THE STREETS OF VIENNA FEEL LIKE NASCAR

By Joe Facenda on May 10th, 2012

Well, not really. Anybody familiar with the Town of Vienna knows that the last place to speed would be our streets. I think there are more radar guns per capita in Vienna than any other local jurisdiction. There may not be much crime here but there sure are plenty of traffic tickets. I probably should ... [Continue Reading]

Recap Of The 1st Qtr 2012 Northern Virginia Real Estate Market

By Joe Facenda on April 24th, 2012

Inventory , Inventory. Inventory. March 2012 was the 15th month in a row where the month over month inventory numbers were less than the prior year. And it was the 7th month in a row with a deficiency greater than 10%. Many of my buyers are either not finding the type of home they want ... [Continue Reading]

Vienna Little League Opening Day

By Joe Facenda on April 14th, 2012

On this bright Saturday morning, hundreds of young kids will be gathering at Yeonas Field in Vienna to kick off the start of another Little League season. Some are being introduced to the national pasttime for the first time and others are 12 year old “veterans” playing their last year and hoping to represent Vienna ... [Continue Reading]

Problem Solving 1031 Style

By Joe Facenda on April 4th, 2012

I recently had a investor client call saying they would need my services to help rent out their property in Vienna VA. This is a property they bought for $225,000 and is now worth $325,000. They are blessed to have been able to pay off the home and own it free and clear. This client has called a few times over the past two years and asked about buying another property but even though they were able to pay off the existing rental, there is not much cash available now to purchase a new investment and for various reasons (mainly being that they recently purchased a principal residence with me) the numbers never seemed to work for that next investment. So when I heard that their long term tenant had left and they wanted to rent it again, I proposed they sell it instead and here is why. ... [Continue Reading]

How Marketing a Home is Like Selling Drugs

By Joe Facenda on March 21st, 2012

Sounds like a Freakanomics headline. If you have read Steven Levitt’s book, you know his chapter headings often combine seemingly unrelated items to make his points. For instance the first chapter is “What Do Schoolteachers and Sumo Wrestlers Have in Common?” I won’t tell you what he pairs real estate agents with but I will say that many of his conclusions in that chapter are wrong or at least wrong for this Realtor and most of the ones I know. So, back to the headline. Yes, marketing a home in today’s world is like the selling or marketing of drugs – legal prescription drugs that is. The concept I am referring to is the difference between……. ... [Continue Reading]

Tales From The Front Lines: The Power of Previewing

By Joe Facenda on March 9th, 2012

Technology is great. When I started in the business in the late 80s I would have never thought I would be writing a blog (and would not even have known what the word meant). I would have never thought my clients would be using a computer to find homes. And that they would be able to pull up pictures, get aerial views, estimated values and more – unfathomable. This is all wonderful but despite all of our advances, nothing beats old fashioned “boots on the ground” (just saw Acts of Valor with my son). Let me explain what I mean ... [Continue Reading]

First Time Buyer Series #1: Should I Buy or Continue to Rent?

By Joe Facenda on February 29th, 2012

I believe that everyone should own a home of their own and that everyone can own a home of their own with proper planning. The question is when. Is it this year or some point down the road? This post will help answer that question. One decision factor that does not come into play is the condition of the current market. Really, it doesn’t matter. When your personal situation lines up in favor of buying, it is time to make the move. Homes are not stocks – short term investments that may be traded weeks or months after a purchase. The hold time for a home needs to be years. During that time the market may go up and the market may go down. It is confidence in the long term market one needs to consider, not a guess as to what will happen in the next year or two. So the first question one needs to answer is….. ... [Continue Reading]

Average Sale Prices Since 1975 In Northern Virginia

By Joe Facenda on February 17th, 2012

As previously mentioned, I am a collector of real estate stats. A few years back I saw a chart in a Sun Gazette newspaper showing average sale prices since 1975 in Northern Virginia. Since then I have added to that chart and have computed a annual appreciation or depreciation and rolling 5 year and 10 year averages. Now, as they say in the investment business, past performance is not an indicator of future results. And as Warren Buffet has said, ... [Continue Reading]

My Real Estate Tax Assessment Changed. What Does It Mean?

By Joe Facenda on February 10th, 2012

From Centreville to Vienna to Arlington and points in between, homeowners have already received (Arlington) or will shortly have their new real estate tax assessment in the mail. (Fairfax County assessments will be available 2/28) I am guessing most will be higher than last year since we had an overall 3% increase in prices in 2011. I am often asked if the assessment is reflective of market value and the answer is ... [Continue Reading]

Sales and Inventory In Northern Virginia By Month

By Joe Facenda on February 5th, 2012

I must admit, I am a bit of a stat nut. I have detailed sales and inventory data for the Northern Virginia market for the last 15 years and additional sales data going back to 1975. (Using baseball parlance, I might border on being called a seamhead) Don’t worry, it is safe to read on. My blogs will never get too deep into a statistical interpretation of the market. I will leave that to others. Under the Market Stats tab above are several good resources for those interested in viewing a stunning array of charts and graphs. Here we will just review very simple data that can help a buyer or seller in deciding what time of year may be best to act. ... [Continue Reading]