Archive for May, 2008
Neutral Rooms Work for Sellers but Colors are the Hot Topic for Buyers
May 30th, 2008 Categories: Blog Watch, Real Estate News
Practically every real estate agent and staging professional I know suggests neutral (if not white) colors for a ‘fast sale.’
It makes rooms look bigger, imperfections fade and, most of all, it allows perspective buyers to envision their own furniture, their own tastes and their own personality in your space.
But what happens once the contract is signed? Just as neutral facilitated the sale, so color will help anchor new roots and owners. For some, picking colors is second nature but for many of us it can be a crippling, “oh my gosh am I making the right choice” process. Fear no more!
A number of internet sites devoted to paint and color have surfaced recently and two of our favorites are Kate Smith’s and Rachel Perl’s. Smith is a color trend forecaster working on her own line of paint and Perl is a former pet portraitist who now advises residential and commercial clients.
A third site we like, although not specifically about color, asks the bold question: “Black walls: Would you dare?”
Paint is still considered one of the easiest, quickest and cheapest ways to transform a room or a whole house so don’t let your lack of color savvy get in the way - explore, study and just go for it!
Michael
P.S. - The only ‘neutral’ room in my house is the bedroom. A color tour includes forest green, butternut squash, yellow, blue, orange, red, and light green. And yes, it all works thanks to my spouse and managing partner.
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National Association of Realtors and Justice Department Reach Major Antitrust Settlement
May 28th, 2008 Categories: Real Estate News
This just in from the New York Times - A deal reached today by the Justice Department and the National Association of Realtors (NAR) will allow Internet brokers and discount brokerages to use the same multiple listing services. The Justice Department sued the NAR in federal court in 2005 on antitrust grounds, charging that its policies hurt consumers and stifled competition. Scheduled for a July court date, the settlement opens the door for more efficiency and more competition in the market.
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Coldwell Banker Reports April Increase in Northern Virginia Home Sales
May 27th, 2008 Categories: Real Estate News
Coldwell Banker offices across Northern Virginia saw a 17.5 increase in homes under contract during April 2008 compared to April 2007.
This is in comparison to across the board home sales which were down 11% from April 2007.
At the same time, this represents a steady overall improvement in month-to-month comparisons from 2008 to 2007.
Another positive note - almost 37% of April homes sold in Northern Virginia were on the market for 30 days or less. Overall, homes settled in April sold for approximately 97% of the listing price and appropriately priced home ARE receiving multiple offers.
MRIS data also showed a decrease in inventory in all but one price range with the total months to absorb dropping to 7.4 months in April. This continues a four-month decline from 12.4 months in January. “Months to absorb” suggests the time it would take to absorb the current inventory at the present rate of sales vs. the number of homes coming on the market.
The continuing balance in inventory suggests that buyers are starting to recognize the values in today’s market and sellers are responding appropriately.
Is this the time for you to make a move? For more information about today’s changing market, call me at 703.927.4554.
Michael
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