real estate

New Homes in Arlington: November 15

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. 

If you’re looking to update your home but not quite ready to purchase New Construction, a kitchen remodel may be a great option for an upgrade. The kitchen tends to be the center gathering space in a home, and is one of the most common rooms buyers look to for updates. It is a big project to take on, so we’ve put together a list of guidelines to consider before getting started.

Set Your Budget: Kitchen renos take time and money. Think realistically about how much you can spend on this project. When budgeting out, you may want to aim more conservatively in case there are unplanned costs during the process. A great rule of thumb is to have around 10% to 20% for those extra costs as a buffer. You can visit kitchen and home stores to look at a variety of styles and designs, look at costs, and determine what you really need and can afford.

Plan The Layout: It may benefit you to work with a kitchen designer during this portion of the process to determine how the space you are working with can be best remodeled into your dream kitchen. Do you want to add an island? Is there realistically enough space to do that? These are the types of questions you can work with your designer around. While a space for entertaining, the room also should be practical and functional. Your designer can also work with you on layout and materials options, so you can see what will look best at different costs, fulfilling all your dream kitchen desires. To help save a bit of cash, try and keep the same footprint of your existing kitchen, unless it’s necessary to move. Moving plumbing and electrical could bring unforeseeable issues.

Find The Right Contractor: It has been said that a contractor is only as good as his last job. Choosing someone to work with for a large project like a kitchen renovation should be done thoughtfully. Don’t be afraid to ask for references and inquire about how their work habits on-site – were they timely, did they supervise subcontractors? Did anything go wrong and how did they handle it? Ask if they work with a variety of subcontractors or if they have a usual team they work with.

Prepare for the Reno Lifestyle: While you are preparing to get a brand new kitchen that will host all your future yummy family dinners, you also need to think about how your family will eat during the course of the renovation. These projects can take anywhere from 4 months to a year depending on the size. You may want to budget for take-out, and also prep meals that can be frozen & microwaved, or if you’re lucky – rely on friends and family to host you!

Renovations are exciting but can be daunting. At Three Stones Residential, we are here to help. We can not only help you buy or sell a home, but we are your real estate consultants for life. If you have any questions about a renovation or home upgrade project, we have the resources to help and can guide you in the best direction. Contact us at [email protected] or 571-429-7670.

Below is a list of new homes currently on the market in the Arlington area.

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:

928 26th Street S.
5 BD/4 BA single-family home
Agent: Neighborhood Real Estate, Llc
Listed: $1,299,000
Open: Sunday 1-4 p.m.

 

2131 N. Nottingham Street
3 BD/2 BA single-family home
Agent: Re/Max Allegiance
Listed: $874,900
Open: Sunday 2-4 p.m.

 

101 N. Granada Street
3 BD/2 BA single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $775,000
Open: Sunday 2-4 p.m.

 

2200 N. Westmoreland Street #209
2 BD/2 BA condo
Agent: Weichert Realtors
Listed: $599,900
Open: Saturday 1-3 p.m.

 

4818 28th Street S.
2 BD/2 BA condo
Agent: Samson Properties
Listed: $499,900
Open: Sunday 1-4 p.m.

 

1210 N. Taft Street #203
1 BD/1 BA condo
Agent: Redfin Corporation
Listed: $340,000
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.”

Generally, our fall market runs strong right up to Thanksgiving and then slows until the first week of January.

It’s unusual for the market to get stronger as it approaches Thanksgiving, although last year the market paid no attention to the holidays. It stayed strong right through to Christmas. It’s looking like this fall might be a repeat.

Perhaps buyers got spooked by rising interest rates this week and decided to ratify on something so they could lock in their rate before it increases further. Early this week rates jumped to 3.875%-4% for a 30-yr fixed rate mortgage, the highest mark in the last three months.

While home buying sentiment runs strong in Arlington, nationally it has waned in the last two months. A new report from Fannie Mae indicates that while still strong, their “home purchase sentiment index” (HPSI) dropped last month by 2.7%. That’s not a big deal, except that its the second month in a row that it’s dropped. There was a 7% decrease in Americans saying it is a good time to buy.

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

Morning Notes

By ARLnow.com

HQ2 Business Boom Strains County — “A full year after Amazon.com Inc. announced that it would set up shop in Arlington, there’s little doubt the company has drawn the sort of surge in business and development interest that local leaders promised as they pursued HQ2 — but all of that activity has also put a strain on the local government as it prepares for the tech giant’s arrival.” [Washington Business Journal]

Tour of Amazon’s Temporary Crystal City Office — “Amazon almost has 200 employees working in leased space in @ArlingtonVA, with more on the way.” [WJLA, Twitter]

‘National Landing’ Name Falls Flat — “It’s been one year since the HQ2 announcement, and with it the coordinated airdrop of the name, ‘National Landing,’ on an unsuspecting and bewildered population… So has National Landing stuck? Not really, at least among the common people, according to the folks I interviewed.” [Washington Business Journal]

Amazon Adjacent Real Estate Skyrockets — “The median home price in the 22202 ZIP code, which encompasses all of HQ2, was $815,000 in October. That’s about a 51% year-to-date increase or a $275,000 difference, according to data provided by MarketStats by ShowingTime, based on listing activity from Bright MLS.” [Washington Business Journal, WTOP]

Housing Affordability Increasing? — “With mortgage rates at a three-year low and a healthy job market, housing affordability rose to its highest level in three years in the third quarter of 2019… for the Washington area, high incomes helped to offset the pricey cost of housing, with the resulting regional opportunity index higher than the national average.” [InsideNova]

County Pleased With Water Main Break Response — “How well did Arlington County in Virginia think it handled the water main break that triggered a boil water advisory for more than 100,000 customers in the county and parts of Northwest D.C.? Pretty well, it seems.” [WTOP]

New American Legion Bridge Coming — “Commuters heading to and from Maryland on the Beltway may see some relief from the constant traffic woes. The governors of Virginia and Maryland announced an agreement Tuesday morning that would see the construction of a new American Legion Bridge.” [Tysons Reporter]

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.

Before we jump into today’s Just Reduced overview, Monday was Veterans Day.

Our area — including not just Arlington County but our nation’s capital — is steeped in military tradition, spanning picturesque monuments, centuries of history and thousands upon thousands of military families that call these beautiful confines home.

To wonderful veterans and their families: The sincerest thank you to you all… every single day.

On the note of thank yous and kindness, today is World Kindness Day. So, let’s keep the love for our military and each other going strong. In an increasingly wacky world, let’s think about the positive impact we can have on each other, especially locally here in our own community.

On the kindness front and when you’re ready to embark on your real estate journey, the Arlington Realty, Inc. team will always greet you with professionalism, keen local knowledge and a smile. When you’re ready to roll, we are, too.

And now on to this week’s numbers.

As of November 11, there are 150 detached homes, 19 townhouses and 94 condos for sale throughout Arlington County. In total, 19 homes experienced a price reduction in the past week:

Please note that this is solely a selection of Just Reduced properties available in Arlington County. For a complete list of properties within your target budget and specifications, contact Arlington Realty, Inc.

Ask Eli: How Agents and Agent Teams are Structured

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: I’m in the process of searching for a real estate agent and having trouble understanding the different organizational structures. Can you explain how it works?

Answer: Most real estate agents operate as independent contractors within their brokerage (office), thus have autonomy to operate their business/service model as they choose. With over 12,000 Realtors in the Northern Virginia Association of Realtors alone, the organizational structures and business models vary widely to suit an agent’s style of business and/or target clientele.

I think it’s almost as important for home buyers and sellers to learn about their prospective agent’s operating model as it is to make sure they know your market. An agent’s operating model will impact your experience and you need to make sure it aligns with your expectations.

I’ll break down some of the organizational structures that are most common today so you have an idea of what to look for.

Brokerage

At the top of the organizational structure is the brokerage, which is best described as the office your agent works for. The brokerage is the legal entity involved in the transaction and when you sign a Buyer Representation or Listing Agreement, it’s actually with the brokerage, with your agent as the assigned representative of the brokerage.

Currently in D.C., most brokerages are made up of multiple agents, often dozens to hundreds, and function like a shared office. An agent cannot operate independently outside of a brokerage, but an individual agent can have their own broker’s license and operate an independent brokerage.

Most agents operate as independent contractors within their brokerage, but there are some models, Redfin being the most popular, where agents are employees.

Agent Models

In most cases agents operate individually or within a team, structured in some common ways:

1. Individual Agent, No Support: Many agents work independently without any sort of support staff. The advantage for clients is that you always know who you’ll be working with and who is handling every detail of your transaction. The main disadvantage is that there is a single point of failure if that person is unavailable.

2. Individual Agent With Administrative Support: Some independent agents hire one or more people to support administrative tasks like scheduling and marketing. Some brokerages also offer this type of administrative support to their agents. This should be an advantage over #1 because the agent has more time for high-value tasks, but it also requires the administrative support to be on top of things and strong communication between agent and admin.

3. Team Partnership: Two or more experienced agents with strong individual businesses may partner to share some administrative support costs and build a stronger brand together. For the client, it has many of the same qualities as #2, but there’s usually an added benefit of knowing that there’s at least one other experienced agent available as back-up in case your agent in unavailable.

4. Team Lead With Coordinators: An individual agent or partnership with a large book of business that uses specialized buyer and seller coordinators to support client activities. An advantage to clients is that the transaction is generally led/directed by an experienced agent and that there is no single point of failure, you’re working with a support team. A disadvantage is that some or many high-value pieces of the transaction are handled by coordinators, not the lead (experienced) agent.

5. Team “CEO” With Junior Agents: An experienced agent who acts more as a CEO, overseeing the operations of a large team of agents, and personally handling very few transactions, if any. Clients should benefit from systems and processes the “CEO” agent used to become successful, imparted on the junior agents. A disadvantage is that these teams often have dozens or more agents and the experience of those agents varies widely and don’t necessarily reflect the talent of the “CEO” agent.

(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:

4611 36th Street N.
6 BD/5 BA, 1 half bath single-family home
Agent: Washington Fine Properties
Listed: $2,699,00
Open: Saturday 2-4 p.m.

 

1236 Oakcrest Road
4 BD/3 BA single-family home
Agent: Re/Max Allegiance
Listed: $1,149,900
Open: Sunday 1-4 p.m.

 

1418 N. Rhodes Street #B102
2 BD/2 BA, 1 half bath condo
Agent: Kw Metro Center
Listed: $919,900
Open: Sunday 1-3 p.m.

 

1034 N. Randolph Street
2 BD/2 BA condo
Agent: Century 21 Redwood Realty
Listed: $839,00
Open: Saturday 1-3 p.m.

 

3604 8th Street S.
3 BD/2 BA, 1 half bath single-family home
Agent: Long & Foster Real Estate, Inc
Listed: $ 699,00
Open: Sunday 1-4 p.m.

 

939 S. Scott Street #1
2 BD/2 BA, 1 half bath condo
Agent: Re/Max Distinctive Real Estate, Inc
Listed: $514,500
Open: Saturday 2-4 p.m.

 

2821 Wakfield Street S. #7-8
2 BD/1 BA condo
Agent: Kw Metro Center
Listed: $407,500
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 best way to describe Arlington’s fall real estate market is consistent. It’s not particularly exciting, nor is it ever boring. It just keeps plugging along at a steady pace.

This week mirrors last week with 43 new listings and 44 sales. Of those homes that sold, some 17 were gone within seven days, pushing our average days on market (DOM) down to just 20. At that rate of absorption, and with only 244 homes actively available for sale, we have only 1.4 months of inventory.

The average DOM for those 244 homes still actively for sale is 80. So what makes the difference between 20 DOM for those homes that sold this week compared to 80 DOM for those that haven’t sold yet? Well, it’s more than just location, location, location. It boils down to two things: price and condition.

Pricing a home properly can overcome location and other handicaps. Pricing is the most important factor that sellers can control, followed closely by condition. Buyers today are maxing out their purchasing power just to buy the home. They have no cash left for upgrades. So they want homes that are in pristine condition needing nothing else but love from the new owners.

Arlington’s problem with low inventory is the national story as well. The inventory level nationally has dropped 2.7% from last year’s third quarter, according to a new report from the National Association of Realtors.

The report also shows that our DMV area is ranked 14th among 176 major metro areas in the U.S. for the most expensive homes. Of course San Francisco/San Jose/San Diego rank at the top. But those three areas also saw their home prices drop in the third quarter compared to last year by about 3.5% average. If it’s true that trends start in California, then we all need to pay attention in the months ahead.

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

Boring Title: 4 Things You Need To Know This Week In Real Estate

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, Allied Title & Escrow’s CEO, Latane Meade, talks about 4 things you should know about real estate in our area… #3 is VERY EXCITING!

If you have any real estate questions that you would like to ask, comment below!

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!

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.

A $999 reduction on a million-dollar home. Why should you care?

It’s a question we get quite a bit here at the Just Reduced column.

Sure, some of the reductions we see equate to a one percent savings off the list price… or even much less. These types of reductions may not seem that impressive, especially when we see prices on some listings drop by hundreds of thousands of dollars or upwards of 10 or even 25 percent.

But it’s important to keep this in mind: These reductions are only just the beginning.

Some sellers reduce prices to appease to online searchers (e.g. a buyer with a budget of $1 million won’t find your $1,000,001 listed home in a search of properties under $1 million). Some have drastically overpriced their initial listings. And, in some instances, buyers have deadlines of their own to meet and just need to get moving.

The bottom line with reduced properties: Sellers are taking action. With a trusted team by your side, you can harness their activity/urgency and negotiate further.

When you’re ready to embark on your real estate journey, the team at Arlington Realty, Inc. is ready to roll on your behalf.

As of November 4, there are 151 detached homes, 18 townhouses and 104 condos for sale throughout Arlington County. In total, 27 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: Expect a Slower Market Until February

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: Does the Arlington market change in the winter?

Answer: November marks the start of the traditional “winter market” in Arlington that is defined by fewer homes being put up for sale and homes sitting on the market just a bit longer than they did earlier in the year. The decrease in new inventory will be obvious to anybody who has been searching for a home in 2019, but you’ll barely notice the increase in how long homes are taking to sell because the market is moving so quickly that even a slowdown will mimic spring markets in previous years.

Sharp Decrease In New Inventory

Historically, the fewest homes hit the market in Arlington from November-January, with the pace of new listings in December coming in at nearly 1/3 the rate of new listings from March-May. With inventory levels in 2019 already at historical lows, this winter will feel especially short on housing supply.

Buyer Demand Cools Off

Historically, the percentage of homes that go under contract within the first ten days decreases from November-January, with November and December (holiday season) having the most noticeable reduction in quick sales. However, with the pace of the Arlington market at all-time highs in 2019, you can expect the drop in demand in November and December to feel like peak spring demand in previous years.

Is The Winter The Right Time For You?

The winter can be a great time to buy if you’re more focused on value because demand decreases so you may pick up some negotiation leverage. However, if you’re searching for something unique and struggling to find properties that fit your criteria, the odds of the perfect place hitting the market in the winter decreases.

Given how low inventory is heading into this winter, I’m not sure buyers will find as many deals as they have in previous years. Demand is still strong from buyers who haven’t found a home yet in 2019 and low supply makes it a strong market for sellers, even during the holidays.

If you’re considering buying or selling in Arlington or the surrounding D.C. Metro communities and would like to learn more about the impact seasonality will have on your process, feel free to reach out to me at [email protected].

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.

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