September 29th, 2008 Categories: Arlington, Buying, Commercial, Condo Communities, Entertainment & Lifestyle, Fairfax, Fairlington, Falls Church, Financing, Great Falls, Just for Fun, Keller Williams, Mclean, On The Town, Properties, Property Values, Real Estate News, Reston, Selling, Single Family Homes, Vienna
I was reading the actual bill that describes our ‘$700B bail out’ and WOW is what comes to mind. This should be the cause for an amazing change from the mortgage lock-down we’ve been experiencing the past few months.
If I had a crystal ball and wanted to assure my buyers of when it was a good time to buy, I would suggest that once this bill passes (there is a clause that requires implementation start within 60 days) that later this year early next will be the best time to buy on almost all fronts. Interest rates should remain low, prices should remain low and because of this bill, prices should stabilize. Stabilizing of prices and the churn of new buyers could potential be the perfect storm for equity gains to start again….
Call me today if you’d like to discuss my interpretation or yours. I’d also call your bank and see what they can do for you- this would be EXACTLY what the point of all this is to drive.
Ive attached a snippet of the actual bill that highlights some interesting change potentially headed our way.
“SEC. 109. FORECLOSURE MITIGATION EFFORTS.
…MODIFICATIONS
In the case of a residential mortgage loan, modifications made under paragraph (1) may include—(A) reduction in interest rates (B) reduction of loan principal; and(C) other similar modifications.
TENANT PROTECTIONS.—In the case of mortgages on residential rental properties, modifications made under paragraph (1) shall ensure—(A) the continuation of any existing Federal, State, and local rental subsidies and protections; and(B) that modifications take into account2 the need for operating funds to maintain decent3 and safe conditions at the property.”
| Currently No Comments »
July 28th, 2008 Categories: Arlington, Commercial, Fairfax, Financing, Property Values, Real Estate News
For most Nothern Virginia homeowners property taxes were increased on July 1. In addition local jurisdictions may also increase the commercial poperty tax rate by as much as .25 cents per every $100.00. Fairfax and Arlington countoes have increased commercial property taxes .11 cents and 12.5 cents respectively in their 2009 budgets.
Residential tax rates in:
1. Arlington County is .848 cents per $100
2. Fairfax Counbty is .92 cents per $100.
3.City of Alexandria is .845 cents per $100.
4. Town of Herndon is a whopping $1.16 per $100.
For more information on this or other real estate questions please call or email us today!
| Currently No Comments »
July 23rd, 2008 Categories: Keller Williams, Mclean, Property Values, Real Estate News, Single Family Homes, Tools and Resources
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 10.26% decrease. Ive had several customers negotiate listing prices down but what happened to 3-6% being the popular percentages realtors liked to promote as an almost automatic decrease when submitting an offer.
Are we going to continue to dip or will perhaps….the pending presidential election or other factors…. help bring us back into a place where values start to increase again?
| Currently No Comments »
June 13th, 2008 Categories: Keller Williams, Property Values
The overall numbers for the Northern Virginia area are for the following areas: Fairfax and Arlington county, Alexandria city, Fall Church, Fairfax, Vienna, Herndon, and Clifton. More specific numbers are available by city, please feel free to call us and ask!
Average Day on the Market: 88 (up from 73 in 2007)
Total Units Sold: 1,724 (down about 5% from 2007)
Average May Sales Price: $478,672 (down about 13% from 2007)
Year-To-Date Average Sales Price: $480,534 (down about 9% from 2007)
These numbers don’t accurately reflect how certain markets are doing. Due to the large number of foreclosures in Fairfax county, the prices and time on the market is being swayed! Look for more specific information to follow about your city!
| Currently No Comments »
February 27th, 2008 Categories: Keller Williams, Property Values
The assessed value of your home is used for taxation purposes: it’s a value assessed by a public tax assessor.
The appraised value is comparable to the fair market value of the property. The appraised value is computed using comparable sales, including the last value the property was sold for.
Visit one of these websites for information on your local assessors:
Arlington County (Arlington, Fairlington)
Fairfax County (Herndon, Vienna, Reston, Mclean, Great Falls)
| Currently No Comments »
February 19th, 2008 Categories: Arlington, Keller Williams, Property Values
For those closely following the real estate market in early 2008 hoping for signs that things will begin to pick up soon, here’s your sign:
The Northern Virgnia Association of Realtors (NVAR) recently published January 2008 Market Statistics. The highlights include:
Arlington County Condominiums Price Information
Averge Days on Market
January 2008 : 60
January 2007: 75
These are all GREAT indications that the real estate market in Arlington is doing much better than everyone anticipated!!
| Currently No Comments »
December 2nd, 2007 Categories: Buying, Keller Williams, Property Values
There is so much buzz about foreclosures in the real estate market today, it deserves a short explanation of what exactly is a foreclosure.
A foreclosure is a property that is sold or repossessed by a bank or other creditor when the owner fails to comply with a financial agreement, i.e. fails to make mortgage payments to the lender or borrower.
The most common type of foreclosure is called a “Foreclosure by Judicial Sale,” which generally involved a short trial to insure that the mortgage is satisfied, the lien holders are paid, and any remaining proceeds from the sale are given to the mortgagor. This type of foreclosure is used in every state and is usually the legal requirement.
A foreclosure auction is usually held by the repossessing bank looking to gain funds to satisfy the remaining balance on the mortgage. The real estate trend that foreclosures can be lucrative stems from the fact that the bank may not be motivated to sell at the highest possible price, just high enough to pay themselves.
There is so much talk about foreclosures and legal steps to buying one, I would recommend further research into the process before going on a hunt for a foreclosure! Feel free to email or call me with any questions!
| Currently 2 Comments »
December 2nd, 2007 Categories: Keller Williams, Property Values, Selling
Money Magazine’s Josh Garskof recommends updating or installing an AC system to your house this winter to increase the value of your home. It’s one of the simplest things to you can do to immediately increase your property value; the beauty of doing it during the winter is that it’s cheaper! Garskof quotes a contractor who says that winter months are so slow for them; they’re willing to cut installation costs by 10 – 20%! The increase in your property value from this AC installation will be at least as much as it cost you to install the new system. Benefits from this installation can be as much as 10% in warm climates. For more tips from Garskof, visit the CNN website.
| Currently No Comments »
July 15th, 2007 Categories: Fairlington, Keller Williams, Property Values
Fairlington, it’s an amazing neighborhood just outside our nations capitol, 4 to 5 miles from The White House and if you’re heading southwest it’s another 2 miles past the Pentagon. There are over 5,000 units within the neighborhood.
I often promote it as a must see for my first time home buyers and empty nesters alike. Sometimes most units would be considered ‘tight’ if you’re in your child rearing years- a family of 4 in one of the larger 1,500 square foot units could end up tripping over each other living everyday life but if thats what you can afford it’sa great neighborhood. At any rate, I have had tremendous luck in equity gains there as a primary residence owner and investor over the past 10…yes…10 years.
I have been debating selling one of my units in the neighborhood a few months now since my tenants lease is up and they are telling me they’re leaving. After relying on my past appraisal on a 2 bedroom 1 bath in early 2006 that came in at $408K. I figured with the ”slow down” in the market that maybe today it would go for $390K (give or take a few K’s) Heres the front door of the unit…
This morning I looked up the average rents in the neighborhood for this model and found I WILL be able to increase the rents about $150-$225 per month but my CMA search came back quite differently than expected!!As the system queried active and closed listings the list included one active, for sale, entered today property that caught my attention. It was the exact same unit as mine and it was selling for*********** $319K***********!!!!!!!!!!!!!!!!
After I picked myself up off the floor I immediately emailed the listing agent who specialized in an area about 20 miles West from here about why the price was SO LOW? Remember I am an agent and an investor in this neighborhood for the past 10 years! Within minutes she replied that, “things seem to be pretty stable now…but not what last year’s prices are…. 
“- I couldn’t believe she was defending her price. I had to vent somehere so you get the story..I couldn’t create a rift with another agent over this could I???
Is it possible that in just 17 months I could have a $100K drop in value? Please keep in mind this neighborhood is just outside of D.C. and most listing in this neighborhood fly out the door even in todays market.
Is this agent going to screw me (and anyone else in this little ecosystem of a community) when they try and sell their place for what they expect and the appraisals show a place that will undoubtedly sell within the first weekend for $100K less than the rest!…..UGH…Maybe I need to go buy it and flip it for a more acurate price 
| Currently No Comments »
July 7th, 2007 Categories: Keller Williams, Property Values
I have been grappling with what to do in my backyard now for the better part of five years. My wife and I have hired contractors to draw up plans, we have had numerous quotes for reconstruction and decking and additions but finally …just last month…we think we got it. We are hoping for gold!!!
In all the years of trying to figure out what to do in our backyard we finally had a recommendation from a friend who was an actual customer of this (so far) reasonably priced landscaper. I met with the owner and we came up with a plan. I paid 50% up front and the excavation and laying the groundwork has begun…My wife and I can’t wait for it to be completed.
I also can’t help but wonder is this a smart investment? I have been told by other realtors in passing that the equity of my house’s value will go up 50% the costs of the patio. In this case I am adding a $25K patio (two patios actually- upper and lower) so that means the value of my house automatically increases $12,500.00.
I have heard this a few times and can’t help but wonder the truth behind the figures. Do you really get that kind of appraisal/equity gain for adding a patio?
Here are some before and in progress pictures- Ill be sure to unveil the finished product in a few weeks!
Before:
In progress
Yesterday….
Any thoughts??
| Currently No Comments »
June 23rd, 2007 Categories: Keller Williams, Property Values
I don’t know what the deal is but lately I have been through several homes that “BOAST” cedar closets. Is this really something worth promoting or an outdated extra for those in the 70’s who used to BOAST their fur coats? Apparently cedar closets keep the moths away?
I am curious what the verdict on cedar closets is ….. worth while mention or who cares????
| Currently No Comments »
June 11th, 2007 Categories: Keller Williams, Property Values
Sorry this is long- I couldnt figure out a way to condense the facts….Hope it helps!
Northern Virginia will see a large infusion of transportation funding, but with some of those revenues coming from a grantor’s tax increase. The condominium and property owner’s association (POA) resale process will be streamlined, but with the potential for increased document fees. Overcrowding penalties and eminent domain reforms were passed, but not without months of discussion and maneuvering by Realtors®
Real Estate Licensing:
Agent Services (2006, Realtor® Bill): HB 316 defines a “limited service agent” and requires those agents to (i) disclose to their clients that the licensee is acting as a limited service representative, (ii) provide a list of the specific services that the licensee will perform, and (iii) provide a list of the specific duties of a standard agent that the limited service representative will not provide to the client.
Real Estate Transactions:
Disclosures of Zoning Violations: SB 1114 requires a property owner to give notice to the purchaser that there are no pending violations of any local zoning ordinances that the owner has not abated or remedied.
Conservator; Requirements for Sale of Real Estate: HB 3177 states that when disposing of the real estate of an incapacitated person, a court may require the conservator of the incapacitated person to list the property for sale in a multiple listing service.
Felons as Settlement Agents: SB 745 prohibits any person who has been convicted of a felony from acting as a settlement agent. Persons convicted of a felony involving fraud may not work for settlement agents in a capacity involving funds from settlements.
Freedom of Information Act; Land Records: HB 2062/SB 824 provides that beginning July 1, 2010, social security numbers shall not be contained in electronic land records. The bill allows the clerk to charge $0.50 per electronic image transmitted.
Recordation of Deeds: HB 1909 states the party who prepares the writing for recordation is responsible for removing social security numbers from the document.
Bills with Delayed Implementation:
Educational Requirements for Salespersons and Brokers (Realtor® Bill): Beginning July 1, 2008, HB 2064 increases broker continuing education from 16 to 24 hours every two years. It also requires that agents receiving their licenses after July 1, 2008, complete the 30-hour post-licensing requirement within one year, rather than the current two-year allowance.
Disclosure/Disclaimer Form (Realtor® Bill): HB 2011 eliminates the current property disclosure form beginning January 1, 2008. The existing disclaimer form will be renamed as a limited disclosure form and will contain only those disclosures mandated by the General Assembly. The Virginia Real Estate Board will develop the form prior to the effective date.
Transportation:
Transportation Funding: HB 3202 creates a Northern Virginia regional funding authority to raise approximately $400 million per year for area road projects. The fees include: a $.40 per $100 (or $4 per $1000) increase in the real estate grantor’s tax, a 2% rental car tax, a 2% hotel tax, a 1% initial vehicle registration fee, a 5% tax on auto repairs, and $10 increases in safety inspection and car registration fees.
Overcrowding/Code Violations:
Zoning Violations; Overcrowding: HB 2261 provides for enhanced fines of up to $2,000 for the overcrowding of residential dwellings.
Building Code Violations: HB 2789 provides that violations of the Building Code relating to occupancy limits may be punished by increased fines of up to $2,500 and confinement in jail for not more than 10 days.
Authority of Zoning Administrator: SB 1412 allows that, when a property owner is not cooperative to requests for information on a dwelling’s occupancy, a zoning administrator may request a subpoena to determine if an occupancy violation has occurred.
Abatement of Building Code Violations: HB 2469 allows a locality and a violator to agree on abatement or remediation of the violation in lieu of trial.
Real Estate Taxation:
Real Property Tax Exemptions: HB 1744 increases the income limit to $75,000 for elderly and disabled property tax exemptions in Northern Virginia localities.
Real Estate Tax Relief: SB 1265 authorizes local governments to extend prorated real estate tax relief to dwellings jointly held, not all of whom are elderly or permanently and totally disabled.
Taxation of Energy-Efficient Buildings: HB 2618 permits localities to tax certified energy-efficient buildings at a lower tax rate than that imposed on the general class of real property.
Recordation Tax: HB 2059 clarifies that the recordation tax rate is applied to the greater of the consideration paid or the value of the interest conveyed.
Eminent Domain:
Public Uses; Eminent Domain: SB 1296 states that property can only be taken when the public interest dominates the private gain. The primary purpose of a taking may not be private financial gain, private benefit, an increase in tax base or revenues, or an increase in employment. A property owner may challenge that a taking is for an unauthorized use, and a former property owner may request to repurchase the taken property upon the completion or abandonment of the stated public use.
Condominium and Property Owners’ Association:
Resale Certificates/ Disclosure Packets: HB 2016 allows professionally-managed associations to collect a market-rate fee for preparation of a resale disclosure packet; associations that are not professionally managed would retain the current $100 fee. Realtor® initiative HB 1871 was included in the final bill and allows buyers to electronically deliver notice of cancellation under the POA and Condo Act.
Display of Flags: HB 1836 provides that associations may not prohibit the display of a United States flag but may establish reasonable restrictions as to the size, place, and manner of the display.
Escrow of Deposits: HB 1850 allows a condominium project of 50 units or more to file a surety bond or letter of credit with the Real Estate Board in lieu of escrowing deposits.
Commercial Condominiums; Escrow of Deposits: HB 2015 eliminates the requirement for escrowing deposits in a commercial condominium.
Condominium Conversions: HB 2727 allows any tenant who is disabled or elderly to assign the exclusive right to purchase his unit to a housing authority.
Landlord/Tenant:
Lead-Based Paint Report (Realtor® Bill): HB 1841 requires a landlord or property owner to provide to a tenant a summary of the lead-based paint report. The landlord shall keep a copy of the full report available for tenant inspection.
Early Termination by Military Personnel: HB 1816 conforms Virginia law to the federal regulations on early termination by military personnel contained in the Servicemember’s Civil Relief Act.
Noncompliance with Rental Agreement: HB 2174 provides that the failure of the court to hold a hearing where there is breach by the tenant shall not be a basis for dismissal of the case.
Termination of Lease for Rehabilitation: HB 2188 allows termination of a lease upon 120 days’ notice for substantial rehabilitation of a building with four or more rental units, regardless of the terms of the lease.
Housing:
Grants for Home Ownership (Realtor® Bill): HB 2834 allows localities to provide up to $25,000 in home ownership grants for certain local government employees.
Housing Assistance: HB 2446 allows Prince William County to provide assistance for county and school board employees to purchase or rent residences within the county.
Other:
Fiscal Impact Statement Legislation (Realtor® Bill): SB 1012 will require the Virginia Department of Planning and Budget to conduct a fiscal analysis of every proposed regulation to determine if it has a financial impact on the development of real property and to estimate the cost of that impact.
FEMA Floodplain Map: HB 2729 provides that when any locality learns of a change in the FEMA floodplain map, the locality shall provide affected properties written notification of such change and information for the National Flood Insurance Program.
Validation of certain plats. HB 2265 (Rust) changes the date from 1953 to 1975 for purposes of validating subdivision plats that failed to comply with the technical requirements for recordation existing at the time such plat was recorded.
| Currently 2 Comments »
The BEST Time to Buy Northern Virginia Real Estate … September 29th, 2008
I was reading the actual bill that describes our ‘$700B bail out’ and WOW is what comes to mind. This should be the cause for an amazing change from the mortgage lock-down […]
Read MoreMid Town North- Reston Town Centers Finest September 17th, 2008
Welcome to a great presentation I found on You Tube that offers terrific video footage of Reston’s, Mid Town North condominiums. The Kettler CMO and sales team that created this presentation are doing a […]
Read MoreThe Odyssey, Arlington Virginia’s not so hidden gem September 4th, 2008
Standing over 12 stories tall and located in the heart of Arlington Virginia this high tech looking, contemporary condominium building has terrific view of the DC skyline, especially from the […]
Read MoreThe Wooster and Mercer Lofts- Centered between Rosslyn and Courthouse Metro stops September 4th, 2008
Situated practically in the middle between Arlington’s Rosslyn and Courthouse metro stops the Wooster and Mercer Lofts are available for sale now. Boasting anywhere 10-18 foot high ceilins in most […]
Read MoreClarendon 1021- Great sense of Community in Arlington Virginia September 4th, 2008
Built in 2005, Clarendons 1021 holds 400+ units and has roughly 500 parking spots in an attached underground garage. Situated right next door to Station Square, in the heart of […]
Read MoreStation Square: The Heart of Arlington, Virginia September 4th, 2008
Built in 2006, this cluster of 3 condominium buildings hold 300+ units and have roughly 600 parking spots in an attached underground garage. Situated in the heart of Clarendon these […]
Read MoreReston Virginia, 20194 Home Sales are on the Rise August 29th, 2008
I was looking around at a great website www.city-data.com for information on Restons home sales and to my surpise I learned so much more about the demographics of this steadily growing […]
Read MoreRestaurant Three (3) Clarendon August 25th, 2008
Saturday night my wife and I, with a few close friends, enjoyed an amazing atmosphere and dinner at Restaurant 3 in Arlington Virginia. Situated in small corner of the block that Station Square condominiums […]
Read More
