Author: ARLnow.com Sponsor

Ask Eli: Impact of Coronavirus on the Real Estate Market, Part 6

By ARLnow.com Sponsor

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. Enjoy!

Question: What has been the impact of the Coronavirus/COVID-19 on the real estate market?

Answer: In this week’s review of how the COVID-19 pandemic is impacting real estate, we’ll take a look at how Arlingtonians think Coronavirus will change their personal finances, how the Arlington market performed over the last seven days, and how the virus is changing the mortgage industry.

Arlingtonians Still Confident

Thank you to everybody who participated in the poll last week, we collected some really valuable information about how Arlingtonians think the virus will impact their personal finances.

Out of 1,055 respondents, 50% feel that their personal finances will either not be negatively impacted or that the impact won’t last more than six months. Over 70% of respondents don’t expect the negative effects to last more than 12 months.

These results reflect a strong local consumer (buyer) confidence and would suggest that local buyers still have enough confidence in their finances/income to make a long-term investment, like buying a home. When you consider the recent McKinsey study (below) on the most vulnerable jobs, you can see why Arlingtonians, many of whom make over $70k/year, remain confident in the face of a global economic crisis. Income/job security is likely the most important consideration for people determining what the negative impact of COVID-19 will be on their personal finances.

Arlington Market Update

New inventory tanked over the past week and we saw the largest week-to-week drop in the number of properties that went under contract. It’s hard to say for sure whether the decline in contract activity is demand-based on a result of less inventory, but it’s likely a combination of the two.

With very little new inventory coming to market and the Coming Soon pipeline drying up, total inventory is dropping quickly, which should keep home values relatively protected, despite declining demand.

Past Seven Days (Arlington)

Seven Days Prior

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Your Beermonger: Going for a (Beach) Drive with Port City

By ARLnow.com Sponsor

This sponsored column is written by Nick Anderson, beermonger at Arrowine (4508 Lee Highway). Sign up for Nick’s email newsletter and also receive exclusive discounts and offers.

Readers of this column caught a hint about Port City’s new Beach Drive Golden Ale last fall, when brewery Founder Bill Butcher mentioned during a chat that “a new Session Ale will arrive for the spring”.

Little did we know then what this spring would be like. With a Brewer’s Association survey released this week showing nearly half of responding breweries saying they would only be able to survive between one to three months under current conditions, what’s it like to roll out a new addition to your core lineup?

I reached out to Port City Director of Sales John Gartner to find out, and to get some details on the beer itself.

Beach Drive has been in the works since July of last year. The concept was “to capture the freedom and beauty of Beach Drive in Rock Creek Park — easy going and refreshing.” Head Brewer Jonathan Reeves aimed to create a low-alcohol beer inspired by the low-gravity desítky style of Czech Lager, with the twist of using Port City’s go-to Ale yeast and a new American-grown experimental hop variety with spicy, floral characteristics reminiscent of classic European Noble hops.

Gartner says with Beach Drive, Reeves “was looking for the dryness of our Oktoberfest and the bitterness of our Helles”, and the finished product nails that perfectly. What surprised me was how full-bodied Beach Drive feels for a beer that clocks in at 4% ABV.

The combination of Pilsner, Vienna, and Munich malts with that yeast strain works a minor miracle toward that end, and the experimental hop comes through with just the right amount of bitterness and spice.

Beach Drive also looks great, with a very nice wrap around its 12oz cans — another new thing for Port City. In the fall, Bill Butcher was talking about continuing to use mobile canning as Port City introduced its first 12oz canned beer, but the brewery ended up finding a used canning line to install in its Alexandria brewery.

The sporadic nature of mobile canning created constraints in the brewery’s cellar, according to Gartner. Buying the canning line allows Port City to produce the amount of packaging it needs as it needs and gives it flexibility in packaging future beers (no spoilers, but: look for some new 16oz can offerings from Port City this year; new 12oz cans are likely to appear, but none are planned for the rest of 2020 right now).

I’ll let John close the column out this week with some words on the experience of introducing Beach Drive now, how Port City is weathering the pandemic,and what you can do to support your local brewery.

“Launching this brand in our current environment has not been easy… the health and safety of all of our co-workers and customers is the most important thing — so there has been a lot of changes around the brewery to be proactive about internal and external safety, which has caused things to slow down.

“Overall, our staff, distributor partners and customers (like Arrowine) have been extremely helpful… during these times, we are proud to be able to launch new brands, and hopefully create a little joy in the world.

“(L)isten and follow the guidelines of the CBC — and support your local businesses. And not to be greedy, but when you do support your local businesses and you see a Port City product — maybe be so kind and include it with your purchase!”

Until next time.

Open Houses in Arlington This Weekend

By ARLnow.com Sponsor

Looking for a home? There are plenty of houses and condos open for viewing this weekend.

Check out the Arlington Realty website for a full list of homes for sale and open houses in Arlington. Here are a few highlights:

3465 N. Emerson Street
6 BD/5 BA, 1 half bath single-family home
Agent: McEnearney Associates, Inc
Listed: $1,995,000
Open: Virtual Tour/Saturday 1-2 p.m.

 

1201 N. Nash Street #302
2 BD/2 BA, 1 half bath condo
Agent: Re/Max Distinctive Real Estate Inc
Listed: $1,499,000
Open: Virtual Tour/Saturday 1-2:30 p.m.

 

1565 21st Court N.
3 BD/3 BA, 2 half bath villa/townhouse
Agent: Keller Williams Capital Properties
Listed: $1,025,000
Open: Virtual Tour/Sunday 1-4 p.m.

 

2504 4th Street N.
3 BD/2 BA single-family home
Agent: D.S.A. Properties & Investments Llc
Listed: $799,900
Open: Sunday 1-4 p.m.

 

1321 N. Adams Court #308
2 BD/1 BA condo
Agent: McEnearney Associates, Inc
Listed: $599,000
Open: Virtual Tour/Saturday 12-1 p.m.

Just Listed in Arlington

By ARLnow.com Sponsor

Just Listed highlights Arlington properties that just came on the market within the past week. This feature is written and sponsored by Andors Real Estate Group.

Despite the gorgeous, warm weather, things have cooled off a bit this spring in the housing market.

This spring in Arlington is a bit more subdued than last year and years prior — no surprise considering a stay at home order. By no means, however, has the Arlington market to come to a halt. You may have heard showings are down — this is true.

That means buyers look at fewer homes before they actually buy, and that casual “lookie-loos” have probably stopped for the time being. You may also see real estate signs in yards for longer — another product of fewer showings and fewer ratified contracts.

As things cool off, just a bit, inventory is starting to creep upward. With this week’s numbers, we now have 1.57 months of inventory — about double from the lows of early February but still way below the national average. Not to worry sellers, that number would need to quadruple before the market was considered to be in equilibrium — something Arlington hasn’t seen in over a decade.

A lot of conversations are centered on the thought that prices in Arlington will go down. I do not believe this to be likely at all. Sellers are holding off on listing their homes and this will actually keep prices steady — supply would need to increase substantially in order to be in line with, or even outpace, demand.

If that happens, then one could reasonably expect prices to be either holding steady or declining slightly. Unlike the stock market, this does not happen overnight, or even in the period of a few weeks — it’s a gradual trend over the course of months and even years.

There are currently 239 homes for sale in Arlington (204 last week). 128 are detached homes, 26 are townhouses/semi-detached and 76 are condos. Average days on market (DOM) is 51, though median DOM (a much more reliable measure for this data set) is only 23.

Sellers listed some 60 properties for sale this week, one more than last week. Buyers ratified 38 contracts, 25 of which were homes that had been on the market one week or less. Activity this week is down on both the supply and demand sides of the equation.

The median list price of available properties is $­­­1,009,998, while the average is $1,153,264. Last year for the same week, sellers listed 75 homes and buyers ratified 54 contracts.

Click here to search currently available Arlington real estate. Call the Andors Real Estate Group today at (703) 203-1117 to talk more about buying or selling Arlington real estate. Below are eight homes that are new this week that I think you might like to check out.

Scammers Thrive During Difficult Times — Here’s How to Protect Yourself

By ARLnow.com Sponsor

As your community’s credit union, we encourage our members and community to protect themselves from scams, especially during difficult times when fraudsters try to take advantage of people.

Here are a few tips to consider:

  • Be skeptical of links and attachments: Exercise caution in clicking links or attachments sent by text message, email, or social media, particularly from unknown senders. This is known as “phishing,” when a scammer tries to steal personal information disguised as a trusted communication.
  • Don’t give personal information to someone who calls you: Trusted organizations will not call and ask for sensitive personal information like account numbers or Social Security Numbers. If you receive a call, hang up and call the organization back on their published phone number to verify.
  • Monitor your statements: Watch for transactions that you did not initiate. Online banking is a tool to be able to see your transactions in live time. If you see a suspect transaction, notify your financial institution immediately. Consider setting fraud and transaction notifications for larger purchases or low balance notices in your account.
  • Be careful at ATMs and gas station pumps: Watch for devices placed in the card reader that try to steal your card information. If you notice something on the card reader that’s loose or looks irregular, don’t use the machine and inform the owner.
  • Hang up on automated robocalls: Scammers use illegal automated phone calls to pitch schemes. Don’t follow the direction to press numbers, including one that connects to an operator or “un-enrolls” you from calls.
  • Research charities before giving: Scammers prey on people’s desire to help by setting up fake charities. Research the organization and never donate by gift card or wire transfer.

If you have questions about your ACFCU membership or need financial solutions in this uncertain time, call us at 703-526-0200.

We are here to serve you if you live, work, volunteer, do business, go to school, or worship in Arlington, Falls Church, Alexandria, or Fairfax County. For more information, visit ArlingtonCU.org or email [email protected].

Membership eligibility requirements apply. Federally Insured by NCUA.

Boring Title: Don’t Want to Leave Your Home For a Real Estate Closing?

By ARLnow.com Sponsor

Title insurance is boring, but Allied Title & Escrow is here to decode the jargon and make it (somewhat) more interesting. This biweekly feature will explore the mundane (but very necessary!) world of title insurance while sharing interesting stories of two friends’ entrepreneurial careers.

Are you ready to buy a property or refinance, but don’t want to leave your residence? There is a great option now available that allows you to close on your home without leaving your home.

Borrowers can now appoint the title company as a limited power of attorney, which allows the title company to sign the closing documents on their behalf. All the borrower needs to do is sign a limited power of attorney (which gives the title company authority to sign for the borrower), and then they can close on their home over a Zoom meeting with the title company.

For this week’s edition of Boring Title, CEO of Allied Title & Escrow Latane Meade speaks with Brackton Pratt, Senior Vice President of First Savings Mortgage Corporation. First Savings has rolled out their FSMC SAFECLOSE program which uses the newly regulated LPOA signings.

Check out this 2 minute video on the new program and how you may be able to benefit from this!

Have questions related to title insurance? Email Latane and Matt at [email protected]. Want to use Allied Title & Escrow when you buy a home? Tell your agent when you buy a house to write in Allied Title & Escrow as your settlement company!

Virginia Tech Trains Professionals to Lead in Data-Driven Businesses

By ARLnow.com Sponsor

In today’s digital environment, organizations must collect vast volumes of data, analyze that data to retain high-value customers, predict trends, identify emerging markets, mitigate risk, drive innovation and more.

This means IT leaders must know how to gather and store information, combine data into meaningful clusters, mine it for compelling insights, and present it in a way that can help the business.

“Nowadays every company needs data-literate IT leaders who understand how to manipulate data, hear the voice of data, and translate insights into a competitive advantage for the business,” says Barbara Hoopes, Associate Professor of Business Information Technology at Virginia Tech.

For those companies or individuals looking to deepen their data analytics skill set, Virginia Tech’s online Master of Information Technology (VT-MIT) program provides an excellent foundation.

Not everyone has the time or financial resources to commit to a full master’s degree program, however. Some may already have a master’s and are just looking for a narrow update on a current skillset. For these reasons, the VT-MIT program also offers IT professionals the option to earn a graduate certificate in six specialized IT subject areas, including Business Analytics and Data Mining.

“IT leaders can find a certificate that speaks exactly to their professional needs without having to commit several years to pursuing a master’s degree,” says Hoopes. In fact, students can earn a certificate in as little as 12 months.

Whether looking to enhance existing skills or prepare for a major career transition, VT-MIT students can expect:

  • Enhanced marketability as they develop skills where a current dearth of talent is driving competitive salaries and prime opportunities for career advancement.
  • Greater convenience through exclusively online courses and a flexible schedule that allow for VT-MIT students to stay in the workforce while they earn a credential, shift their course loads at busier times for their business, and benefit from the experience of peers from across the globe.
  • Rapid upskilling in high-demand areas through focused graduate certificate options. Employers often provide tuition reimbursement “to contribute to the skill sets and the knowledge base of employees without having to release them to earn a degree as a full-time student,” says Hoopes.

Data analytics can provide organizations with invaluable insights — but only if IT leaders know how to parlay data into insights that drive informed business decisions.

Learn more about Virginia Tech’s 100% online Master of Information Technology and graduate certificate options at vtmit.vt.edu.

Arts Focus: Arlington Arts Sews Masks in Partnership with Department of Human Services

By ARLnow.com Sponsor
1/7

This column is written and sponsored by Arlington Arts/Arlington Cultural Affairs, a division of Arlington Economic Development.

(Updated 04/13/2020) Utilizing existing resources and equipment from another program, for the last week Arlington Arts has been sewing masks to be distributed through Arlington County Department of Human Services and the Arlington County Police.

The basic, non-medical grade cloth masks resulting from this effort are being supplied to high-risk populations ranging from homeless shelters and the County jail.

The initiative was conceived and coordinated by the Director of Arts Enterprise, Joan M. Lynch. A professional costumer who formerly ran the Arlington CostumeLab, Joan has many stage and film credits to her name. Working at a safe distance from one another, she and sewing partners Andrea Blackmon and Sharon McDaniel of Arlington Weaves, and Tessa Luque of the Washington Opera started turning out about 50 masks per day. In the week since first posted to social media, the program now has over 100 volunteers.

More volunteers are welcome, and they will be supplied with instructions, fabric, elastic and thread for pick-up, and arrange to drop them off for weekly distribution.

Interested volunteers or those with elastic or fabric to donate toward the effort may email: [email protected].

Arlington Arts is grateful for the outpouring of support from the Community. While there is currently an abundance of volunteers, we still welcome donations of elastic or all-cotton fabric.

Just Reduced Properties in Arlington

By ARLnow.com Sponsor

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.

These are uncertain times and we’re starting to see volatility in many aspects of our lives.

The stock market, oil prices and several financial indicators have all endured their own forms of roller coasters in recent weeks.

In our own little nook of the online world, our Just Reduced numbers have spiked big-time in the past week, more than doubling to 20-plus reduced-price homes in Arlington County alone.

Could this be a sign of even more uncertain times ahead? Is it now a buyer’s market, given sellers appear more willing to budge up front and, perhaps, down the line?

What about for sellers? Is now the time for a stellar bargain? Folks have questions aplenty right now and we certainly don’t blame them.

As we have been there for our clients throughout the decades, we know that each unique real estate scenario is different. When you’re ready to talk about your situation and what may be ahead, the team from Arlington Realty, Inc. is ready to roll.

As of April 6, there are 137 detached homes, 25 townhouses and 82 condos for sale throughout Arlington County. In total, 21 homes experienced a price reduction in the past week:

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.

Ask Eli: Impact of Coronavirus on the Real Estate Market, Part 5

By ARLnow.com Sponsor

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. Enjoy!

Question: What has been the impact of the Coronavirus/COVID-19 on the real estate market?

Answer: I hope this column finds everybody in good health. If you need to replenish your cooking oils and haven’t tried The Olive Oil Boom before, I highly recommend it. It’s a local shop in Courthouse that my wife and I love. My personal favorite is the Harissa olive oil.

If you have some local favorites that you’d like to help stay in business during tough times, please give them a shout-out in the comments section and note a personal favorite product/dish!

Financial Confidence Poll

Buyer confidence drives real estate demand, so I’d like to do a reader poll this week to measure the confidence of Arlingtonians. Thanks for participating!

Arlington/Regional Market Update

Regionally and locally we’re seeing the pipeline of new inventory dry up and sellers lose confidence. The two charts below reflect market activity in Arlington over the past seven days (top) and seven days prior to that (bottom).

While the total Coming Soon and New Active for each seven-day period is almost identical, the Coming Soon pipeline was cut in half. You’ll also note huge increases in the number of price reductions and properties pulled off market (Temp Off, Withdrawn, Canceled and Expired).

Demand is dropping, but homeowners are experiencing it in different ways. For example, the markets that were hyper-competitive prior to the COVID-19 crisis, such as the $600k-$900k single-family starter home market that was seeing double digit offers, are still getting strong offers, and in some cases, multiple offers. For those homes, even a 60-70% decline in demand means a few offers instead of 10+.

I inquired on five homes this weekend for two separate clients. Each was a move-in-ready detached single-family home in Arlington, Falls Church, or Alexandria priced from $695k-$875k. All five had at least one strong offer, four were expecting multiples, one had two pre-inspections scheduled and one got seven offers.

However, the number of price drops and listings being pulled from the market shows that many homeowners are experiencing something different. If your home was likely to get one strong offer before the Coronavirus lockdown, a significant drop in demand can easily mean no offers and a longer wait for the right buyer to materialize.

To gauge the odds of a successful sale (quick sale, at/near asking price), homeowners should be conscious of the profile of the buyer(s) most likely to purchase their home and try to understand how their motivation and financial security has been impacted by COVID-19.

For example, dual-income families are likely feeling more financial security than single-income buyers. Buyers with kids are often more motivated because they likely have fewer alternatives than somebody buying a 1-2-bedroom condo who can more easily find a comparable rental apartment until the economy is back in order.

Further, families with kids are generally buying with a longer ownership horizon and thus able to outlast whatever economic recession/depression is brought on by the virus.

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Listing of the Day: 900 N. Stafford Street #1214

By ARLnow.com Sponsor

Address: 900 N. Stafford Street #1214
Neighborhood: Alta Vista Condominium (Ballston)
Listed: $409,900
Open: Virtually Open 3D Tour

With one of the best locations in Ballston, the Alta Vista sits right on top of the Ballston Metro and is a short 3 minutes from your condo door to the metro. Never walk outside to the brand new Ballston Quarter’s shops, restaurants and night life.

This one bedroom has an impressive open floor plan that has been updated with beautiful maple cabinets and granite counters in the kitchen which opens to the dining room via a breakfast bar. The large living space has a combined dining/family room with table space and windows that look out over Stafford Street from the 12th floor. The bedroom is large enough to accommodate all of your needs including a space for a home office and connects to the dual entry bathroom with black granite countertops and dark ceramic tile floors.

This unit comes with one large parking space and extra storage and is located in the Alta Vista in the heart of Ballston, with a 24-hour concierge, a gym and a large community room. Contact us for a private tour.

Listed by:
Shawn Battle
Orange Line Condo/Century 21 Redwood Realty
703-999-8108 (cell)
703-528-8195 (office)
[email protected]
OrangeLineCondo.com

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