Author: ARLnow.com Sponsor

Ask Eli: So you want a big yard in Arlington?

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. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: We’re moving to Arlington from out of state and have always had at least an acre of land. We’d like at least ½ acre in Arlington, but can’t find much. How big are most lots in Arlington?

TL;DR Video Summary (1:11)

Answer: I talk a lot about making sure the home you want exists before setting your hopes and dreams on finding it. Understanding what lot sizes you can expect to find in Arlington is a great example of that, so this week I’ll share data on lot sizes from homes sales going back to 2019.

The data is based on total square footage of a lot, including the land the home sites on. Most people think about lots in terms of acres, so here’s a quick conversion key:

Arlington Lot Size Highlights (sales since 2019):

  • Average lot = 8,479 SqFt
  • Median lot = 7,277 SqFt
  • Lot with ¼ acre or more is in the top 83% largest lots
  • 4% with ½ acre or more
  • Just six of 4,355 were 1+ acre, none were 2+ acres
  • More homes sold on 1/10th acre or less than ½ acre or more

The chart below shows the percentage of homes sold in Arlington within five different ranges. 69% of homes sit on lots with 5,000-9,999 SqFt.

Drilling down even further, we see that 1,672 of 4,355 lots (38%) were between 6,000 and 7,999 SqFt.

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Building your dream home: New Construction Seminar

By ARLnow.com Sponsor

Join us on Wednesday, January 11 at 6 p.m. for this FREE virtual seminar. Make your new construction dream home a reality with experts by your side!

Building a new home should be a rewarding and memorable experience. That’s why a custom-built home requires personalized service.

Here’s your chance to learn everything you need to know about new construction properties from successful agents on the top-selling real estate team in the D.C. metro area.

Bridget Mendes, one of Keri Shull Team’s most experienced Success Agents, is leading this virtual seminar. Having built multiple properties for herself and alongside her clients, her extensive experience will prepare you for this exciting process.

You’ll learn:

  • Advantages of New Construction — We’ll take an in-depth look at how you can design the exact home you are dreaming of!
  • Buying a Builder-Owned Lot vs. Finding Your Own — Which solution is best when finding a lot? In the D.C. metro area, land can be rare, we’ll show you how to find it.
  • Choosing the Right Agents and Specialists — Don’t risk costly problems or losing your dream home! A good agent will help you close faster and pay less.

Register for this event today!

Statutes of Liberty: The only certainty in life — Prices go up

By ARLnow.com Sponsor

This sponsored column is by Law Office of James Montana PLLC. All questions about it should be directed to James Montana, Esq., Doran Shemin, Esq., and Laura Lorenzo, Esq., practicing attorneys at The Law Office of James Montana PLLC, an immigration-focused law firm located in Falls Church, Virginia. The legal information given here is general in nature. If you want legal advice, contact us for an appointment.

USCIS fee increases could result in ducky times for the agency’s budget.

USCIS is required by statute to re-evaluate its fees every two years.

Naturally, the fees haven’t changed for six years. Partially, that’s due to litigation — when the Trump Administration tried to increase fees massively (for, we thought, pretextual reasons), the federal courts said no.

The Biden Administration’s plan to increase fees is broadly distributed across several classes. In short, the fees are going to hit the following groups: businesses and individual green card applicants. According to the Biden Administration, extra fees imposed on businesses will go to fund asylum adjudication at the border.

What are the fee increases?

Everyone pays more, but especially businesses and green card applicants.

The big news for individuals is as follows:

  • Citizenship application fees jump from $725 to $760 (a small hop).
  • Green card application fees jump from $1,225 to $2,820 (a big leap!)

The big news for businesses is as follows:

  • H-1B lottery registration costs go up  from $10 to $215.
  • H-1B application fees increase from $460 to $1,380, including the new $600 asylum support surcharge.

Premium processing fees don’t change — at $2,500, costs stay flat — but, just like you experience shrinkflation at the grocery story, businesses will see service decline without a drop in price. Premium processing will now mean an answer from USCIS within 15 business days rather than 15 calendar days.

Does this agency deserve more money?

Maybe. We’re skeptical. We favor efficient and fair administration of the law, but USCIS has not shown itself to be an efficient steward of public funds.

Take a look at these processing times, helpfully provided by DHS’s own statistics arm.

Lost your green card? Sixteen months. It used to be four, within the memory of our oldest lawyer. Applying for a green card based on marriage to a U.S. citizen at the Baltimore Field Office? Four years. (In Virginia, it’s better — just a year and a half!)

USCIS’s budget has increased markedly over this time. Presidential administrations have come and gone. The Service still can’t get its work done efficiently.

These fees won’t go into effect for at least another sixty days, so don’t hurry to file an application before the time is right.

Questions about the new fees? Ask away. We appreciate questions and will do our best to respond.

Biz Talk: Arlington’s location and workforce continued to drive growth in 2022

By ARLnow.com Sponsor

This article was written by Michael Stiefvater, Director of Business Investment for Arlington Economic Development.

At the start of 2022, the state of the office market was in flux as companies and employees adjusted to an uncertain hybrid work environment that continues to challenge the outlook for office real estate.

While strong headwinds remain, bright spots in the local economy have emerged as evidenced by the 24 companies that Arlington Economic Development (AED) has successfully helped expand or retain in 2022. Combined, these company successes totaled 237,000 square feet of new office space and 262,000 square feet of retained office space.

AED saw growth primarily in the aerospace and defense, government contracting and technology sectors. These industries are taking advantage of not only Arlington’s proximity to the nation’s capital, but also the region’s highly skilled workforce and burgeoning tech talent pipeline. With recent investments in higher education institutions including George Mason University and Virginia Tech, Arlington is well-positioned to continue attracting companies in addition to the notable successes from this past year:

  • Apogee Research — Headquarters expansion
  • Boeing — Headquarters relocation
  • Federated Wireless — Headquarters expansion
  • Huntington Ingalls — Relocation
  • MarginEdge — Headquarters expansion
  • Raytheon Technologies — Headquarters relocation
  • Shift5 — Headquarters expansion
  • Targeted Victory — Headquarters expansion
  • Technomics — Headquarters expansion

AED’s commitment and investment in tech talent is perhaps no better demonstrated than with our ongoing Tech Talent Pilot Program in partnership with Exelaration. This program, funded by the American Rescue Plan Act, provides 10 Arlington residents with the opportunity to gain valuable software development experience and a pathway into a technology career.

The program provides companies with additional local talent by offering Arlington residents experiential opportunities in the tech industry. The first cohort of the pilot is nearing completion with participants gaining experience with some of the area’s top companies, while the second cohort will start in late January. We believe investments in innovative programs like this will continue to allow Arlington to lead the way in providing a top-notch workforce for companies looking to expand or locate here

Other notable 2022 accomplishments include our efforts to engage existing Arlington companies during Business Appreciation Month in May. After a long hiatus of in-person interaction caused by the pandemic, AED visited 40 companies over a two-week period to thank them for investing in Arlington and to connect them with valuable resources that may support their growth.

AED also sponsored the Accelerate Investment Conference, an event designed to ignite the Metro region’s innovation, startup, and investor ecosystems and showcases Virginia, Maryland, and D.C. as a prime destination for venture investment and job creation.

As we begin in 2023, we’re seeing real potential for growth in the technology verticals of artificial intelligence and machine learning, cloud computing, cybersecurity, the Internet of Things and quantum computing. AED looks forward to building on the momentum of a successful 2022 as we head into the new year.

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. 

As of January 2, there are 102 detached homes, 21 townhouses and 130 condos for sale throughout Arlington County. In total, 8 homes experienced a price reduction in the past week, including:

5325 16th Road N.

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: Interest rate forecasts and new loan limits

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. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: What are current forecasts for mortgage rates in 2023 and beyond?

Answer: Happy New Year everybody!

A few weeks ago, I posted a “Beyond the Headlines” deep dive with James Baublitz, VP of Capital Markets at First Home Mortgage, into why interest rates have increased so much.

As the calendar turns, many of you will be kicking off your home search and asking about current and forecasted interest rates, so I’ll cover that today, plus a quick note on recent loan limit increases for down payments as low as 3%.

What is a “Normal” Mortgage Rate?

The first thing to understand about mortgage interest rates is that they are market-driven and forecasting comes with the same amount of unpredictability as any other economic/market-based forecasting (GDP, Unemployment, Stocks, etc). Take predictions/forecasts with a grain of salt.

The other truth that is best illustrated by the chart below, which shows the average 30yr fixed mortgage rate since 1971, is that there really is no established “normal” interest rate that we can point to and say “this is what you can expect when markets stabilize.” So, use caution when relying on assumptions about future rates (e.g. for a refi).

Forecasting Future Rates

Most major forecasting organizations including Mortgage Bankers Association, Freddie Mac, and National Association of Realtors (NAR) believe rates will steadily decrease through 2023 and that trend will continue into 2024.

Mortgage Bankers Association expects rates to fall faster than Freddie Mac and NAR, with average 30yr fixed rates hitting mid 5s by the 2nd quarter and low 5s by the end of 2023. They forecast that rates will be in the 4s by Q1/Q2 2024 and believe the long-term stable rate to average 4.4%.

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Join NOVA Buyer’s Club on January 5!

By ARLnow.com Sponsor

Is buying a home in 2023 on your list of New Year Resolutions?

Come join the NOVA Buyer’s Club Thursday, January 5 from 4-6 p.m.

We will be focusing on a multitude of different home buying programs plus grants to use when purchasing your first home, as well as discussing topics that are relevant to purchasing a home in the DMV. We’ll also be spilling all the tea on all tips and tricks on how best to smoothly navigate the process.

Come and find out how one of our buyers purchased a condo here in Arlington for only $2,166 down!

We are excited to meet you!

Space is limited so sign up now to register.

Legal Insider: How the housing market can impact your security clearance

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 Melissa L. Watkins, Esq.

Just recently in October 2022, the average long-term U.S. mortgage rate topped 7 percent for the first time in more than two decades, a result of the Federal Reserve’s aggressive rate hikes intended to tame inflation not seen in some 40 years.

It is anticipated that rates will continue to rise, at least through the early part of 2023. While the increase in mortgage rates has led to many individuals delaying the purchase of homes, some have opted to move forward with home purchases, accepting the higher rates. Unfortunately, with the housing market tightening in terms of inventory, home prices have not fallen commensurate with the increase in rates.

This means that buyers purchasing now are often accepting higher monthly payments than they would have been only a year or two ago. While the future is impossible to predict, some economic forecasts are suggesting that a housing market crash, or a broader recession, could be forthcoming. If this does happen, we could see homeowners forced into circumstances similar to those that were occurring in 2008 and the years thereafter, mainly foreclosures or short sales of their homes.

While there hasn’t been a significant jump in foreclosures to date, foreclosure starts have been on a steady quarterly rise since the federal government ended the Covid-19 foreclosure moratorium in September 2021. However, a key difference now compared to the last housing crisis is that many homeowners, and even those struggling to make payments, have had a large boost to their home values in recent years. That means they still have equity in their homes and are not underwater — when you owe more than the house is worth.

However, if home prices continue to decline, as has been the trend in recent months, homeowners could start to face a decline in home equity, bringing us back closer to the events taking place in 2008. One of the fastest ways to end up with a security clearance issue is have a significant, negative event take place with finances. In light of the uncertainty in the housing market, and economy more broadly, clearance holders should be cognizant of their options and how those options may impact their security clearance.

Foreclosure vs. Short Sale

If an individual gets behind on mortgage payments or if their mortgage is underwater (the home is worth less than the amount owed on the mortgage), homeowners have two primary options: a short sale or a foreclosure. The owner is forced to part with the home in both cases, but the timeline and other consequences are different in each situation. A short sale is a voluntary process. When the homeowner sells the property for an amount that is far less than what is owed on the mortgage, it is called a short sale.

For example, if a homeowner owes $300,000 on the mortgage, but a financial crisis forces them to sell the home quickly for $250,000 — the remaining amount on their mortgage ($50,000) plus any costs associated with the sale are still owed by the homeowner. A short sale requires the approval of the lender in advance, and generally, the approval comes with an agreement by the lender to forgive the remaining balance owed on the mortgage after the sale, but this is not required.

A foreclosure, on the other hand, is involuntary. In this case, the mortgage holder (the lender or the bank) takes legal action to seize the home after the borrower fails to make a specific number of monthly payments. In a foreclosure, the lender takes ownership of the mortgaged property and sells it to recover the amount owed to them on the mortgage. Another major difference between the two is the impact on one’s credit.

Generally, short sales are not significantly detrimental to a homeowner’s credit rating, while foreclosures are. A homeowner who has gone through a short sale may, with certain restrictions, be eligible to purchase another home fairly soon. A foreclosure, on the other hand, is kept on a person’s credit report for seven years.

How Does a Foreclosure or Short Sale Impact a Security Clearance

While both foreclosures and short sales can impact a security clearance, it is generally the case that a short sale is far less detrimental to a clearance holder than a foreclosure. There are several reasons for this difference.

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Small Business Focus: Reach new opportunities in 2023 with government contracting

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

This is part of a series on how to sell to the Government. Upcoming pieces in this series will cover areas like contract vehicles, small business set-asides, unsolicited proposals and more. See more on Bidscale’s blog, BidBlogs.

By Bidscale Staff 

Did you know that the U.S. Federal Government is the world’s largest purchaser of goods and services?

Yearly new contract spending has hit $680 billion. From spaceships that orbit the moon to ballpoint pens, those funds ensure the U.S. Government (USG) has everything it needs to run smoothly. That money can also change lives and invigorate communities. Large contracts and a steady customer can alter the trajectory of a business and provide jobs in economically disadvantaged areas.

The Federal Government understands the impact of its purchasing power and its ability to achieve socioeconomic goals. Every year it sets aside billions of dollars for small businesses, minority-owned companies, and more, though rarely, if ever, depletes all the funds.

If the money is there, why doesn’t every business sell to the Government? The short answer, it’s hard; it takes time and background knowledge. On average, a Government contractor goes through 18 months of researching, planning, developing, and defining before winning its first contract with the Department of Defense (DoD), the largest provider of Federal contracts. Many companies have to hire contracting experts to guide them through the process, a role that can cost upwards of $85,000 annually.

On the bright side, slowly but surely, more tools and resources have emerged to help guide businesses through this process. It’s a win-win; the Government gains access to innovative solutions and products, while businesses gain access to Government funding. So what do you need to know to get started?

First, a contract is how the USG buys products and services. It’s a legally binding agreement that allows a Government entity to purchase something for “the direct benefit and use of a Government agency.” These contracts are regulated by the Federal Acquisition Regulation (FAR), an essential but complex set of guidelines.

According to the General Services Administration (GSA), there are three steps a company must take to potentially win a contract. “Find available opportunities with the Government relevant to their business capabilities, make necessary preparations for bidding on a GSA contract, submit an offer.” This is the overarching approach to this process, but administrative steps must be taken before you can even start searching for available opportunities.

Step 1: Obtain a CAGE Code

Issued by the Defense Logistics Agency (DLA), a Commercial and Government Entity (CAGE) Code is a five-character ID number necessary when being awarded a contract by the Federal Government. It’s free to get and/or update this code and can be done online through the DLA. If you run into any roadblocks obtaining a CAGE Code, there’s an email contact ([email protected]) and or a number (877) 352-2255 that can be called for assistance.

It’s also possible to just register for SAM.gov and click “No” in the section regarding the CAGE Code, meaning your entity will be assigned a CAGE Code following the SAM.gov registration. There are some restrictions to this that the GSA has outlined.

Step 2: Register with SAM.gov

Now it’s time to register for SAM.gov or, The System for Award Management. It’s the official USA Federal contracting website and is free to use, and anyone can create a user account on SAM.gov. Except in rare circumstances, if you want to apply for federal awards as a prime awardee, you need a registration to bid on government contracts and apply for federal assistance.

It’s quite the process to sign up, but SAM.gov has an excellent FAQ page to assist with any roadblocks. The registration process with SAM.gov will also provide you with a Unique Entity ID (UEI) which has taken over for the DUNS Number. If you would like to read more about the transition, SAM.gov has posted extensively about it.

Step 3: Market Research

Market research is crucial before searching for opportunities. It’s a step you need to take upfront, but it’s also a step you will consistently need to come back to throughout your time selling to the Government. Competition for Government contracts can be tricky, so learning about the space and finding a niche is vital. Market research is an extensive topic. Check back with Bidscale’s blog, BidBlogs, as other parts of this series will be dedicated to market research.

Coming out of market research, you will want to start looking for opportunities. The Government signs millions of contracts each year, so finding a contract your company could fulfill can be daunting. Opportunity searches can be performed through SAM.gov, as it’s required that contracting officers post all opportunities on this website.

Another great tool that just hit the market is Bidscale Connect, which pulls all opportunities posted to SAM.gov and reposts them immediately. Unlike SAM.gov, Bidscale Connect uses an AI-powered search, which steadily hones in on users’ preferences as they use the platform, ensuring only relevant opportunities are pulled to the top of search results. It’s a streamlined way to search, ultimately saving users time, which can be used in the actual proposal writing process.

These basic steps will help your company start selling to the Federal Government, but there’s still plenty more you need to find success in this space.

To learn more about federal, state or local procurement opportunities, reach out to BizLaunch to schedule a BizLaunch consultation in the new year. Check back with Bidscale’s blog, BidBlogs, for upcoming posts covering market research, small business set-asides, small business tricks and tips, unsolicited proposals and 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 Arlington Realty, Inc. Maximize your real estate investment with the team by visiting www.arlingtonrealtyinc.com or calling 703-836-6000 today!

Please note: While Arlington Realty, Inc. provides this information for the community, it may not be the listing company of these homes. 

As of December 26, there are 108 detached homes, 29 townhouses and 141 condos for sale throughout Arlington County. In total, 6 homes experienced a price reduction in the past week, including:

1005 S. Queen Street

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: Most expensive homes sold in the DMV in 2022

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. Video summaries of some articles can be found on YouTube on the Ask Eli, Live With Jean playlist. Enjoy!

Question: What were some of the most expensive homes sold this year in the DMV?

Answer: Happy holidays and new year everybody!

It’s always fun to look back at the most expensive homes sold in our nook of the world, so without further ado, let’s take a look at the most expensive homes sold this year in D.C., Maryland and Virginia.

Note: this includes what is entered into the MLS, it’s certainly possible (likely) that expensive homes have traded hands privately outside of the MLS.

The most expensive home sold this year in all three DMV states is a beautiful 550 acre estate, with a private 18-hole golf course, in Upperville, Virginia that sold for $23.5M! Despite the hefty price tag, it falls well short of the record sales from 2018, 2020, and 2021 that all cleared $40M.

Listing by John Coles, Thomas and Talbot Estate Properties, Inc (1584 Rokeby Rd, Upperville, VA)

Top 5 Most Expensive Sales in Arlington

Listing by Robert Hryniewicki, Washington Fine Properties (3433 N Albemarle St, Arlington, VA)

Arlington’s average and median prices are sky-high, but the area generally likes ultra high-end properties we see elsewhere in the region. Arlington’s most expensive sale this year is a new build in Country Club Hills clocking in at 7,450 SqFt, seven bedrooms, seven full bathrooms, and two half baths. The property sits on an unusually large (for Arlington) .39 acre lot.

Top 5 Most Expensive Sales in Alexandria

Listing by Preston Innerst, EYA Marketing (5 Pioneer Mill #502, Alexandria, VA)

The most expensive sale in Alexandria is a townhouse built in 1800 in Old Town that sits on nearly ¼ acre with over 6,000 SqFt and seven bedrooms. Pictured above is the second priciest sale in Alexandria, a waterfront penthouse condo in Robinson Landing with nearly 2,800 SqFt for $4,509,000.

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