real estate

Hidden Benefits Of New Construction Homes

There are a number of benefits that come with selecting a lot, tearing down any existing construction and building your new home from the ground up.

The most obvious benefit is that your new home can be almost 100% customized to your tastes, budget and lifestyle! Some of the benefits of new construction homes are not so obvious, however.

Most people aren’t aware that new construction homes are taxed substantially less. You’ll pay the least amount of property tax among homeowners because home taxes are based on the value of your home the year before it was purchased. Since your new construction home didn’t exist before you bought it, you will likely enjoy a tax break anywhere from a few months up to a few years.

Additionally, your home can be brand new and built to the strictest safety requirements during construction.

Learn more benefits of building your dream home by attending the upcoming New Construction Seminar on June 10 in Arlington.

The event is free and being held at a beautiful new construction home. Hors d’oeuvres and adult beverages will be served!

Topics Covered:

  • Advantages of new construction
  • Construction loan process
  • Buying a builder owned lot vs. finding your own
  • What to expect financially
  • Negotiating with builders
  • Builder contracts

Space is limited — click here to register

Benefits of Attending:

  • New Construction Guarantee: Buy or build a new construction home with our team and we will sell your current home for free!
  • Free consultations from renowned builders, lenders and real estate professionals

This event is hosted by The Keri Shull Team, the D.C. metro’s top producing real estate team. Details are as follows:

Ask Eli: When Can I Negotiate?

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’ve made a few offers on homes and am frustrated by the lack of negotiating I’m able to do. Are there things I can look for that are a sign that there’s room to negotiate price and terms?

Answer: Most buyers think that negotiating the terms of a home purchase is between them and the home owners, but in reality, most of the time you’re actually negotiating against other buyers. This is especially true when a home has been on the market for 30 days or less.

You can make a perfect case for why a home is worth less than the owner is asking, but if there are other buyers willing to pay more and offer better supporting terms, you don’t even get a participation trophy. If you’re dead-set on negotiating the price and maintaining favorable contingencies, the best thing to look at is the number of days a home has been on the market.

Historical data supports the following:

  • If you want to purchase a home that has been on market for 10 days or less, you should be prepared to pay at or above the asking price.
  • There is very little room to negotiate price in the first 30 days.
  • Buyers gain negotiation leverage after a home has been listed for 30 days and it gets better each month after that.

The last three months of closed sales in Arlington shows the following:

  • Buyers who purchased a home within 10 days of it being listed for sale negotiated 1% or more off the asking price on just 7.9% of transactions.

  • Buyers who purchased a home within 10 days of it being listed for sale paid 5% or more over the asking price on 18.7% of transactions.

Use this data to make buying more strategic and less guesswork/frustration, but remember there is no hard rule that you can’t negotiate a price and terms from day 1 or that a seller is going to agree to discount their price after three months.

Remember that each transaction is unique in that both parties have their own set of priorities/circumstances, each house comes with its own unique strengths and flaws, and all it takes is one or two buyers being on vacation/busy for a deal to go from multiple escalating offers to one negotiable contract.

Take some time to understand underlying market trends and probabilities and apply those to each individual transaction based on the information that is unique to it.

If you’d like to meet to discuss how data can be used to develop your purchase strategy, you can email me at [email protected] to schedule a time to meet.

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.

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:

1724 N. Barton Street
5 BR/4 BA, 1 half bath single-family home
Agent: Beacon Crest Real Estate Llc.
Listed: $2,095,000
Open: Sunday 1-3 p.m.

 

5416 Washington Boulevard
5 BR/4 BA, 1 half bath single-family home
Agent: I-Agent Realty Incorporated
Listed: $1,150,000
Open: Sunday 1-4 p.m.

 

6943 28th Street N.
4 BR/3 BA single-family home
Agent: Redfin Corporation
Listed: $849,900
Open: Sunday 1-4 p.m.

 

5013 S. 24th Street
5 BR/3 BA single-family home
Agent: Classic Realty, Ltd
Listed: $714,900
Open: Sunday 1-4 p.m.

 

411 S. Veitch Street
2 BR/2 BA villa/townhouse
Agent: Ttr Sotheby’s International Realty
Listed: $599,000
Open: Saturday 1-3 p.m.

 

989 Buchanan Street S. #306
1 BR/1 BA condo
Agent: Mcwilliams/Ballard, Inc.
Listed: $414,378
Open: Saturday 12-4 p.m.

 

3650 S. Glebe Road #149
Studio/1 BA condo
Agent: Keller Williams Capital Properties
Listed: $315,000
Open: Saturday 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.”

Like clockwork, Arlington’s real estate market hit the brakes this week as we entered the first week of the summer.

The market typically slows right after Memorial Day weekend, and this year was no different. Sellers listed 45 homes, while buyers ratified 44 contracts. That’s about a 40% drop in activity from last week.

There’s good news for buyers on two points: the inventory level improved and interest rates dropped. This week, inventory in Arlington increased to 1.4 months compared to just under one month for the last several weeks. The higher the inventory level, the more choices and negotiating power for buyers.

Mortgage interest rates dropped to 4% for a 30-yr fixed rate, and highly qualified buyers with great credit can get a rate in the high 3’s%. That adds considerably to a buyer’s purchasing power. The escalating trade war with China now shows signs of slowing the U.S. economy, and that news has impacted the drops on Wall Street and flow of capital into safe 10-yr U.S. Treasury bonds.

Further tensions with China could slow our economy more, and mortgage rates could see even lower numbers.

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

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.

Just how much have our local home prices jumped since the Amazon HQ2 announcement?

A new Realtor.com report sheds a bit more light as to what this mammoth news has meant. According to the report, houses have increased from an average of $640,000 in November 2018 to $750,000 in April 2019. This equates to a jump of 17.3 percent, compared to a national average increase of 5.5 percent. Additionally, the report indicated that the number of listings dropped by 48.2 percent in the same timeframe.

So, what does this all mean? It means our market remains red hot and there has never been a more important time to have a trusted advisor on your side.

Whether buying or selling in our increasingly competitive market, our team is here to help you navigate the waters and GET MORE out of your transaction.

As of May 27, there are 155 detached homes, 18 townhouses and 95 condos for sale throughout Arlington County. In total, 10 homes experienced a price reduction in the past week:

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

Ask Eli: Is Arlington Too Expensive?

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: How do prices in the Arlington housing market compare to prices in neighboring communities?

Answer: I hope everybody had a great Memorial Day Weekend! You may have read ARLnow’s post last week that the median price of a home in Arlington is up by $100,000 or 17% this year and if you’re in the market to buy a home, this is alarming news.

Arlington and Alexandria have quickly gotten too expensive for many buyers since Amazon announced plans to move its second headquarters to National Landing, so I thought I’d share how prices in other nearby communities compare to Arlington’s prices.

The following data is based on sales going back to January 2018.

Annandale: I think Annandale is one of the best investments in Northern Virginia over the next 5-10 years and I encourage buyers who don’t need easy Metro access and who are looking for value, proximity to D.C. and appreciation potential to strongly consider it.

Arlington: I don’t think we’ll see double-digit appreciation in Arlington after this year, but I do expect steady growth over the next 8-10 years, with the exception of any years slowed down by a market downturn.

Burke: Burke is popular for its combination of highly rated schools, VRE access, quiet residential neighborhoods and much home lower prices. Despite its distance from Arlington, the Amazon-effect is being felt here too; I’ve run into multiple offers and escalating prices over the last couple of months on properties that normally would have sat on the market for weeks or months.

Mclean: Host to many of Northern Virginia’s most expensive homes as well as its top-rated public schools, the average price of a townhouse or single-family home in Mclean is higher than Arlington, but with a lower $/sq. ft. your dollar usually goes further. Lot sizes also increase significantly over the average Arlington lot.

Vienna: Vienna is more Metro accessible than Mclean, Burke and Annandale, most of the schools have above-average ratings, and there’s a great downtown area along Maple Avenue. The downside for many commuters is the traffic along 66. Like Arlington, Vienna has a diverse housing inventory so there’s a good chance you’ll find what you’re looking for at a significant discount from Arlington and Mclean.

If you’re in the market for a home and struggling with the recent double-digit increase in prices in Arlington and Alexandria, I’d be happy to help you find other communities in Northern VA, D.C., or MD that will fit your budget. Send me an email to [email protected] to schedule time to meet.

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.

Morning Notes

By ARLnow.com

Real Estate Smoking Hot Near HQ2 — “Since Amazon announced in November its choice of Crystal City and Pentagon City, the median home sale price in that area has increased 17.7%, leaping to $655,000, and the typical home was placed under contract in just six days, down from 10 days last year, according to fresh data from real estate brokerage Redfin.” [Washington Business Journal, Axios, WTOP]

Marymount Names Tech-Oriented Interim Business Dean — “Tech expert and entrepreneur Jonathan Aberman is the new interim dean of Marymount University’s School of Business and Technology. Aberman replaces outgoing dean Marianne Ward-Peradoza and officially takes the reins of the school July 1.” [Washington Business Journal, PRNewswire]

Missing: Firefighter’s Keys — “A firefighter left his keys on the bumper of a fire truck while rushing to an emergency! If you happened to pick up this set of keys along Wilson Blvd from Ballston to 7 Corners, kindly return them to Fire Station 2!” [Twitter]

Water Main Work in Lyon Village — “Emergency Water Main Repairs: Crews are working on an 8-inch main at the 2800 block of Key Boulevard. Some 150 water customers could be affected. The street is detoured around the work site.” [Twitter]

Metro Summer Shutdown Underway — “After long lines and packed buses shortly after opening, commuters on Metro’s Yellow and Blue lines are seeing more frequent pick-ups but some traffic delays… Tuesday is the first work day that six stations on Metro’s Blue and Yellow lines south of Reagan National Airport are closed for platform repairs and other upgrades until Sept. 8.” [WTOP]

Photo: Tomb Sentinel in Thursday’s Storm — “On Thursday, Arlington was hit hard with rain and wind with gusts up to 70mph, but that didn’t stop one man from honoring the fallen. A Tomb Sentinel withstood torrential rains and wind gusts to honor the fallen at the Tomb of the Unknown Soldier.” [WJLA, Facebook]

Photo courtesy Peter Golkin

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 last week of the Spring market has ended on high notes. The real estate market in Arlington continues at a near record pace this week with 81 sellers listing their homes and 71 buyers ratifying contracts. Over half (39) of the homes sold were gone within seven days. The higher end market also continues at a strong pace with nine of those sales over $1 million.

Low inventory continues to be a huge problem, and this week was one of the worst. At the current rate of absorption, there is only 0.87 months of inventory. You saw it correctly, less than a month. A market is considered in equilibrium when there’s 5.5 months of inventory.

It will be very interesting to see how well this hot spring market performs as we enter summer after the Memorial Day weekend holiday. Data by mid-June should provide a big clue.

You know home prices have overheated when 25% of techies surveyed say they are leaving the San Francisco Bay area to seek lower housing costs in other cities.

They cite five favorite “home” alternatives: New York area, Austin, Chicago, Seattle and Los Angeles. The median home price in San Fran/Oakland/Hayward is $815,000. The New York/New Jersey area median price is $515,000.

A favorite location for many techies is Austin at just $400,000 median price. And windy city Chicago is just $350,000. It’s not clear why some prefer Los Angeles at a higher price, at $829,000, but maybe it’s just because they can’t bear to leave California.

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

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:

3606 N. Vernon Street
4 BR/5 BA, 1 half bath single-family home
Agent: Re/Max Allegiance
Listed: $2,39500
Open: Sunday 2-4 p.m.

 

2742 N. Lexington Street
5 BR/4 BA, 1 half bath single-family home
Agent: Mcenearney Associates, Inc.
Listed: $1,700,000
Open: Saturday/Sunday 1-3 p.m.

 

27 N. Fenwick Street
5 BR/3 BA single-family home
Agent: Washington Fine Properties, LLC
Listed: $929,000
Open: Sunday 2-4 p.m.

 

3800 Lee Highway #301
2 BR/2 BA condo
Agent: Keller Williams Capital Properties
Listed: $649,000
Open: Sunday 2-4 p.m.

 

 4117 S. Four Mile Run Drive B
3 BR/2 BA condo
Agent: KW Metro Center
Listed: $515,000
Open: Saturday/Sunday 1-3 p.m.

 

2200 N. Westmoreland Street N. #426
1 BR/1 BA condo
Agent: Russell Baum
Listed: $395,000
Open: Sunday 1-4 p.m.

 

 2904 13th Road S. #404-2
2 BR/1 BA condo
Agent: Redfin Corporation
Listed: $299,900
Open: Sunday 1-4 p.m.

Morning Notes

By ARLnow.com

Landmark Trees Felled During Storm — A well-known, historic oak tree near the Reevesland farmhouse, one of seventeen designated specimen trees on private property in Arlington, was among the trees that fell during yesterday’s storm. Trees were also downed in Arlington National Cemetery; one tree crushed a car. [Twitter, Twitter]

May 23 Storm vs. 2012 Derecho — “The ~36,000 Dominion customers without power in Arlington at the post-storm peak today is just over half the ~68,000 after the 2012 derecho.” [Twitter]

Rosslyn Trump HQ Rent Raises Questions — “President Trump was ‘thrilled’ that his campaign acquired northern Virginia office space at ‘bargain basement’ rates, a campaign official told the Washington Examiner in an interview in the plush 14th floor offices overlooking the Potomac River from Arlington, Va. But campaign finance specialists say the ‘steal’ could violate election law, which views below-market rates for rent as an illegal in-kind campaign donation.” [Washington Examiner]

Median Home Price in Arlington Up $100K — “Amazon’s impending move to Northern Virginia has had a significant impact on home list prices in Arlington County, a new analysis by online real estate platform Realtor.com finds. The median list price for a home there has grown 17 percent since last November.” [Curbed]

Amazon Employees Seeking Furnished Apartments — “Oakwood, which already managed a full Crystal City building at 505 18th St. South, recently extended its deal at the property for another five years, Eicholtz said. She said Oakwood is already seeing demand from Amazon employees, but it is not just coming in Crystal City.” [Bisnow]

Another County Board Contender — “Arlington resident Arron O’Dell has qualified to be on the ballot in the Nov. 5 County Board race. ‘My focus is on affordability. I will work to keep Arlington the place we enjoy living in now while controlling costs and taxes’ and ‘making the county more efficient and small-business friendly,’ O’Dell said on a nascent campaign website.” [InsideNova]

Police Chase Ends in Pentagon City — “Alexandria [Police] chased a robbery suspect on NB I-395… Chase reportedly ended at Army Navy Drive and S. Hayes Street near Pentagon City mall. Three suspects in custody.” [Twitter]

Senators Unveil Metro Funding Proposal — “Metro, which is about to undergo extensive summer track work, would receive $150 million a year for badly needed capital improvements under legislation outlined Thursday by U.S. senators from Virginia and Maryland.” [WTOP, Blue Virginia]

Commercial Condo Auction June 19

1/3

Location: 2300 N. Pershing Drive, Unit A, Arlington,VA 22201
Auction: Wednesday, June 19 at 11 a.m.
Where: Circuit Court of Arlington County

On Wednesday, June 19 a foreclosure sale of a single-story retail corner condominium is taking place at the Circuit Court of Arlington County at 11 a.m.

Located at 2300 N. Pershing Drive, Unit A, the property is currently operating as a restaurant and approximately 1,723 square feet. The property is configured with about 60% open dining area with a built-in service counter and food display cases separating the dining area from the commercial kitchen. There are 2 bathrooms on premises.

The project has a common area parking lot in the rear of the building with 80 spaces which is a parking ratio of 4.55 spaces per 1,000 square feet.

For more information contact Jeff Stein at [email protected] or call 888-621-2110.

Visit Tranzon Fox for a full description of the property.

View More Stories