Great Grapes! 2009 at Reston Town Center

This weekend, Saturday April 25th and Sunday, April 26th Reston Town Center will host the 3rd Annual Great Grapes! Festival.

The Great Grapes! Festival hosts over 200 wines and 20 Virginia Wineries for samples, classes, pairing, and more for local patrons who visit the Reston Town Center from Noon to 6pm.

More information is available online at UncorkTheFun.com, including admission info, event schedules, and vendor participants.

At the end of January the numbers indicated that prices were about 20% lower than those of January 2008. If you're looking to broaden your investment portfolio to add some real estate, now is definitely the time to start looking! With changes on the horizon, some people will greatly benefit from the tax breaks and incentives the stimulus bill offers.

So why not work with an REO (Real Estate Owned, i.e. Bank Owned) Specialist? I recently received a certification from the Loss Mitigation Institute as a Certified REO Specialist. Over 50% of my buyer activity last year was focused on foreclosures in Arlington, Alexandria, Falls Church, and Woodbridge.

Looking to learn the difference between a Short Sale - Foreclosure Auction - Bank Owned Property? Let's talk about it!

How Obama's Stimulus Plan Helps Buyers and Home Owners

Some potential benefits for buyers from Obama's 2009 Stimulus Plan:

-$8,000 tax credit - a true credit to a first-time buyer, does not have to be paid back if the buyer lives in the subject property for at least 3 years (begins to phase out for couples earning more than $150k, and singles earning more than $75k) for purchases before December 1, 2009
-Increased Conforming Loan Limits - for the Washington, D.C. metro are, loan limits are back up to $729,750; after Jan 1, loan limits were dropped to $625,500

Some potential benefits for home owners from the plan:
-Home Improvement Tax Credit- Everyone's talking about going "Green" - now you can get paid for it. Making your condo energy efficient makes you eligible for a credit of 30% of the cost of the improvement, up to a maximum of $1,500 (or a total cost of $4,500).

We will see when these become official, and how they'll affect the market. With spring around the corner, buyer and seller activity will/is picking up.

Professor Dr. Stephen Fuller's 2009 Economic Outlook - Will the Spring Bring Roses?

Stephen Fuller, PhD: Dwight Schar Faculty Chair, University Professor, Director at the Center for Regional Analysis at the School of Public Policy at George Mason University gave a talk last week on his 2009 Economic Outlook. Here's a recap of what the experts predict for our local Washington, D.C. Metropolitan economy and real estate market.

Current Conditions for the Washington, D.C. Area

• Our local GDP (Gros Domestic Product) is positvie: at about 1%, versus the national average at about -2.5%


• Employment: Washington, D.C. had an incrase of about 31,100 jobs from Nov 07 - Nov 08 - one of only 5 cities with positive growth (along with Dalls, Houston, Boston, and Seattle).


• Unemployment Rates: DC is lower than the national average of just over 7% - we're at about 4.5% - We have the lowest unemploment rate of 15 of the largest job markets


• Real Estate Price Trends: It appears that from 1999, the Washington Metro area has experienced an increase of about 8% in average sales price each year for all housing types


• Overall: Arlington has the lowest foreclosure rate of all of the counties in Northern Virginia/District of Columiba/Maryland
  

Future Outlook

• Employment: Overall, they predict a 23.6% employment growth for the entire region


• Economic Outlook: With a little dip this year, Dr Fuller predicts strong growth towards the end of 2008 and into early 2009, he anticipates growth this year and even more into 2010 and beyond.
  

For details on the entire presentation, visit their website at http://www.cra-gmu.org/

Do You Know What a BPO Is? If You're Buying A Short Sale - You Should!

What does a BPO stand for?

Broker's Price Opinion

What does that mean? When a bank gets wind of a potential short-sale, i.e. the seller has gone through the required steps so the bank actually gives them the OK to proceed...they'll ask a local real estate agent to do a BPO. The agent will then perform a comparison with recent sales, market data, the house condition, etc when they set their recommended price.

Here's the key...

If the BPO isn't done....the bank has NO idea, NONE, what the value of the house is. That asset manager sitting at their desk in Tulsa has no way to evaluate the subject property in Virginia without the help of a local expert. Again - real estate is local. This is where the LONG delay comes in with short sales.

Getting the BPO approved means the bank acknowledges the property is up for sale, and at the recommended price. This way, when they get an offer near/at the price, the process to move forward and get the contract ratified can be QUICK!

Short sales can be tricky, and long, and frustrating, and costly (opportunity costs for the time spent waiting). It's better to get as much information as you can before you head blindly into one.

Brand New D.C. Condo! Now Sold!

Thank you ActiveRain yet again....for helping me sell a brand-new, beautiful, 1 bedroom + den condo located between Logan and Thomas Circle in Washington, D.C. Below is a picture of the building, located on 13th St NW, just 2 blocks from Thomas Circle. It's a totally renovated building, of what used to be a liquor store.

1209 13th St NWWashington, D.C. 20005
The Fennessey Lofts

I love when I answer the phone and i'm greeted with "Hi Laura, I found you on ActiveRain and I am looking for ....."

Happy Blogging!!!

A New Year - Finally! Happy New Year!!

Out with the OLD...In with the NEW!!! We finally get to say good-bye to 2008 and go into tomorrow with a clean slate. New promises to ourselves, to each other, and to our future.

Wishing you and yours a very happy, healthy, prosperous, and successful 2009.

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!"?

Sellers REJECT an Offer! How to NOT Sell Your House! - UPDATE

For those of you who read my blog about my attempt at buying a condo in Arlington - and got rejected! - I wanted to give you an update on the property. They did a small price reduction (4%) after about 45 days on the market....and have now withdrawn it, after 70 days on the market.

In this market, I think it's important to keep a level head. That's where Realtors come in, we're here to help keep emotions at bay when dealing with buying and selling. Sometimes seller's don't really need to sell, just like some buyers don't really need to buy...but if you're actually serious about buying and/or selling, it's important to objective.

You've got an offer...work with it! Even if it's low, try and get them to come up a little...if they walk, they walk! But at least you didn't just tell them to Buzz Off!

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.

Arlington Neighborhood Spotlight: Lyon Park

Lyon Park is one of the many residential neighborhoods located throughout Arlington. Lyon Park consists of about 5,000 residents. It was founded in 1919 by developer Frank Lyon. It's also on the National Register of Historic Places as a planned community. Lyon Park goes from Clarendon, to Rt 50 to Pershing St in Arlington - all in all, about 102 acres originally were used to form Lyon Park. Lyon Park has it's own community center, citizens association, Women's Club, and so much more. It's a very community orientated area.

Today, there are mostly Single Family homes (Cape Cods, Bungalows, Ramblers, etc) and some townhomes throughout the area. Currently there are 10 properties in this neighborhood that are up for sale. Prices range from $550,000 to $2,400,000.

There is so much to offer in Lyon Park and the surrounding area of Arlington County - please feel free to call or email me with any questions about the area, buying, or selling!

Northern Virginia Real Estate Market Update - September 2008

Sales reports are finally in for September here in Northern Virginia. This report includes all sales for Fairfax and Arlington counties, Alexandria, Falls Church, Fairfax, Vienna, Herndon, and Clifton.

Here's how September wrapped up:
Total # of Sales: 1,650
Average Days on the Market: 93
Absorption Rate: 5.52 months
Average Sale Price: $407,748 (down about 23% from 9/07)
YTD Average Sales Price: $465,891 (down about 14% from 9/07)

Arlington Market:
There were 202 sales in Arlington in the month of September.
Of those, only 12 were over $1m.
Only 68 of the remaining sales were over $500k.

What does this mean? High price homes are sitting longer in this market, as the crack down has really tightened up lending.

There are still some good deals happening here in Arlington, many with built in equity. Want to see what your options are?

Call me...703.283.6120

Washington D.C.'s Eastern Market

I had some out of town guests stay with me this weekend in Arlington. Since the weather was so beautiful this weekend, I took them into the Southeastern Quadrant of Washington D.C. to the Eastern Market.

For those of you who have never been - GO! It's a local treasure! Here's a clip of the history from their website:

"Built in 1873 and designed by architect Adolf Cluss, Eastern Market is the last of Washington's 19th century markets to remain in continuous operation. It is easily accessible by Metro and adjacent to numerous restaurants and shops in the picturesque Capitol Hill neighborhood.
The South Hall is the last remaining traditional market in Washington. Weekends are enlivened by an outdoor Farmers Market, the Market Festival, an Arts & Crafts Fair on Saturdays and The Flea Market at Eastern Market on Sundays. With all these attractions, Eastern Market has become an Internationally recognized destination."

There are a ton of local vendors for produce, jewelry, clothing, refinished furniture, local artwork & photography, and "fair food" (i.e. roasted nuts, lemonade, etc.). It also has a large meat and cheese vendor open all week. It's located on 7th St SE and North Carolina Ave. Open at 9am on Saturday and Sunday.

Home Styles - What's the Difference?

Walking around the office lately I heard someone say, "I have a buyer for Arlington, but he only wants a Colonial!" Followed by someone else who says, "I would only buy a rambler! I'm just not a Colonial guy." So it dawned on me, aside from the typical "I like it!" comments, do you know the difference between Single Family Home(detached) styles and what makes them unique? These pictures are from the MLS of homes currently on the market. Here's a quick synopsis of some common terms:

Colonial: Typically a 2-story house, often with a basement, with a center entrance or a side door. Some also have garages to the side of the home.

Contemporary: Usually modern and/or non-traditional characteristicsusing various shapes, material, and designs. With the new requests for more openness (kitchen/family/dining etc), much of the interior designs have open space.

Rambler: More often than not, this is a single level home built on a slab. Sometimes in the shape of an "L," other times a "U." If you see a 2-level rambler, the 2nd level is almost always a basement!

Split Foyer: Ever walk through a front-door to be greated by 2 sets of stairs - one that goes up to the kitchen and one to the basement? This is called a Split Foyer style of home. The basement, or bottom level, is usually a considered a separate level.

Cape Cod: Often called "Cute" (yes, that's a professional term), a Cape Cod is marked with a peaked roof (usually attic or crawl space), above the main level of living.

Split Level: Usually one half of the house is "taller" than the other. The taller side usually has 2 floors off the main living level (the shorter half). Sometimes living space is above the garage.

Arts & Crafts: Typically built with wood, stone, and/or brick. Many times these homes include built-ins cabinets, fireplaces, porches, and open floor-plans.

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!

Now Licensed in Washington D.C.

It's official! This Keller Williams Agent is now licensed in both the state of Virginia and the District of Columbia!

Looking for a new condo or townhouse in Georgetown, Dupont, Logan Circle, Adams Morgan, Woodley Park, Columbia Heights, or any other neighborhood in Washington, D.C.? Give me a call!!