Virginia to Ban Smoking in Bars and Restaurants!

With so much change in the past year, it comes as no surprise to find out that Tobacco Country will ban smoking inside bars and restaurants, finally! Following in the footsteps of states like California, New York, and neighbor the District of Columbia, Virginia will soon be among the smoke-free states. With some exceptions, like rooms with their own private ventilation system, and/or private clubs...July 1st will mark the beginning of this new era.

For those of you who don't know why I called Virginia "Tobacco Country," Richmond, VA is home to Phillip Morris, one of the largest manufacturers of tobacco products in the country.

I once did an economic analysis paper for my graduate degree on the Clean Air act in New York City to see the effect of the smoking ban on sales in bars and restaurants. The data collected showed no significant economic effects for local owners in their sales receipts.

Year-End Review - How Did 2008 Compare to 2007?

A stimulus package.
A Presidential Election.
A $7,500 first-time home buyer credit.
Historically low interest rates.
Increased Loan Limits.

How did these policies and changes in 2008 affect our local real estate market? Let's take a look:

The Verdict? Volume went down, prices went down, and time on the market went up. Not a big surprise. But what does this mean heading into 2009?
-Opportunities for affordable housing are in the buyers favor-Low interest rates makes affordable housing prices into affordable monthly payments-Opportunities for increased equity years from now are huge

We are clearly in a buyers market here in Northern Virginia. If you're looking for the "bottom," you may have already missed it. Remember the saying "hindsight is 20/20"? That's because you only know when you've hit bottom after you've passed it.

Data discussed for Northern Virginia includes the following: Counties of Fairfax and Arlington; cities of Alexandria, Falls Church, Fairfax; towns of Vienna, Herndon and Clifton. (Loudoun County not included in Northern Virginia data). All data was supplied from NVAR.com.

December 2008 Northern Virginia Real Estate Market Update

Better late than never! Here's the real estate market update for Northern Virginia last month.

Total Homes Sales: 1,510, that's 26% more than 2007
Absorption Rate (months to sell through the current inventory): about 5 months, about 2 months less than this time last year
Average Sales Price: Down about 22% from December 2007
Average Days on the Market: things sold faster! 92 days this month, versus 103 for 2007

These statistics are for the entire Northern VA area - Arlington County, Fairfax County, the cities of Alexandria, Falls Church, and Fairfax. Also the towns of Herndon, Clifton, and Vienna.
The advantage of writing this mid-January is that I have a better perspective on the market now. Rates are low, prices are low, and buyers are coming out with an eagerness I haven't seen in months. Now really is the best time to get real estate "on sale" and a discounted interest rate.

Call me for more information....703.283.6120

2008 Arlington Real Estate Market Snapshot - Recession? What Recession?

A friend brought a recent Fortune article to my attention, titled "Top 10 Worst Real Estate Markets for 2009." To my utter surprise, #10 was Washington, D.C. He followed this link with "Do you agree?"

My answer is short, but sweet - No. As a matter of fact, (excuse my language) Hell No.

Although I made a plea for everyone to stop reading the newspaper about real estate, I know it's likely to happen. I myself also read the paper...from what I am reading, Arlington and the District seem to be labeled as nearly "Recession-Proof." Or at least one of the best places to live during a recession. So being the economist and statistician that I am, I took my local zip code in Arlington to compare numbers from 2007 and 2008. Take a look below:

Single Family Homes in the Zip Code 22201
Neighborhoods: Lyon Park, Lyon Village, Clarendon, Ashton Heights, etc.

Compare January - June

2007:
40 Properties Sold
Average Sale Price: $885k (not including any seller subsidies)
Range: $505k to $2.2M
Average Day on the Market: 106

2008:
28 Properties Sold
Average Sale Price: $906k (not including any seller subsidies)
Range: $470k to $1.6M
Average Days on the Market: 62

That's a 2.4% INCREASE in the average SOLD price....it's also selling faster, nearly 1/2 the time from 2007

Now Compare July - December

2007:
60 Properties Sold
Average Sale Price: $986k (not including any seller subsidies)
Range: $412 to $1.6M
Average Day on the Market: 104

2008 (YTD):
32 Properties Sold (3 more currently under contract)
Average Sale Price: $907k (not including any seller subsidies)
Range: $507k to $1.5M
Average Days on the Market: 86

With the last 6 months of the year, we see 2008 still has properties selling faster than 2007. While we can't firmly compare prices until December is done, as of this writing, prices dropped about 8% from this time last year.

I can't say that I see a HUGE neon blinking sign that says "run away, run fast" for the local market. I think once we get past the holidays and our new President begins his economic stimulus plan - you should see consumer confidence increase and these numbers will all even out. Our local supply of homes is less than this time year, and with rates as low at they are....I can't imagine HOW D.C. made that horrible Top 10 list.

A Plea From Your Local Realtor - STOP Reading the Newspaper

I opened the Washington Post this morning to an article about how magnet manufacturers are losing profits because Realtors can't afford to pay for magnets to send to their clients. The article goes on to discuss how many Realtor are leaving the National Association of Realtors this year. I would normally link to the full article, but I DO NOT WANT YOU TO READ IT. Let me explain...

- Many (not all) of those Realtors that are leaving the National Association of Realtors were people who jumped in while the market was hot. All they had to do was stick a "For Sale" sign in the ground and their job was done. In this market, it's not that easy.

- For those of you who don't know - most of us are 100% commission based. It's quite unnerving if you're not correctly prepared. So for some, the threat of no paycheck for the next 6 months, was enough for them to go back into a salaried job.

- The paper doesn't print good news. There's a country song by Terri Clark called "Slow News Day"...my favorite line is: "Lately I pray for a slow news day, cause everything goods not bad enough for the front page." If you really want to know what's going on in YOUR specific area, call a Local Realtor in that area. The paper here in DC, can't tell you what's really going on in a specific suburb of Arizona, or Florida, or Oklahoma, etc. Just like they don't see properties here in Arlington or Falls Church that are drawing 2,3, or even 6 contracts at a time. I had buyers put an offer on a house that was $20k above asking, they were 1 of 7 offers, and they still didn't get it. The journalist doesn't see that. He's not a Realtor - he's a journalist.

Here's the bright side...

There are many Realtor that are new to the industry, myself included. And guess what? We're still surviving. Still doing this full-time. And I don't see any chance of leaving this industry anytime soon (unless I win the lottery and can buy a small island in the Caribbean).

If you really want to know what's going on in your local market - call your Local Realtor.

Northern Virginia Real Estate Market Update - November 2008

Now taking a look at the Greater Northern Virginia Real Estate market, let's take a macro view of the market. The follows statistics are for Arlington County, Fairfax County, the cities of Alexandria, Fallls Church, and Fairfax, and the towns of Vienna, Herndon, and Clifton.

Average Sales Price
2008: $423,088
2007: $513,930

Days on the Market
2008: 91
2007: 99

# of Sales
2008: 1,100
2007: 1,065

Absorption Rate
2008: 7.61
2007: 9.12

What does this mean?

We've had MORE sales, in a SHORTER amount of time, and the inventory is lower this month than in 2007. The sales price is less than this time last year - but these are signs of a strong and rebounding market.

There was an article in the New York Times that said, we may not know when the bottom was until years from now...but there's no question that there are great opportunities out there to buy real estate. So do you want to be the one's saying "I wish I had bought in 2008" like some sellers are thinking "I should have sold in 2004!"?

Northern Virginia Metro News: Silver Line to Dulles Gets the Green Light!

I was so excited to see this morning's Washington Post, with the headline that read: "Silver Line To Dulles Wins Crucial Federal Okay"

The new Silver Line of the metro will be about 23 miles, cost about $5.2B, but will run from Falls Church along Tysons Corner and out to Dulles Airport, in Leesburg. If you've ever sat in the traffic around Tysons Corner and the "Mixing Bowl" (395/495 interchange)....i'm sure you're just as excited as I am! They estimate the project to be completed by 2015.

This is why: "Its backers say it will be a major commuting route for as many as 60,000 riders a day, providing an alternative for the thousands of drivers who take the jammed Dulles Toll Road each day from their homes in Reston, Herndon and the outer suburbs to jobs in Tysons Corner and the District." that's 60,000.......that's almost as many cars NOT on the road during rush hour!

"With 120,000 jobs and two malls but only 17,000 residents, Tysons is Virginia's leading jobs center and a critical retail hub. But it is an automobile destination dominated by eight-lane highways and acres of parking."

...if you're reading this and thinking, "now would be a great time to invest in real estate near the future silver line.!" you're right. Let's talk!

Northern Virginia Real Estate Market Update - October 2008

It's Northern Virginia Real Estate Market Update Time! Once again, The Northern Virginia Association of Realtors has published the Year-To-Date Market stats through October 2008 for the following counties and cities: Arlington & Fairfax County, the cities of Falls Church, Alexandria, Fairfax, and the towns of Herndon, Vienna, and Clifton. See stats below:

Total Year to Date Sales
2008: 14,970
2007: 15,778

Total October Sales
2008: 1,457
2007: 1,123

Average Sales Price
2008: $427,402
2007: $520,829

Average Days on the Market
October 2008: 94
October 2007: 89

Absorption Rates (ie. # of months to sell through the current supply of inventory)
October 2008: 6.04
October 2007: 9.23

I'm always available for more statistics for the area, or specific areas. Call anytime: 703.283.6120

How Will the President-Elect Change the Washington DC Real Estate Market?

In short - very little.

It's funny that the Washington Post featured an article todaydiscussing administration changes and their effects on the D.C. and Northern VA real estate markets. I had lunch today with one of my best friends who happens to work in the West Wing - just like her, many of her fellow West Wing-ers will be out of a job as of January 20th. So inevitably I asked, "so...who's helping the big guys transition to the area?"

Her response - "most of them already live here. And the ones that are out of a job in January will stick around."

Quickly deflating my balloon of Hope, I realized that I had just had a "duh" moment. Junior staffers currently working at the White House mostly rent, and the ones that will be coming in will most likely follow suit. As for the Chief of Staff, his Deputy, the rest of the President's Cabinet...they'll probably take jobs with lobbying firms right here in Washington.
While I would love to help President Bush sell his beautiful 1600 Pennsylvania Ave house, looks like he already has a buyer for it.

The greatest effect of the election will be in policies implemented, and any rescue plans he plans to implement to jump-start the economy. In case you're not up to speed, here's a recap of what Obama plans to do to help the housing market as part of economic recovery plan.

Restoring Faith in the Northern Virginia Real Estate Market

Perception is everything. One article that someone happens to read or hear about, may cause some fear about the economy. Add a need for a $700B proposed Bailout plan for the National Economy, and no wonder most Americans fear that we're headed for a 1929 flashback. Here's my arguement for why Northern Virginia homeowners are better off than most.

1. You're near/in in the Capital of the U.S.A. Come January, you're going to have an entirely new influx of people caused by the administration change. People who have been here for years will be selling, new people will be buying. Government agencies are based here - job security.

2. Unemployment in the DC Area is the lowest in the U.S. Dr. Stephen Fuller from George Mason University spoke at the 2008 Economic Summit. Below is one of his slides that shows DC's unemployment at 4.1% - the lowest of all the major cities, and below the national average:

3. Demand. If you remember your Econ 101 classes: when demand goes up, prices will go up. With people constantly coming into this area, and with job stability - there will always be people looking to buy real estate.

4. Price are coming back up. Most economists believe that Arlington, and other pockets of Northern VA, have passed the low point of the bell curve and prices will begin coming back up. Although official September numbers have yet to be released, August prices were up 2% from 2007.

With lending restrictions tightening everyday, and the unknown around the corner from the bailout bill (if it's passed)...now is the best time to buy. Buy low....sell high. The market will come back...not overnight. Real estate is not an overnight investment. But, with prices GENERALLY doubling over 10 years - now's the best time to jump in!
Call me if you're interested in specific markets of Northern Virginia - i'm a statistics girl, so I need to see concrete numbers to believe, so i'm happy to provide them if you're interested!

Martina McBride Concert at the Nissan Pavillion - Last Show of 2008!

Last night I had the opportunity to experience my first concert at Nissan Pavilion in Bristow, VA! Nissan Pavilion has some seating and lots of lawn space for concert goers. Lucky for me, a friend of mine actually won tickets off the radio from our local country channel - WMZQ 98.7 FM- and she took me! Can you believe this is her SECOND pair of tickets that she's won from the radio? I didn't know people actually did win tickets! Our seats weren't great - but considering that a) beggers can't be choosers since they were free, and b) it was POURING rain last night, I can't complain!

The opening act for Martina was newcomer Jason Michael Carroll, who did a few songs, including his hits "Living Our Long Song" and "Alyssa Lies"

Then came Country's Best New Artist: Jack Ingram. Jack was a huge crowd favorite, even taking a few minutes between songs to go out into the first few rows and give hugs, and took a picture with a fan before announcing: "That's going to be on MySpace tomorrow!" Jack's set included hits like: "Maybe She'll Get Lonely," "Measure of a Man" and "Barbie Doll"





The headliner, Martina McBride, did about an hour and a half of past hits and a couple from the new CD, "Waking Up Laughing." Her biggest hit was her new song "For These Times" where she asked people to write on a whiteboard things they wish to see in their lifetime, which she then flashed on the screen during her performance. Fans wishes included "Bring Our Troops Home Safely," "Go Redskins!." "Higher Teacher Salaries," "Low FIXED Interest Mortgage Rates." "Martina for President 2008," and "Cure for Cancer." With each new one, a roar came from the crowd- it was much more emotional than you'd expect!

Because it's outside ampitheather, this years' concert schedule is over! But check www.livenation.com for more concert information for 2009!

While We're Talking About Cars....Information on Arlington County Personal Property Taxes - Cars Included

Yes, you read that correctly - Arlington County charges taxes on your car, in addition to your real estate. Assessments are based on commonly used guides such as the N.A.D.A. or your sales price, if it's not a commonly listed car. General rules for property taxes pertaining to cars:

*You have 60 days to file a tax return from moving into Arlington, or buying a car.
*Vehicles included in property taxes include: automobiles, trucks, buses, motorcycles, motor homes, trailers, semitrailers, boats, and aircrafts.
*All vehicles located in Arlington County are subject to personal property tax, including vehicles not registered in VA, vehicles that do not run, and that are temporarily absent from Arlington County.
*After registering the car with Arlington County, they will issue a decal to be placed on your front windshield; they're $24 -->
*Tax bills are issued on or around July 15th, and payment is due by October 5th.

For more information on this, see the online information packet from the Commissioner of Revenue.

The Tale of the Real Estate Agent vs. The Used-Car Salesman - Who Do YOU Think Won?

So, if there's ONE thing that has really changed about me since I became a Realtor - it is my absolute lack of patience for bad salespeople. And I don't think I could have scripted a more infuriating story about an absolutely terrible, and I mean AWFUL, salesman.

Some background: I grew up with a used-car salesman for a father, yes, that's right (*insert used-car salesman joke here*). Which also means, I never had to actually go buy a car - I always got it wholesale! (insert another joke here). So after some research on my own, I made an appointment with a salesman at the dealership in Arlington, and headed down to fight!

Upon my arrival, after many minutes of waiting to be helped...I tell my guy I want a certain color, a certain model, and I know you have 2 of them in stock - let's talk. His reply: "ok, well, why don't you look around the lot, and see what you like." Lesson #1: Actually LISTEN to what the customer tells you THEY want. Especially when they've already given you all of the specifics. This should have rang "Easy Sale" to this guy.

Upon telling him that i've already narrowed it down to these 2 vehicles (again), already test-drove them, already know i'm going to buy one of them - he proceeds to tell me in 3 different ways that he's the sales manager, and that his office is upstairs, paying no attention once again to me, or my wants/needs. Lesson #2: In any type of sales, you sell YOURSELF first, and your product later. From this moment on, it only got worse.

With my requested trade-in value in hand, we begin the scary price negotiation! After asking me the same question 2 different ways, and my answer apparently not getting through to him - he writes the complete opposite down on his "appraisal sheet" and attempts to decrease my car's value by about $3k (the question was whether the car had ever been into an accient, which it hadn't. AFTER running a Carfax report, which showed it had NEVER been in an accident, he proceeded to check yes, anyway!) Lesson #3: Attempting to swindle your customer out of a few thousand dollars, is not a way to earn trust or business.

Needless to say, the rest of the 1.5 hours of this experience was equally as unpleasant. So the exchanged ended with me saying, "Please give me back my keys" since they were hiding them, and I turned on my heels, and left.

I called the other dealership, spoke to a GREAT salesman who actually LISTENED to what I wanted, PREPARED what I had asked for, and MET my needs. In fact, he nearly surpassed my asking value for my trade-in, AND gave me a deal on the sales price, which increased my buying power to purchase an EVEN better model than I had originally anticipated - all for the same amount.

Some Lessons Learned From Today's Experience:
1. LISTEN to your customer
2. Sell YOURSELF to your customer
3. If you can't exactly meet the wants of your customer (which sometimes you can't), find an alternate method to at least meet as many of their needs as possible.
4. LISTEN to your customer

At the very least, I hope this experience gave you something enjoyable to read! It gave me a good laugh....after the fact. :)

Buying Bank-Owned Properties & Patience - A MUST For A Successful Transaction!

It came as no surprise to me this morning at noon, when I found out my 2pm settlement was being postponed for AT LEAST a week, due to the carelessness of the foreclosure department of the bank (seller's side).

"Oh that property? Yeah, I never sent that paperwork to the bank to get signed"...when just yesterday someone else told us they'd be overnighting the package to my settlement attorney.

CLASSY! And Professional!

So now we wait until next Friday - at the EARLIEST! I don't blame my buyer at all for being furious! I was too! When everybody - the agent, the buyer, the lender, the underwriter, the settlement attorney - EVERYBODY has done their jobs to get this to the closing table - this is where the foreclosures are just making a mess and mockery of the system. They have too many properties, don't know how to do them properly, and frankly - don't care! Other properties have been delayed days, weeks, and even months while banks get their acts together to get the paperwork signed in order to pass ownership on to the buyers.

Just remember..be patient! What's the old saying? "You get what you pay for!" Just remember you're getting a good deal...and good things come to those who wait!!

.....I won't even go into waiting for a short-sale to happen.

Bankrate.com's 2008 Top 10 Most Expensive States for Closing Costs

Bankrate.com just released it's annual 2008 Closing Cost Estimates by state. Topping the list for the 2nd year in a row was New York. Check out the estimates for the Top 10 Most Expensive below:

Bankrate.com says: "Nationwide, the average origination and title fees on a $200,000 mortgage this year totaled $3,118, according to Bankrate's annual survey of closing costs. The fees in the survey don't include taxes, insurance or prepaid items such as prorated interest or homeowner association dues."

New York: $4,016
Texas: $3,975
Florida: $3,683
Oklahoma: $3,558
New Mexico: $3,465
New Jersey: $3,432
Pennsylvania: $3,411
Alaska: $3,409
Colorado: $3,358
California: $3,321

YAY For Virginia NOT making the list!!

Make sure you go over your Good Faith Estimate (GFE) from your lender very carefully - this will detail their INITIAL estimate of your closing costs. Then use this to compare to the HUD-1 given to you a day or 2 prior to your closing. It should detail every closing cost for the seller, and the buyer!

If you're looking for a great lender, I have a few that I can recommend. They'd be more than willing to go over these costs with you!

Oh, and Keller Williams doesn't charge an "Admin Fee" - ever!

Looking For a Russian Speaking Agent? You Found Her!

Northern Virginia and Washington D.C. are melting pots for different nationalities, ethnicities, cultures, religions, you name it! I'm no exception! The daughter of 2 Russian immigrants (fresh off the boat in 1980), we grew up speaking Russian in my household, and continue to do so today. So! If you're looking for an agent who is fluent in Russian - look no further!!!

I'm happy to help with any new transplants to the Virginia area...call me to find out what Russian sounds like with an American accent! :)

Laura Rubinchuk, 703.283.6120

p.s. the picture is of traditional Russian nesting dolls - who doesn't love them?

Tax Free Shopping in Virginia - August 1 - 3rd!!

Everyone's favorite time of year!! Or at least, for those of us who love to shop -
TAX FREE WEEKEND!!!

Friday, August 1 - Sunday, August 3
Applied to: Clothing and footwear under $100School supplies under $20

In case you're looking for some places to shop, check out these websites:
Tyson's Corner, McLean
Pentagon Row, Arlington (Crystal City)
Potomac Mills, Woodbridge
Leesburg Outlets, Leesburg

Help the economy - Happy Shopping!!

If you want some more recommendations of good bargain shopping or specific places, feel free to give me a call...703.283.6120

Falls Church, VA School Information - Public, Private, Fairfax - oh my!

We have a very interesting set up here in Northern Virginia. We have Arlington County, Fairfax county, the cities of Falls Church, Alexandria, Fairfax, and the towns of Vienna, Herndon and Clifton.

You mean the city of Fairfax isn't within Fairfax county? Or Vienna? And Alexandria isn't part of Arlington County? HUH????

Let's attack Falls Church today.

Falls Church is located along 495, 66, 267, Rt 50...you can get there from any major road. Falls Church CITY has it's own Public School System made up of 4 schools:

Mount Daniel Elementary(pre-k through 1)
Thomas Jefferson Elementary (2-4)
Mary Ellen Henderson Middle School (5-7)
George Mason High School (8-12)

HOWEVER, the property location will determine whether you are located within the boundary for Falls Church City schools, or Fairfax County Public Schools.

For agents, you can use this boundary checker for the school information for your listing also. I spoke to a FCPS rep this morning, and she said they go by the Boundary checker so it's the most accurate we can get!

Falls Church School Identifier

Money Magazine's Top 100 Best Places to Live: #37 Reston, VA

Another local area was ranked in the 2008 Money Magazine Top 100 Best Place to live: Reston.

It's no wonder that Reston was ranked, it is suburban living at it's best. With Reston Town Center at the heart of the city, it providing shopping, dining, and concerts in the summer, and ice skating in the winter; it's a great place to grow a family with all of the conviences of a big city.

Reston Town Center is surrounded by condos, and nearby townhouses. There are also beautiful Single-Family homes just on the outskirts of the town center.

Currently over 400 properties are for sale in Reston: ranging from $120,000 to $1,600,000.
Want to check out what Reston has to offer? Give me a call!
Laura Rubinchuk, 703.283.6120

Money Magazine's Top 100 Best Places to Live: #19 Hunter Mill, VA

Just outside of formerly ranked Vienna, VA is Hunter Mill. Located near the retail hub and office parks of Tyson's Corner, and the entertainment of Wolf Trap, Hunter Mill has much to offer it's residents. Minutes from 66, 267, and 495, it's easy to see why so many people call this area home.

Currently, there are about 80 properties for sale in the area - ranging from $198,000 to over $4,000,000. Can you call one of these home?
Lets find out! Call me to explore more of this beautiful town.

Laura Rubinchuk, 703.283.6120