A Look to our Neighbor, McLean Virginia
March 11th, 2010 Categories: Home Buying, Home Selling, Market Stats, McLean Dirt
So most folks come here to read about Arlington – yet sometimes I get asked “why is your office in McLean and you write about Arlington.” Well, I have a long history with McLean, having grown up in McLean, graduated from Langley High School a few years back (define a few, I dare you!), and it’s always felt like a natural place to hang my real estate license. However, as many of you know, when we came back to the area, we settled in Arlington, but VERY close to the McLean/Fairfax County border – so I sort of feel like I have TWO homes.
Because my office is there, I do tend to get a lot of questions about McLean, but the 2 I seem to get more than others are:
1. Can I afford to live there?
and:
2. Are there ANY types of homes besides MANSIONS?
Let’s begin with the 2nd question – McLean is home to all sorts of property types, from condos to townhomes, from starter homes to TRUE mansions. There are fabulous contemporaries, wonderful statuesque colonials; there are craftsman new construction and even a bungalow thrown in here and there. The condos range from affordable garden style buildings through the luxurious Palladium which was completed a few years ago. Similarly there are a variety of townhome communities from starter to the very high end and we see those same broad spectrum options in the single family home market too.
As for affordability – McLean is certainly home to many many MANY multi-million dollar homes. However, with the upper market affected by tumbling values, there can be some great deals! So here are the ranges:
In the condo market over the last year, we saw a 1bedroom/1 bath sell for as little as $150,000 and it was NOT a foreclosure or short sale! On the other end of the spectrum, 2009 saw the sale of a 3br/3.5ba 2000+ square foot unit for $1,425,000.
As far as townhomes go, on the low end, we had sales that ranged from $460K for a bank owned townhome in the heart of McLean to $1,275,000.
Now, single family homes – HUGE spread from a low of $325,000 which was basically a lot right on Rt 123 to a whopping $8,250,000 cash deal for a beautiful, one-of-a-kind piece of history.
So affordable? I would say: yes? no? maybe? Could you find something to buy that fits your budget? We’d have to discuss whether your wants/needs line up with what’s available, but one thing’s for sure, I know McLean and there are plenty of opportunities. Give me a buzz and we can explore it together.
Happy Thursday
Jennifer
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How’s 2010 Looking in Arlington Virginia?
March 9th, 2010 Categories: Arlington Dirt, Home Selling
As you know, I believe monitoring ratified contracts is as close as you can get to understanding the moment-by-moment market tempo. And as always, I’ve been closely watching to see how 2010 has been shaping up. Check out this chart:
And we all know what happened during weeks 6 & 7 (approximately) of 2010 – Snowmageddon! Snowpocalypse! and look – we were still averaging in the 40-50 contracts per week!! It’s great to see that 2010 has started off with a bang – what we need to remember is it’s not a be-all/end-all statement. last year obviously started out a little slower than 2008, but quickly picked up steam in the spring and never looked back. We ended last year with a 20% increase over 2008 – so I guess anything can happen but so far, I’m seeing market activity.
On another note – as I peruse the MRIS, (our local MLS) I am also seeing agents putting comments in that are indicating receipt of multiple offers. But, per my post last week or the week before, prices are still staying moderate due to the financing situation we’re in. We’ll see how that works itself out.
If you’d like to see more, or perhaps you’d like some research done on your neighborhood please feel free to give me a call. Remember, this is only for Arlington -
Happy Tuesday!
Jennifer
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How’s the Market?
March 5th, 2010 Categories: Arlington Dirt, Northern Virginia Basics
In the words of real estate coach, Tom Ferry, it depends!
Yes, you might think this is a wishy-washy answer; you might even think that person is dodging the question… OR you might even think they don’t know, so they’re covering…
Actually, “it depends” is the most accurate answer any savvy real estate agent can give you. Why?
Well let’s look at some scenarios:
SCENARIO 1 (person asking question bought home in 2007 and has seen a 15% decrease in value; has a 100% financing)
Q: How’s the market?
A: It’s GREAT – FABULOUS, couldn’t be better! (agent is apparently having a good year)
Q: Really? So it’s a good time to sell?
A: Sure is! Houses are selling like hotcakes!
Can the seller sell his house? Sure! The market is pretty active; but will he have a positive outcome? Only if he has a pile of money in the bank and is willing to pay it to sell his home.
SCENARIO 2 (person asking question wants to buy but has limited cash resources and blemished credit)
Q: How’s the market?
A: It’s GREAT – FABULOUS, couldn’t be better! (agent is apparently having a good year)
Q: Really? So it’s a good time to buy?
A: Sure is! Rates are low, prices are reasonable – inventory is the biggest problem but if we’re tenacious we can be successful!
Can the buyer buy now? Maybe, maybe not…
I think I’ve made my point – by saying “it depends” it allows the agent to better understand the perspective from which the inquirer is coming. This way, they can assimilate all of the market conditions that are applicable to that person’s situation and they can have a more meaningful and relevant conversation. It’s not that the agent would be trying to sugarcoat or “sell” when answering, but knowing why the person is asking is critical to providing a good answer.
So the next time you ask “How’s the Market?” I hope you’ll find yourself engaged in an intelligent conversation about the market! Just ask me and I”ll be happy to fill you in!
Happy Friday
Jennifer
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5 Reasons Why I LOVE Keller Williams Realty
March 3rd, 2010 Categories: Northern Virginia Basics
I LOVE Keller Williams Realty. I’ve been with a few other brokerages (who shall remain nameless) and on a regular basis I come in contact with and have many friends at other brokerages.
To each his own and there will be no negativity about other brands, brokerages or agents. This is just a personal story about why I am so happy with MY choices.
1) It starts at the TOP… Gary Keller has amazing vision and focus… he is PRESENT in the day to day business of the company and he has built a model that works (Of the top dogs in the Real Estate Industry KW was the ONLY company that grew in agent count in 2009, the ONLY company that was profitable and the ONLY company that increased in sides). I am so proud to be a part of an organization with such an amazing, visionary leader with models and systems in place to be successful in this business.
2) In the last 5 years, Keller Williams has profit shared over $200 MILLION dollars to its agents alone. This is essentially my retirement plan and I’m thankful to have it.
3) Keller Williams is really a training company for people that happen to hold real estate licenses… I know, it sounds backwards, but seriously the idea is that if agents are well educated, well trained, well prepared, they will be more successful, with happier clients and make more money. On a personal note, education and training is near and dear to my heart. In fact, within our office I chair the committee that focuses on education and agent productivity growth… nuf said…
4) Keller Williams is a National Brand, in fact, one of the most recognized brand for real estate franchises in the industry according to the Swanepoel TRENDS Report for 2009. Guess what that means? Referral business from a nationwide source!
5) For all of the reasons stated above, it makes ME a better agent with a great company behind me for my clients. This makes my clients happy, my co-op agents happy, and even THEIR clients happy a lot of the time! I like happy – can you tell? 
OK, that’s a little insight into my world behind the scenes! And now back to your regularly scheduled program!
Happy Wednesday
Jennifer
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