with a concession stand gift card we provided. There were gift card raffles, candy and lots of laughs! We got the chance to chat when each person came to our table to get their free tickets and other perks. The best part was having that brief catch up with previous clients and getting the chance t0 meet family and friends who came along to enjoy the festivities. 🙂

Some people were camera shy, so we didn’t get the chance to grab a pick of everyone who came out but we would like to thank every single person (even the babies) who came to celebrate with us. We are looking forward to our next sold out event. Stay tuned and don’t forget to check your email so you don’t miss out on other fun, free and exciting events we have.

April Showers, Bring May Flowers! See What Properties Blossomed This May.

2024-12-14T15:57:53Z

This Month’s Success Stories! We made it rain in April and made things come to life in MAY! Check it out.

Our agent Matthew ensured a worry free experience for his client Kristin. She was referred to us by a raving fan, and she received nothing less than supreme customer service. Kristin had some concerns about buying another home, when she had her previous home to think about. We were able to ease her mind buy renting out her 1st house, in order for her to purchase a new home on 3 acres with a horse stable and a chicken coop! Our goal is to always do what is best for our client! Congrats Kristin.

Manassas, VA

It was bitter-sweet to see this house go. We all fell in love with how gorgeous this house was. Our clients (sellers) moved out of the state and trusted us to handle the process of selling their home, in their absence. This couple above waltzed in unrepresented and loved this home. We advised them along the way and now this great couple and their kids get to enjoy this beauty as much as we did. Pretty sure that they are now raving fans and enjoyed the smooth sailing of the transaction as much as we did. Fun Fact: one of our clients selling this house was a Nobel Peace Prize winner. 🙂

McLean, VA

We were thinking to just post quotes from the clients on how easy the process of selling their house went. To sum up the their comments into a few words “City Smart Living took care of everything.”. One of our clients for this transaction was out of the area for most of the process and we were able to virtually provide him with everything he needed. During the transaction we looked out for our clients and had their back. We saved them thousands of dollars when the buyers were requesting repairs that weren’t necessities. We also recommended our contractors/stagers, so that everyone viewing the home would immediately see the charm. The couple had such a positive and hassle free experience. They came in as referrals but now we have gained life long clients and friends.

Alexandria, VA

Station Square condos are hot commodity in Arlington! We advised our client to make her price attractive and it would sell. After getting her to see the value in pricing right, low and behold it SOLD! Ensuring that our clients have the best information and market data is crucial. Even if it isn’t what they want to hear they will appreciate it in the end. Our goal is to always get our clients the best possible deal.

Arlington, VA

Selling a home with renters still occupying the space can be tricky. That’s when our job really kicks in. We were able to schedule around 3 different people’s schedules, for showings and open houses. Cleanliness is super important when selling a home with renters still living there. To help out we referred our contractors, stager service and maid service. This was a major help because our client didn’t have to lift a finger.

Ashburn, VA

City Smart Living Gives Back! Keller Williams Realty RED DAY :)

2024-12-14T15:57:53Z

Red Day Was in FULL Effect for the City Smart Living Team!

Red Day is an annual event at Keller Williams Realty, where teams or individual agents volunteer at various locations. The freezing, pouring rain couldn’t even stop City Smart Living from giving back to their community. Everyone grabbed their coats and headed to their Red Day location; Safeway 5101 Wilson Blvd, Arlington, VA 22205. They were to greet shoppers and inform them about the A-SPAN and Doorways charity groups. Shoppers were given the chance to support by purchasing items off of a sheet given to them and dropping the items off on their way out. A-SPAN and Doorways support the homeless, abandon families, and women in domestic violence situations. So every item made a difference. The products ranged from feminine & household products to gift cards to various locations. The team more than exceeded their goal in what they were able to gather from the shoppers. It was truly because each team member approached the customers with sincere hearts and excitement about the cause. Red Day was about giving back, but for this team it was an honor just to be apart of it!

Alexandria, Virginia Makes the Big Screen

2024-12-14T15:57:53Z

For those of you who don’t know, the TV series Mercy Street on PBS is based off of actual events from the Civil War in Alexandria, VA. Here’s a fun fact as a result from the raves about the show Alexandria is now offering tours, events and exhibits based on Mercy Street. You can now turn your screen view of Mercy Street into a live experience. This is our neck of the woods so we are definitely going to have to check this out. To learn more about the events and locations click on the picture below.

Explore Costumes of PBS’ Mercy Street in Alexandria, Virginia

Real Estate Agents Get You More Money for Your House!

2024-12-14T15:57:54Z

Let’s be honest. The reason FSBO’s (For Sale By Owner’s) want to sell their house on their own is to gain..what they assume to be the “most profit”. The irony of this is, can it really be the most profit if you low balled your asking price? Hmm?? Think about that for a second! Most people don’t know know the worth of their home. Home value analyst is just one thing that you could have received with a knowledgeable agent. So you think you’ve won, but you’ve actually lost because you’ve listed too low. Ouch! But, Hey don’t fret City Smart Living is here to tell you why and how you can win with an informed agent.

Real Estate Agents do not do anything! FALSE!
- To the contrary, at City Smart Living we are always working for our clients, every single day. We completely take on the hassle and craziness that can occur when selling a home, so that our clients can relax. Any good agent should provide the same customer service. Nevertheless, as agents we have access to facts, data, and market information that the outside world doesn’t have access to. Similarly, that allows us to market your home accurately and to the appropriate target market.
- Marketing your home is half the battle. Most FSBO’s don’t promote their homes, they just throw it on Craig’s List and cross their fingers. That’s completely inefficient. I mean that’s like jumping off of a building and hoping you learn how to fly. It just doesn’t work that way. Agents elucidate upon the great qualities of your home, this way buyers can see the beauty of your home the way you do. One snap shot on a smart phone camera just wont do. Would you rather view a low budget film or a marvel studios production? Same thing applies here.
We protect you!
- The person buying your home will come with a Buyers Agent. They will be on the prowl to get their client the lowest price for your home. Now, calculate the average time a FSBO home is on the market (88 days). The home’s that don’t sell during that time period have to be relisted and can be on the market for several more months. At this point frustration sets in because your’e torn between picking your poison. Do you sell your house for way less than its worth? or Keep it on the market and prolong the process? Yikes! Let’s turn that red light into a green light and hire a real estate agent to be your guard dog by…..
  - Negotiating with the Buyers Agent and fighting for your home, with the expertise behind us to succeed. We have your back when you feel like your back is against the wall.
  - We are EXPERTS IN MONOPOLY! Think about it. Its easy to play monopoly, it isn’t rocket science. However, when you sit down to play with someone who plays everyday, 9x out of 10 you will get demolished because they know all of the tricks and methods to the game. Point is don’t try to play against a pro and get sent to monopoly jail. Hire an expert! Real Estate Agents play the game for you.

People love statistics, data, and numbers so here are some info-graphics on the ways to sell homes. Statistically, the most beneficial way is to get a real estate agent and save yourself the time. Also agents get their clients an average of 19% more on the selling price than FSBO’s do on their own.

You’re Welcome,

City Smart Living 🙂

If you want your house to be tech savvy…check this out.

2024-12-14T15:57:54Z

This article was so interesting we had to re-share it. If you want to have the convenience of protecting your home in the palm of your hand, read this article for some cool options.

Get Smart: 5 Ways to Turn Your Home into a Smart Home