Arts on the Avenue – Join us Saturday, Oct. 1
September 29th, 2011 Categories: Del Ray, Real Estate News
Join us this Saturday, Oct. 1 for Arts on the Avenue in Del Ray – THE premier arts festival in Northern Virginia – with over 300 vendors.
Stroll Del Ray’s Mt. Vernon Avenue from 10:00 am to 6:00pm for a full day of activities. In addition to the arts vendors, look for scarecrow making, pumpkin painting, puppet shows, dance performances and a wide range of music.
And did we mention the food court or the crab cake sandwiches?
Come on out and join us, it’s going to be a great day!
Michael
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Why Now is a Great Time to Buy!
September 26th, 2011 Categories: Real Estate News
Dr. Steve Sjuggerud, author of Daily Wealth, an online investment advisory, makes the educated point in a recent article that now is a great time to buy
Why? Despite sluggish housing prices and a volatile market, Dr. Sjuggerud says to consider this:
“The median existing home price in America is currently $168,000. But it might cost you roughly twice that to build one from scratch.
If you’re going to build a typical 2,500-square-foot home, at a cost of $100 per foot, it’ll cost you
$250,000. And that’s just building costs. By the time you add in the cost of the lot, permitting, labor, and more, you’re up near $300,000.
You might be able to drive down the cost per foot a bit. But at $80 per foot, you’re still looking at a $200,000 building cost, plus the lot and permitting. At the very best, you might get to $225,000. This is 33% higher than the price of an existing home.If you’re in a position to do it, now is the time to buy a home or refinance your existing home.
Don’t catch yourself looking backwards. A few years ago, houses were extremely expensive, and rates were much higher. Instead, look forward.
1)Today, housing is cheap.
2)Mortgage rates are now below 4%.
3)And the government has renewed its commitment to force home prices higher.
Why fight that? While I can’t promise you’ll make a fortune, I do believe all three of these things will take effect at some point.
If you can, consider buying or refinancing today.”
Want to know more about housing prices in Alexandria and Northern Virginia? Give me a call today at 703.927.4554.
Michael
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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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National Night Out 2011 – Be There or Be Square
July 28th, 2011 Categories: Del Ray
National Night Out 2011 is just around the corner and in our part of Del Ray, it‘s Be There or Be Square.
National Night Out was originally created to combat drug and crime prevention and to foster better citizen/police relationships.
All those things are still true – and still the mission of the organization – but in our neighborhood it has developed into a much anticipated community event. The entire block takes part – from getting city permits to block off the street, to pitching tents against the heat, pulling out coolers and cookers, setting up tables and chairs and, perhaps the most important part, contributing to a giant pot luck dinner.
In fact, our block is so well known for it’s good food – particularly the fried fish – that we routinely get visits from the mayor, the mounted police, the entire squadron of motorcycle police, the special forces unit, the sheriff, etc. etc.
It’s a great opportunity to meet individual members of the force and to thank them for all they do. In turn, the kids pat the horses, sit on the motorcycles and climb all over the armored vehicles.
It’s not hard to get started and the National Night Out site has lots of great ideas. If you’re new to your area it’s also just the best way to meet your neighbors.
For more on what a National Night Out Event can look like, here are some stories from past years:
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National Night Out in Alexandria, VA
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Celebrating Community in Alexandria’s Del Ray Neighborhood with National Night Out
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National Night Out Is An Annual Gathering for Neighbors on East Howell Avenue in Del Ray
My guess is that one big topic of conversation this year is going to be the local election and the increased traffic on East Howell.
You don’t want to miss a thing, I promise!
Michael
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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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