Author: ARLnow.com Sponsor

Ask Eli: How To Rent Your Home Back From New Owners

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: We’re preparing to sell our home and are concerned that we won’t have enough time to move out after it sells. Is there a good time to ask the buyers if we can stay a bit longer?

Answer: A Seller’s Post-Settlement Occupancy, more commonly referred to as a rent-back, allows a home owner to sell their home, collect the proceeds and continue living in the home for a pre-determined period of time after closing.

The most common scenarios for a rent-back are:

1. You have a need for the sale proceeds quickly; such as applying them towards the purchase of your next home. A word of caution on this strategy — make sure that you’ll be able to find and close on your next home before the rent-back period ends (or already found it).

2. Moving out is burdensome and/or highly disruptive to your family and/or job that you don’t want to start the process until you’re under contract and all buyer contingencies have expired.

3. You need to remain in your home until the school year is finished.

How Rent-Backs Are Structured

The Northern Virginia Association of Realtors contracts (as well as other regional contracts) provide a standard form for a Seller’s Post-Settlement Occupancy Agreement so you don’t need to worry about hiring an attorney. It functions as a short-term lease including how much the seller will pay the buyer for the rent-back, how long the rent-back lasts, a security deposit, and a penalty for staying past the rent-back period.

Buyers will conduct a pre-closing walk-through before they purchase the home where they have all the rights provided to them in a normal sale. At the end of the rent-back, the new owners will conduct another walk-through once the previous owners move out, which is similar to that of a walk-through at the end of a normal rental period.

If the previous owners caused damage during the move-out, the new owners can make a claim against the security deposit, generally held by the Title Company who handled the sale.

Not Without Risk

For the new owners, a rent-back carries with it some of the same risks involved in being a landlord. Disputes over security deposit, damage in excess of the security deposit, or trouble with the previous owners moving out on time are all realities that buyers need to consider. As with many decisions in a real estate transaction, your willingness to agree to a rent-back is a matter of risk and reward.

The risk of problems like I mentioned is fairly low in most cases and the reward for accommodating a seller’s request for a rent-back can be the difference between them accepting your offer or taking somebody else’s.

Free Rent-Backs?

The fee for a rent-back is usually calculated off of the new owner’s carrying costs (mortgage + taxes + insurance), but in our hyper-competitive market, I’m seeing aggressive buyers offer seller’s a free rent-back as a way to increase the competitiveness of their offer. A free rent-back isn’t worth much if the seller is asking for an extra week, but it certainly adds up if they’re asking to stay for 6-8 weeks past closing.

On both sides of the transaction, the use and structure of a rent-back is one of many important strategic decisions you may face in this market. It’s a good example of an area where an agent who understands the local market and how to maximize your risk/reward position can add real value.

Whether you’re reaching out to me or not, I want to stress the importance of making sure you have the confidence in your agent to truly protect and maximize your interests through the entire transaction lifecycle.

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 DC, and Maryland with Real Living At Home, 2420 Wilson Blvd #101 Arlington, VA 22201, (202) 518-8781.

The Chew: Camping With Your Dog

By ARLnow.com Sponsor

The following bi-weekly column is written and sponsored by Bark + Boarding, which provides a heart-centered and safe environment for your pets. Conveniently located at 5818-C Seminary Road in Bailey’s Crossroads, Bark & Boarding offers doggy daycare, boarding, grooming, walking and training services, plus in-home pet care.

By Chelsea Pennington, Bark + Boarding Writer and Animal Enthusiast

Camping is one of the best ways to enjoy the outdoors during summertime, and bringing along your furry friend makes it even better. Before you load up the tent and head off into the wilderness, it’s important to make sure you’re prepared so that everyone is safe and has fun.

Give Your Dog Time to Adjust

If your dog has never been camping with you before, help your dog prepare for anything new they might encounter. Set up your tent in the backyard and let your dog sniff and explore, giving them treats so that they associate it with good things. Use a flashlight or headlamp on an evening walk so your dog can get used to that as well.

Make Sure the Details Are in Order

Before you bring your dog camping, be sure to stop by the vet first to ensure your dog is healthy enough for camping. It’s also important that their ID tag or microchip has all the correct information, and that you bring any papers you’ll need to verify current vaccinations.

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Neighborhood Spotlight: Long Walks, Fresh Air and Art in Crystal City

By ARLnow.com Sponsor

This content was written and sponsored by The Keri Shull Team, Arlington’s top producing residential real estate team.

In this week’s Neighborhood Spotlight Drew Carpenter, Tyler Marrin, and Wilson from The Keri Shull Team explore some of the best artsy and outdoor spaces in Crystal City and National Landing.

Long Bridge Park

Long Bridge Park offers more than 30 acres of open space and recreation. Public greens and playgrounds for children ages 2-5 and 5-12 make the park a great place for family time. Long Bridge Park also offers multipurpose sports fields and a raised walkway with views of the sports fields, capital monuments and Roaches Run Waterfowl Sanctuary.

Don’t miss this great outdoor space in National Landing!

Prism & Radiance Art Wall

The Art Walls program aims to add color and character to public spaces in Crystal City. For this project, artist Anne Marchand worked with 2 muralists and 3 artists to paint “Prism,” a piece about light inspired by quantum physics. 35 colorful rectangular panels, 160 feet long in total, hang along 18th Street in Crystal City. Across the street you’ll also find “Radiance,” a series of mosaic pieces by Valerie Theberge.

FotoWalk Underground

For a break from the heat, head into Crystal City’s famous corridors. FotoWalk Underground brings a rotating gallery of 150 photographs to the bright indoor tunnels that crisscross Crystal City’s offices, residences and retail.

Crystal City Water Park

The name might conjure images of water slides and fountains, but it’s actually a gorgeous sculpture park filled with the sound of rushing water. It’s a great place to eat lunch, take a break or work outdoors. After sunset, romantic lighting makes the sculpture park a perfect date venue.

Around the corner is the Bell Street courtyard which features outdoor chess, ping pong and cornhole.

2121 Courtyard

2121 Courtyard is a plaza surrounded by great restaurants. There are plenty of places here to sit, chat, picnic, mingle… or you can even find a spot to work outside on mild days. The courtyard offers free WiFi, and it hosts live music and other events.

The Landing

The Landing is an indoor plaza with adjacent restaurants and lots of seating. It’s a great spot to eat your lunch, cool off, and rest your feet while you’re walking in Crystal City.

Bell Street Courtyard

This is another great place to take a break, take a picnic or bag lunch, or play games — Bell Street Courtyard offers cornhole and other classics. About 750 multifamily units are expected to begin construction near this site in 2019.

What’s your favorite outdoor hangout in or near Crystal City?

We want to hear about your favorite spots for art, food, and outdoor fun in the Crystal City and National Landing area. Let us know where to visit next in the comments below!

As always, if you know anyone looking to buy or sell a home in D.C., Maryland, or Virginia, The Keri Shull Team is here to help.

Your Beermonger: Online Retail Coming to Beer?

By ARLnow.com Sponsor

This sponsored column is written by Nick Anderson, beermonger at Arrowine (4508 Lee Highway).

A Twitter thread caught my attention recently from Raven Book Store, an independent retailer in Kansas.

The story is familiar to anyone in retail, especially in the age of Amazon and other online outlets. Beer and wine haven’t really had to deal with e-commerce as a threat to smaller brick-and-mortar shops — not yet, anyway. The conversation has centered on “big boxes vs. little guys” instead. Now, though, it appears that big-time online beer and wine retail is just over the horizon.

Washington Business Journal reported earlier this month that Amazon is looking to hire a Manager of Public Policy focusing on alcohol, fueling speculation it’s looking to take another run at becoming as potent a force in the booze business as it has been everywhere else.

Amazon isn’t the only giant sniffing around online retail: ZX Ventures, the growth/investment wing of AB InBev (Budweiser) is already working with larger retailers like Walmart and Kroeger, along with delivery services like Drizly. Bryan Roth offers a good, comprehensive deep-dive here.

Giant corporations see something they want, and they usually get their way. So what does this mean for independents? For the foreseeable future, I wouldn’t expect the price difference to be as dramatic as in books or other items: with sales taxes and delivery fees, online retail prices will hang near an independents’ for now.

Imagine, though, if one of these services really takes off — say, after regulations are rewritten or struck altogether. Amazon might start moving enough of a local favorite at $11, versus $11.99 at an independent, that the distributor gives them a discount to buy per pallet, knocking off $3-4 per case. Then you’re looking at $8.99 online versus $11.99 at an independent that can’t buy by the pallet and can’t match that price.

That’s the realities of the market, you say, and you’d be right. This is the reality we’ve lived with, as big chains and boxes build an interest in “craft” beer. What I keep circling around is an Amazon-type taking it one step further: working with breweries directly.

Ever see your favorite go-to beer pop up at Costco at a price that shocked you? Just wait: if the big guys get their way, this is the game-changer. This is the move that drops the big guys’ cost dramatically enough to see book-like price discrepancies.

Back to books, actually: I support local bookstores as much as I can. I secretly harbor a daydream of opening one, if I’m honest. But if you’ve given me an Amazon gift card over the past few years, I’ve used it to find books on my wish list, used, as cheaply as possible. I do this because it’s fun, it’s convenient, and because I’m a massive hypocrite.

While those purchases usually end up being made through indie bookstores, after Amazon takes its cut who knows how much I’m actually supporting them? Still I do it: pictured are just some of the books I’ve picked up via this method over the past year.

What do my shelves look like when all of our favorites start popping up online for less than I pay wholesale? What will make sense for me to carry? As our success leans more heavily on the experience, and the service we offer, which breweries will rise to occasion to support small retailers?

Will beer go the way of books, shoes, and widgets of all types? If you’re in the business and not thinking about this stuff now, you need to start. Bezos is coming.

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:

3216 N. Abingdon Street
6 BR/5 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $1,999,900
Open: Saturday 1-3 p.m.

 

1100 N. Roosevelt Street
6 BR/5 BA, 1 half bath single-family home
Agent: Property Collective
Listed: $1,199,900
Open: Sunday 1-3 p.m.

 

1220 S. Glebe Road
3 BR/3 BA, 1 half bath villa/townhouse
Agent: Keller Williams Realty
Listed: $825,000
Open: Sunday 1-4 p.m.

 

1101 S. Arlington Ridge Road #1005
2 BR/2 BA, 1 half bath condo
Agent: Keller Williams Realty
Listed: $658,000
Open: Sunday 1-3 p.m.

 

820 N. Pollard Street #103
1 BR/1 BA condo
Agent: RLAH Real Estate
Listed: $449,000
Open: Saturday2-4 p.m.

 

4141 Henderson Road #815
Studio/1 BA condo
Agent: Optime Realty
Listed: $299,900
Open: Sunday 2-4 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 Easter holiday weekend didn’t discourage buyers this week as they kept pace in this hot spring market by ratifying 65 contracts.

Of those homes sold, 27 were gone within seven days of hitting the market. Sellers did their part by listing 67 homes this week which only maintains Arlington’s ridiculously low rate of only 0.95 months of inventory.

C’mon home owners. List your homes for sale. Please! It’s a fantastic time to sell, move up to a bigger home, or retire to your dream home in Florida.

It looked like interest rates were moving up mid-week, but by Thursday market factors pushed the yield down on the 10-yr U.S. Treasury bond so mortgage rates actually drop about an eighth of a percent. The 30-yr fixed rate is now ranging 4.25%-4.375%.

In the first quarter this year, single family detached homes in Arlington enjoyed on average 2.9% increase in their value over the same period in 2018, based on sales data from Bright/MLS. North Arlington fared better with 3.8% increase. The average price of a home in north Arlington is now $1,103,758.

South Arlington, however, took a big hit. The average price of a single-family home in south Arlington dropped 5%, from $795,804 in the first quarter of 2018 to $755,227 this year. South Arlington has about 1/3 the number of sales as North Arlington.

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

The Arlington Home Show and Garden Expo Returns This Weekend

The annual Arlington Home Show and Garden Expo is coming to Kenmore Middle School (200 S. Carlin Springs Road) on Saturday, April 27, from 10 a.m.-4 p.m.

The home show is a community event — not a commercial event. The goal: to educate Arlingtonians about the best ways to add value to their homes and improve their overall quality of life.

Now in its 13th year, the home show is a one-stop shop for all things related to improving and building homes including permitting, financing and choosing the right contractors. This year the show will focus on informing visitors about value remodeling — making sure that every dollar invested in home improvement achieves the best return.

The free, family-friendly event will include 18 workshops covering a wide spectrum of topics, including Accessory Dwellings (ADUs), Energy Efficiency, Smart-on time and on budget-Contracting, Landscaping, Going Solar and the well established Landlord Seminar that deals with the legal and practical nuts and bolts of being a landlord. The Show features more than 65 exhibitors, including local builders, designers, master gardeners and more.

Attendees can also discuss their home improvement or building plans with representatives from a number of Arlington County agencies, who will be available for one-to-one consultation.

Admission and parking are both free. There will be a raffle for a 50-inch television, free LED bulbs for visitors, many contractor specials and great food will be provided by Cafe Sazon.

The event is organized by Arlington County’s Housing Division and the nonprofit group Resilient Virginia. Gold Sponsor of this year’s show is Alair Homes Arlington.

Boring Title: Brad Kiger & Mark Lawter of Keller Williams Realty

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.

This week we met with Mark Lawter and Brad Kiger from Keller Williams — a buyer and listing specialist who just teamed up to create a powerful team.

If you are looking to buy, looking to join a great team or interested in learning how you can renovate your house with no money up front you have to watch this interview!

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!

Boutique Life at 672 Flats

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The Boutique Life has arrived in Ballston. And it has an address: 672 Flats.

Near the heart of bustling Ballston, 672 Flats is the new apartment boulevard just walking distance to Metro (Ballston-MU), convenient to eight bus routes and close enough to Ballston Quarter to call it a next-door neighbor.

What is the Boutique Life? The designers and architects of 672 Flats have thought big while staying small, incorporating a touch of exclusivity by keeping the community relatively small while expanding the luxurious feel of the amenities.

The common areas are perfectly proportioned for casual comfort and privacy, yet the spaces open up when it’s time to stretch out, including the in-house bar, the fitness center, game room and cyber lounge/mailroom (with computer stations and coffee service).

The studio, one-bedroom and two-bedroom apartments boast stainless steel appliances, solid surface countertops and elegant-not-fussy fixtures that will accent the up-to-the-minute contemporary décor for years to come.

Being in the heart of Ballston, 672 Flats is surrounded by shopping and entertainment choices, anchored by the refurbished Ballston Quarter center and dozens of national and local retailers.

For those looking now, the good news is there is a one-month-free offer on select units while they last (or until April 30). And if you apply within 24 hours of a tour, you get half-off move-in fees. Schedule a tour or stop by the Open House on Saturday, April 27.

Be sure to ask about the transportation benefits for carshare, bikeshare and Metro fare.

672 Flats is located at 672 N. Glebe Road. Call 703-312-0672 or schedule a tour at this site.

Small Biz Focus: Arlington’s Collaborative Approach to Alcohol Safety

By ARLnow.com Sponsor
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This column is sponsored by BizLaunch, a division of Arlington Economic Development.

By Tara Palacios

Recently, Arlington has been featured in the news for its collaborative approach to innovative alcohol safety measures.

The Arlington Restaurant Initiative (ARI) was developed as a voluntary accreditation program to increase the overall safety of customers, businesses and neighborhood residents in areas with nightlife and entertainment.

Through a collaborative approach between government agencies and businesses that serve alcohol, Arlington County has improved the strategies and standards of establishments serving alcohol while building positive community relations, reducing crime and recognizing responsible businesses.

Restaurants, many of those that are small local businesses earn accreditation in ARI by writing and adopting employee policies that meet the ARI standards to reduce alcohol-related harm and increase safety. Restaurants that display the ARI Accredited Restaurant decal on their door demonstrate their commitment to the safety of their patrons and the community.

Event Details

Patrons, restaurant staff, and those interested in maintaining Arlington as a safe destination for entertainment are encouraged to attend a community conversation on nightlife safety. The event will feature panelists from various Arlington County departments speaking about how they collaborated to build trusting relationships with restaurant staff and improve safety.

‘A Conversation about Nightlife Safety’ will take place on Wednesday, May 1 from 7-9 p.m. at the  John T. Hazel, MD Conference Center, 1701 N. George Mason Drive Arlington, Virginia 22205.

To learn more about ARI or to register for our conversation about Nightlife Safety visit here. We hope you can join us to learn more about Nightlife Safety.

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.

Spring has sprung, folks. (Well, obviously, since we’re hovering in the upper 70s!)

With the sun radiating and the temps pleasant, April is an awesome month to prime your lawn and garden for the months ahead. And, with a little less than a week left in the month, it’s not too late to get moving.

If you’re in to growing your own veggies, The Old Farmer’s Almanac says that now is the time to plant those beans, beets, corn, potatoes and more in Arlington County. On the lawn front, if you didn’t fertilize in the fall, springtime is a great time for it. And, if you’re way behind, there is no time like the present to get raking!

Curb appeal is vital across the entire real estate landscape — whether you (or your neighbor!) are buying or selling, having your greenery in tip-top shape never hurts.

When you’re ready to GET MORE out of your transaction this spring (or beyond), our team is here for you.

As of April 22, there are 150 detached homes, 21 townhouses and 105 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 Aaron Seekford.

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