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Archive for the 'Monday’s Blog – Selling a Home' Category

Chickens – Hens in Arlington? What’s all the Cluck About?

We’ve been hearing about chickens, hens in Arlington for awhile now. What’s all the cluck about really?

For the proposed Arlington chickens, hens, it seems like the potential for noise, smell, Read the rest of this entry »

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Arlington – September Home Sales Up from Last Year

Sold Summary
Sep 2013 Sep 2012 % Change
Sold Dollar Volume $126,864,212 $109,559,014 15.80%
Avg Sold Price $624,947 $550,548 13.51%
Median Sold Price $530,000 $460,000 15.22%
Units Sold 203 199 2.01%
Avg Days on Market 39 50 -22.00%
Avg List Price for Solds $633,924 $563,883 12.42%
Avg SP to OLP Ratio 97.7% 96.7% 0.95%
Ratio of Avg SP to Avg OLP 96.7% 95.9% 0.77%
Attached Avg Sold Price $499,109 $419,472 18.99%
Detached Avg Sold Price $844,313 $820,766 2.87%
Attached Units Sold 129 134 -3.73%
Detached Units Sold 74 65 13.85%
Inventory
Sep 2013 Sep 2012 % Change
Active Listings 450 442 1.81%
New Listings 374 297 25.93%
New Under Contracts 62 75 -17.33%
New Contingents 196 164 19.51%
New Pendings 258 239 7.95%
All Pendings 302 336 -10.12%
Notes:
SP = Sold Price
OLP = Original List Price
LP = List Price (at time of sale)
Garage/Parking Spaces are not included in Detached/Attached section totals.
Financing (Sold)
Assumption 0
Cash 38
Conventional 137
FHA 10
Other 6
Owner 0
VA 12
Days on Market (Sold)
0 5
1 to 10 82
11 to 20 25
21 to 30 15
31 to 60 32
61 to 90 20
91 to 120 11
121 to 180 6
181 to 360 6
361 to 720 1
721+ 0
Sold Detail Active Detail
Residential Condo/Coop Active Listings
2 or Less BR 3 BR 4 or More BR All Residential Condo/Coop
Price Ranges Detached Attached/TH Detached Attached/TH Detached Attached/TH Attached Detached Attached/TH Attached
< $50,000 0 0 0 0 0 0 0 2 0 1
$50K to $99,999 0 0 0 0 0 0 1 0 0 7
$100K to $149,999 0 0 0 0 0 0 3 0 0 12
$150K to $199,999 0 0 0 0 0 0 7 0 0 14
$200K to $299,999 0 2 0 0 0 0 16 1 2 53
$300K to $399,999 1 0 0 0 0 0 33 3 2 40
$400K to $499,999 2 1 1 0 2 0 22 7 6 31
$500K to $599,999 2 1 4 2 1 0 11 13 4 15
$600K to $799,999 1 1 22 1 11 1 15 49 11 19
$800K to $999,999 0 0 4 0 6 0 3 29 9 10
$1M to $2,499,999 0 0 2 2 14 0 6 91 7 8
$2.5M to $4,999,999 0 0 0 0 1 0 1 2 1 0
$5,000,000+ 0 0 0 0 0 0 0 0 0 1
Total 6 5 33 5 35 1 118 197 42 211
Avg Sold Price $517,333 $424,800 $705,700 $967,750 $1,031,059 $765,000 $480,147
Prev Year – Avg Sold Price $475,640 $434,000 $639,245 $642,500 $1,034,389 $738,665 $386,115
Avg Sold % Change 8.77% -2.12% 10.40% 50.62% -0.32% 3.57% 24.35%
Prev Year – # of Solds 10 5 21 11 34 4 114

All good news for home sellers! In Arlington, home sales this September were up from last year 15.8%. Additionally, the average home price was up 13.51% to $624,947 & and the average days on market was down 22% to 39 days, according to RBI, Real Estate Business Intelligence, October 2013.

These Arlington September home sale statistics are reflective of what is typically referred to as a “seller’s market,” meaning one that favors sellers over buyers overall, in what will be negotiated and obtained from a given sale.

I’ve noted a local shift  to less of a seller’s market since August, myself. Buyers, take note! Read the rest of this entry »

Arlington: McMansions, larger homes, desired?

Contrary to what some have thought is a trend to “smaller,” more manageable and affordable homes, many people across the US still want larger homes – what many call McMansions.

Trulia, a real estate website, said that they did a consumer survey in March 2013, which reports people saying that their largest regret in home purchases was not buying MORE home, a bigger home.

Notable, last year, according to the Census Bureau, the medium home in the US hit an all-time record high of 2,306sf. This is an increase of 8% from 3 years earlier. Some people in positions with knowledge in home building think that this increase is accounted for by those people who were able to get access to credit. (CRS, September/October 2013)

What about variance at different income levels – any difference in desire of the buyer? Read the rest of this entry »

Gen X Is Largest Number of Homebuyers

Generation X – those aged 33 to 47 – made up the largest portion of homebuyers, at 31% of the total, from July 2011- June 2012, according to the National Association of Realtors “Home Buyer and Seller Generational Trends” report. These are nation-wide figures.

Gen Y – those 32 years of age and younger – made up the second largest category at 28%, followed by baby boomers – 18% – and older baby boomers – 14%.

What does this mean for you as a Gen X homebuyer? Looking for a Realtor to represent you who understands the distinct needs of this age group and how to best service those needs, should be the top priority.

For instance, you may be reselling an existing home to buy a new home. An agent who is highly versed in both buying and selling, and doing both at the same time for a client, is best suited to assist you.

Or you may be buying your first home. A Realtor who has a special program set up to assist first-time home buyers and has a track record of being patient and very consultative with them (ask for references to this effect) is ideal.

What does this mean for you as a seller? Having a Listing Agent who is skilled in marketing and outreach to bring in this category of homebuyer – since it is the largest category – can be key to a fast and highest profit sale. Gen X has a broad range of homes that attract them, so likely yours might. Having an agent who’ll reach this group can be very instrumental.

Call us with questions or to assist in your next purchase or sale. We’d  love to help!

Cheers,

Ken & Team Yes I Ken!

New Taxes for Arlington and VA in Effect JULY 1ST

TAX BLOG
On April 3 the 2013 General Assembly made changes to the Virginia Tax law.
House Bill 2313 became effective on July 1, 2013 and includes increases in State
sales taxes. Additionally, the bill imposes a Regional Congestion Relief Fee on the
recordation of conveyances of real estate in certain localities, increases the vehicle
titling taxes administered by the Department of Motor Vehicles, and creates a new
Transient Occupancy Tax for localities in the Northern Virginia region.  Retail and
use taxes are now 6% and affect the Cities of Alexandria, Fairfax, Falls Church,
Manassas, as well as Arlington, Fairfax, Louden and Prince William Counties.
Both the food taxe and the meals tax are not effected by the tax rate changes.
The Regional Congestion Relief fee will be imposed, on the consideration or value
in addition to any other required recordation taxes and fees at the rate of $0.15 per
$100 or fraction thereof.  The fee will be paid by the grantor at the time the deed is
recorded in the local Circuit Court. The Regional Congestion Relief Fee, imposed
under Code of Virginia § 58.1-802.2, qualifies for the same exemptions allowed for
the Grantor’s Tax imposed under Code of Virginia § 58.1-802.  For details on the
exemption available, see Code of Virginia § 58.1-811.

TAX BLOG

On April 3, the 2013, General Assembly made changes to the Virginia Tax law. House Bill 2313 became effective on July 1, 2013, and includes increases in State sales taxes. Additionally, the bill imposes a Regional Congestion Relief Fee on the recordation of conveyances of real estate in certain localities, increases the vehicle titling taxes administered by the Department of Motor Vehicles, and creates a new Transient Occupancy Tax for localities in the Northern Virginia region.

Retail and use taxes are now 6% and affect the Cities of Alexandria, Fairfax, Falls Church, Manassas, as well as Arlington, Fairfax, Louden and Prince William Counties. Both the food tax and the meals tax are not effected by the tax rate changes.

The Regional Congestion Relief fee will be imposed, on the consideration or value in addition to any other required recordation taxes and fees at the rate of $0.15 per $100 or fraction thereof.  The fee will be paid by the grantor at the time the deed is recorded in the local Circuit Court. The Regional Congestion Relief Fee, imposed under Code of Virginia § 58.1-802.2, qualifies for the same exemptions allowed for  the Grantor’s Tax imposed under Code of Virginia § 58.1-802.  For details on the exemption available, see Code of Virginia § 58.1-811.

We hope this information was helpful. Please let us know if we can answer any real estate-related or other questions about our wonderful area, including Arlington and the entire DC Metro area.

Ken & The Yes I Ken! Team

Licensed in VA, DC & MD

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