Author: ARLnow.com Sponsor

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 Team Cathell, “Your Orange Line Specialists.”

The wild and crazy economic news this week didn’t discourage home buyers and sellers from conducting business.

Buyers ratified 47 contracts and sellers put 59 homes on the market this week. Some 20 of those new listings were sold in seven days or less. Who said the real estate market slows in August? They need to wake up and smell the coffee. One property over the Arlington border in Del Ray, Alexandria, attracted 44 offers and escalated nearly 40% above the list price.

You’ve already started to hear the big “R” word in the news, and you’ll hear plenty more in the weeks and months ahead. Is a recession really looming over the horizon? Economists say it’s inevitable that our economy is due for a normal cyclical cooling down after a historic nine years of uninterrupted growth. Remember, a “recession” is just two quarters (6 months) of negative growth.

The U.S. economy is slowing, but not nearly as much as other major economies like China, Germany, the UK, Argentina and Russia. Sustaining the stronger U.S. economy is consumer confidence and spending. But that could change. Events like the Dow Jones index dropping 800 points on Wednesday could begin to influence consumer confidence.

Don’t let the hype of left and right media scare you into thinking our economy is about to tank like it did in 2008. That is highly unlikely. A slowdown in U.S. gross domestic product, yes. But a meltdown? Not likely.

Actually, the bad economic news brings short term good housing news, temporarily. The fear of a global economic recession prompts investors to seek safe havens for their capital, like U.S. Treasury bonds. That flood of capital into T-bills drives down the yield, which influences our mortgage rates. So we are likely to see a drop in rates. And this week already, in the last few days, the rate on the 30-yr fixed mortgage dropped from 3.75% to 3.625%.

For home buyers, there is a narrow window of opportunity to ratify a contract between now as rates drop and Labor Day weekend. After that, there will be much more buyer competition as the market heads into the active Fall season. So go for it!

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

Elite Dental Spotlight — Dr. Morrow

By ARLnow.com Sponsor
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Get excited — there’s a new doc in town!

Elite Dental is proud to announce their latest addition to their already fantastic team of dental professionals.

About Dr. Megan Morrow

Dr. Morrow was born and raised in Centreville, Virginia. She attended Boston College for her undergraduate studies where she was captain of the women’s swim team. She moved to Seattle where she received her Doctor of Dental Surgery (DDS) degree at the University of Washington.

After ten years in Seattle, Dr. Morrow and her husband moved back to the D.C. metro area. She lives in D.C. and is having the best time getting reacquainted with the area.

Q&A:

What is your treatment plan philosophy?

I believe wholeheartedly that I’m treating people, not just their teeth. I like to get to know my patients and involve them in the entire treatment planning process. I practice conservative, comprehensive dentistry, and focus on educating my patients so that we can come up with a plan that works for both of us to best achieve their dental goals.

What are your favorite aspects of dentistry?

The technology is always changing in dentistry (as with the rest of the world), so staying on top of the education and research allows me to follow my passion for perpetual learning. I far exceed the licensing requirements for continuing education to make sure I’m up-to-date with the latest techniques. Dentistry is the perfect combination of technology, art and science, and all three keep me fascinated on a daily basis.

What are some tips for managing dental anxiety?

There are multiple studies that support more than half of the population has some form of dental anxiety which I do not take lightly! It’s natural to have some anxiety before a dental visit, but I’ve found it helps to at least vocalize your feelings and fears. From there, we can discuss ways to make your visit more comfortable.

We have everything from overhead TVs to help you watch your favorite shows while you’re in the chair, to sedation options for the very fearful. The number one tip I could give however, would be to maintain regular visits. The more you put off dental visits, the more issues and time intensive procedures in the future.

What is the best overall advice you would give your patients?

A healthy mouth is a healthy body. The link between oral health and heart disease is real; maintaining regular cleanings and check-ups can not only prevent expensive dental procedures and visits in the future, but can also prevent systemic conditions.

As much as I love seeing my patients, the less I see of them outside of regular cleanings means they’re taking excellent care of their teeth!

Elite Dental is conveniently located in Clarendon, about 2 blocks from the Clarendon Metro stop.

Call 703-991-5169 or email [email protected] to schedule a new patient appointment!

Boring Title: Play Ping Pong for $100 Off Your Closing Costs

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.

For this week’s edition of Boring Title we wanted to let all of our clients know about our new ping pong challenge!

If any of our clients have a closing in our ARLINGTON OFFICE they have the chance to play an employee from Allied Title & Escrow for $100 off their title fees.

Watch out though… we’re pretty good!

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!

Biz Talk: Acquisitions in Arlington’s Cybersecurity Space

By ARLnow.com Sponsor

This article was written by Sindy Yeh, Senior Business Ambassador for Arlington Economic Development.

In the past few months, we’ve noticed a trend among Arlington’s security technology companies.

Several innovative, fast-growing Arlington companies in the cybersecurity, artificial intelligence and data analytics fields are being acquired by larger companies. In March, BluVector, a network security company applying artificial intelligence to detect cyber threats, became part of Comcast.

In the same month, Deep Learning Analytics, a data analytics company and winner of Arlington’s Fast Four competition three years in a row, was acquired by General Dynamics Mission Systems.

In May, eGlobalTech, a cybersecurity consulting and cloud security company, was acquired by Tetra Tech. In June, the pattern continued as Distil Networks, a leader in bot traffic detection and mitigation, became Imperva. And finally, Endgame, an endpoint security protection company, entered into an agreement with Elastic N.V., a data management firm from the Netherlands.

It comes as no surprise that so many of Arlington’s top cybersecurity firms were targeted for acquisition. These Arlington firms have developed niche products and services that are utilized by both government and commercial customers. Many of these companies are globally recognized leaders in their respective sectors.

By acquiring these firms, it allows the larger companies to further enhance their existing platforms by offering even more comprehensive and specialized solutions to their clients.

They also absorb the companies’ existing customers, often including government agencies whose mission it is to defend the nation from cyber threats, like the Department of Homeland Security and the Department of Defense.

Arlington is home to about 200 cybersecurity companies employing more than 5,000 people. These cyber-based acquisitions will most likely continue as more of Arlington’s cyber companies develop specialized products and solutions targeting industry needs.

It is a testament to Arlington that so many technology companies have not only chosen to locate in Arlington but have thrived and developed a rich ecosystem of innovative companies leveraging federal funding to create and develop new products and services with applications in the private sector.

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 licensed broker Aaron Seekford of Arlington Realty, Inc. GET MORE out of your real estate investment with Aaron and his team by visiting www.arlingtonrealtyinc.com or calling 703-836-6116 today!

Please note: While Aaron Seekford provides this information for the community, he may not be the listing agent of these homes.

We see properties with reduced prices by $10,000, $25,000 and even $100,000 quite a bit.

This week, we’ve unearthed a real treat: a $500,000 reduction! Yowsers! And see below for the full scoop on this home.

Amid this big-time reduction, it’s important to remember that these “Just Reduced” prices may only be the beginning. Once you enter the negotiation stages of a prospective transaction, these initial reductions can only be a fraction of what you end up saving off a listing price in the long run.

And, when it comes time to enter those negotiation stages, you’re going to want a seasoned team on your side — a team that truly knows the area, the value of the home of your dreams and how to advocate on your behalf.

When you’re ready to GET MORE out of your transaction, our team is already to roll!

As of August 12, there are 128 detached homes, 15 townhouses and 94 condos for sale throughout Arlington County. In total, 17 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 Aaron Seekford.

Ask Eli: Is iBuying the Next Trend in Real Estate?

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 do you think about the iBuying trend in real estate? Have you seen an impact in Arlington?

Answer: iBuying offers homeowners a way to sell their home quickly without going to market, using a price generated by an Automated Valuation Model (AVM) like Zillow’s Zestimates. The big players are Opendoor, Offerpad, and Zillow but recently some well-known brokerages have joined the party including Redfin and Keller Williams.

At this time, none of the main players are offering iBuying in Arlington or the D.C. Metro area. Currently, the largest iBuying market in the country is Phoenix with about 6% of transactions going through an iBuyer (half of those are with Opendoor).

How It Works

The process of iBuying is similar for each company and looks something like this:

  1. Homeowner submits a request for an offer and provides some basic information about their home (bedrooms, square footage, etc.)
  2. iBuyer makes an initial offer on the home based on their AVM pricing algorithm
  3. If the owner likes the price, the iBuyer conducts a property inspection to determine condition and cost of repairs
  4. iBuyer makes a final offer given the property condition
  5. Owner can accept and close usually within 10-14 days

Advantages

  • Sell quickly
  • Sell as-is
  • No showings
  • No repairs or improvements
  • No contingencies that cause contract to void
  • No cost to get an offer

Disadvantages

  • Sale price likely below market value
  • “Service fees” usually range from 7-10% of the sale price, well above most commissions when using an agent
  • Still pay your normal closing costs (taxes, title fees, etc.)
  • iBuyers not operating in most metro areas

When Does An iBuyer Make Sense?

There are all sorts of reasons a homeowner may value speed and convenience over price so iBuying exists for that market, but it should remain only a small percentage of the overall real estate transaction market. iBuying won’t always be the best option for somebody looking for speed and convenience, but with no cost and little effort to get an offer, it makes sense to at least see what an iBuyer is willing to pay.

If you’re in a market where iBuying exists (or when it eventually comes to Arlington), why wouldn’t you request an instant offer from an iBuyer and compare it to what your real estate agent thinks you can get on market? I know a broker in Texas who got more for his house from an iBuyer than he could get on the market because the AVM pricing algorithm over-valued his house.

Will iBuying Last?

I’m not sure how iBuyers will survive an economic downturn when they’re sitting on a huge amount of inventory that’s worth less than they paid for it. It’s a great business model in a hot market, but potentially devastating when the market turns.

Another flaw I see in the current model is that homeowners (like the broker in Texas I mentioned earlier) can take advantage of the process. An owner who does their homework, meeting with agents and getting iBuyer offers, will most likely only choose the iBuyer if they’re over-paying. That’s great for owners who can take advantage of it, but I’m not sure how that can be a sustainable business model.

An additional drawback is that iBuyers generally charge a fee of 7-10% of the purchase price, which is mostly attributed to the risks associated with buying based on an algorithm and a basic property inspection. If iBuyers can figure out how to reduce risk enough to cut this fee in half and sustain themselves through downturns, things will get interesting for the real estate industry.

There have always been brokers and investors who specialize in “buy now” or instant offer programs, but what makes iBuying unique is the implementation of technology to determine pricing and to make the process more convenient, as well as the scale of operations.

I think the longer-term solution is something that blends the convenience and scale of a well-funded tech company with the market knowledge of a local agent.

If you’d like a question answered in my weekly column or to set-up an in-person meeting to discuss local real estate, please send an email to [email protected]. To read any of my older posts, visit the blog section of my website at www.EliResidential.com. Call me directly at (703) 539-2529.

Eli Tucker is a licensed Realtor in Virginia, Washington D.C., and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

Legal Insider: States Start Non-Compete Agreement Reform

By ARLnow.com Sponsor

This is a sponsored column by attorneys John Berry and Kimberly Berry of Berry & Berry, PLLC, an employment and labor law firm located in Northern Virginia that specializes in federal employee, security clearance, retirement and private sector employee matters.

By John V. Berry, Esq.

Several states (not Virginia yet), have made moves to restrict the using unreasonable non-compete agreements with employees. Our practice has shown us that Virginia non-compete agreement reform is needed.

We have represented employers and employees in our practice and have found that many non-compete agreements in Virginia are extremely over broad and unreasonable.

What are Non-Compete Agreements?

A non-compete agreement is simply a contract between an employee and an employer in which the employee agrees not to enter into competition with the employer during or after employment.

Reasonable non-compete agreements are helpful and often necessary for employers to hire individuals without risking that they will then lose their customers if an employee leaves and tries to take clients with them. However, these types of agreements have started to get completely unreasonable.

Currently, non-compete agreements have not been restricted by Virginia law but regulated through the courts. Employees in Virginia who sign non-compete agreements can be held to them only if they pass this three-part test:

  • Is the restriction reasonable in the sense that it is no greater than is necessary to protect the employer in some legitimate business interest?
  • From the standpoint of the employee, is the restraint reasonable in the sense that it is not unduly harsh and oppressive in curtailing his legitimate efforts to earn a livelihood?
  • Is the restraint reasonable from the standpoint of a sound public policy?

Paramount Termite Control v. Rector, 380 S.E.2d 922 (Va. 1989).

However, the problem with the status quo is that employers have the upper hand, for the most part, with these types of agreements and enforcement. Take for example an employee making $50,000 a year, who signed an unreasonable non-compete agreement but is threatened by a large law firm and faced with massive legal expenses in challenging it.

In short, it is time for Virginia to provide safeguards for employees in this area.

(more…)

Rethink Energy: AIRE at the Fair

By ARLnow.com Sponsor

This regularly-scheduled sponsored column is written by the Arlington Initiative to Rethink Energy team (AIRE). This county program helps you make smart energy decisions that save you money and leaves a lighter footprint on the environment.

The County Fair is only a few days away. Get excited!

Stop by and see us at the Rethink Energy booth. We’ll be there to answer your energy questions about saving energy at home, solar power, weatherization and more.

When you stop into the Thomas Jefferson gymnasium, take note; LED lights shine brightly from above. These LED lights save about $40,000 annually and have a payback of less than 4 years.

The use of LED lights isn’t the only way that the Fair is working to be more sustainable. Kudos to the Fair for all the small actions that continue to make a big difference. Here is what you can expect at the Fair to leave a lighter footprint on the environment:

The Arlington County Fair is working toward the goal of becoming a zero waste event!

  • Providing a water fill up station to encourage guests to use reusable water bottles.
  • Banning all single-use plastic straws and replacing them with compostable options or strawless cups.
  • Banning Styrofoam food service items such as cups and clamshell containers distributed at the fair.
  • Banning small condiment packets for mustard, ketchup and soy sauce, as well as small plastic Solo cups for sauces. Vendors will use bulk distribution in paper cups for these items.
  • Recycling all recyclable materials in a single-stream recycling system, including paper, cardboard, glass, aluminum and plastic materials.
  • Expanding our composting efforts to be available throughout the fair. This removes food waste, paper products and other biodegradable items out of the event waste stream, reducing greenhouse gas emissions resulting from waste generated at the fair.
  • Collecting food vendor grease that is taken to a plant for rendering. 40% of the processed grease is used to create bio fuel.
  • Collecting and distributing manure generated by livestock at the fair for use in neighborhood gardens.
  • Working with Arlington’s Car-Free Diet to promote transportation options to the fair, including biking and walking routes, nearby bike-share locations, bus and Metro options.
  • Providing valet parking for bicycles free of charge for guests who bike to the event.
  • Providing shuttle service for fair attendees from nearby parking facilities and Metro stops.
  • Using reusable signage throughout the fair to minimize printed signage waste.

We look forward to seeing you at the Fair. Please stop by with your energy questions!

New Homes in Arlington: August 9

By ARLnow.com Sponsor

Welcome to New Homes, a biweekly column highlighting the new construction real estate market, written by Conor Sullivan and Dave Moya of Three Stones Residential at Keller Williams Realty. We are here to share our experience and expertise in lot acquisition, financing and construction of custom homes. 

Driving through the neighborhoods of Arlington may look a bit different than it did than just last year, with new construction homes popping up on older lots.

In the last 6 months, 33 new homes have sold, with a majority of those closings occurring in just the last 4 months.

In Arlington, there’s currently a 5 month supply of these new homes on the market, placing the city in a Seller’s market. In Seller’s markets, we typically see lower inventory of homes, increased buyer competition, higher sale prices, and fewer days on the market.

For current Active properties in Arlington, data shows:

  • 22 New Construction homes with an active listing
  • $2.1M Avg. Price, +14% from recently closed properties
  • 69 Avg. Days On Market, +37% from recently closed properties

New construction home demand continues to increase as inventory dwindles. It will be important to continue to study trends and see how the market fairs over the next six months as we enter an election year.

For more detailed information about the current state of the market and new construction homes, please contact Three Stones Residential directly at (571) 429-7670 or visit tsrhomes.com.

Here are some new homes now on the market in Arlington:

Want to learn more about financing a New Home build? McLean Mortgage (NMLS ID: 99665) can handle all of your construction financing needs. You can build your new home with as little as 5% down. Contact construction loan expert Troy Toureau (NMLS ID: 5618) at 301-440-4261 or AnyHomeLoans.com to learn more.

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:

1117 S. Monroe Street
5 BD/3 BA, 1 half bath single-family home
Agent: Re/Max Allegiance
Listed: $1,098,000
Open: Saturday 1-3 p.m.

 

1724 Columbia Pike
4 BD/3 BA, 1 half bath single-family home
Agent: Kw Metro Center
Listed: $939,000
Open: Saturday 1-3 p.m.

 

5013 34th Street N.
3 BD/2 BA single-family home
Agent: Arlington Realty, Inc
Listed: $819,000
Open: Sunday 1-3 p.m.

 

1220 N. Filmore Street Ph08
2 BD/2 BA condo
Agent: Optime Realty
Listed: $745,000
Open: Sunday 2-4 p.m.

 

1300 Army Navy Drive #1009
2 BD/2 BA condo
Agent: Century 21 Redwood Realty
Listed: $659,900
Open: Sunday 1-4 p.m.

 

2114 S. Quincy Street #2
3 BD/2 BA, 1 half bath condo
Agent: William G. Buck & Assoc., Inc
Listed: $489,900
Open: Sunday 1-3 p.m.

 

2904 13th Street S. #402
1 BD/1 BA condo
Agent: Kw Metro Center
Listed: $295,000
Open: Sunday 1-4 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 Team Cathell, “Your Orange Line Specialists.”

The pace of home sales in Arlington finally dipped a bit this week with only 43 ratified contracts compared to last week’s 57 sales.

Sellers listed 48 homes this week, and 13 of those sold within seven days. It’s still an unusually strong summer market which bodes well for a vibrant fall market starting right after Labor Day.

There are only 225 homes actively for sale in Arlington. At the current absorption rate, that’s 1.2 months of inventory which is an improvement for buyers. Other good news for buyers is the big drop in interest rates this week. On Monday, rates dropped as low as 3.5% for a 30-yr fixed rate, but then began edging up to about 3.65% on Thursday.

If you have a ratified contract and haven’t locked in your rate yet, stop reading this and call your lender NOW. This is the lowest rate since November 2016.

What drives our housing market isn’t just interest rates. Our overall economy creates housing demand which drives our market. Job security and wage growth is more important than interest rates and inventory. We need to be looking for the subtle little signs of change in our economy such as growth with our trading partners.

Currently, big businesses are concerned about a general global economic slowdown and that uncertainty influences their decisions on reinvestment, growth and hiring. But buoying our slowing economy is strong consumer confidence. So pay attention to news reports about economic events, like the Dow dropping 700 points in one day, and China devaluing its currency, the yuan, especially against the dollar. These are clues.

Good news for South Arlington home owners: Your home has increased in value since July last year. For single family owners, the average price went up by 9.4% to  $868,837. For condo owners, the average sales price went up 6.4% to $402,736 from July 2018.

Click to see all the fresh new inventory in MRIS and call Team Cathell (703-975-2500) when you find a home you like.

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