Alexandria Dirt
When is “so-so” good enough? Or even Perfect?
July 9th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, First Time Buyers Club, Home Buying, McLean Dirt, Reston Dirt
When I begin working with a buyer we usually, sooner or later, end up with a wish list of sorts. Of course everyone would like to be able to buy their dream home, but I’ve seen it at almost every price range, that most buyers feel if they could just stretch EVER SO SLIGHTLY more they could get exactly what they want! It’s whether I’m showing $200,000 condos or 
$1.8M homes – there’s just that one little stretch that could get X. Whatever it is – it’s sort of interesting.
So where do you draw the line? What do you look past? And what would you see that should cause you to keep on looking?
The easiest (and sometimes hardest) thing to look past is DIRT – yes I said DIRT. Sometimes a house just needs to be cleaned – REALLY cleaned – windows, carpets, baseboards, exterior trim, etc… it may be gross, but really try to imagine it sparkling.
Next – PAINT – Paint is probably the least expensive way to make a big change – can’t stand those pea green walls? What about mocha? or cranberry? EASY – so imagine it in the color scheme you like. Then head out to the paint store to explore the options!
What about an outdated kitchen? Well, first you need to really evaluate what’s outdated… is it everything from the aqua blue stove to the metal cabinets? Then you might be looking at a complete re-do – but have you ever strolled the aisles of Ikea? They have some really nice looking options, especially for small spaces, that are actually affordable. In order of expense (for most) are: Cabinets, Appliances, Countertops, Flooring, miscellaneous (hardware, light fixtures, faucet)… If you can live with the cabinets, perhaps consider buying a new appliance, new flooring and lighting – then see what’s left.
OK, So you understand where I’m headed with this – there are a lot of things you can do to change the home – even removing trees, old overgrown bushes, power washing a deck or even the house, etc… but what are some things that should cause you pause…
First let me say that there are very few problems that cannot be fixed – however it has to be decided how much you want to bite off. If there are issues with the structural integrity of the property – you must decide the severity and often it’s a matter of taking on the unknown – I’d consider passing.
Here’s a biggy – busy road – does it back or front somehow to a busy road? And how busy is it? Is it a cut through? Or a main thoroughfare? Or even a freeway? Do you enjoy having your windows open? Do you have small children or pets that you would worry about? The reality is that a busy road is generally not someone’s first choice for location – however, every house will sell, every house will have a buyer – just a matter of a price hit.
Then there’s the site – how is the property situated on the lot? There are some things you can do with retaining walls, decking, etc… but if you want a flat level lot and the home you love is on a steep incline? Can’t really be changed. Things to think about.
I think the bottom line is that you need to give a house a chance – homes aren’t perfect, but as a buyer, you need to evaluate the deficiencies and determine what can be done – then, if you are able to get comfortable with them – carry on!
Happy Thursday!
Jennifer
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Staging on Steroids…
June 10th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Selling, McLean Dirt, Reston Dirt
Yesterday I decided to hit a few broker’s open houses. Tuesdays are big days in the Northern Virginia – Washington DC Area where real estate agents have opportunities to tour homes for a variety of reasons – some people go to preview potential homes for clients – it’s a time saving way to see a bunch of homes at once without making appointments. Others go to support their fellow agents – show their face, sometimes it’s to network, 
say hello to an old friend. Some go for the food – the food can range from simple deli sandwiches to ornate catered events. (My favorites are the ones with Mother’s Macaroons which is a fabulous Arlington Bakery and they make the most amazing finger desserts!!) Others go in hopes of winning prizes – yes, I said prizes! Anything from a cash pull (where everyone wins something) to a gift certificate to maybe even an iPod!
OK, but I digress – yesterday I went in the home of a listing agent who had many many letters after her name to represent all of the designations she’s earned. One happened to be the Accredited Staging Professional (OR ASP) designation. Now, I think staging a home is really important IF THE HOME CAN BENEFIT FROM IT.
Have you ever had a friend (or maybe your home is like this) that every time you walk into their home it looks perfect? Just the right accessory, just the right colors, just the right candle? Not too much? Not too little? But JUST RIGHT? That’s what staging is supposed to accomplish. A “put-together” just right look!
So, back to my story, yesterday I walked into this house and this particular staging professional went WAYYYYYY overboard. There were throw blankets EVERYWHERE – and I mean EVERYWHERE – sometimes 2 and 3 in the same room, artfully “tossed” over the arm of a chaise or a sofa… There were books and towels tied up with rafia and silk flowers arranged throughout the house as well – there was even a silk flower arrangement in the “his” side of the closet – and it wasn’t even attractive – c’mon! That’s not believable!!! The kicker was the cup of tea that sat on the end table by the chaise with the artfully thrown blanket with plenty of fringed pillows as well, I might add - the cup was full of that brown plastic stuff that looks like liquid, but it’s not – the wrapper from the tea bag was torn off and set aside and it was on top of a book… I had to feel the “water” in the teacup to see if it was real or not – UGH – I left there thinking “staging gone bad”
So, what’s my advice? Look around! Get the honest opinion of your agent and your friends – there are many levels to “staging” – sometimes stagers can come in and work with what you have – re-arrange a few things, pull out some great nuggets that you have tucked away and put away some things that might not be working to their full potential. Staging is great – when used for the right project in the right way. But when it’s not right on – it just looks silly – TRUST ME!
Feel free to call today to discuss listing your home and I’d be happy to tell you whether or not your home could benefit from staging.
Happy Wednesday
Jennifer
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Listen UP Sellers – Prepare Your Home for 3 Sales… read on…
March 12th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Selling, McLean Dirt, Reston Dirt
Yes, I said 3 – THREE – When you’re contemplating selling your home in this market, you may feel that it’s an uphill battle – and for most, it is! The 
hardest hurdle (and single most important thing) is to price your home correctly. Remove emotions as best you can; don’t place extra value on your hand printed wall paper or your custom bathroom fixtures. Chances are the next buyer may not even notice those things, or they may be so personal that rather than placing extra value on them, the next buyer is factoring in money to REMOVE them! Then look at the comparable listings – and comparable solds – with your agent. Look as objectively as possible at the positive features of your home (think big here: location, curb appeal, updates, garage, etc..) as well as the negative aspects (small bedrooms, 1 fewer bath than most of your comparables, street parking, etc…). Remove all of the minutiae of custom this or custom that… look at the big picture.
So I’m sure you’re wondering why, after all this, you have to sell your home 3 times…
First you have to SELL YOUR HOME TO REALTORS – this is why we host broker’s open houses on Tuesdays – to give Realtors a chance to walk through your home and get a good look – they may not have a client for it, but they may talk it up at their office, or even write a blog post about it!
Second you have to actually SELL YOUR HOME TO POTENTIAL BUYERS – now this is the most obvious! You want them to walk in and imagine their lives in your home. Remember, it won’t be your home for much longer, but you want them to imagine their lives there and see the value.
Last you have to SELL IT TO THE APPRAISER – yes, the APPRAISER! This is primarily my job as the agent, but assuming we did the steps discussed in the first paragraph and actually priced off of valid comparables, we should be able to sail through appraisal process – but it is an often overlooked step that is as important as any of the others.
So, take the time to price and prepare your home up front for the best possible outcome and I’d be willing to bet the rest will fall into place!
Call me to discuss further – I’m EXCELLENT with the 3–sale approach with every base covered!
Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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So it’s really a buyer’s market….. right?
February 12th, 2009 Categories: Alexandria Dirt, Arlington Dirt, Falls Church Dirt, Home Buying, Home Selling, Market Stats, McLean Dirt, Reston Dirt
Last night I met with some new clients who were delightful (you know who you are if you’re reading this!)… a topic came up that comes up a lot and I felt was worthy of discussion today – The media is ALL over the idea that it’s a buyer’s market – but what I’d like to remind you is that real estate is local, it’s really hyper-local. What does that mean?
First, we need to define what IS a buyer’s market? The economic definition of a buyers market reads like this:
A buyer’s market is a market for a good where prices are falling and there are more parties interested in selling than buying.
OK – that makes sense. But how does it translate to real estate? Typically we look at absorption rates – or simply put, how long will it take to sell through our current inventory of homes. I found another definition which generally follows what I’ve always heard which is this:
A seller’s market is defined by absorption rates of 1–4 months
A normal market is defined by absorption rates of 5–6 months
A buyer’s market is defined by absorption rates of 7+ months
One very important factor to keep in mind is that numbers can swing wildly month by month because you are looking at 1 month in a bubble. I’m sure a learned economist might take exception to the quick and dirty, back of the napkin numbers we’re looking at here, but nonetheless I was fascinated by what I found.
So, when I sat down this morning to pull together some facts and figures to share, before I even got started, I figured I’d find that in the closer in markets where things haven’t been in a nose-dive decline, that I’d find lower rates and in markets that are saturated with inventory, I’d find that buyer’s market conditions really exist. Take a look at the chart below. I had ordered it loosely by geography – distance from the city.
At first glance I was surprised to see the LOWEST absorption rates in Manassas - now I don’t do a whole lot of business out in Prince William County – most of my business is done in the closer in areas of Arlington, Alexandria, Falls Church and the like… I was a little surprised by McLean’s super high rate of 16+ months of inventory, but then, it all made sense. Look at the chart below, re-ordered by average list price in that city.
Interesting, huh? With the ONE exception of Falls Church, it lines up EXACTLY with average selling prices. What this tells me is that in areas with reasonable prices, properties are selling – at a very good pace in most cases. This ALSO tells me that with a few exceptions, our metro area is largely within the “normal” ranges – it’s what I’ve been saying, but here are the numbers to show for it.
The other interesting thing I found while researching this morning is that it really doesn’t matter what you label things (e.g., market conditions, outside factors, etc…) – what matters are 3 things:
1) low asking prices
2) acceptable interest rates and
3) large inventories
So there you have it – as a buyer, please don’t think you are driving the boat – that you can get whatever you want and then some from today’s sellers. Likewise, as a seller, recognize a good deal when one comes along. Work with the buyers and their agent, be flexible and realistic. Hey, it sounds like I just described a “normal” market.
Give me a call if you’d like to discuss further – it’s truly a fascinating study.
Happy Thursday
Jennifer
Serving all of your real estate needs in Arlington, McLean and the entire Northern Virginia Region!
Contact me today for a free home valuation or buyer counseling session! And remember, spring is RIGHT around the corner!
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