Arlington Real Estate News

Washington DC Median Sales Price Up Over 12%

Laura — Wed, 16 May 2012 13:22:11 +0000

A huge increase in the median sale price for Washington DC real estate last month. The median sale price jumped up 12.53% over April 2011. Properties were selling in an average of 67, but nearly HALF of all of the 586 sales were in the first 2 weeks the property was on the market, property because inventory levels were down over 30%. Properties were selling for an average of 95.8% of original list price.

Single Family, Detached
Average Sale Price: $745,462 after 80 days (median was 19)
Range: $44,000 – $3,550,000

Townhouse/Rowhouse
Average Sale Price: $529,665 after 61 days
Range: $45,000 – $1,995,000

1 Bedroom, 1 Bathroom Condos/Coops
Average Sale Price: $311,817 after 47 days
Range: $17,000 – $690,000

2 Bedroom, 2 Bathroom Condos/Coops
Average Sale Price: $563,624 after 51 days
Range: $140,000 – $1,350,500

Falls Church City Real Estate Sees Double Digit Price Increases in April

Laura — Wed, 16 May 2012 12:44:42 +0000

Falls Church City saw a 10% increase in average sale price over last year! Properties were selling for an average of 98.7% of the original list price, probably because inventory levels were down nearly 33% from 2011. Overall, a total of 125 properties sold in all of Falls Church, of which 8 were short sales and 7 were foreclosures (a decrease in overall market share of distressed properties). Here are the averages by property type throughout Falls Church:

Single Family, Detached
Average Net Sale Price: $555,307 after 48 days (median was 7)
Range: $223,000 – $1,588,500

Townhomes
Average Net Sale Price: $548,454 after 21 days (median was 5)
Range: $367,000 – $745,900

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $180,258 after 49 days (median was 16)
Range: $90,000 – $290,709

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $336,073 after 55 days (median was 12)
Range: $180,000 – $620,000

Evaluating Schools When Buying A Home

Laura — Tue, 15 May 2012 12:53:35 +0000

I sell real estate, which means I know about the local economy, housing types, inspection repairs, and financing options. It doesn’t make me qualified to evaluate schools though. So when people ask me about local public schools, I can say what I know about them – Barcroft is a year round school, Yorktown has a good softball team (I used to be an assistant coach a few years ago), W&L has a turf soccer field, and the boundary for each school by neighborhood – but I can’t speak to the quality of education, test scores, student to teacher ratio, etc. That said, luckily I married a high school teacher to help with that! Schools have reputations which may or may not still be accurate today. I asked Mitch, my hubby, where and how to evaluate your options.

He did a comparison of McLean and Langley for The McLean Ear (now the McLean Patch) 2 years ago, so here is an excerpt from that post:

“McLean ranked 102, Langley ranked 118…After examining both schools, there really aren’t a lot of differences in the scores and numbers. What I would do is visit the schools and try to meet with the principal to get a feel for the management style. Another option would be to attend an event at the school. A play, a sporting event or a fundraiser are all great ways to meet school staff, fellow parents and students.”

How do you evaluate the schools in Arlington?

There are only 3 high schools in Arlington – Yorktown, Washington & Lee, and Wakefield. There are 5 middle schools in Arlington – Gunston, Kenmore, Jefferson, Swanson, and Williamsburg. There’s even more elementary schools (click here for the Arlington Public School website).

There’s an online website that has report cards from each school that will help you sort through statistics, test scores, safety, demographics, etc.

Visit the Virginia Department of Education Report Card

Search the Arlington Boundary Locator to find the schools associated with your address

McLean Real Estate Selling FAST

Laura — Mon, 14 May 2012 14:06:15 +0000

McLean real estate is literally flying off the market these days. Prices took a small dip in April, but that’s because more of the “affordable” houses in McLean sold last month, bringing average sale prices down. However, inventory is down throughout McLean, as are days on the market. In 22101, properties were selling for an average of 96.6% of original list price, while 22102 saw a 95.9% average. The big thing to watch is days on the market, most of the properties are selling within 10 days of hitting the market. A total of 50 properties sold in April and half sold within 10 days of coming on the market. Of those 50, only 4 were short sales or foreclosures. Most of the properties sold last month were single family homes, so you’ll see some averages are missing below – ask me if you have a specific type of property and want an idea of what it’ll sell for:

22101

Single Family, Detached
Average Net Sale Price: $1,040,783 after 76 days (median: $768,175)
Range: $477,999 – $3,100,000

Townhomes
Average Net Sale Price: $684,500 after 1 day
Range: $599,000 – $779,500

22102

Single Family, Detached
Average Net Sale Price: $1,138,475 after 35 days
Range: $813,850 – $1,817,000

1 Bedroom, 1 Bathroom Condos
Average Net Sale Price: $230,625 after 18 days
Range: $219,000 – $257,500

2 Bedroom, 2 Bathroom Condos
Average Net Sale Price: $256,332 after 7 days*
Range: $194,297 – $310,000
*There was a $1M condo sold but it’s a new construction and not a great comp to be used in computing an average

Arlington Real Estate Climbs Over 18% in April 2012

Laura — Fri, 11 May 2012 10:11:04 +0000

Well into the Spring real estate market, it’s easy to see how strong our local economy is! Prices soared 18.13% over last year, days on the market fell to 61, inventory fell by 19%, and properties were selling for an average of 97% of original list price. Condos increased over 21%, townhomes increased over 14%, and single family homes saw a 12% increase in average sale price. A total of 248 properties sold last month, of which only 6 were short sales and 7 were bank foreclosures.

Single Family, Detached
North Arlington Average Net Sale Price: $868,630 after 53 days
Range: $407,000 – $3,100,000
South Arlington Average Net Sale Price: $567,959 after 77 days
Range: $323,000 – $1,114,000

Townhomes
North Arlington Average Net Sale Price: $640,160 after 57 days
Range: $435,530 – $930,000
South Arlington Average Net Sale Price: $347,314 after 89 days
Range: $221,535 – $700,000

1 Bedroom, 1 Bathroom Condos
North Arlington Average Net Sale Price: $320,139 after 35 days
Range: $202,000 – $412,000
South Arlington Average Net Sale Price: $239,340 after 59 days
Range: $107,692 – $305,000

2 Bedroom, 2 Bathrooms Condos
North Arlington Average Net Sale Price: $553,858 after 79 days
Range: $260,000 – $794,000
South Arlington Average Net Sale Price: $405,012 after 54 days
Range: $267,500 – $519,700

Family Friendly Arlington Resources

Laura — Thu, 10 May 2012 12:57:35 +0000

Arlington has been rated by National sources as one of the best places for singles, but it’s also a very family friendly community. If you’re looking to get involved, listed below are some great local resources for families. Some of these groups require membership and/or a small joining fee, but many are free:

Mothers of North Arlington (MONA)

MOMS Club of South Arlington

Arlington Parks and Playgrounds

Arlington Pools

Arlington Civic and Citizen’s Associations

Arlington Day Care and Early Childhood Programs (the lists for N and S Arlington will also provide a list of available Nannies)

Arlington County’s Family Resource Website

DC Urban Moms and Dads

There’s also a slew of local bloggers who offer tips, places to visit, and things to do in and around Arlington

How Things Have Changed….

Laura — Wed, 09 May 2012 13:18:39 +0000

May 9th, today, marks the 32nd anniversary since my parents immigrated to the USA from Belarus. My parents came to the country with about $200, little English, and a 4-year old baby boy (my brother). I thought I would take this opportunity to reflect on how things have changed, and how they influenced my love and career of real estate. About 4 years after they came to the states, they bought their first investment property (they had already managed to buy a primary residence). Pretty much right when I was born, my Dad came home one day and announced he had bought a fixer upper…yes, with an infant at home (very considerate of him, I know). While he worked away fixing it up, he was able to sell it quickly once he was done. The exercise proved to be the first as their values and beliefs grew that through real estate, you can build wealth. They instilled that belief in me and my brother.

Today, as I watch my little 401K float down, I am once again reminded of this life lesson they taught me so long ago. In our market, where prices are sky high, sometimes investment properties are hard to find, but they’re out there. You can find some moneymakers with some patience, some luck, and the right number cruncher. I bought my first investment property at 24 in my hometown in Albany, New York, which I recently sold to buy one in Arlington.

For recent posts and tips on becoming a real estate investor, read some of my old posts.

Happy Anniversary Mom and Dad!

New 30 Day Rule for Short Sales

Laura — Tue, 08 May 2012 18:24:35 +0000

As of June 15th, a new Fannie/Freddie guideline will take effect in how short sales are sold. While short sales aren’t a huge part of our market, you should still know what this means and how it changes the game. Here’s the outline for the upcoming changes:

Banks now must respond with 30 days. If they need more, they can take up to 60 days IF they provide weekly updates to everyone. A final decision must be rendered by day 60.
The 30 day clock starts when the borrower (the seller) submits a short sale offer from a buyer and completes a response package.
If the short sale is under the government’s Home Affordable Foreclosure Alternative (HAFA) program, the 30 day clock starts when the borrower (the seller) submits the completed package requesting consideration of a short sale to the bank.
If the bank makes a counteroffer, the borrower (seller) has 5 business day to response, then the bank has 10 business days to respond.

Now, that sounds great in theory. Wouldn’t it be nice for everyone, especially the sellers, not to have to drag their feet for 6 months waiting for a bank response? Here’s the one (fatal) flaw of the new guideline: There is no mention of any repercussions for failing to meet the 30 (or 60) day deadline. It’s possible this may change in the future, but as of right now, that’s where we stand. So we can hope for the best, but likely there will be an adjustment period for everyone involved as they roll out this new policy.

For a complete list of available short sales in Arlington, click here.

The Importance of Following Up with Your Listing Agent

Laura — Tue, 08 May 2012 12:10:40 +0000

When you select and sign an agreement with a Realtor(R) to list your home for sale, it is imperative you follow up with them to see a copy of the listing that the world will see. Lately, I’ve seen an increasing number of mistakes which range from: upside down photos, the WRONG Street address (building #), incorrect information in the listing, or no information at all.

Ask your agent for a link to your MLS listing. Go through the pictures, read through the comments, check the condo fee and what’s included, etc. A second set of eyes, particularly ones who know the property even better than the agent, can’t hurt. You might catch a mistake, you might suggest a revision that’ll improve the listing.

Remember, 90% of people start their home search online, so this internet advertisement in the form of your MLS listing is the first introduction they have to your property. Make it right!!

Back Up Offers: Why I Think They’re Pointless (as a Buyer’s Agent)

Laura — Fri, 04 May 2012 13:14:38 +0000

Back up offers are, by definition, the next in line to purchase a property should the current contract fall through. They’re becoming more popular with listing agents in our market, but I have some strong opinions on why (as a buyer’s agent) they’re almost pointless and waste of your time and effort. I’m sure you’re surprised to hear I have an opinion on this. Now, I want to make it clear that my opinions on this are strictly for regular sales, not a foreclosure or short sale, which can be totally different animals.

When is a back up offer written?
When a seller has accepted a contract on their property and they now have a ratified contract, sometimes agents will encourage buyers who “lost” out to write and submit a back up offer.

What are the terms of a back up offer?
You are the lady in waiting. Should the winning offer fall through, you’re there to step in and continue. Most of the time, agents will tell you the price has to be at least what the other one was. Now other terms are subject to your financing, so you’ll still need whatever length of time your lender requires to complete your loan, so it might be another 30 days before you can close (some lenders can get it done faster, truly depends on your type of financing and your lender).

When would a back up offer be accepted?
You have no standing or say in anything until the current offer falls apart. When does that happen? Usually the home inspection, appraisal, or the buyers get cold feet and void for whatever reason. Now, in a situation where the buyer got cold feet and voided for no particular reason – that might be a great situation for you. However, if the buyer voids the current contract because something was wrong on the home inspection or the property didn’t appraise for their sale price, now you’ve agreed to pay at least that price for something that’s a) wrong with the property with no guarantee the seller will repair it or credit you for repairs, or b) has been deemed above market value by an appraiser.

Why would you want to pay more for something than you have to?

My reasoning is this: if you missed out, it wasn’t meant to be. Keep looking. Tell the agent you’re interested if the current contract falls through, but don’t waste your time and miss other opportunities waiting for something that might never happen. If the opportunity comes up to pursue the property again, ask what happened. If something major came up on the inspection, now the seller has to disclose it and you’re in a better bargaining position.

Now, as a listing agent, obviously it’s in the best interest of a seller to entertain backup offers. If the current contract asks for a large credit for repairs or something of the sort, you know you have another buyer waiting in the wings who may benefit you more financially. Sellers always win with backup offers. Buyers (almost) never do.