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

Jan. 28, 2014

Another VHDA Short Sale Approved - Park Place Condo in Alexandria VA

Another VHDA Short Sale Approved - Park Place Condo in Alexandria VA

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Alexandria VA Short Sale Help - Alexandria VA real estate market statistics show that short sales are not a huge part of the market, so it takes an experienced agent who specializes in these types of transactions.  We are helping another homeowner stop foreclosure in Alexandria VA with a short sale.  Our listing located at 2500 N. Van Dorn Street - Unit 1214 is a VHDA short sale that has just been approved.  The list price is $89,000.

Should I Buy a Short Sale in Alexandria VA?

If you are in the market to buy a home in Alexandria VA, a short sale may be a good opportunity for you, but these types of transactions are not like traditional resales.  For example:

  • You should be flexible with your closing date.  It's a good idea to allow a minimum of 60 days for a short sale to be approved by the seller's lender.  This may take longer if there is more than one lender, or additional liens that need to be negotiatied such as IRS liens or delinquent HOA/condo fees.
  • You should be able to pay all of your own closing costs. Keep in mind that the homeowner is selling the home for less than what they owe, that means their lender is taking a loss.  The short sale lender may not allow buyer closing costs to be included, so it's a good idea to be well qualified and have your down payment and closing costs already in the bank.
  • Short sales are sold in as-is condition.  Typically with short sales, there is no negotiation of repair items.  You can still negotiation the home inspection contingency to be part of your offer, that way if you find the home inspection unsatisfactory you still have the option of cancelling your contract.

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Posted in Short Sales
Jan. 20, 2014

Celebrate Restaurant Week In Alexandria - Winter 2014

Celebrate Restaurant Week In Alexandria - Winter 2014

Are you looking to test out some of the fine establishments of Alexandria VA? Then prepare your palate for Restaurant Week, where you'll have the chance to test out different restaurants at an affordable price.

  • Where? - Throughout the City of Alexandria, including Old Town, Del Ray, and Alexandria West
  • When? - January 17-26
  • How much? $35 dinner for two, or a Prix-Fixe menu

Wanna see the menu before leaving the comfort of home? Take a look at the menu below:


 

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Posted in Things To Do
Jan. 19, 2014

Alexandria VA Real Estate Market Update for December 2013

Alexandria VA Real Estate Market Update for December 2013
Sold Listings Bounce Back

Alexandria VA Real Estate - Before you dive into the market, it's important to understand the market conditions.  Once you understand how buyers and sellers are reacting, what the inventory levels are, and what's been trending, you will better equipped to buy or sell a home.

How many homes sold in Alexandria VA? There were 180 homes that sold in December 2013, the volume of homes was up from November's total of 151 homes.  Take a look at the interactive chart below and you can see that December's sales volume beat out three other month's totals, dispelling the popular 'slow month' myth due to the holiday season.  January's total was the lowest at 102 homes sold, February was the second lowest month with 140, followed by November's volume of 151.

How many homes went under contract in Alexandria VA? There were 111 homes that went 'pending' or under contract in December.  This was a three month downward trend for pending contract.  So, while more people closed on their new homes in December, as indicated above, fewer people actually went shopping and came to an agreement on contract terms.


What is the median sold price of homes in Alexandria VA? The median sold price spiked up to $508,250 in December, making it the first time the median sold price has reached over $500,000 since June.

How quickly are homes selling in Alexandria VA? Days on market increased for the fourth consecutive month in December.  On average, a home in Alexandria VA was sold in 47 days.   These numbers are close to what we witnessed in the early spring, with March and April's average both at 43 days.

 Are homes selling for their asking price in Alexandria VA? Home sellers finished the year strong, in my opinion, averaging 96.% of the original list price for their homes. December beat out January's year low of 95.4% and February's average of 96.5%.

 

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Posted in Uncategorized
Jan. 2, 2014

Things To Do In Alexandria VA - January 2014 Events

Things To Do In Alexandria VA - January 2014 Events

Are you stuffed from Christmas dinner, or all partied out from celebrating New Year's? Well, before you take a seat, plan to ring in the new year with some local concerts, plays, and other events to help get your mind off the daily grind.  Here's our event calender for January 2014:

Jan 2014 Calendar

  • ICE at the Gaylord Hotel is running until January 5, and since Christmas is officially over, maybe the lines won't be long.  Take a mini cruise aka the water taxi from Old Town Alexandria, and head to National Harbor.
  • If you haven't checked out Shirlington's Signature Theatre, go and see Gypsy after grabbing a bite at one of the fine restaurants.  Gypsy will be playing until January 26.
  • The legendary Stanley Clarke will be performing at The Birchmere on January 9
  • Sports fans can cheer on the Washington Capitals as they take on the Buffalo Sabres on January 12, and do the fan wave for the Wizards on January 15 when they host the Miami Heat

Whether it's one a week, or every other weekend, carve out some time to enjoy all there is to offer in the Alexandria area. Use the convenience methods of transportation to get out and get around and create memories all over the city!

 

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Dec. 20, 2013

Alexandria VA Homebuyers May Soon Feel The Effects of Tapering

Alexandria VA Homebuyers May Soon Feel The Effects of Tapering

Taper

Alexandria VA Real Estate News - The Alexandria VA real estate market has been on holding steady since January.  Fueled with low inventory and record low interest rates, spring arrived two months early in 2013 as buyers battled for homes and sellers enjoyed the financial payoffs that came from escalating sales prices and low days on market.  Now that the market has gained momentum, and the economy is recovering, the federal government will likely start to tapering asset purchases which will result in increased interest rates.

Tapering means the pulling back, or lessening of the bond purchases that has played a role in keeping interest rates low.  The past twelve months have been an optimal time, especially for move-up sellers.  Selling a current home that recently appreciated and moving up to a larger home with an interest rate below 4% is ideal for a low mortgage on a bigger house.  Not to mention the fact that a low mortgage payment makes the home more ideal for rental purposes (calling all investors).

Mortgage Rate ProjectionsAll of the stars are in alignment that we will see interest rates start to rise.  Take a look at what economists were projecting this time last year.  In October 2012, interest rates were projected to be at 4.4%.  According to Bankrate.com, today's interest rate for a 30-year fixed mortgage with zero points is 4.52%.  Even as more inventory starts to enter the market, the psychology of paying more than 4.0% will take some time to sink in for many Alexandria VA homebuyers.

The number of active listings in Alexandria VA was at its lowest point in January 2013, and that's when we began to see excitement back in the market. Inventory has been on a steady incline since January, but the number of closed home sales have been on a steady decline since May.

Any Alexandria VA homebuyer who is on the fence right now shouldn't be boggled down with trying to negotiate the price down so much, but understanding the fact that waiting to buy a home means a higher monthly mortgage payment.  Even if the rate at which prices have increased over the past twelve months slows down, the higher cost of borrowing could price some buyers out of their currently approved price range.

Take a look at the example below with regards to home pricing and monthly payments.  Considering a starter home for sale in Alexandria VA priced at $250,000, a mortgage with an interest rate of 4.3% results in a mortgage payment of $1237.18  But waiting until interest rates creep up, just by one point to 5.3% means an increase of over $160 per month in the mortgage payment.  Keep in mind that this is before taxes and insurance are added in, or month association fees.  Black Friday and Cyber Monday are over, but right now, the cost of real estate is still on sale.

The Cost of Waiting
 

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Posted in Buyers
Dec. 17, 2013

Another Pending Condo in Palazzo at Park Center - Top Floor

Another Pending Condo in Palazzo at Park Center - Top Floor

4551 Strutfield Ln 4436Palazzo at Park Center Condos For Sale - If you're in the market to buy a condo in Alexandria VA, then you've just missed an opportunity to pick up the home at 4551 Strutfield Lane Unit 4436; this unit is now under contract.  Perhaps it was the desire for a top floor home with vaulted ceilings.  Perhaps it was the lure of the gas fireplace as we're on the tail end of the season's first snow.  Perhaps it was the attractive covered garage space that's only four spaces away from the elevator.  Perhaps it was the uniqueness of having two balconies.  Perhaps it was the convenience of having a full sized washer and dryer in the unit, and not having to leave the building to do laundry.  Perhaps it was the large master bedroom with walk-in closet.

If you currently own a unit in the Palazzo at Park Center, click here to find out how much your unit is worth.  This is a sought-after community that is ideal for first-time homebuyers, and scale down buyers.  Floor plans include one- and two-bedrooms with dens.  The building has multiple elevators, covered garage parking, a community clubhouse with fitness center, and outdoor pool.

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Dec. 12, 2013

Another Pending Alexandria VA Short Sale In Sequoyah Condos

Another Pending Alexandria VA Short Sale In Sequoyah Condos

 

3901 Woodhue Place Alexandria VA

Avoid Foreclosure in Alexandria VA - The homeowners at 3901 Woodhue Place are one step closer to stopping foreclosure with a short sale.  The two level condo with three bedrooms and two full baths, listed for $170,000 is now under contract subject to lender approval.  There is one lienholder, which is Citi Mortgage, and the short sale process has already been started.

How long does the Alexandria VA short sale process take?

That depends on the number of loans/liens there are against the property and which bank is involved.  By now, most lenders have standard procedures in place for processing short sales, but there are some that still process short sales on a case-by-case basis.  A good rule of thumb is to allow a minimum of 60 days the for lender to process and approve the short sale.

Can I make a low offer on an Alexandria VA short sale?

That depends.  An experienced short sale listing agent will review the most recent sales in the neighborhood and recommend a list price.  My business philosophy is to recommend a list price that is in line with market value to increase the chances of the lender accepting the offer as submitted and without a counteroffer.  In my broker opinion, when the contract price is too low, the short sale lender will likely counter to a higher price, and at that time the buyer has an opportunity to walk, or cancel the sale, because the terms were not approved as submitted.  When I list your home as a short sale, it is my duty to give my seller clients every opportunity to get their short sale approved quickly so that they can begin rebuilding.  When a homeowner is facing a financial hardship, that last thing that they want is for the process to be dragged out or prolonged.

How do I find short sales in Alexandria VA?

Short sales are listed in the Multiple Listing Service, or MLS.  To see all short sales available in Alexandria VA and to receive an email whenever a new short sale comes on the market, just visit www.AlexandriaBankOwned.com to sign up for this free service.

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Contact Tamara Inzunza Today for Short Sale Help

Posted in Condos, Short Sales
Dec. 10, 2013

Garage Condos For Sale In Alexandria VA

Garage Condos For Sale In Alexandria VA

snow coveredAlexandria VA Real Estate - We are preparing for a second round of winter weather in this second week of December.  Mother nature is wasting no time letting everyone know who's boss as the fall season winds down.  Traffic in the Washington DC metro area usually comes to a crawl, if not a complete stop with the winter precipitation of snow, sleet, and freezing rain.  One of the benefits of having a home with a garage, is not having to dig your car out from your parking space, or scrape ice off of your window.

There are several condos for sale in Alexandria VA that convey with garage parking:

  • Palazzo at Park Center condos which are located in Alexandria's West End, and around the corner from Shirlington, are one and two bedroom condos that offer covered garage spaces.
  • Liberty Row is a luxurious condo community that is just six blocks away from the Potomac River. Located in the northeast quadrant of Old Town, the building offers spacious floor plans over 1700 square feet.
  • The Exchange at Van Dorn, is not only walking distance to the Van Dorn metro station, but also includes covered garage parking. This newer building offers open floor plans in addition to clubhouse amenities and an outdoor pool.
  • If you're looking for a more elevated view of Alexandria City, then check out the condos at Carlyle Towers. Walking distance to the King Street metro, Carlyle Towers offers a resort lifestyle with a walkable neighborhood.  In the middle of the Carlyle district in Old Town, it's close to restaurants, AMC Hoffman movie theatre, the US Patent and Trademark Office, and more.
  • Closer to the river in Old Town Alexandria is Alexandria House condos that stand tall in the northeast quadrant of Old Town.  One of Alexandria's premier high-rises, it offers beautiful, scenic views of both Alexandria and Washington DC.

There are many more condo buildings on the list so click here to see a list of all garage condos for sale in Alexandria VA.

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Posted in Buyers, Condos
Dec. 1, 2013

Alexandria VA Short Sales - Report for October 2013

Alexandria VA Short Sales - Report for October 2013

The recovering real estate market in Alexandria VA continues to flush out the number of short sales.  A short sale requires the homeowner to receive written permission from the bank to sell the home for less than the total mortgage payoff.

 

In October 2013, there were 199 homes that sold in Alexandria, and only two of those were short sales.  Year to date, the month with the highest number of short sales was April, when 13 short sales were sold, then June with 11.

The pendings, or under contract short sales tell a different story.

 

In October 2013, there were 228 homes that went into contract, and 36 of those were short sales.  There is a larger volume of pending short sales than the number that are actually closing.

New Short Sale Listings In Alexandria VA

Even with the recovering real estate market, new short sale listings are still entering the market.

 

In October 2013, four new short sale listings out of the 255 total homes that went on the market between October 1 and October 31.

For a complete list of Alexandria VA short sales, click here or give me a call at 703-623-8759.  To sign up to receive email alerts whenever a new short sale comes on the market, click here.

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Posted in Short Sales
Nov. 25, 2013

Lorton VA Short Sale Approved and Just Sold in Lorton Valley

Lorton VA Short Sale Approved and Just Sold

8310 Middle Ruddings 8310 Middle Ruddings Drive, Lorton,VA 22079

Lorton VA Short Sales - Lorton VA short sale specialist Tamara Inzunza has facilitated the short sale for another home.  The home in Lorton Valley at 8310 Middle Ruddings Drive was a short sale and has just sold for $599,000.

Can I do a short sale on an investment property in Lorton VA?

Absolutely.  Short sales do not have to be restricted to primary residences.  If you currently own an investment property in Lorton, the first thing you should do is find out the value of the home to determine if you are upside down (negative equity), or 'right side up' with positive equity. The number of short sales in Lorton VA is small relative to the total sales, so make sure you hire a short sale listing agent who knows how to navigate the process.  If you owe more on your investment property than what is worth, you can still attempt a short sale, and the sale will be subject to the approval of your lender(s).

Can I do a short sale on my Lorton VA home if I am not behind on the mortgage payments?

Yes.  Contrary to popular belief, you do not have to be behind on your mortgage payments to qualify for a short sale.  If you have an immediate financial hardship, or your hardship is in the very near future, such as you have received notice that your employment is being terminated, that is grounds for a short sale. Late mortgage payments will negatively affect your credit rating, so don't wait until you've missed a payment to contact me.

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Posted in Just Sold, Short Sales