Archive for the 'Real Estate News' Category
Real Estate Market Report for Alexandria and Northern Virginia July 2011
August 12th, 2011 Categories: Real Estate News
Have you ever vacationed in a favorite locale and thought, “I’d love to own a home here.”
It might be time to give that notion serious consideration as we draw towards the end of our traditional summer vacation months. Several factors are currently in place which make owning a vacation home a viable opportunity and a worthwhile investment.
Vacation homes are more affordable than they’ve been in recent years, making a secondary residence a way to save money, generate income and build equity.
Not only will you always have a home waiting in your favorite vacation spot, you have the option to rent it for select periods of time. In fact we are renting a house later this month through Vacation Rental by Owner (VRBO).
It’s also possible that this second residence might eventually become a primary residence, allowing a way to start preparing now for retirement.
According to the National Association of REALTORS®, lower prices have opened up the door for more families to own vacation homes. The median price of a vacation home was $150,000 in 2010, an 11.2 percent drop from when the median price was $169,000 in 2009. As a comparison, the median price of a primary residence in 2010 was $176,700, 4.5 percent less than the $185,000 median in 2009.
The housing market in general is favorable for qualified buyers at this point in time. Home prices are down an average of 27 percent from peak values five years ago. Even though second mortgages tend to have higher rates and shorter terms, interest rates as a whole remain near historic lows.
If you’re thinking of purchasing a vacation home, there’s another reason to consider it now: Unless Congress acts soon, conforming loan limits are being reduced on October 1, decreasing the availability and affordability of mortgage credit for many buyers.
If you want to understand what is happening in the real estate industry as it directly impacts your buying and selling decisions, look to the linked graphs below and then call me at 703.927.4554.
Alexandria
Arlington
Fairfax Country
Faquier County
Loudoun County
Prince William
Washington, DC
I will provide you with facts and the current market conditions that are relevant to you, in your local area. It’s my job to dissect those national headlines and give you the right kind of information you need to make the right decisions.
Let’s do this together,
Michael
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FSBO Founder Hires Realtor to Sell New York Property
August 5th, 2011 Categories: Real Estate News
This great story came across our desk today and we couldn’t resist sharing – especially since it emphasizes what an important role Realtors® play in the residential housing market.
Seems that Colby Sambrotto, founder and former CEO of ForSaleByOwner.com (FSBO) turned to a real live real estate agent after his property languished on the New York market for six months.
The new agent immediately lowered the price, attracted multiple offers and closed for $150,000 over the original asking price.
As AGBeat columnist Herman Chan noted, “If people want to take a stab at For Sale By Owner (FSOB), go for it. But well over 80% of FSBO’s eventually list with a real estate agent to get their house sold. It’s harder than it looks!
Consider this – I choose to be a Realtor®, I love my job and I do it every day.
Why take a chance (not to mention your time and energy) on what you can only do part-time.
If you are considering selling your house yourself or even if you already have an FSBO sign in your front yard, give me a call at 703.927.4554 and let’s see what a difference a Realtor® can make for you.
Michael
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Renter’s – Ask About “Move In Fees”
August 4th, 2011 Categories: Real Estate News, Renting
I do a fair number of rental for clients who have investment property or are moving away from the area for a few years. One thing I have noticed recently, especially with condominium associations, is a “move in fee.” What this fee really covers is anyone’s guess but it’s there and it has to be paid.
If you are the property owner, talk to your real estate agent about how you want to handle the fee. Will you pay it or will you include it in the listing along with security and pet deposits?
If you are going to include it in the upfront fees, double check the listing paper work – mistakes happen.
A client of mine moved into a condominium rental property just yesterday. Today he called because the association was trying to collect a $150 move in fee.
A few phone calls later, it was determined that the fee was not included in the original paperwork, a mistake on the part of the listing agent, and she ended up paying the fee out of her commission.
If you are the renter, ask the agent to detail the upfront fees before making a final decision or signing a contract. If the property has languished on the market for awhile, this may be a item for negotiation – and it never hurts to try. One thing you should never have to pay however is the monthly condominium fee – that is the responsibility of the property owner.
The Northern Virginia/Washington, DC area has some of the highest rental rates in the country and you need to know exactly what you are paying for.
Give me a call at 703.927.4554 if you have any questions or need to rent.
Michael
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Grape and Bean Coming to Rosemont?
August 3rd, 2011 Categories: Alexandria, Real Estate News
Grape and Bean, a small, independent coffee shop and wine bar in Old Town Alexandria, has announced it’s intention to occupy a space in Alexandria’s Rosemont neighborhood at Commonwealth and East Walnut Streets.
Grape and Bean in Old Town
From what we understand, Grape and Bean would also operate as a small grocery, carrying on a long tradition in this location and offering basics in addition to well selected cheeses, wine and bread.
Rosemont is a heavily residential neighborhood without the shops and restaurants of either Old Town or Del Ray.
We’ve heard a few folks question the feasibility of a wine bar and whether that would attract an ‘unsavory element’ and add to parking woes.
Rosemont Market
Other residents look forward to walking in their own neighborhood for a cup of coffee, a glass of wine and a bite to eat.
Sounds good to me – and it would definitely add to Rosemont’s walkability score.
Want to know more about houses in Rosemont? Give me a call at 703.927.4554 and we’ll go exploring!
Michael
Update (August 13, 2001) – we met a friend in Old Town the other day for a good ‘catch up’ over a cup of coffee and choose the Grape and Bean on South Royal. What a treat! Small, friendly and quiet, this establishment seems to have ‘good neighbor’ written all over it.
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High Balance Conforming Loans Set to Change
July 27th, 2011 Categories: Mortgage Update, Real Estate News
We’ll keep you posted.
Michael
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Top “Lifestyle” Factors When House Shopping
July 25th, 2011 Categories: Real Estate News
We’ve been away for a few days and thought we would kick off our return with this article from Melissa Tracey at Realtor® Magazine.
Melissa makes the point that home buyers today are not just looking for the “least expensive house in the best neighborhood” but they are looking at an entire lifestyle.
Urban loft, Cape Cod cottage, classic center hall colonial – yes, those things are important but so are these top life style priorities as reported by survey by Better Homes and Gardens Real Estate:
- Ease of commuting by car – 30%
- Access to health and safety services - 34%
- Family friendly neighborhood - 33%
- Availability of retail stores - 32%
- Access to cultural activities - 21%
- Public transportation access – 19%
- Nightlife and restaurant access – 18%
- Golf friendly area-access to golf courses – 6%
Now I can’t honestly say that Alexandria or Northern Virginia falls into the “ease of commuting by car” category but we do really well with all those other areas!
Let me tell you about some of the great neighborhoods where you’ll find some great lifestyle choices and a great house.
Give me a call at 703.927.4554 . . .
Michael
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Ceiling Fans – What You Need to Know
July 13th, 2011 Categories: Real Estate News
We bought into the ceiling fan craze years ago. First it was high ceilings in a vintage Old Town apartment and then the fans moved with us to our three story townhouse in Del Ray.
Like many town homes, the lower, basement level, is an ice box but the third floor bedrooms suffer in the summer heat. Sound familiar?
But hey, don’t take our word for it. Check out what you need to know in this article from the Washington Post about buying and installing ceiling fans.
Two big take ways?
- You can feel up to 8 degrees cooler sitting under a ceiling fan
- Fans cool people, not rooms, so don’t leave the fan on if you’re not present
Michael
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Real Estate Word of the Day – Imperative Necessity
July 10th, 2011 Categories: Real Estate News
Imperative Necessity - the ability of an (real estate) agent to take initiative in times of emergency, including disregarding instructions from the principal, when it is clearly in the interest of that principal.
Example: When one of John’s listings was damaged by flooding, he quickly employed a crew to fix the damage and get the home ready for showing. Although there was nothing in the listing contract that authorized this, the owner was not available, so he employed the doctrine of imperative necessity to justify his actions.
Michael
*Dictionary of Real Estate Terms
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Alexandria and Northern Virginia in Top Ten Highest Rental Markets in the US
July 5th, 2011 Categories: Real Estate News
In a article published today by MSN Real Estate, Alexandria and Northern Virginia were cited as being in the top ten highest rental markets in the US.
The government and a higher than average employment rate in the greater Washington area puts landlords firmly in the drivers seat when it comes to rents.
Just a year and a half ago, the national rental-vacancy rate sat at a peak of 8%, its highest level in nearly a decade, with economic conditions driving tenants to move in with family or friends.
“The apartment market really turned around though in 2010,” says Axiometrics* President Ron Johnsey, who expects rents to continue to rise through 2013 at a national average of 5% to 7% a year. “In some markets, you’re seeing double-digit increases in rent.”
What does this mean for you? If you are looking to invest in rental property the signs point to excellent opportunities for solid rental income.
If, on the other hand, you are tired of paying as much for a rental as you could be paying on a mortgage then this is a perfect time to start looking. In particular, the condominium market in Northern Virginia is where you might want to start.
In either case, I’m here to help you find the perfect solution for your pocket book. Give me a call at 703.927.4554 and let’s make it happen.
Michael
*Axiometrics is an apartment research firm
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Family Memories Come Together in The Fourth of July, Iceland and the Chesapeake Bay
July 3rd, 2011 Categories: Real Estate News
The Fourth of July, Iceland and the Chesapeake Bay may seem like disparate elements for family memories so let me give you a bit of background.
1 – After my father retired from the military he and my mother moved to Scientist’s Cliffs, a small private community on the Chesapeake Bay. The community is composed of some 300 cabins and sits on 276 acres of the Calvert Cliffs, which rim 25 miles of the Bay’s western shore.
2 – My mother was from Iceland. She and my father met and married when he was stationed in Reykjavik and my brother and I were born there. (Yes, I have dual citizenship.) My sister, who came a bit later, was born in Richmond, VA.
3 – My mother was born on the Fourth of July!
Now, put those three things together – plus my mother’s unabashed love of this country – and you have the beginning of a long, wonderful family memory.
For as many years as I can remember, the entire family gathered at Scientist’s Cliffs every Fourth of July to celebrate my mother’s birthday and the official birthday of the United States of America. The day started early with games – sack races, an egg toss, turtle races, softball – and ended with the all important scavenger hunt. It should be noted that the Bergin family took first place in the hunt at least 6 years in a row.
After lunch it was off to the beach or, if the jelly fish were too bad, straight to the swimming pool. But the main event, and the one everyone waited for, was dinner that night.
Sitting on the back deck overlooking a glen filled with azaleas, rhododendrons and towering trees, the picnic table spread with newspaper, we tucked into bushels and bushels of steamed blue crabs. It didn’t matter what else we had, the crabs were all anyone cared about. It didn’t matter how hot it was or how annoying the mosquitoes, the crabs were irresistible and we picked until the last one was gone.
By then it was dark and it was time for sparklers, birthday cake, tucking little ones into bed and talking long into the night. Even today, with family scattered to California, North and South Carolina and even Europe, the memory of our very special Fourth of July celebration lives on.
Thanks to my daughter Taite, who with a simple entry on her Facebook page, sparked the reminder of what we all shared. If I left anything out, or if any of you have spent time at Scientist’s Cliff, I’d love to hear from you.
Celebrate, enjoy and be thankful. Happy Fourth of July everyone!
Michael
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