Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!
Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.
As of July 31, there are 129 detached homes, 26 townhouses and 153 condos for sale throughout Arlington County. In total, 17 homes experienced a price reduction in the past week, including:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!
Question: Do you have any recommendations for ways to reduce the burden of high interest rates?
Answer: Hearing somebody suggest an interest-only mortgage may initially sound like a gimmick and bad financial advice, but for some buyers, an interest-only mortgage might be a great option to responsibly purchase more house within budget, with more control over your payments.
I was recently discussing mortgage options for a client with Skip Clasper of Citizens Bank ([email protected]) and he brought up their interest-only mortgage product so I thought I’d share it here in case it can help anybody else. Most banks attach a higher interest rate to their interest-only product, but Citizens Bank does not (currently).
Standard Mortgage vs Interest-Only
A traditional mortgage is designed so that every payment is a combination of interest and principal, so that the loan is fully paid off after 30 years if you make the same minimum monthly payment each month. In the early part of the loan, most of your payment goes towards interest.
An interest-only mortgage is a loan that does not include any payment towards principal with each minimum monthly payment and thus lowers the amount you pay each month. Any money you pay over your minimum monthly payment goes directly towards principal and you can choose when and how much to make those extra payments. Note that in a standard mortgage, you can also pay additional money towards principal at any time, but you must make the minimum payment, which includes interest and principal.
The difference in payments between the two products isn’t massive because so much of your initial payments on a traditional mortgage are interest, but you can see from the table below that the difference in payments is enough to move most buyers into a new pricing tier (better/bigger home) or to become more competitive in the price tier you’re in (better chance of offer being selected). The table below doesn’t contain a $500k loan amount because the interest rates on lower loan limits are usually too high to justify.
Who Should Consider an Interest-Only Loan
There are a handful of buyer profiles that I think should consider an interest-only mortgage to give themselves more spending power and/or more control of their loan payments:
Professionals with high bonus/commission compensation structures like attorneys, partners/executives, salespeople, and business owners. The key is making sure that you are allocating money from these windfall bonus/commission payments towards paying down your principal, but it helps keep your cashflow more manageable during the months where you have less or no income.
Homeowners who have high short/mid-term expenses like childcare. A family with two young kids in childcare may be paying $4,000+ per month and for most families, that cost will go away within a couple/few years. Once those costs drop off your budget, that money can be redirected into paying down the principal, if you haven’t yet been able to refinance into a lower interest payment.
Buyers where a new job or promotion is highly likely within a few years that will cause your income to increase enough that can start paying down the principal and make up for lower, interest-only payments early on. A good example of this is a couple where one person works and the other is in grad/medical school.
Buying a “forever home” and you’re finding yourself coming up a short on the budget you need to get into the right home and you don’t want the difficulty of managing higher payments in the first 2-3 years to prevent you from buying what you need for the next 20-30 years. There must be a reliable way for you to be able to be able to start paying down the principal (and catching yourself up) after a few years.
Waiting for Interest Rates to Drop to Refinance
A lot of buyers in today’s market are taking on higher mortgage payments than they can’t afford long-term and counting on interest rates to drop in a year or two so that they can refinance. While the odds are good that there will be a refi opportunity in the next 12-24 months, it’s far from certain and if you can’t sustain your minimum required payment on a traditional mortgage for more than 12-24 months, you’ve got a problem.
For buyers who are willing to take a gamble on a refi, an interest-only loan may be a safer way to wait for rates to drop because if it takes longer than expected, you have more control over how you pay down your mortgage prior to rates dropping enough for a refi.
Fiscal Responsibility is Key
The key to using an interest-only loan is to use it responsibly and have a solid plan in place to make payments towards principal rather than waking up 8-10 years into your loan payments with little to no dent in your loan balance (principal). If you do not trust yourself to do this, don’t even consider taking on an interest-only mortgage.
Qualifying is More Difficult
Interest-only mortgages are a riskier product for banks, so the lending standards are higher than a traditional loan. For most banks, you must qualify based on a 20yr amortization payment scheduled instead of a 30yr, meaning your debt-to-income ratio must be a lot stronger. Most banks also require you to have a significant amount of reserves after closing (retirement funds can usually be applied) and you need at least 20%-25% down.
If you’d like to discuss buying, selling, investing, or renting, don’t hesitate to reach out to me at [email protected].
If you’d like a question answered in my weekly column or to discuss buying, selling, renting, or investing, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at EliResidential.com. Call me directly at (703) 539-2529.
Lyon Village offers residents an exceptional living experience, seamlessly blending urban convenience within a suburban setting.
Situated just north of Wilson Boulevard, this charming neighborhood boasts proximity to the bustling shops and eateries of Clarendon while offering a tranquil retreat with beautiful homes, a two-acre park, dog park, and community house.
Established a century ago, Lyon Village has approximately 800 homes and a remarkable 37 percent of these homes were built in the 1920s. The many home styles showcase the neighborhood’s timeless beauty and architectural diversity including cape cods, tudors, colonials, craftsmans, and more. Walking around Lyon Village is a visual treat for residents and visitors alike!
Anchoring the vibrant community is the Lyon Village Citizens Association (LVCA), founded in 1926. The LVCA plays a central role in bringing neighbors together through various annual events. From the beloved Easter Egg Hunt to the spirited Fourth of July Parade and Picnic, there’s always something exciting happening. Another great event, the annual Spaghetti Dinner, is hosted by the Lyon Village Community House Association. The Lyon Village Community House, a cherished neighborhood gathering place available for rent, serves as a focal point for many meetings and events. With a monthly newsletter and an active list-serv, the LVCA ensures residents stay connected and informed.
At the heart of Lyon Village lies the delightful Lyon Village Park, a two-acre fenced oasis offering a range of recreational activities. Families and friends come together to enjoy the children’s playground area, picnic shelter, two lighted tennis courts, and a lighted basketball court. The park’s highlight, the refreshing sprayground, draws in numerous young families, operating from Memorial Day to Labor Day each year, creating fun memories for all.
When my husband and I were house hunting we zeroed in on Lyon Village for all of these reasons. Since moving here, we’ve met so many wonderful neighbors on our daily walks and have enjoyed the “walkable” lifestyle living in Lyon Village allows. You can often find us at local spots like Simona Cafe, Green Pig Bistro, Bar Ivy, and Bakeshop. With its rich history, diverse architectural styles, engaging community activities, and picturesque parks, Lyon Village is an amazing place to call home.
Please reach out to me if you want to learn more about Lyon Village or the many other wonderful neighborhoods in Northern Virginia!
For 40 years, McEnearney Associates has been a premiere residential, commercial and property management firm with 11 offices located in the Washington metro region. With service excellence, hyper-local expertise, powerful data insights, innovative technology and cutting-edge marketing, McEnearney Associates have helped their clients make informed decisions on their most valuable real estate investments. There is an important difference at McEnearney: It’s not about us, it’s about you. To learn more, visit us at www.McEnearney.com.
NVHomes has returned to Arlington with a collection of luxury townhomes off Columbia Pike and will welcome guests to view the model residence this Sunday, July 30 from 12-2 p.m.
Carlin Place is a new community featuring 3-, 4-, or 5-bedroom floorplans with included secure garage parking, two outdoor living spaces, and stately brick architecture. Designer features such as quartz countertops, wide-plank flooring, and upgraded baths are included. A video tour of the homes can be viewed on YouTube. Prices start in the upper $900s.
In addition to to-be-built homes for owners to personalize their finishes, NVHomes will offer a selection of immediate move-in homes for purchasers looking to move quickly.
Carlin Place is located in the Columbia Pike neighborhood, which is a commuter’s dream location with easy access D.C., the Pentagon, I-395, and Reagan National Airport. Residents can walk to the Four Mile Run Trail, Glencarlyn Dog Park, Orangetheory Fitness, Harris Teeter, a Sunday Farmer’s Market, and countless other neighborhood amenities.
To get directions and to RSVP for the open house, click here. For private tours and sales information, join the interest list to be contacted by the NVHomes sales team.
During summertime in D.C., it can feel impossible to find a place that isn’t crowded with out-of-towners.
While we love sharing D.C.’s iconic spots with visitors, sometimes it’s nice to get away from the long lines and camera-wielding families.
Yes, we will take a picture of you and your family in matching T-shirts — but no, you won’t catch us stepping a foot near D.C. landmarks anytime soon. Escape the summer swarm with this list of non-touristy things to do near D.C. this summer:
This column is sponsored by BizLaunch, a division of Arlington Economic Development.
For anyone who runs or is looking to open a business in Arlington, the answer is yes.
With only a few exceptions, Arlington business owners need to get a business license and maintain that year over year. This includes businesses of all types of sizes. If you’re a freelance artist/maker, own a retail establishment or restaurant, operate as a consultant or even have a home-based business or nonprofit, an Arlington Business License is required to operate.
Obtaining that business license is pretty simple through the Arlington Commissioner of Revenue, which issues business licenses every year and assesses the amount of tax businesses are required to pay. The entire process can be done online via the CAPP — Customer Assessment and Payment Portal. Simply go to the website and click on “Register a new business/location.”
Be sure to have your EIN (Employer Identification Number) or SSN (Social Security Number) and your home occupation permit or your Certificate of Occupancy (CO) number handy as you’ll need those to complete the application. Once you’ve completed your business license application, click submit and you officially applied for your business license. A business tax inspector will review your application, once approved, you will receive an e-mail confirmation, and you’re done.
But why is having a license so important? A business license serves as the taxing mechanism for both the Business License Tax, which is based on the gross receipts of a business, and the Business Tangible Personal Property Tax, which is based on the individual tangibles, or personal assets, of a business — things like furniture, machinery, tools or programmable computer equipment.
We all know that no one is overly excited about the prospect of additional taxes, but it’s important to remember that not only does that tax revenue help to fund Arlington’s many amenities, like public transportation, social services, public art, parks, community centers and bike trails. But even more importantly, if a business is found to be operating without required licenses, it can be fined and/or sent to court for each day of operation without required licenses. Making sure all of our businesses are operating in full compliance of the law is key, and the BizLaunch team is here to help ensure Arlington businesses are up to date.
We know the various licenses, taxes and fees can be a little overwhelming, especially at the beginning, and BizLaunch and the Arlington Commissioner of Revenue are here to help.
For new businesses wanting to start, the BizLaunch team has put together a thorough Small Business Checklist outlining each step a business needs to take to launch, including licensing and regulation. Additionally, the Arlington Commissioner of Revenue’s Office has put together a helpful guide for businesses opening in Arlington.
Each week, “Just Reduced” spotlights properties in Arlington County whose price have been cut over the previous week. The market summary is crafted by Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!
Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes.
As of July 24, there are 125 detached homes, 25 townhouses and 146 condos for sale throughout Arlington County. In total, 22 homes experienced a price reduction in the past week, including:
Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.
This regularly scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Arlington resident. Please submit your questions to him via email for response in future columns. Video summaries of some articles can be found on YouTube on the Eli Residential channel. Enjoy!
Question: What is the normal commission rate for a Realtor who represents a buyer in Arlington?
Answer: There has been a long-held belief that real estate agents should avoid public discussion of commissions because of antitrust laws and ethics violations, but now that many public-facing real estate websites (e.g. Zillow and Redfin) are publishing buyer-side commissions, not to mention recent efforts by the National Association of Realtors and our local MLS (BRIGHT) to open-up transparency. I’ll make an annual column out of the data on buyer-agent commissions.
The data and charts below represent the buyer-side commissions published in the MLS for transactions in Arlington, sans any subjective commentary that could get me in trouble. I don’t have access to listing-side commission data, so you’re only seeing commission data for one side of the transaction.
How Are Commissions Determined?
In most cases, commissions are set in the Listing Agreement between the seller and the seller’s real estate agent. A total commission fee is established, with a disclosed amount going towards the agent/broker representing the buyer of the home. That buyer-side commission is published in the MLS. Buyer agents may establish minimum commissions or other fees in their Representation Agreement between them and the buyer (PSA for buyers: be sure to ask about these minimums or fees when selecting your agent or reviewing your Agreement).
Buyer Agent Commissions Down 12% Since 2015
In 2015, buyer agent commissions averaged 2.89% across all transactions in Arlington. As of 2022, the average buyer agent commission in Arlington dropped by 12%, to 2.54%. The average commission dropped by 6% from 2017 (2.81%) to 2019 (2.65%).
Buyer Agent Revenue Flat for Past Decade
Setting aside the historically high volume of real estate transacted in 2021, revenue (calculated by sales volume multiplied by the average buyer agent commission percentage) to brokerages covering buyer-side transactions in Arlington has remained fairly flat since 2015 (and earlier) because higher sales volume (driven by higher prices) has been offset by lower commission fees.
Broker/Agent revenue in 2023 will drop as significantly as it increased in 2021 due to low sales volume in 2023.
Are you looking for something fun to do this Sunday? How about tasting some Virginia Wine? Let’s meet at Arrowine!
Join us at Arrowine (4508 Cherry Hill Road) this Sunday, July 23 from 1-4 p.m. for our Two Table Super Tasting! Featuring some of Virginia’s Best with Glen Manor, Early Mountain, Midland, Vino del Bosco, and Veritas Wineries all in one place — without driving to the wineries. They will all be here for you to sample at Arrowine!
By Reservation only. Attendance is limited to ensure a great experience. All attendees must be 21 and possess a valid picture ID.
Cost: There is no charge for this tasting event! Discounts: Tasting discounts are “on”! Every wine you taste will be on sale during the event, at least 10% off the regular price. We’ll have wine available for purchase, and if you want more than we have available, discounts will apply to tasting wines you order during the event, too!
This event will be popular. To attend, please fill out this form, or e-mail us at [email protected] and let us know you plan to attend. Include the following information in your email:
Name
E-mail and phone contact information
Number of people in your group
When you expect to arrive: (a) 1–2 p.m., (b) 2–3 p.m., or (c) 3–4 p.m.
We will confirm all reservations by e-mail. If attending, we will add you to our e-mail list that announces special events and sales.
Your car is designed to move smoothly across the surface of the road, and the components that make up your suspension are part of what keeps your car stable. When you hit an uneven surface or crevice, you may feel the car jump or jerk — but without a suspension system, that feeling would be even more… well… jarring.
If your car is a magnet for curbs, potholes, and other road hazards, the odds that you may eventually need to repair your suspension are much higher. Pay close attention to how your car responds after hitting a speed bump. Does it bounce? A shaky steering wheel, uneven wear on your tires, bouncing after a speed bump, and leaking fluid could all be indicators of a suspension problem.
Each wheel of your car has shocks and struts that comprise the suspension system. To keep the car level and in good contact with the road, replacement should be done in pairs. So how much might the parts cost to repair or replace your suspension?
CarCare To Go Parts Manager Claire Treadway shares this insight:
“Usually each strut and spring assembly has a good range, about $200-$600 aftermarket depending on the car and options. Most dealerships and OEM distributors will charge each piece individually (the shock absorbers, the coil spring, and everything to replace them) and that will usually be about 600 for each side [of the vehicle.]”
What about costs specific to some of the most common makes in our area?
“An example for a 2012 Toyota Camry shock assembly is $326 each. Not every vehicle will come as an assembly from the aftermarket either, for a 2018 Mazda CX-5, they only sell the shock absorber, and then you’d need to buy anything else the car might need during that replacement.”
It’s important to note, that may be just the cost for parts and not the expertise required to install them. With CarCare To Go, pick-up and return of your vehicle is always free with no mark-up for it in the price of your service, no pushy additional sales, and easy digital approval of your estimates and invoices line-by-line.
The team also includes detailed photo and video inspections in their report, along with the opportunity to connect directly with the experts working on your car. In short, it’s a service experience like no other. For a limited time, Car Care To Go is also offering a discount on routine maintenance like an $89 alignment that can help preserve your suspension. First time customers can also get their initial oil change for just $20.23 with code FIRST20.
This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Doran Shemin, Esq., and Janice Chen, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Falls Church, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.
The Supreme Court is taking an important case next term — Loper Bright Enterprises v. Raimondo — in which we expect a foundational element of American constitutional law to change.
If the Court decides the case as we expect, there will be knock-on effects in practically every area of federal law. We’ll focus on immigration here, because that’s our specialty.
Chevron Deference was a cool doctrine, but all good things must come to an end.
First, some background: What is at stake?
In the 1930s, the Roosevelt Administration fundamentally changed the federal government via a vast expansion both of federal power and a concomitant expansion of federal law. New administrative agencies both created and enforced rules across the country. In 1948, Congress sought to regularize the process by which rules were created and interpreted in the Administrative Procedure Act. The APA was largely successful in setting procedures for the creation of regulation, but the question of interpretation remained troublesome.
In 1984, the Supreme Court decided Chevron U.S.A. v. NRDC, and settled (for forty years) the question of how to interpret federal regulations. Chevron Deference, as it became known, is that federal courts should defer to the expert judgment of administrative agencies, in the interpretation of administrative regulations, so long as Congress has not spoken directly on the issue at hand. This allows administrative agencies — which are, in theory and practice, more familiar with their own regulations and the underlying facts than federal judges — to apply their expert judgment, within fairly broad bounds.
Immigration regulations are just like any other form of regulation. As we have explained in these pages, the Attorney General is the Grand Poobah of immigration regulation and interpretation; all Immigration Judges, all Board of Immigration Appeals judges, and indeed all immigration adjudicators are merely his legatees. Thus, the Attorney General has broad deference, under Chevron, to construe immigration regulations within the broad outlines set by the Immigration and Nationality Act, as amended.
When the Supreme Court overturns Chevron in Loper Bright Enterprises v. Raimondo, as we expect it will, the Attorney General will no longer have such broad power to interpret immigration regulations. The substantive effects will depend on how strictly the Court clips the wings of administrative agencies. At its most extreme, Loper Bright could make individual federal judges the primary interpreters of immigration regulations; a more measured decision would simply enlarge the role of judiciary in overseeing regulatory interpretation.
Over time, our prediction is that the end of Chevron will lead to a slow change in the nature immigration regulation — a change which would be, in general, positive for our clients. Federal judges tend to be more sympathetic to immigrants who challenge restrictive interpretations of the Immigration and Nationality Act than immigration adjudicators are. But, of course, that tendency is not universal. Immigration skeptics are well aware of which federal judges are less sympathetic than the norm, and they know how to file civil actions.
If federal judges become more hands-on in the realm of administrative law, federal judges will issue conflicting decisions concerning the same regulations. Those conflict will filter up through the Circuit Courts of Appeal to the Supreme Court. The Court may prefer, as a matter of jurisprudence, to center the interpretation of federal regulation in Article III courts; but the Court may have practical reasons to regret its principles.
As always, we welcome your comments and will do our best to respond.
