Potomac Yard | Del Ray | Old Town Alexandria Real Estate News

Feb. 13, 2010

Manchester Lakes Real Estate Sales Update For January 2010

Manchester Lakes Real Estate Sales Update For January 2010

Manchester Lakes Market Update January 2010

How did the condos and townhomes for sale in Manchester Lakes (Alexandria 22310) compare in January 2010?  Take a look at you'll notice that the high number that stands out is the current number of active condos for sale. Home sellers in the Tiers, Tiers II, Surrey, Essex House, and Victoria Crossings are likely competing with the neighboring Kingstowne condos for sale (see Kingstowne stats for January 2010).

The community of Manchester Lakes continues to draw first time home buyers with the affordable condos.  The townhomes in Manchester Lakes rarely come on the market, but when they do, they are usually sold pretty quickly.  Last month, one townhome went under contract.  I'll be keeping a close eye on the Manchester Lakes condo activity over the next couple of weeks.  Condo home sellers should be sure that when they check the competition that their listing agent not only stays on top of the immediate 22310 condo inventory, but also the adjacent 22315 condo inventory. 

See Also: Kingstowne Real Estate Market Update for January 2010

  Manchester Lakes Photo Tour   Manchester Lakes Video Tour

 

Feb. 12, 2010

Kingstowne VA Real Estate For Sale And Market Statistics For January 2010

Kingstowne VA Real Estate For Sale And Market Statistics For January 2010
Townhomes For Sale Saw The Most Activity | More Condos Hit The Market

Kingstowne Stats Jan 10

How did the real estate market in Kingstowne (Alexandria 22315) do last month?  The numbers are enlightening, especially for the townhomes.   The number of townhomes for sale that went under contract was up from 6 units last month to 13, and as you can see, the bulk of that inventory that was absorbed by ready buyers that were in the $400,000 - $499,999 price range.

While the real estate market for condos for sale in Kingstowne VA also witnessed a slight increase in units sold, up one unit from 5 last month to 6, there were also more Kingstowne condos for sale that entered the market.  Condo home sellers in Eton Square, Chancery, Stratford Place had stiff competition as the units that sold were split evenly between the $200k price range and the $300k price range.

Detached homes for sale in Kingstowne VA remained calm with 5 homes actively for sale, and only one that went under contract.

The Kingstowne VA real estate market seems pretty balanced,and as I've been saying in my previous posts, I think the traditional spring market is here and now.  If the tax credit is not extended again, I believe that many buyers may lose their motivation to buy and exit the market.

See Also: Kingstowne Market Stats for December 2009

See Also: Kingstowne Real Estate Video Tour

See Also: Sold in Kingstowne - 6974A Ellingham Circle in Eton Square

See Also: Sold in Kingstowne - 6431 Castlefin Way in the North Village

  Kingstowne Homes For Sale  List Your Kingstowne Home

Feb. 11, 2010

Alexandria City (VA) Real Estate Market Statistics Update For February 2010 | We Sold More Than Last Month

Alexandria City (VA) Real Estate Market Statistics Update For February 2010 |
We Sold More Than Last Month

Alexandria City Market Statistics

Click for Full View of Image

More sellers who had their homes on the market last month are breathing a sigh of relief.  We (collectively) sold more houses in January than we did in December, and from where I'm sitting, that's a positive sign for the winter market.  Here's the breakdown by house type:

  • The number of Alexandria City detached homes sold (not settled, but homes that went under contract) increased from 7 to 21.
  • The number of Alexandria City townhouses/rowhouses sold increased from 32 to 41.
  • The number of Alexandria City condos sold jumped from 53 to 78.

In the Alexandria City (VA) detached homes that were for sale, the bulk of the activity was in the price range of $799,999 and below.  The market practically comes to a complete halt once you hit the $800,000 mark.  Of the 20 detached homes listed for  $1M+, only 2 went under contract and both of these were listed between $1,250,000 - $1,499,999.

In the Alexandria City (VA) townhomes that were for sale, the bulk of the homes that were snapped up were priced between $400,000 and $600,000.  Luxury townhomes in Alexandria that were priced over $1M+ are still waiting or the perfect buyer.

The $300,000 and under price range is still where the action is for Alexandria City (VA) condos for sale with 30 units selling in the price range of $200,000 - $299,999 and 28 units selling in the price range of $100,000 - $199,999.  Still looking for a good deal, well here inside the beltway, there were 8 condos that went under contract with a list price of under $100,000And who says you can't find anything close in?!

So, what does this mean if I want to list my luxury home for sale in Alexandria VA?  Be prepared for a marathon, not a sprint.  Just because a buyer is looking to spend 'a cool mil' or more doesn't mean value is thrown out the window.  Luxury homebuyers are looking for quality and VALUE just like other buyers.  There's lot of competition, and buyers are generally slower to act when there is more to choose from.  Even in the upper bracket, buyers don't want to see a neglected home in need of repair, but a practically lived in (i.e. staged) home that allows them to envision a life there.

What about if I want to list my townhome for sale?  You'll likely sell, and your days on the market will depend more on your price.  If you experience longer days on the market...then you're probably selling the competition first.  Higher priced homes that need work 'force' the better priced homes in move-in condition to sell faster.

And if I'm listing my Alexandria VA condo for sale?  You'll be in the most active part of the market if your asking price is below $300,000.  Be prepared for a quick sale, but the tables may turn on you if you're moving up, because you may be in competition with other buyers for the townhouses.

Bottom line, I think the spring market is here.  If you're on the fence about selling, I wouldn't try to make a grand entrance in April or May.  If the $8000 tax credit and $6500 move-up credit is not extended, you just may be 'Tardy for the Party'.

See Also: Listing Soon? – List Your Home With McEnearney Associates Because Results Matter


      

Feb. 9, 2010

Get snOver It | Protecting Your Wood Floors During The Snowpacalypse of 2010

Get snOver It |
Protecting Your Wood Floors During The Snowpacalypse of 2010

Protecting Your Hardwood Floors In Winter

During winter, using ice melt compound is necessary for keeping walkways and roads clear of snow and ice.  No matter how hard you try, some of that compound that's on the bottom of your shoes is going to make it inside.  The residue is unsightly on hard surface floors. 

On carpets, you may not see it, but the damage can be even worse.  The most commonly used compound is calcium chloride in small white pellet form.  It has two characteristics that are very relevant - it's alkaline and it loves water.  Calcium chloride pulls moisture from the air and leaves a moist, oily film on carpets and hard surface floors.  It can also cause the slip resistance of hard surface floors to be compromised.

  • Use doormats or runners at all entrance and exit areas to capture as much of the residue as possible.
  • Vacuum the mats often and clean using the wet extraction method.
  • Keep one or two replacement sets of mats for the winter season.
  • Clean carpets by vacuuming at least three times a day.
  • Clean carpets by wet extraction after each snowstorm or after each use of ice melt compound.
  • To clean the oily residue from hard surface floors, use water or floor cleaner. DO NOT wet mop, as the mop itself can become contaminated with significant amounts of residue and spread to the rest of your floors.

     Search Homes For Sale Get Your Home Sold With Me   Do You Qualify For A Short Sale?

 

Posted in Homeowners
Feb. 5, 2010

Selling Old Town Alexandria VA Real Estate? | List Your Home With McEnearney Associates Because Results Matter

Selling Old Town Alexandria VA Real Estate? |
List Your Home With McEnearney Associates Because Results Matter

Results DO Matter when it comes time to sell your home.

In the second half of 2009, McEnearney Associates sold the properties we marketed in less time and for a higher percentage of the original listed price. (By the way, we started tracking this performance in Northern Virginia in 1999, and we have sold our listings in less time and closer to list price in twenty-one of the last twenty-two semi-annual periods.  Since we opened our first office in Washington in 2007, we have added DC, Montgomery and Prince Georges Counties to our evaluation.)

We looked at the results of the ten largest real estate companies in the Metropolitan Washington area as measured by the number of listings settled. These fine companies encompass a wide variety of business models and an equally wide variety of company size. This includes the two largest independent real estate companies in the United States and the local arm of the largest real estate company in the world. And we found what we have always known: size doesn't matter in obtaining the best price in the shortest time.

Market conditions have varied widely in the eleven years we have been tracking these numbers, from balanced markets, to sellers' markets to the current buyers' market. And we have adapted to these changing conditions, outperforming the market regardless of what the market conditions are. My company's carefully assembled team of the most productive Sales Associates in the Washington area makes all the difference for you.

     List Price to Sold Price Ratio     Average Days On Market

Highest Average Net Sales Price*

Generally speaking, more expensive properties take longer to sell and typically sell at a deeper discount to the original list price. That makes it even more remarkable that our listings sold, on average, more rapidly and closer to the original list price than the listings of these other fine real estate companies.

Average Net Sales Price

So, if you're in the market to sell your Alexandria VA home, consider listing your home with McEnearney Associates, because Results Matter.
*

This information is based on all resale home listings that went to settlement between July 1 and December 31, 2009 in Washington, DC, Montgomery and Prince George Counties in Maryland, and in Virginia - Arlington, Fairfax, Loudoun, and Prince William Counties and the Cities of Alexandria, Falls Church, Fairfax, Manassas and Manassas Park. Only those companies with at least 350 settled listings were included. Data derived from the MRIS® Multiple Listing System, and are believed reliable but not guaranteed. Some Re/Max, Jobin, Fairfax Realty, Keller Williams, Century 21, ERA and Coldwell Banker offices are independently owned and operated.

 Search Homes For Sale Get Your Home Sold With Me   Do You Qualify For A Short Sale?

Posted in Market Reports, Sellers
Jan. 31, 2010

Mason Neck Homes In Hallowing Point River Estates | Wildlife And Waterfront Tranquility

Mason Neck Homes In Hallowing Point River Estates |
Wildlife And Waterfront Tranquility

Just ten minutes from Fort Belvoir is the tucked away waterfront community of Hallowing Point River Estates in Mason Neck. Homes in Hallowing Point River Estates are custom built on perched or level lots with Potomac River views or snuggly surrounded by mature trees. On any given day, neighbors can see deer, owls, eagles, and lots of other wildlife roaming around comfortably.

Homeowners of Hallowing Point River Estates enjoy the private amenities of a serene waterfront beach park with pavilion, picnic tables and grilling areas, available for private parties and community gatherings, a gated area with boat launch and dock directly off the channel for deepwater boating, all off the beaten path of I-95.

See also: Hallowing Point Home For Sale at 6025 Chapman Road

Posted in Buyers, Sellers, Short Sales
Jan. 25, 2010

Alexandria VA Short Sale Listing Agent Earns The Gold | Experience Counts When Helping Homeowners Avoid Foreclosure

Alexandria VA Short Sale Listing Agent Earns The Gold |
Experience Counts When Helping Homeowners Avoid Foreclosure

CDRS Gold DesignationA couple of years ago, many people had never hear of a short sale. Now, short sales are right in the mix of all homes for sale regardless of price point and zip code.

There are still many brokers who don't even show short sales when working with buyers, but homeowners in Alexandria VA who are facing a financial hardship have a resource they can count on when it comes to understanding the alternatives to foreclosure.

After helping homeowners in 2009 with successfully closed short sales, I was awarded the Certificate of Designation as a Gold Member of the Certified Default Resolution Specialist network of agents who have been trained by the America's Home Rescue team of instructors and Realtors.  I had the pleasure of meeting Michael and Stacy Spickes (co-founders of America's Home Rescue) back in May of 2008 when I was Chair of the Education Advisory Committee at NVAR and officially invited them to teach agents how to help homeowners and how to work short sales.

This past year, I represented these sellers and helped them understand their options in avoiding foreclosure:

I was also able to consult with three other homeowners and help them with either a successful loan modification, or evaluate their current situation and offer recommendations on keeping their home(s). 

When it comes to foreclosure prevention, experience counts and RESULTS MATTER.   If you need the help of  a knowledgeable and experienced short sale agent and are facing a financial hardship, please give me a call at 703-623-8759, or visit my website for a confidential consultation.

CDRS Gold Member

Posted in Buyers, Sellers, Short Sales
Jan. 24, 2010

Virginia First-Time Buyers Face Increased Costs With FHA In April | Time Is Money

Virginia First-Time Buyers Face Increased Costs With FHA In April |
In Other Words...Time Is Money

You've heard the saying 'Time is Money', well when it comes to buying a home today, the saying still holds true.
Effective April 5, 2010, buyers who are using an FHA loan to purchase a home will face an increase in the upfront mortgage insurance premium, from the current 1.75% of the loan amount to 2.25%.  What does this mean in terms of dollars for the average homebuyer?

  • For the average first-time homebuyer looking at a purchase price of $250,000, after April 4, 2010 instead of being charged $4221.88, the cost of the FHA mortgage insurance premium will increase to $5428.13.
  • For the average move-up homebuyer looking at a purchase price of $500,000, after April 4, 2010 instead of being charged $8443.75, the cost of the FHA mortgage insurance premium will increase to $10,856.25.

Buyers obtaining FHA financing will see this increased cost either up front by having to pay the total cost at closing, or finance this into the loan which means an increased total monthly payment.

Please click here for the information that was release by HUD. *No Down Payment loans are still available for qualified VHDA buyers. Please email me for more info.*  In other words, if you're actively in the market to buy a home now, you can avoid this increased cost by identifying a home and being 'Under Contract' before April 1. 

Please note that short sales may not be the best type of properties if you are trying to beat this deadline, as your lender may not start processing your loan until after the seller's lender has approved the short sale of the property.  So, if you're under contract with a short sale on March 1, but you don't receive short sale approval from the seller's lender until April 5, you would still be subject to the higher rates for the FHA mortgage insurance premium.

See Also: Video – Biggest Buyer Blunder, The Importance of Mortgage Approval


      

Posted in Buyers, News
Jan. 19, 2010

Woodbridge VA Area Short Sale | 4220 Ashmere Circle Dumfries VA | Wells Fargo Short Sale

Woodbridge VA Area Short Sale | 4220 Ashmere Circle Dumfries VA |
Wells Fargo Short Sale

4220 Ashmere Circle Dumfries, VA 22026

4220 Ashmere Circle Dumfries, VA 22026

Just Listed at 4220 Ashmere Circle, this home is a Wells Fargo short sale.  Features include:

* - Three bedrooms

* - Two full baths

* - One half bath

* - Three finished levels

* - Fenced back yard

This home is also move-in ready with hardwood floors in the living room, a rear-facing eat-in kitchen.  The lower level is finished with the third bedroom, and a rec room with a gas fireplace.

This home is a Woodbridge VA area short sale and requires third party approval. 

                   

Posted in Buyers, Short Sales
Jan. 17, 2010

Virginia First-Time Buyer Programs | Does Your Buyer Agent Know About Them?

Virginia First-Time Buyer Programs | Does Your Buyer Agent Know About Them?
Turning A 'No' Into A 'YES'

The Key To First-Time Buyer Programs

It happened once again!  I was able to help a first-time homebuyer become more knowledgeable about the opportunities that are avaialable with the Virginia First-Time Buyer Programs that are offered.

I received an inquiry from a buyer who was interested in my Arlington VA condo for sale at 4600 Four Mile Run Drive - Unit 505 in The Carlton.  Just a day too late, as my listing had already gone under contract, proceeded to qualify the buyer by asking the most important question when buying a home, "Have you been pre-approved by a local mortgage company?"

There was a short pause, then she responded that she had spoken to one of the big banks, and was told that she couldn't qualify for a home.  Being a first-time home buyer, she was interested in taking advantage of the $8000 tax credit.  I informed her about the Virginia First-Time Buyer Programs that are offered through the VHDA, and introduced her to my lender partner, Patrick Cunningham of Home Savings and Trust Mortgage (GO DUKES!), who specializes in VHDA loans.  Patrick was able to offer her a mortgage pre-approval with one of the VHDA mortgage loans and now she's actively looking for a new place to call home!

If you're a Virginia First-Time Homebuyer and would like to know about the different programs that are available, consider working with an Alexandria VA buyer agent who is familiar with the loans that may be avaialable to you.

See Also: Video - Biggest Buyer Blunder, The Importance of Mortgage Approval

* - VHDA Homebuyer Tax Credit Plus Program (Extended) - use your $8000 tax credit at closing!

* - Other VHDA loans for Virginia First-Time Homebuyers (including zero down loans)

Contact Tamara Inzunza Buyer Agent