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Arlington, VA’s Westover Market Snapshot for Last Three Months

Arlington, VA’s Westover Market Snapshot for Last Three Months

Hi! Westover, my little hometown within our larger hometown of Arlington, has an average home price of $806, 296. Approximate last three month sales: 53 homes, from $367,000 to $1,658,000, in the area we generally call Westover, individual neighborhoods radiating out from the village hub at Washington Blvd. and McKinley Rd.

How does this compare to last year for the same period? About the same, with 54 homes sold and an average price of about $821,000. Hence, the market remains relatively unchanged for this snapshot of time and place.

Summer’s market has been “tight,” to say the least, with very few homes coming on the market. Buyers are like “maids in waiting” – just waiting for the house they want to be put on the market.  I’ve lived in the Westover almost 20 years. As our Neighborhood Realtor, I started a list of people who want to move into, out of and within Westover. Needless to say, there are a good number of people and some nice homes on the list.

Call on me if you want me to make a note of your home; or if you are buyer looking to move within or move into the neighborhood, contact me to see what I know that might be a great fit for you. The list is confidential; if you are a homeowner here, I will share specific details of your home only with your approval.

It’s an exciting time for Westover. Home sales and prices remain strong – and we will also have a new food outlet / venue pretty soon: The Italian Store!

Cheers,

Ken

Arlington County, VA, Fair Next Week

Arlington County, VA, Fair Next Week

The 35-year running Arlington County Fair is coming next week! It’s one of the largest free events on the East Coast. In recent years, there have been as many as 50,000 people enjoying the festivities.

There are rides, games, entertainment, vendors, exhibits, racing piglets, and well, a lot more. I come from the country and have never seen racing piglets – it’s worth the trip just to see that!

Admission is free / complimentary. A shuttle service is provided from locations around Arlington.

Hours of Operation?

Indoor Hours                   Outdoor Hours
Wednesday, August 6, 2014                     N/A                              5 p.m. – 10 p.m.
Thursday, August 7, 2014                        N/A                               5 p.m. – 10 p.m.
Friday, August 8, 2014                 4 p.m. – 10 p.m.                    2 p.m. – 11 p.m.
Saturday, August 9, 2014           10 a.m. – 9 p.m.                    10 a.m. – 11 p.m.
Sunday, August 10, 2014            11 a.m. – 7 p.m.                    11 a.m. – 10 p.m.

Where?

Thomas Jefferson Community Center

3501 Second Street, South

Arlington, VA 22204


Program

Wednesday, August 6
5:00pm–10:00pm Pony Rides
5:00pm-6:00pm Evening Workout by Nova Fit Club
5:30pm Racing Piglets
6:00pm-10:00pm Cornhole
6:00pm Cows-N-Corn Milking Demo
9:00pm Racing Piglets

Thursday, August 7
5:00pm–10:00pm Pony Rides
5:00pm-10:00pm Arlington Soccer Association
5:30pm Racing Piglets
6:00pm Cows-N-Corn Milking Demo
7:00pm Racing Piglets
9:00pm Racing Piglets

Friday, August 8
2:00pm-11:00pm Pony Rides
2:00pm-5:00pm Frisbee
2:00pm-6:00pm Kids’ Court
2:00pm-3:00pm Kids’ Creative Movement Class by Perfect Pointe
2:00pm Cows-N-Corn Milking Demo
2:30pm Racing Piglets
3:00pm Harlem Wizards
3:00pm ACFD Fire Safety Demo
4:00pm Racing Piglets
4:00pm ACFD Fire Safety Demo
5:00pm Harlem Wizards
5:00pm Senior Event Surprise!, Turf Field
5:00pm-5:45pm FarAway, Outdoor Stage
5:30pm Racing Piglets
6:00pm-11:00pm Cornhole
6:00pm Cows-N-Corn Milking Demo
6:00pm ACFD Fire Safety Demo
6:15pm-7:00pm Radio Feedbak, Outdoor Stage
7:00pm Racing Piglets
7:00pm ACFD Fire Safety Demo
7:30pm-8:15pm Save the Arcadian, Outdoor Stage
8:30pm Racing Piglets
8:30pm Outdoor Movie: Frozen

Saturday, August 9
8:00am Arlington County Fair 5K Run/Walk
9:30am 5K VIP Cool Down Event by Perfect Pointe
10:00am-10:00pm Pony Rides
10:00am-6:00pm Kids’ Court
10:00am-2:00pm Arlington Public Library on Kids’ Court
10:00am-11:00am Morning Workout by Nova Fit Club
11:00am Harlem Wizards
11:00am ACFD Fire Safety Demo
11:00am Cows-N-Corn Milking Demo
11:00am-12:30pm Arlington Jazzercise
12:00 noon-5:00pm Cornhole
12:00 noon Racing Piglets
12:00 noon-12:45pm Static, Outdoor Stage
1:00pm-4:00pm Homeward Trails Pet Adoption
1:00pm ACFD Fire Safety Demo
1:15pm-2:00pm Hottwire, Outdoor Stage
1:30pm Harlem Wizards
2:00pm Racing Piglets
2:00pm Cows-N-Corn Milking Demo
2:00pm ACFD Fire Safety Demo
2:30pm-3:15pm A Thousand Rainy Days, Outdoor Stage
3:00pm-4:30pm Arlington Jazzercise
3:30pm ACFD Fire Safety Demo
3:45pm-4:30pm Atoms Apart, Outdoor Stage
4:00pm Harlem Wizards
4:30pm Racing Piglets
4:30pm ACFD Fire Safety Demo
5:00pm-7:00pm Hip Hop Workshop by Perfect Pointe
5:00pm-5:45pm Lionel Ward, Outdoor Stage
5:30pm Harlem Wizards
6:00pm Racing Piglets
6:00pm ACFD Fire Safety Demo
6:00pm Cows-N-Corn Milking Demo
6:15pm-7:00pm Wesley Spangler, Outdoor Stage
7:30pm-8:15pm N2N Band, Outdoor Stage
8:30pm Outdoor Movie: The Lego Movie

Sunday, August 10
11:00am-10:00pm Pony Rides
11:00am-6:00pm Kids’ Court
11:00am-2:00pm Arlington Public Library on Kids’ Court
11:00am-12:30pm Arlington Jazzercise
11:00am Racing Piglets
11:00am Cows-N-Corn Milking Demo
11:30am Harlem Wizards
11:30am ACFD Fire Safety Demo
11:45am-12:30pm The Unexpected, Outdoor Stage
12:30pm ACFD Fire Safety Demo
1:00pm Racing Piglets
1:00pm-1:45pm Eddy Faulkner, Outdoor Stage
2:00pm Harlem Wizards
2:00pm Cows-N-Corn Milking Demo
2:00pm ACFD Fire Safety Demo
2:15pm-3:00pm Daryl Jr. Cline Trio, Outdoor Stage
3:00pm ACFD Fire Safety Demo
3:00pm-4:30pm Arlington Jazzercise
3:30pm-4:15pm Silver City, Outdoor Stage
4:00pm Racing Piglets
4:30pm Harlem Wizards
4:30pm ACFD Fire Safety Demo
4:45pm-5:30pm Detached Retina, Outdoor Stage
5:30pm ACFD Fire Safety Demo
6:00pm Racing Piglets
6:00pm Cows-N-Corn Milking Demo
6:00pm-6:45pm GoodBrotha Clyde, Outdoor Stage
7:15pm-8:00pm Maggie Anderson, Outdoor Stage

As every year, the Arlington County Fair provides fun for all ages! And you get to mix with lots of Arlingtonians. Perhaps we will see you there?! I would love that.

Cheers,

Ken

Source, and for more info: http://arlingtoncountyfair.us/

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

$219M in Arlington Bond Referendums Up for Vote

$219M in Arlington Bond Referendums Up for Vote

Hi there for another Friday Frivolity post!

If the court approves, coming up this Nov. 4th, registered Arlington voters will be able to help decide, by casting a ballot, on four packages:

– $13M for local parks and recreation, which includes $2m for land acquisition

– $39.9M for community infrastructure, which includes Arlington’s Neighborhood Conservation Program

– $60.24M for Metro and transportation (esp. notable is the $500,000 included for the EFC area)

– $105.78M for education, which would fund the entire package that the school board has requested

See you at the polls! No bond package has been turned down by voters in 30 years. Thoughts for this time around?

Cheers,
Ken

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Why Price is the Key to Selling Your Home

Why Price is the Key to Selling Your Home

Hi! I hope this finds you enjoying the summer. It sure has been a beautiful one!

Price is the most important sales tool in selling your home in any market, and especially in our competitive market. We have a great time helping price homes. I will share with you here why the RIGHT price is so important.

First, the best opportunity to sell your home is within the first 2-4 weeks after it is placed on the market. Why? The buyers who are out there looking for a home have seen the other homes that have been available for sale. They are just waiting for the BEST home to come on the market. If your home is priced correctly, you will attract the maximum number of buyers who are  financially qualified to buy your home at a given price. And on YOUR timetable.

If your home is overpriced, most or all buyers will pass over your home, knowing this is the case. In our area, buyers generally do NOT make an offer on a house they view as overpriced. So, if overpriced, you may not get any offers at all. Eventually, as time goes on, you may decide to lower your price, and then have missed many or all of the most interested and motivated buyers. A price even as little as 5% over what the market says it should be can be damaging. Buyers will look at other homes and even in other neighborhoods instead, and buyers who cannot afford the price will not look at it.

Another scenario: If a buyer attempts to the buy the house because they are stretching (above what they initially wanted to pay for a house) and really want it, and they end up not getting financing, you will have a house you have taken off the market to sell to a buyer, and then need to put it back on the market – this can have MAJOR effects on the sale of your home, especially if the market has shifted significantly (and the market is always shifting in some direction) – for instance, if interest rates have risen and now the buyers who were looking at your home can no longer afford it.

Lastly, when you overprice your home and it does not sell within a reasonable amount of time (what the buyers view as reasonable; in our market, the number of days is very low), your home starts to get “stale,” meaning while other homes continue to come on the market and are  “fresh” listings, most buyers will assume that there is something wrong with your home since it did not get a contract on it quickly. They won’t even want to consider your home. Or if they do, they will make an offer that is substantially lower than your asking price, because they assume you are motivated to sell at a lower price due to your going through the inconvenience of having your home for sale for so long. Your “days on market” are known to prospective buyers, often easily or supplied by their Buyer Representatives. The higher the number, generally, the least attractive your house will seem to buyers.

If you underprice your home, you could have a lot of people come through your home and maybe get some or many offers.  You will lose buyers who avoid getting in the game to buy it because they think you have intentionally underpriced it to get buyers into a “bidding war,” and they do not want any part of that. The net result may be that you lose A LOT of money from your family’s investment.

HOW TO SET THE RIGHT PRICE? It requires experienced judgment, the most recent research and in-depth knowledge of the market.

Some means include:

1. Considering the cost of items that might be desired to touch up in the home prior to marketing it. Do they enhance the marketability – will the fix-ups help get a better price, or help get an offer when one would not have been acquired with the property as it is?

2. Quality and thorough measurement of your home against other homes that have sold recently in your neighborhood. What does yours offer a buyer compared to what the other homes had to attract a buyer to them? Compare your home against what the other homes were priced at for what they offered.

3. What makes your home really attractive, really stand out to buyers against other homes on the market? Does it have unique features in comparison? Are there one or more that the listing agent can highlight to draw the RIGHT (qualified and motivated) buyer who WANTS those features?

From personal experience and industry statistics, a great listing agent knows that pricing at market value delivers the maximum number of qualified and motivated prospects, giving the home the highest opportunity to sell quickly and at the best price. Pricing homes to get the best return on investment takes much consideration and skill. When done right, it pays off!

I hope this was helpful. As always, we are here to be even more helpful; just call on us. Until then, HAVE A GREAT DAY!

Cheers,

Ken

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