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Archive for the 'Wednesday’s Blog – Buying a Home' Category

Clarendon and Courthouse, Arlington Market Report, 22201

Clarendon and Courthouse, Arlington Market Report, 22201

Hi!

Arlington’s Clarendon and Courthouse market, along with the rest of 22201, is showing its typical summer pace in being slower and quieter than other seasonal sales periods – though even more so this year compared to last year – down about 27%. It’s a strong seller’s market, with inventory of only 2 – 2 1/2 months (meaning that at any given time, there is enough inventory to sell for only 2 – 2 1/2 months before it is depleted.)

Homes priced correctly and showing well are getting contracts, often multiples, immediately. While some not-as-motivated buyers are enjoying the summer in the country, at the beach, in the mountains, or wherever, the motivated buyers have selected their Buyer Agents and are ready to jump at the right house for them. Yes, these buyers take trips as well. If they have selected an agent who is on top of the market, follows it closely, even when the buyers are out of town, the agent will give them a heads up when great prospects are available. Agents who work closely and steadily in the Arlington market will even know about some homes before they come on the market and advise their clients, often giving them the edge in getting the home they want.

Here are the numbers as reported by two authorities.

Compared with Last Year: July 28, 2013 vs. July 28, 2014

Median Estimated Home Value

(The median home price is the numerical value separating the higher half of prices of homes sold, the data sample, from the lower half of prices of homes sold.)

$588,000
Up 3.2%
Median Estimated Listing Price
$585K
Up 1.6%
Average Days on Market (DOM)
76
Down –25.5%

Source: NARRPR

Currently on the Market

89 Units (homes) ranging from $225,000- $3,995,900
Average price is $760,535

(The average is a representative measure of the range of home prices that is calculated by taking the sum of the values and dividing it by the number of prices being examined.)

Average Days on Market (DOM) is 2 – 2 1/2 months

Source: MRIS / MLS

I hope this snapshot helps you in keeping up on the market and in making decisions in selling or buying a home in 22201. Please let me know if you have more questions, and if you are a seller and would like a complimentary home market value analysis (Value: $225). We would love to be of service!

Cheers,

Ken

How Will the Silver Line Affect Housing in Tyson’s?

How Will the Silver Line Affect Housing in Tyson’s?

I am getting questions from buyers and sellers, so wanted to share with you some thoughts on housing in Tyson’s.

As far as what will happen – it is already on its way. It’s already coming! On the housing front, homes near the Silver Line will, or already are, appreciating. While some owners may not have welcomed Metro, especially above ground, many are happy to see their homes set to appreciate. In fact, some Realtors and homeowners believe homes “near Metro” have already appreciated due to the Silver Line there.

Tyson’s new housing will largely be condominiums. They will appeal to people looking to downsize and to first-time homebuyers. Walkability is key to the attraction of these buyers. At the same time, you can bet many will weigh in the vehicular traffic flow, as many people will want use of a car instead of or along with Metro. Additionally, we should expect, as the great majority of my buyers these days desire – that these too will want high-quality and low care homes. Area schools will be in question, though not by the majority of the new construction buyers, since they will mostly be younger and older buyers and not have children in the school system.

If you have been out to Tyson’s anytime in the last year, you have seen the new face on the area. We would love to hear: What are your thoughts?

Cheers,

Ken

Condos Sales in Arlington for First Half of 2014

Condos Sales in Arlington for First Half of 2014

Hi!

Arlington has incredible offerings in condos. I get questions concerning volume of sales and especially average price. So, I will share some details for the first half of 2014!
MLS statistics show 677 condos sold in Arlington. The average sales price was $421,812 and the average unit had 2 bedrooms and 1 bath.

If you would like more in-depth information on sales overall or of a particular building or unit, please contact us! We love to help!

Cheers,

Ken

How to Save Money as a First Time Home Buyer

How to Save Money as a First Time Home Buyer

Hi First-Timers!

We work with a lot of first time home buyers; at one time, almost 70% of our clients were first-timers. We’ve been very successful in helping them keep their costs as low as possible. I will share some of the many ways we help our clients save important dollars at purchase time.

Here are some of the ways to do just that!

1. Select a Buyer Representative as soon as you begin thinking of buying. This can save you a lot of money in the process. The main reason is that a great representative can answer your questions quickly, saving you time (time is money) in the research phase because they have a breadth of knowledge that cannot be acquired elsewhere.

Secondly, they can assist you in forming a strategy that will take into account changing markets. For instance, an increase in the interest rate can reduce your ability to buy “as much” house as you want. So, projecting a possible increase in the future, they might help you be on a course to buy as soon as possible, for instance.

2. Financing is a solution to spending less money. Have your Buyer Representative refer you to an incredible lender. A Realtor who has been in the business for years and has worked with many first time home buyers, pairing them with lenders and loan programs, can hook you up with a lender who is appropriate to get you set, by reviewing loan programs with you.

3. Money from elsewhere.

You can get a tax-free gift from your parents or others. Children can receive up to $10,000 from each parent in one year, tax free. So, a couple can get gifts up to $40,000 from four parents without any tax consequences.

A subsidy from sellers. Some sellers will be willing to give a subsidy towards your closing cost – i.e. closing cost assistance. Your lender will give you guidelines as to what is allowable in each loan program.

We hope this was helpful and we would love to be of more assistance. Please ask more questions here or contact us directly.

Cheers,

Ken & Team Yes I Ken!

Westover Place, Arlington VA, Sales of Townhomes Now Open

Westover Place, Arlington VA, Sales of Townhomes Now Open

Hi! I hope this finds you well!

New for my neighborhood of Westover is the development of a block of townhomes. Here is their description on the builder, Evergreene’s, website: “Luxury Townhomes in Arlington, VA. Evergreene Homes is proud to present Westover Place, located in one of the great, historic neighborhoods of Arlington, Virginia. Westover is widely loved for its remarkable mix of parks, places to shop and dine, and close proximity to Ballston, two Metro stations, I-66 and Route 50. Here, within easy walking distance of Westover’s most popular gathering places, is a community of twenty brand new townhomes for sale in Arlington.

These highly flexible designs feature 2-3 bedrooms, 2.5 – 3.5 baths, a 2-car garage, and loft with huge outdoor terrace. Available customizing options allow for up to 5 bedrooms and unique room configurations designed for the way you live.”

The project has, notably, had opposition and questioning from nearby neighbors, other Arlington County residents and residents who are environmentalist-minded.

Development is now underway with the breaking of ground on the site. Sales are open.

Cheers,
Ken & Team Yes I Ken!

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