Category Archives: Sellers

A Recap of the 2011 Northern Virginia Market

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For years I have kept a record of the market stats. I have tried to keep my summaries simple. I look at the 3 major categories of housing: single family detached, townhomes and condos. Through different market cycles, they move in different directions. I also pay attention to days on market, inventory levels and the percentage of sale price to list price.

For a more thorough analysis, I would recommend clicking on the Real Estate Business Intelligence link under the Market Stats tab above. There you can not only look at a variety of charts and graphs but can drill down to very specific sub markets including zip codes.

The chart below gives you a good overview of how 2011 compared to 2010. The numbers reflect activity in Fairfax County, Arlington County and the cities of Alexandria, Falls Church and Fairfax.

Move Up Thoughts Part II: Timing The Market

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Often homeowners move up because of a life event. Perhaps two single homeowners are getting married and need to sell their current homes and buy a home better suited to their new life. (A Realtor’s dream – 3 transactions!!) Or perhaps an expanding family requires more space. Or a wonderful career opportunity pops up outside of Northern Virginia.

However, other moves are discretionary. The homeowner has the financial resources to move to a new home and desires to do so for a variety of reasons; more space, bigger lot, smaller lot, more amenities, better schools, etc. The actual timing of the move is not critical so these folks often ask, “How is the market? Should I do this now or wait?” There may be some personal financial factors that dictate the proper response but the market is not really a factor. Here’s why.

Contract Changes Coming January 1

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The standard sales contract used by Realtors in Northern Virginia, DC and the Maryland suburbs will be changing as of January 1. Our contracts and forms have always changed over time and most changes are of minor consequence. However, this revision includes a change that drastically alters the way a home is conveyed.

I have always felt that our contract was fairly balanced between buyers and sellers. There were terms in the in the contract that buyers didn’t like and others that bothered sellers but when each side has a little pain, it is probably fair. This latest major revision includes a significant seller friendly modification.

In the new contract, there are lots of the usual minor semantic changes like substituting “legal expenses” for “attorney fees” and adding that all definitions of time are based on east coast time. But the big one

Prep The House For Sale and Get a Tax Deduction – Use The Habitat ReStore

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Recently, we added extra insulation to our attic. Prepping for that job meant removing items that were stored there. I realized there were many boxes of “stuff” that had been there since we moved in. And there were boxes of items our parents had given us while likely cleaning their attics, garages and basements. Plus, there were things put there “temporarily” until we got around to donating them. Same in your house?

Or are you starting a kitchen or bath remodel and need to dispose of old cabinets, fixtures or appliances?

Or are you thinking of selling soon and need to get the house ready?

The Habitat For Humanity ReStore can

Price a Home at Market or Price High and Negotiate?

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At my listing appointments, I encounter sellers who take two different approaches to setting prices.

One says, “Let’s price at market, create activity and get the job done.” The other says, “Let’s start high. Everyone wants to negotiate and we can always come down. Maybe someone will pay our price. No way to know unless we try.”

Both want the best price. Who is right?