March 31st, 2008 Categories: Keller Williams, Selling
The Northern Virginia Association of Realtors recently published the following facts:
87% of buyers used a real estate professional to make a real estate purchase
4% of homes sold were For Sale By Owner (FSBO) - the National average for FSBOs is 12%
More importantly, FSBOs sold for about 20% LESS than similar homes sold using an agent
So let’s sort through these facts: FSBOs if they put a “no agents please” contingency, are missing 87% of home buyers, they’re losing a potential 20% increase in sales price, and tons of marketing advantages. But think about it, at the max 20%, if your agent required a 15% commission, you’d still be gaining an additional 5%!!
Call us today to find out how we can help sell your home for you!
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March 28th, 2008 Categories: Just for Fun, Keller Williams
“Take me out to the ballgame…
Take me out to the crowd…
Take me out to the Nationals New Parrrrrrrrk…
I don’t care if I ever get back!”
The Nats have their Home Opener at their new stadium this SUNDAY against the Braves! The 2008 Baseball Season is officially upon us!! Visit the new stadium that now holds over 41,000 people and has all new food vendors representing the Washington DC area (with over 49 different concession stands, you’ll have plenty of ballgame food to choose from!)
Goodluck Nats!!
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March 27th, 2008 Categories: Buying, Keller Williams, Selling
NO! A common misconception is that these two terms mean the same thing for those of us in the real estate profession. In reality, they actually mean:
Real Estate Agent: A licensed individual that may represent either the buyer or the seller in a real estate transaction. The agent is supposed to look after the best interest of their consumer
Realtor:A licensed individual that is also a member of the National Association of Realtors, a trade association that acts on behalf of the nation’s real estate sales force. Membership is voluntary, but only those who are members may call themselves Realtors. Members must abide by a strict Code of Ethics, in order to maintain their membership. When looking for a REALTOR, make sure you look for the trademark “R” shown above!
Scott and I are both REALTORS, we both belong to the NAR and would be happy to represent YOU in your next real estate deal. Please call us today to talk about how we may be able to help you find your dream home.
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March 26th, 2008 Categories: Just for Fun, Keller Williams
Beginning this weekend, March 29th until April 13th, Washington D.C. will be hosting the annual Cherry Blossom festival! The Cherry Blossom Festival is an annual celebration of the 3,000 cherry trees originally donated to Washington, D.C. from the city of Tokyo in 1912. This year is marked with events such as fireworks, Japanese Street Festival, Dinner Cruise, Parade, and more! Click here for a full list of events for this years’ CBF! For full details and information, visit the NCBF website!
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March 25th, 2008 Categories: Financing, Keller Williams
Good news for the state of Virginia and the District, foreclosures fell in both areas from the month of January to February.
The State of VA as a whole, dropped 18.7%, from 5,152 properties to 4,187
Fairfax County fell 19.2% and Arlington County fell 12.8%
Washington, D.C. saw a 32.5% decrease!!
Compare these to the national average, of a 4% decrease, and you can see this area is doing very well!! We’re moving in the right direction to get these foreclosure filings down!! Let’s talk about how this may affect the market in the months to come, call us!
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March 24th, 2008 Categories: Arlington, Just for Fun, Keller Williams
I recently discovered a tucked away seafood treasure in Arlington, right off of 395 (S. Glebe Exit). M. Slavin and Sons Seafood has both farm raised and wild caught seafood. From fresh lobster, to trout, tuna, scallops, salmon, etc! If it swims, they sell it!! The fish is fresh and they have plenty of sauces, Old Bay, and other seasonings to prepare your seafood. There’s also some frozen king crab legs, shrimp, and more. While the prices are a little more than the supermarkets, the quality more than makes up for it. Here’s their info:
2710 S. Glebe Rd
Arlington, VA 22206
(703) 486-0400
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March 21st, 2008 Categories: Keller Williams, Mclean
There were 24 residential properties that sold in February in Mclean, VA. The following are some stats on these properties:
Average Sales Price: $1.1M
Average Days on Market: 108
Average Difference Between List and Sales Price: about 5%
Want to know how these compared to the other areas in Northern Virginia? Or to 2007 statistics?? Call us today for a FREE Comparative Market Analysis (CMA) of your city!
703-283-4524 or by email: ScottMontgomery@kw.com
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March 19th, 2008 Categories: Keller Williams, Selling
First of, what’s a seller subsidy? A seller subsidy is cash offered out-of-pocket from the seller to offset the sales price and compensate the buyer for things like closing costs, upgrades, etc. It’s a feature used more commonly now than in past markets to attract new buyers by lowering the effective “sales price,” while keeping the comps around the area high. For example, a property with a sales price of $600K with a $10K subsidy, is actually $590K out of the buyers pocket! It’s something to keep an eye out for when shopping for a property and assessing comps around the area.
According to the NVAR (and MRIS data), subsidy contributions made up about 2% of total sales prices during the past 6 years.
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March 18th, 2008 Categories: Buying, Keller Williams
In another anti-recession move, the Fed cut the interest rate again, this time by 3/4 of a point - bringing the current rate to 2.25%. It is the 6th cut in as many months by the Federal Reserve, as they try to stimulate economic growth and prevent a recession. For those of you who don’t know, a recession is defined by 2 consecutive negative quarters of economic growth.
I certainly hope this rate cut encourages new customers to begin actively searching for a new home. With this recent rate cut, the buyer’s market continues to get better! With spring right around the corner, and more properties being listed for sale, “Spring Fever” for buyers is about to hit! Call me today to discuss how this rate cut can help you afford your new home! 703-283-4524
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March 14th, 2008 Categories: Arlington, Buying, Keller Williams, Properties
Open House: Sunday, March 16, 1-4 pm
Station Square Condo in Arlington, VA
1205 N. Garfield St Unit 708
2 bed, 2 bath
7th Floor Corner Unit
**2 Parking Spots + LARGE Storage Unit**
$585,000
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March 13th, 2008 Categories: Arlington, Keller Williams
The Arlington, VA Condo Market stats for February 2008 are as follows:
Average Sold Price: $375,159 (a 5% decrease from Feb 07)
Median Sold Price: $365,000 (only a 1% decrease from 2007)
Days on the Market: 69 (Feb 2007 was a close 66)
Total # of Properties Sold: 70 (about 15% of the total 480 active listings)
These facts and figures show that the Arlington real estate market is relatively steady and maintaining value in this market. Numbers tell the story, so look at these before you listen to all of the hype about how bad the economy and the market is doing. This is a great area to own real estate; with so much going on in D.C. area and constant traffic, there will always be people looking to buy and sell in the Northern Virginia area.
This information is courtesy of the NVAR.
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March 11th, 2008 Categories: Buying, Keller Williams
We hear about the foreclosure rates going up, and more and more people in financial trouble in this “weakened” economy. So with all of the chatter on foreclosure processes, it begs the question, what’s a short sale? And how is it different from a foreclosure?
A short sale is the “preforeclosure” sale of a property.When the homeowners run into financial trouble, it may be in both their, and the banks’ best interest to sell the property this way, rather than waiting to put it on the market as a foreclosure. A short sale will often allow the property to be sold for less than the remaining balance owed to the bank - it will save the bank money on holding/fixing the property as a foreclosure, and will hopefully be sold faster, paying the bank “quickly.”
–But beware!! Much like foreclosures, where the banks can take their sweet time in responding to your offer, short sales are also up to the discretion of the lender! They can take upwards of a month to respond! It may be a viable option for investors with time and money to spare, but the process is long and complicated!! The properties are sold “as-is” and without a warranty!
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March 10th, 2008 Categories: Buying, Financing, Keller Williams
On March 6th, the Housing of Urban Development (HUD) published new conforming loan limits for FHA, Fannie Mae, and Freddie Mac loans. They are now calculated at: 125% of published mean prices, with a floor of $271,050 and $417,000, respectively, and a ceiling not to exceed $729,750.The higher loan limits will help those buyers looking foo jumbo loans, like the buyers in our area with higher real estate values. It’ll help those seeking new loans, and those looking to refinance to lower, more reasonable rates.
TIME TO BUY YOUR NEW HOME! :) Call us today to discuss how this might affect your buying power for a new property.
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March 7th, 2008 Categories: Arlington, Keller Williams, Properties
Don’t miss this amazing opportunity to live one block from the Clarendon Metro in the heart of Arlington Virginia!!
2 Bed, 2 Bath 7th Floor Corner Unit
2 Parking Spots
Storage Unit
$585,000
OPEN HOUSE: Sunday, March 9th, 1-4 pm
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March 7th, 2008 Categories: Keller Williams, Reston
Situated across from NorthPoint shopping center of Northern Reston Virginia (Blockbuster, Giant, dry cleaners, Starbucks and more…) This perfect 1 bedroom (almost 2 bedroom) with 1.5 bath unit boasts a den divided from main living area by glass paneled french doors. Hardwood floors, large, eat in updated kitchen, full size washer and dryer (stacked), double sinks in master bath, wrap around wooden deck accessible from master bedroom and living area, first floor living wth dedicated parking and public transportation across the street. Call or email today for a showing!!
$1.450.00/month
Available May 1 (potentially sooner)
House trained dogs considered
Call or email us today for a showing!
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Did you know you could find KW Mclean on ActiveRain.Com too? July 23rd, 2008
Scott Montgomery and Team can also be found participating in the ActiveRain Community. For over a year now we have been an active member of www.ActiveRain.com. In the past and even today we […]
Read MoreNorthern Virginia Real Estate Prices continue to FALL… July 23rd, 2008
Northern Virginia’s year to date average real estate sales price is down from last year.
Last years average sales price was $537,339.00 and this years grand total is $482,197.00. Thats is a […]
Keller Williams Mclean Virginia Realtor Scott Montgomery pledges…. July 23rd, 2008
We will never do this to your listing….
http://www.youtube.com/watch?v=sNSWccfdO3Y
Give us a call today to learn more about how we can help you sell your property the right way.
Scott Montgomery
703-283-4524
scottmontgomery@kw.com
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