There are a few very important choices sellers face when contemplating putting their home on the market.  The first thing they must decide is what type of representation or assistance they are looking for.  There are a lot of sellers out there who believe that selling real estate is nothing more than sticking a sign in the ground, and waiting for a buyer to come along.  Oh, and many of those sellers really don’t have a good grasp on what their home should sell for, market conditions, etc… 

Many of these sellers will choose what is now defined as “Limited Service Agency” — those brokerages who, for a very low flat fee, will place your home in the MLS.  That’s it.  They’ve been around a long time but the Commonwealth of Virginia has just taken it upon themselves to actually define the duties (or lack thereof) of someone acting in a limited service capacity, as a way to protect consumers…. did you get that?  “p-r-o-t-e-c-t” consumers.  The Powers That Be feel that consumers need protection from Limited Service Agencies and are now requiring disclosure to be sure that there is a mutual understanding of what they will and won’t do as a duty to the seller.

What won’t they do?

NO Marketing…  this means no signs, no pictures, no brochures, no online presence, no open houses, no exposure to other agents through a brokers only open house…  WOW…

NO Negotiating… they won’t receive contracts, won’t negotiate contracts, won’t facilitate the back and forth of contracts, won’t help you understand what’s customary in our contracts – it’s all up to you Mr. or Ms. Seller.

NO Assistance…  hmmm, no help with price setting, no help keeping contract deadlines, no help with settlement, no help with coordinating or attending inspections, appraisers, etc…, no help with anything.

What WILL they do?  Or, I should say, what are they obligated to do?

they WILL put your listing in the MLS

they WILL provide necessary disclosures for you to fill out on your own

they WILL help you obtain your HOA/Condo documents as required by law

they MAY give you a lockbox to use for a fee or deposit

I just recently saw a home in my neighborhood that happened to be listed by an out of area Limited Service Agency – it’s in a hot area, sat on the market for over 90 days and sold for $100K less than the asking price and it wasn’t overpriced to begin with.  I bet that seller wishes they had hired a full service brokerage (with a fantastic agent such as myself <grin>) to represent them in the sale of their home.

I’m sure this style of brokerage probably works for some people – but be sure that it’s worth the price before you sign on the dotted line!  Give me a chance to tell you how to at least have a fighting chance to get your home properly marketed and sold in this slower market.

I look forward to hearing from you!

Happy Monday – it’s a glorious day out there — enjoy it!

Jennifer

Good morning!  Ever wonder how Arlington can keep up the growth?  Or, have you heard rumors about a new project?  OR, have you driven by one of those big signs saying “XYZ Project, Opening Summer 2007” but it’s still a vacant lot? 

Over the weekend, I stumbled on a fantastic website that Arlington County maintains that focuses on the Economic Development.  It’s fascinating!  It goes neighborhood by neighborhood (e.g., Ballston, Clarendon, Virginia Square, Columbia Pike, Pentagon City, Shirlington, Rosslyn, etc…) and categorizes “Under Construction,” “Recently Completed” and, my favorite, “Projects of Interest.”  It’s a great resource to read about upcoming changes, dispelling rumor/myths, etc…  CLICK HERE to go check it out! 

There’s also a section of “The Crane’s View” that will show some sort of artist’s rendering of the project – sometimes it’s a streetscape, others, more like a bird’s eye view – anyway, pretty cool!

Don’t forget, if you’re thinking about purchasing new construction, whether it’s condo, townhome or single family, you can still benefit from real estate representation!  That friendly builder’s agent that gives you cookies, bottled water and other treats is there to look out for the best interest of that builder – NOT YOU.   Now, don’t get me wrong, I’m not saying they’re not nice, or dishonest.  I’m purely reminding you that nobody is looking out for your interests.  I’d be happy to discuss it further with you if you’d like.

As always, feel free to call or email me anytime.  I look forward to the opportunity to give you a hand!

Happy Monday!

Jennifer

Tags: arlington+va+new+construction, arlington+va+real+estate, arlington+va

Whew… the last few weeks have been some of the most hectic for me in the recent past.  WAY too many balls in the air at once.  Very long days, run into long weeks and pretty soon I realized I’m off the wagon!  So, here I am – climbing back on.

For 3 days last week I was with some out of town buyers.  I think it must be tough to arrive in a city and within 3 days find your next home and begin the contract process.  That’s precisely what happened.  But there’s a lot to learn about transacting real estate here in the state of Virginia, and more specifically in Northern Virginia.  Even within our region we have differences in how contracts are handled, negotiated, etc…  This particular one happened to be for a property out in Lansdowne on the Potomac, in Leesburg – a pretty far jog from Arlington!

Anyway, there are a few nuances about real estate here in Virginia.  First of all, it’s a buyer beware state.  I’ve probably talked about this before, but here in Virginia, a seller simply signs a piece of paper indicating that they are not making any warranties of representations as to the condition of the property they are selling.  PERIOD…  It’s up to the buyer to do their due diligence to have a property inspected by the proper individuals so that they are confident about the property they’re purchasing.  In other states, that same seller might be required to fill out a 4–6 page disclosure pack about their property… not here!

Another difference – in Virginia when you purchase property that’s a condominium OR one that is a part of a Home Owners or Property Owners Association the seller is required to submit to the buyer a current “resale packet” prepared by the association.  This packet will tell the new buyer all about the association rules, dues, financial health of the association, etc…  It will also tell if there are any citations against the particular unit or home they are potentially purchasing.  From the date the purchaser receives this packet, they have a 3 day guaranteed rescission period.  They can walk away from their contract.

The last MAJOR difference that I explain to people is that Virginia is a dry settlement state – what that means is that money is not disbursed at the settlement table.  The seller receives their proceeds AFTER the settlement agent has recorded the sale with the proper authority (courthouse).  Settlement companies have 3 days in which to record… DON’T USE A SETTLEMENT COMPANY THAT WILL HOLD YOUR MONEY TO EARN INTEREST FOR THE ENTIRE 3 DAYS.  It’s important – especially for the seller – to understand WHEN they will receive their proceeds.  Additionally, that seller will continue to pay interest through the date of recordation. 

All the more reason to have a GREAT agent representing you through this process.  Feel free to contact me anytime to discuss these or any other interesting topics!

Happy Wednesday – the time is flying – be sure to take the time to enjoy it!

Jennifer

Hello there — Yes, I’ve been MIA for a few days…  it’s called buried in work and taking care of clients first.  That’s a good thing, right?

Yesterday I received an email from MRIS (Metropolitan Regional Information Systems, Inc — our MLS company) indicating the availability of some new reports – I found two of them quite interesting.

This one discusses a recent perspective on the sub prime “mess” as he refers to it — written by NAR chief economist David Lereah.

This one offers a local twist on the housing forecast as it relates to other economic indicators.  It’s GREAT local information -but remember, even when looking at the “MRIS Region” – that includes the entire DC Metro area – our housing markets are still very localized as discussed in an earlier post re: the pace of the Arlington housing market – at least for April, 2007.

I’m off and running.  Enjoy the beautiful day ahead of us!

Happy Wednesday!

Jennifer

Wow – I would like to report to you that real estate sales in Arlington County Virginia for April, 2007 are alive and well!!!  April 2007 saw an increase of 16.7% over April 2006.  WOW – again, WOW!!  We outpaced the entier Northern Virginia region significantly.  Overall, the region experienced a 12% decline year over year. 

While this is terrifically exciting news – it’s a month…  just a month.  Our months can swing wildly by one or two big sales or lack thereof.  However, not to rain on the parade – this is great news for our local area.  I know traffic has picked up and there seems to be a buzz in the air – that’s cool!

So stay tuned in – and if you’re interested in selling your property – give me a call and let’s talk!  No time like the present

Happy Thursday!

Jennifer

Tags: arlington+va+real+estate, northern+virginia+real+estate

Where to live?  It would seem that this would be an easy question to answer.  For most people, the single highest determining factor in deciding where to live is to be a reasonable distance from their place of employment.  It’s easy, straight forward and logical.  But, I said most. 

What if you were a recent college graduate and looking at the map of the US – how should you or would you pick a place to live?  Well, Kiplinger has just written an in-depth article that takes it one step further.  They’ve actually included where to live for what stage in your life.  They look at the population of single men vs. single women.  They, in conjunction with Richard Florida, who is a professor of public policy at George Mason University, (right here in Arlington Virginia) have attacked this process from an entirely different viewpoint than ever before adding what Florida refers to as creative class criteria.  And let me tell you, it’s fascinating!! (Richard Florida has in fact written an entire book called, The Rise of the Creative Class, published in 2002, a blueprint for how cities become successful cultural centers in the 21st century. ) 

But back to the article…  using creative class criteria, they identified:

Best Cities for Young Professionals

Best Cities for mid-level Professionals

Best Cities for married with Kids

Best Cities for Empty Nesters

Best Cities for Retirees

The DC Area tops the list for Young Professionals, even citing some of our local haunts like the Lost Dog Cafe over in Westover with their amazing sandwich selections – I was there for lunch a week or so ago and as usual, it must’ve taken me 10 minutes just to figure out what to order the menu is so huge!   You should drop by there sometime!

The Minneapolis/St. Paul area made it onto the short list for married with kids.  If you’re considering that area, you should definitely look up my esteemed colleague, Teresa Boardman.  I know she would take excellent care of you there in St. Paul!

Boulder, Colorado makes it onto the empty nester page.  Shhhhh, don’t tell my husband!  He’s a CU grad and would LOVE to return to the mountains since all we have on the east coast is heat/humidity and little bumps.  But I’m a native Virginian and, well, enough said!

And as for retirement, Tampa Bay tops the list.  My grandfather has lived in the Tampa area for over 30 years – yes, it’s a beautiful place, LOTS of other retirees, and my it’s grown lately!  Yes, I remember visiting Disney as a kid with him, when we had ticket books – I guess I’m showing my age, now.

Personally I can’t imagine living any place but Arlington for any of these life stages.  But the article is intensely interesting.  I encourage you to read it through – enjoy it – and if you need real estate assistance in ANY of these areas, I can definitely point you in the right direction!

Enjoy our glorious weather today! 

Happy Monday!

Jennifer

Well, our days are finally warmer and today I can actually feel that humidity creeping up – a sure sign of the summer days to come.  Along with warmer weather our thoughts often turn to spending time outside – heading to the beach, the pool, your backyard for some barbeque OR perhaps to an outdoor concert.  There are so many outdoor cultural events planned for the entire summer – you can listen to jazz guitarists, see a play, attend the blues festival, of course the Arlington County Fair is always a huge hit, too.

Below are just a few of the many events and venues that can be frequented right here in our own backyard this spring and summer brought to you by Arlington Arts.:

At Anna and David Plaza – 1525 Wilson Blvd you can hear live music every Tuesday, 11:45 – 1:30 from May 15^th through September 25^th

At Spice of Life Plaza – 1401 Wilson Blvd you can kick back on Wednesdays, 11:45 – 1:30 from May 16^th through June 20th

In Metro Park in Rosslyn, Thursdays 11:45 – 1:30 from May 17^th through September 27th

OR Fridays at the Ballston Metro between Stuart and Taylor streets every Friday 11:45 – 1:30 from June 1 through July 20.

If you prefer evenings, get a taste at Courthouse Plaza at 2100 Clarendon Blvd every Wednesday evening from 6:30 – 8pm from May 16^th through June 13th

There are plenty of other events going on in Arlington this summer.  I’ll try to post about a few more as we get closer.

As always, if you want to talk real estate, feel free to call on me anytime. 

Happy Wednesday

Jennifer

Slow and steady – that about sums it up.  In many respects we’re slightly out pacing 2006 (some areas fall short).  But below is a chart that shows for January – April the sales figures for Arlington condos, single family homes and then more specifically, single family homes in 22207:

I think this chart is interesting – we are generally speaking, holding our own as far as sales go – the surprising difference when comparing 2006 with 2007 is the DOM (Days on Market).  Condos are remarkably similar although unit sales have really picked up – we also have fairly steady values and DOM. 

The month of April, 2007 looks like this:

Enjoy the numbers!  Call with any questions or if you’d like your own neighborhood or community numbers run.  Happy to help!

Happy Saturday

Jennifer

Tags: arlington+county+VA+real+estate, april+2007+real+estate+sales+arlington+va, arlington+va+real+estate, arlington+va+condo+sales, arlington+va+home+sales+april+2007

Arlington County’s 2006 crime statistics were recently made public — good news!  Crime rates are at their lowest since 1960!  In fact, we’re experiencing our 5th straight year of decline with an 8.7% overall decline over 2005.  Almost every reported category reported a decline.

Areas of Decline

Vehichle Thefts

Homicide

Forcible Rape

Aggravated Assault

Larcenies

In fact, Vehicle Thefts are down an amazing 71.8% over the last 10 years!  There were only 2 categories that reported slight increases over 2005:  burglaries (up .8%) and robberies (up 3.1%).  However, overall, even these categories are down significantly when the 10 year trend is evaluated.

These low crime rates are a direct result from a very active police force in cooperation with a heightened awareness from citizens, including watch groups that have formed within the civic associations.

So thank you, Arlington County Police and attentive citizens for keeping us so safe!  We appreciate it.  To read the report, click here.

Jennifer

Yesterday was a beautiful day to be out and about.  Here are some photos from Reston’s Lake Anne Plaza.  Growing up, I spent a lot of time here and now, many of my clients call Reston home…  Enjoy

If I can help you with Reston or any other local communities here in the Northern Virginia area, please give me a call!

Jennifer