Archive for the 'Real Estate News' Category
The Emotional Cost of Buying and Selling Real Estate
October 13th, 2008 Categories: Real Estate News
A few months ago I reviewed a book that chronicled the story of a young family who, despite all odds, succeeded in making a run down, ramshackle house a home. The point being that buying a house is about so much more than getting a good deal or making a wise investment.
Yesterday in the Washington Post, staff writer Ylan Q. Mui made a similar point in an article that chronicled her and her husband’s own hunt for a house during the past six months.
Mui notes that “Sellers become depressed as homes stagnate on the market. They get insulted when they receive lowball offers. Buyers feel entitled to a deal and fret about finding the bottom of the curve. The process has become so emotional on both sides that psychologists rank it on par with divorce and even death.”
She also quotes Ruth Peters, a psychologist who has worked with us at Coldwell Banker. “People have a preconceived notion that it’s like walking into a store and and you’re going to see something and pick it out . . . Those are expectations that are generally not met. It’s going to take emotional work and physical work.”
I couldn’t agree more. I’m currently working with a couple who first came to me over a year ago as renters. Now they are ready to buy. We have looked at a lot of property. We have lost one contract on a short sale. We are writing another contract today. It’s been emotional and physical work on both sides.
I understand it but I don’t think my clients bargained on it being this tough. They have been real troopers though - they have stuck to their budget, they continue to trust the relationship we have built and, perhaps best of all, they have remained calm and optimistic.
They are not looking for a castle, they are not trying to gauge the ‘next hot neighborhood’ or where the military might relocate a large facility. Instead they are looking for a house that is within their means; a house that feels right, a house that will become home.
We’ve got more work to do but when we do find that house, all that work will become a distant memory.
What about you? Are you ready to dig in and do some work? Give me a call at 703.927.4554 and I’ll be right there with you.
Michael
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September Home Sales in Alexandria’s 22301 Zip Code
October 7th, 2008 Categories: Real Estate News
There were 9 September home sales in zip code 22301 which encompasses the Alexandria neighborhoods of Rosemont and Del Ray. Median sales price was $558,000; median list price was $575,000 for a 1.92% differential. Median days on the market - 14.
This is a drop from the 15 homes that sold in August in 22301. In August the median sales price was $510,000 and the median list price was $525,000 for a 1.71% differential. Median days on the market - 17.
If you are interested in more information about any of these sales or about other properties in the neighborhood, call me at 703.927.4554.
Michael
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August Marks 8th Consecutive Month of Improvement in Real Estate Market
September 29th, 2008 Categories: Real Estate News
In this time of financial uncertainty we feel rather fortunate to have a self-described ‘contrarian’ on our side. Tom Dellinger with LPL Financial has been working us since about 2001 and his steady hand has been particularly reassuring over the past year or two. Tom is always on the look out for the silver lining and he forwarded this report from Brian Postol at Jesup and Lamont, one of the nation’s oldest investment banks to us last week:
“A combination of existing- and new-home sales in August fell 13.4% year over year, which was a slight improvement over the prior month’s 15.5% decline. Although the year over year remains negative, one cannot disregard the fact that Augusts’ improvement - while gradual - marked the 8th consecutive month of improvement from the trough level experienced in December 2007 of a 24.6% decline.
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