Author: ARLnow.com Sponsor

Ask Eli: 1/3 of Buyers Put Less Than 20% Down

By ARLnow.com Sponsor

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: Do I have to put 20% down to buy a home?

Answer: This is the most common question I’m asked by buyers and there are a surprising number of people who are well-qualified and want to purchase a home, but sit on the sidelines trying to save for a 20% down payment. Over the last 18 months, nearly one third of buyers in Arlington put less than 20% down and most of those people put 10% or less down.

Popular Low-Down Options

  • Conventional loans are available at 3%, 5%, 10% and 15% down
  • FHA loans are available at 3.5% down
  • If you or your spouse are active or former military, you can qualify for a zero-down loan through the VA. I detailed VA loans in this post from May 2016.
  • Typically, if you have a Jumbo Loan (loan amount exceeds $679,650) you are required to put 20% down unless you qualify for one of many preferred mortgage programs available in the market, which I mention in this post from November 2017.

What’s The Downside?

If you use a non-VA loan with less than 20% down you will have to pay Mortgage Insurance (option to pay it off up-front), which is essentially a monthly penalty/fee assessed on top of your mortgage payment that increases the less you put down and the higher your loan amount.

I explain Mortgage Insurance in this post from July 2016, and explain the process for removing these payments in this post from February 2016.

How Much Are Arlingtonians Putting Down?

Below are statistics pulled from the MLS on the amount Arlingtonians put down to purchase homes over the last 18 months.

These numbers are manually entered by the listing agent at the end of the deal and I think that in some cases agents write 0% financed (cash) instead of entering the correct info so it’s my belief that the number of loans with low down payments is actually a bit higher than the statistics reflect.

  • 32% of all purchases were made with less than 20% down, 26% with 10% or less down, and 18% with 5% or less down
  • 39% of townhomes, 37% of condos and 22% of detached/single family homes are purchased with less than 20% down
  • 14% of purchases were not financed (cash)
  • Only 3% of purchases required FHA financing and less than 2% were FHA-financed condo purchases, so consider this if your Condo Association is setting rental caps simply to qualify for FHA financing

Feel free to reach out with any questions you have about your loan options for purchasing a home anywhere in Virginia, Washington, DC or Maryland. I’m happy to answer any specific questions you have or connect you with a lender who specializes in the type of loan you’re looking for. I’m available any time via email at [email protected].

If you’d like a question answered in my weekly column, 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.

Legal Insider: U.S. Women’s Hockey Team Wins Gold on Ice After Equal Pay Demand and Win

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.

The U.S. Women’s Hockey Team not only just won Olympic Gold, but significantly advanced the equal pay argument for all women.

Their victory and Gold Medal ended a difficult year on and off the ice for the team. They worked together despite almost losing their positions on the team in a hard fight for equal pay before the most recent Olympics in Pyeongchang, South Korea.

In March 2017, about twelve months before the Olympics, the U.S. Women’s Hockey Team threatened to sit out of the Ice Hockey Federation World Championship unless USA Hockey agreed to treat them the same as the U.S. Men’s Hockey Team. The female hockey players sought equal treatment in comparison to the men’s team. Specifically, the U.S. Women’s Hockey Team sought the same salary, equipment, staff, travel, per diems and media publicity as the U.S. Men’s Hockey Team.

It is hard to believe that the dispute lasted nearly a year, but the U.S. Women’s Team won. They were awarded up to $70,000 a year in salary (up from $6,000). USA Hockey also agreed that the women’s hockey team would receive the same travel stipends and accommodations as the men’s hockey team, along with better marketing and media efforts.

In our practice involving equal pay, we are seeing more women employees challenging and demanding equal pay for equal work.

In April of 2016, we wrote about a similar challenge that was advanced by the U.S. Women’s Soccer Team, despite the fact that they had already won the World Cup in 2015.

The combined efforts of the U.S. Women’s Hockey Team and U.S. Women’s Soccer Team illustrate the fact that collective action and success by women can be key to eliminating egregious pay disparities for the same work. Their efforts also have a direct and positive impact on all other types of employment and equal pay disputes.

We represent employees in Equal Pay matters. If you need assistance, please contact our office at (703) 668-0070 or at www.berrylegal.com to schedule a consultation. Please also visit and like us on Facebook.

Learn How to Buy a New Construction Home – Free Seminar March 1

Alair Homebuilders and The Keri Shull Team will be sharing everything you need to know about shopping for new construction homes – absolutely free!

New construction is a totally different ballgame, and with such a high investment threshold there are some particulars you need to be privy of.

Attendees Will Learn

  • The steps involved with mainstream new construction
  • Benefits of working with a professional
  • Builder selection – custom vs. track builder
  • RPAs and restrictions
  • How to find opportunities off-market
  • Estimating your timeframe
  • Financial obligations
  • Making the transition
  • FAQ

Attendees of the New Construction Workshop will receive our exclusive guarantee: Buy any of our new construction listings and we will sell your current home for free!

Details:

The New Construction Workshop will take place on March 1 at 2513 11th St. N., Arlington, VA. The event will be held in one of our model homes with comfortable couch seating and plenty of hors devours.

  • When: Monday, March 1 at 6 p.m.
  • Where: Model Home, 2513 11th St. N. Arlington, VA
  • Cost: Free
  • Parking: Validated parking or free street parking
  • Food: Wine and cheese
  • Contact: [email protected] or call 571-969-7653
  • If snow – We will reschedule for the next available day

To Register:
Space is limited, sign up right now at homebuildingworkshop.com.

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:


4836 33rd Road N
5 bed/4 bath, 1 half bath single-family home
Agent: David Lloyd
Listed: $1,549,900
Open: Sunday 1-4 p.m.


443 N. George Mason Drive
3 bed/4 bath, 1 half bath villa/townhouse
Agent: Lisa Dubois-Headley
Listed: $899,999
Open: Sunday 2-4 p.m.


1809 N. Culpeper Street
3 bed/1 bath, 1 half bath single-family home
Agent: Kathryn Stowe
Listed: $698,000
Open: Sunday 12-3 p.m. (more…)

WWBG: Liquid Pleasure Now Pouring

By ARLnow.com Sponsor

Weekend Wine and Beer Guide logo

Editor’s Note: This biweekly column is sponsored by Dominion Wine and Beer (107 Rowell Court, Falls Church). It is written by Garrett Cruce, a Cicerone Program Certified Beer Server.

In October 2014, Pleasure House Brewing opened its doors.

Led by owners Tim O’Brien and Kevin Loos — who you might meet in the taproom — head brewer Drew Stephenson and his wife Alex, Pleasure House is passionate about two things: making great beer and serving their community.

Each batch of beer is brewed on a seven barrel system, meaning that they are a Virginia brewery serving Virginia.

When it comes to the making-great-beer part, they’re not shying away from trying new things. They have brewed an estimated 175 different beers in the more than three years that they’ve been open.

Drew divides the styles by IPAs and European styles with a particular emphasis on British, Belgian and German beers. That leaves the door open to just about any style you can think of from lagers to sours.

As for serving their community, Pleasure House holds a potluck called Crock for a Cause every Sunday to raise money for local charities. Proceeds from their Rain Barrel Bohemian Pilsner — brewed with rain water collected at the Chesapeake Bay Foundation headquarters — goes support the Foundation.

In addition to it’s financial support of local groups, Pleasure House is the first Ocean-Friendly Restaurant for the Virginia Beach chapter of the Surfrider Foundation, and frequently help out with the Better Beach Project.

Pleasure House believes that the community that they are part of makes them a better brewery. Now they are excited to share their beer with their distant neighbors to the north. I got to try two of their most recent brews.

1608 Imperial Cream Ale with Rosemary (7.4% ABV)

The Brewers Association classifies cream ales as hybrid ales, meaning they’re brewed with either ale or lager yeast at the warmer temperatures of an ale then lagered or stored for a period of time.

They tend to be blond in color and relatively low alcohol. They also tend to be rather plain — making for a great pairing with stronger flavors like coffee. Well, consider Pleasure House’s Imperial Cream Ale an extreme hybrid beer.

Of course, the “Imperial” adds up to a higher-than-usual alcohol content — 7.4% as opposed to around 5%.

The rosemary first appears like a whisper in the aroma among wheat bread and wine. (more…)

Just Listed in Arlington

By ARLnow.com Sponsor

Just Listed banner

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 real estate activity slowed this week in Arlington with only 69 new listings and only 48 ratified contracts.

But 17 of those homes sold within a week of hitting the market. The average days on market this week climbed to 48 with half a dozen homes finally selling that had been for sale over six months.

Nationally, existing home sales slipped 3.2% in January over December, and 4.8% over last year. Lack of inventory is blamed, and a slight drop off in sales by first time home buyers. The trend continues of college grads moving back in with mom and dad to save money and pay off school loans rather than buy their first home.

Currently there are only 361 homes actively for sale in all of Arlington. At the current rate of absorption, that is only 1.3 months of inventory.

Interest rates continued their slow gradual climb this week increasing about six basis points to 4.55% for a 30-yr fixed rate. Rates vary greatly among lenders in this rapidly changing environment, so be sure to shop around before locking in your rate.

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

Healthy Paws: February is Pet Dental Month

By ARLnow.com Sponsor

Healthy Paws

Editor’s Note: Healthy Paws is a column sponsored and written by the owners of Clarendon Animal Care, a full-service, general practice veterinary clinic and winner of a 2017 Arlington Chamber of Commerce Best Business Award. The clinic is located 3000 10th Street N., Suite B. and can be reached at 703-997-9776.

Ever wondered what that smell was permeating from your pet’s mouth?

Bad breath is a very common complaint among pet owners, and for good reason. Bad breath or halitosis is most often related to infection or inflammation in the mouth, and most often due to periodontal disease.

This diagram shows the correlation between the various stages of dental disease in our pets’ mouths and what that would look like in our own mouths (be prepared — it’s not pretty!):

February is National Pet Dental Health month, so it’s a good time to revisit some fun facts on oral health that we presented a few years back:

  • Dental disease is undoubtedly one of the most common diseases veterinarians diagnose and treat. According to the American Veterinary Medical Association, approximately 80 percent of dogs and 70 percent of cats will have some degree of oral disease by the age of 3.
  • In the majority of cases, dental disease is a condition where “an ounce of prevention is worth a pound of cure.” Small preventative measures such as regular brushing can significantly slow the progression of tartar accumulation and subsequent periodontal disease. While daily brushing is by far the ideal, even brushing every 72 hours will make a significant difference in the amount of tartar accumulation on your pet’s teeth. Every three days is the minimum frequency recommended as beyond that the plaque will already have hardened into tartar, which cannot be removed via brushing.
  • Most dogs, and even cats, can learn to love (or at least tolerate) brushing — check out the video link here for instructions on how to brush your pet’s teeth.
  • While the jury is still out on exactly how the low-grade infection associated with periodontal disease affects our pets systemically, in people there are consistent correlations between periodontal disease and
    systemic diseases such as diabetes, cardiac and kidney disease, likely related to the chronic inflammation and infection originating from the mouth.
  • If brushing is out of the question, there are other options to help decrease the plaque and subsequent tartar buildup in your pet’s mouth. Look for products that carry the VOHC — Veterinary Oral Health Council — seal of approval, such as CET products, Greenies or antiplaque water additives. Most of these products need to be used on a daily basis to make an appreciable difference.
  • Routine brushing and home care can reduce the chances of needing aggressive or emergency dental care, such as tooth extractions and root canals for problems such as severe gingival infections or tooth root abscesses.

If you missed Dr. Gloor at the Aurora Hills Library this past Tuesday evening — she’ll be doing her Pet Dental Health lecture LIVE on facebook Tuesday, February 27 @ 12:30 p.m.!

Have a topic you’d like us to write about? Email us ([email protected])! We want to tailor these posts to the topics that interest you the most.

Compass Expands to Arlington

Compass, America’s first modern real estate company, is now in Arlington!

Pairing the industry’s top agents with proprietary technology, Compass offers a smarter, more seamless solution to selling or finding your home. Since opening their doors in December 2017, Compass Arlington has quickly grown their team to 20 agents, representing $280,000,000+ in sales volume over the last twelve months.

Compass Arlington is one of six offices in the D.C. Metro area, with offices also in McLean, Logan Circle, Georgetown, Capitol Hill and Chevy Chase.

“We have quickly become the #1 brokerage in Washington, D.C, and our expansion to Northern Virginia represents an opportunity to bring Compass’ best-in-class marketing, support, and technology to Northern Virginia agents and their clients,” says Marc Pina, Managing Director of Sales for Compass Arlington.

As a technology-driven real estate company, Compass has launched a powerful end-to-end platform to support the entire buying and selling workflow. They deliver an incomparable experience to both agents and their clients all in service of the Compass mission: to help everyone find their place in the world.

Founded in 2012 by Ori Allon and Robert Reffkin, Compass operates in 14 regions across the United States: New York City, Los Angeles, San Francisco, Boston, Washington, D.C., Chicago, San Diego, Dallas, Miami, Orange County, The Hamptons, Santa Barbara and Montecito, and Aspen.

The 10,000 square foot Northern Virginia flagship office is located at 3001 Washington Blvd in Arlington. For more information please visit www.compass.com.

The preceding post was sponsored by Compass.

Small Biz Focus: Bringing Your Business Idea to Life

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

“The way to get started is to quit talking and start doing.” — Walt Disney

We recently held a BizLaunch Webinar on “What to Do with Your Fabulous Business Idea.”

This got us to thinking we need to share the content of the program with our ARLnow Small Biz Focus readers. What are the quick steps one needs to take to launch your idea(s) successfully? We know you have a ton of ideas. How do you execute them? How did you get the momentum to start doing and quit thinking and talking about it?

Bringing your business idea to life is the step you need to take before you write your business plan. What do you need to know that you don’t know as an entrepreneur?

BizLaunch’s 6 quick tips to launch your fabulous business idea:

  • Step One: Get Organized. Clear out the clutter, and clear your desk. Invest (minimally) in the tools you’ll need to launch your business. A computer. A notebook. Pen. Paper. Use a calendar system to incorporate milestones you need to accomplish to successfully launch your business. Also invest in a constructive way to maintain your notes and information you need to help bring the idea to fruition. Understand how much cash on hand you need to launch your idea.
  • Step Two: Write Down ALL of Your ideas. Brainstorm. List all of the ideas you can think of to construct into a business. Ideas should include where you have the most background and expertise. Ideas of which you have passion, and are committed to. There are no right or wrong answers. You’ll want to capture everything, and write them down.
  • Step Three: Use a System to Rank Your Ideas. Place your top ideas into four distinct categories. There is an “A,” “B,” “C” or Trash category. As you rank your ideas – ask & score the following questions up to 10 points:
    • Are there opportunities in this industry?
    • Do you have experience in this field?
    • Are their regulations and policies which make it easier or harder to enter the market?
    • How many influencers do you know in this space?
    • Do you have enough cash?
    • What is your potential target market?
    • Does this idea make you happy just thinking about it?
    • Do you have the time to dedicate to the launch of the idea?
    • Do you have access to legal representation?
    • Do you understand accounting?

(more…)

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 is not the listing agent of these homes.  

It’s time to introduce you to a quirky and fun holiday.

Today is Single Tasking Day. It’s apparently celebrated every February 21. So what in the world is it? Apparently, it’s a day to focus “on one thing at a time.” What a concept in this multitasking world of ours!

So, what can you take away from this Single Tasking Day as it applies to real estate? Just know that real estate transactions can indeed be complicated to the Average Jane or Joe. And, yes, as a trusted realtor for decades here in Arlington County, my team realizes that it can be incredibly difficult to squeeze in real estate priorities amid a number of other daily tasks.

To make your multitasking load lighter, we’re here to help.

From delivering prospective properties that are right up your alley to explaining the incredibly complex terminology that may accompany a transaction, we’re here to de-task the process on your behalf.

Buying a home is no small journey. When you’re ready to GET MORE out of your transaction, we’re here for you.

As of February 19 there are 145 detached homes, 23 townhouses and 186 condos for sale throughout Arlington County. In total, 19 homes experienced a price reduction in the past week.

Here is this week’s selection of Just Reduced properties:

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: Market Reaction To Higher Rates

By ARLnow.com Sponsor

This regularly-scheduled sponsored Q&A column is written by Eli Tucker, Arlington-based Realtor and Rosslyn resident. Please submit your questions to him via email for response in future columns. Enjoy!

Question: As interest rates have increased over the last 6-12 months, how will the market react to higher rates and do you expect them to come back down in 2018?

Answer: The rates I’m seeing today are about 1-1.5% higher than what I’ve seen on average over the last few years and about .5% higher than where they’ve been over the last 6-12 months. Generally, most economists are projecting growth in the US and there are similar signs in Europe so if that holds true, expect interest rates to continue their upward trajectory.

Higher Mortgage Rates In 2018

According to Freddie Mac, the average Mortgage rate from the 1970s-2000 was about 7%, the average rate from 2000-2008 was 6% and we’ve been hovering around 3.5-4% since 2008. Freddie Mac currently predicts that rates will reach about 5% by the end of 2018.

  • Mortgage rates are at the mercy of the US and global economies so predicting their direction is no different than predicting how the stock market will do.
  • Contrary to popular belief, mortgage rates are not directly correlated to the Fed rate that you regularly hear about in the news. So when you hear that the Fed is planning to increase rates by .25%, that does not mean your mortgage rate will be .25% higher the following day. See chart below for historical trends of Fed rate vs mortgage rates:

(more…)

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