Since my last article, “Where Have All the Listings Gone?”, the real estate market continues to experience a severe shortage of homes available for sale. So, I started to think that perhaps sellers may be waiting for prices to increase. I suppose you can’t blame them. And I continue to hear that some buyers may be waiting for mortgage interest rates to go even lower. That may be a losing proposition since most experts believe rates will increase in the next few years.All real estate is local and every situation is different. But this slow-moving market sparked my curiosity to take a look …
Ever heard of a "Pocket Listing"? In real estate, a seller who wants to sell their home will usually contact and hire an agent to list and market the home to the general market – normally through the Multiple Listing Service (MLS). Once a home is entered in the MLS, many real estate websites will pick-up and showcase those listings as well making a home visible to a very large number of potential buyers.A pocket listing is very different. These listings are not technically “on the market”. They are not entered into the MLS, but marketed independently and directly by the seller’s agent or …
Remember Economics 101? It was all about supply and demand and how the two ever-changing functions move the market of a particular product or service and ultimately determine the price. If supply is high and demand is low, prices tend to fall. If supply is low and demand is high, there are fewer sales (because there are fewer homes to sell) but upward pressure is put on prices. That’s exactly what is happening in the local housing market. Right now in Lorton, (ZIP code 22079) there is a “supply” of 76 active listings, or homes for sale. This is a 65% decrease from levels seen just four …
In my 10 years as a real estate professional, I’ve seen a lot of things that compel me to close my eyes and massage my temples. One area where I see a lot of ambiguity is in the property descriptions for houses for sale in the Multiple Listing Service (MLS). So, In the interest of having fun, and not trying to pick on any particular real estate professional (because we’ve all done it), here is a list of MLS real estate abbreviations from actual listings in our area. See if you can figure out what they mean and comment below. I’ll post the answers next week. Happy sleuthing! “SS appls” “LR…
The overall housing market is on the upswing and keeping up with national or regional market data has merit. But those seeking information about their local market conditions need to narrow their focus and understand the numbers specific to that area. Luckily for us here in northern Virginia, the numbers continue to show a stronger real estate market than most of the country. I’ve compiled a "Top Ten List" of market stats provided by the Northern Virginia Association of Realtors and Metropolitan Regional Information Systems, our local Multiple Listing Service. These figures are from …
You spent a month getting your home ready to go on the market. Fresh paint, clutter removed, carpets professionally cleaned. Your home goes on the market and just a few weeks later your Realtor calls to tell you an offer is coming in. You hope for the best but when the offer comes in, it is low. You’ve received what is commonly termed, a “lowball” offer on your home. Oh, no... Questions start running through your mind. Is the buyer serious about buying your home? Are they just looking for a deal? Are you too far apart to make it work? Should I even waste my time making a counter-offer? …
Don't assume that because you've heard of the Home Affordable Foreclosure Alternatives (HAFA) program, that your friends, family and neighbors have too. There has been a lot of speculation as to whether HAFA would be extended. Today, we received confirmation that it has been extended through 2013. The HAFA program was established in 2009 to help the homeowner avoid foreclosure and move on with their lives without the longstanding negative impact of foreclosure. As always, the first step for any homeowner living under the cloud of an unmanageable mortgage is to talk to their bank to see if a …
It’s the small things that help seal the deal on a house sale. But what does that mean? Here’s a list of essential projects that can get you the most bang for your buck: First and Foremost A super clean home gives the impression that the home has been cared for. If you can’t do it yourself, hire a cleaning company to clean top to bottom including windows, baseboards, cold air returns, grout and lighting fixtures. Power wash the exterior and don’t forget to clean exterior lighting fixtures. Leaks, squeaks and anything broken – repair or replace. Buyers want to know that the home has been …
When it comes to real estate news, I always try to extrapolate the local facts from the national headlines. This week, national and local issues come together in a week-long event being organized by the National Association of Realtors® (NAR) and held right here in Washington, DC.Thousands of Realtors® from across the country are expected to participate in a series of meetings, which run through May 19th. They will meet with legislators, public policy makers and industry leaders on Capitol Hill to discuss various housing-related issues including access to affordable financing, streamlining …
In my last column, I stepped away from facts and figures and had a little fun by looking at bad real estate photos and humorous typos. I received a lot of feedback from that little diversion (the most-liked typo is “swimming poo in back yard”). But, now that we’ve had some fun, it’s time to get back to business and take a look at the numbers that were just released for March.As always, we strive to separate the local realities of real estate from the national headlines – many of which are too broad and just don’t ring true in our area. As you know, ALL real estate is local – sometimes down to…
Once again, foreclosure speculation is headline news. The subject matter leading to this speculation is shadow inventory and new foreclosure filings. Both beg the question: “Will there be a flood of new foreclosures and how will it impact property values?” Why the concern and why now? You may be aware that foreclosure activity stalled in the fall of 2010 after allegations came to light that lenders used robo-signers and false documentation to speed up the foreclosure process. Many of the nation’s largest banks were under scrutiny, and during which time foreclosure activity was delayed and …
I think it’s fair to say that the market has shifted in favor of the seller. The greatest variable right now is low inventory. If the supply of homes remains low, competition among buyers will continue to drive prices upward, but this time, not with the help of the banks. Banks don’t want to add to their own troubles therefore their appraisals remain conservative. That means if a buyer wants to pay more for a home, they’ll have to pay out of pocket. Crossed Fingers In January, many of us in the real estate industry anticipated that the market would improve, and it has. Prices are rising and …
In the military and looking for a home? Many credit unions and Internet lending companies claim to have specialized programs that benefit U.S. military veterans. But when it comes to buying real estate in Northern Virginia, you may be surprised to hear that veterans can do better. Credit Unions: Not Good Enough Most credit unions and Internet lending companies are taking up to 60 days to process Veterans Affairs Home Loans. In Northern Virginia, that doesn’t cut the mustard. Feedback from many of the military families we’ve talked to is that credit unions are overwhelmed with applications. …
I was at a St. Patrick’s Day party last week and whenever I meet new people, one of the first questions is “what do you do for a living?” When I say that I am a realtor, it never fails that the conversation immediately turns to all-things housing. This time, however, I was surprised by the number of people who asked the exact same question. They wanted to know about the health of the local housing market as compared to the rest of the country – presumably based on the negative news they hear in the national media. This is my favorite question because our market is somewhat “insulated” from …
Last Sunday, I held the first open house for a new listing. A neighbor came over and asked me to explain the difference between a foreclosure and a short sale (as it pertains to how it affects the seller). I took a few minutes to explain to her why it is in a homeowner’s best interest to sell a home under short sale terms as compared to the homeowner having a foreclosure on their record. I knew by the distressed look on her face that she had asked the question because she or someone she cared about was facing foreclosure. Consequently, she chose to tell me about her hardship and Ron and I …
