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The minute someone figures out that I am a real estate agent – the question gets asked “So how is the market?”. It’s a great question, but the answer very much depends on why you are asking. If you are thinking about buying – the market has to be slow to be favorable. If you are a seller – the market has to be fast to be favorable. Then it depends on what type of real estate you are interested in. And so on. Follow me?
The best place to get the temperature of the market in Arlington, VA is http://www.zillow.com/arlington-va/home-values/
Zillow.com track numbers, price drops, they have a huge team to analyze data – I wish our MLS was that good.
So what’s the temperature now? It’s warm. Below is a screenshot I took a minute ago. If you are interested in Zip Codes, types of homes – you can easily access that data. If you need data interpretation – that’s where I can help. I would be HAPPY to help.
My favorite condo in my beloved Arlington is Wooster Mercer Lofts – these condos are unreal with huge windows, tall ceilings, exposed brick and ducts. And lucky me – I just listed one of them – the ultimate loft. It’s a corner with walls of windows on 2 walls, with a private roof-top terrace that contains a full Dynasty Spa hot tub! 900k. This place is unreal! Here is a link for more information. Call me at 703-217-2077 or email me to arrange a private showing. Open Houses are scheduled for October 11th and October 18th 2-4. Click here for more information.
Price reduced by another $10,000! Sales price of $600,000 – the best deal in town. Motivated seller! Click here for more photos and info. Open houses scheduled for August 16th, August 23rd, August 30th 1-4pm!
Enjoy life in a charming community that combines a peaceful suburb feel with an urban allure minutes from all the action with Ballston right down the street. This beautiful brick townhome in a secluded enclave at the crossroads of Arlington and Falls Church welcomes you into 3 spacious stories of luxurious, light-filled living space. The sunny open, airy floor plan is graced by oversized windows, high ceilings, wood moldings, large rooms, refined finishes and modern upgrades; plus you’ll enjoy private upper and lower outdoor spaces to savor nature’s tranquility.
Impeccably maintained and styled with chic neutral color tones, this special residence affords the perfect setting for everyday living and entertaining. Spend time with family or guests in the lovely living and dining areas with a 3-panel French door with transom that floods the rooms with light. Off the living room sits a large private deck for extending your gatherings outside. The upgraded gourmet eat-in kitchen will delight your inner chef with its new stainless steel appliances, stone countertops, wood cabinetry, center island and ceramic tile floors.
Up the graceful staircase awaits a master suite offering a cathedral ceiling, walk-in closet and spa-like bath with a double sinks, a soaking tub and separate shower. Two additional BRs and a full bath complete the quiet upper level. Downstairs houses another generously-sized living/entertaining area with a gas fireplace – a great hideaway or spot for casual parties where you can step out to the brick patio surrounded by greenery. The lower level also features a half bathroom, full-size laundry room and tons of storage space. Click here for more information and photos. Call me today at 703-217-2077 to arrange a showing!
For more pictures, click here
Enjoy a life of comfort, convenience and elegance at the sought-after Westview at Ballston in Arlington! This contemporary 2 bedroom 2 bath condo offers an unbeatable address with a chic urban vibe, and an expansive 979 square feet of light-filled living space graced by an open floor plan and stylish finishes.
From the open entryway, you are instantly impressed by the unique sense of light and space not typically found in most condos. The airy gourmet kitchen adorned with black granite countertops, warm wood cabinetry and stainless steel appliances, including a ceramic-top range and built-in microwave, is a favorite spot for the discerning chef. Earth-tone ceramic tile, pendant lighting and a swan’s neck faucet demonstrate that no detail has been overlooked. A peninsula counter provides a visual barrier to the dining area, designed for easy hosting of casual and formal gatherings. The seamless flow from the living room into the dining area affords a perfect backdrop for entertaining, with rich hardwood flooring throughout. Floor-to-ceiling sliding glass doors invite flooding light while accessing the private balcony showcasing fabulous cityscape views!
Begin and end your day in the gracious master bedroom suite with plush carpet, generous closet space, and an en suite bath with a granite-top vanity and mirrored accent wall. A second bright and cheerful bedroom shares the full hall bath. Other bonuses include a laundry closet with a premium stackable washer dryer, plus your own garage parking space.
Completing the allure is an upscale lobby, rooftop pool, exercise room and party room, plus an outstanding location amid some of the area’s best shopping, dining and entertainment venues. The Ballston Metro Station is just 2 blocks away, and major commuter routes such as I-66, Route 50, and Route 29 are within minutes.
Coming on the Market Thursday, June 18th! Open House Sunday, June 21st, 1-4 PM!
Want more pictures? Click here to see the virtual tour.
Live in the heart of Arlington near the best area conveniences in a beautiful sun-filled 3 bedroom (or 2 BR + den), 2 full bathroom condo apartment at luxurious Lexington Square! This tastefully-designed corner residence boasts 1,235 square feet of open, airy living space that makes the most of natural light. The charming yet contemporary ambiance is complemented by gleaming hardwood floors, distinctive crown moldings, graceful curved panoramic windows, elegant tray ceilings and modern finishes throughout.
Perfect for entertaining, the spacious living room and dining room flow seamlessly together, served by an open cook’s kitchen with a bright picture window, stainless steel appliances, chic white cabinetry and ceramic tile flooring. The master bedroom adorned in soft designer tones is a welcoming retreat with a large custom-fitted walk-in closet providing ample storage, plus a stylish en-suite ceramic tile bath with a jetted soaking tub and frameless glass shower. Optimizing your comfort is an in-home washer/dryer.
Additional conveniences include 2 designated parking spaces, and attractive amenities such as an outdoor swimming pool, fitness center, concierge services, a party room, outdoor spaces and 24-hour security. The outstanding location is in the heart of great shops and restaurants, and minutes to the Virginia Square and Ballston Metros!
How is Arlington real estate market?
Per Zillow.com – the market temperature is warm and it’s slightly more favorable to sellers than buyers. Here is link if you’d like to read more about it.
All numbers are about the same as last year – average sales price ($645,354), median sales price(560,000), number of units sold (287)
The 2 statistics that are had a significant change are: Active listings (685 vs.575 in 2014 – that’s a 20% increase) and average days on the market (44 vs. 33 in 2014 – 33% increase). So there are more options for buyers and on average homes take a little longer to sell.
I had a chance to experience it with my townhome listing on Stuart St. We listed it at $875,000 and thought that we should get a few offers, but buyers were definitely picky and complaining about original HVAC systems and roof. I was thinking – how about the location? layout? We have it under contract, but we did not have a line of buyers fighting for it.
I actually love this market – I can do my job and make a difference. Sellers need to care about the condition of their home and buyers don’t have to give up their baby’s naming rights to the sellers. We can all deal fairly!
An ideally located townhome in the heart of Ballston, but on a tranquil street.
3 bedrooms, 3.5 baths
2 parking spaces
Please click here to see more info and photos:
Let me know if you are interested!
How was Arlington, VA real estate market in March, 2015?
Per Zillow.com the temperature of Arlington’s real estate market is “Warm”. Neighboring DC is on fire with a “Very Hot” market’s temperature. Zillow.com calculates this based on list-to-sell ratios, price cuts and how long it takes to sell a home. DC is definitely a hot destination with very limited supply of available homes.
1. Market Activity. We had a 22% increase of homes sold vs. March 2014 (219 sold in 2015 vs. 179 in 2014) – does that mean the prices are going up? Not necessarily, because we had 29% more homes for sale than a year before (512 vs. 397). So we had increased demand, but the supply was up as well – which means the market is pretty flat.
2. Average Sales Price is 2.04% up from March of 2014 from $ 616,000 t0 $628,500. You can see different market segments in the chart below.
3. Average Days on the market are up to 49 vs. 36 last year (a 36% increase). Please see average days on the market for different market segments.
4. Average Price per Square foot is slightly down overall from $454 last year to $433 this year. Condos seem to have the largest dip from $423 to $398.
It feels like a very healthy market with a great sales activity. Sellers do have to make an effort to get a top dollar for their home and buyers still are competing for the “cream puff” properties – it’s a market where a real estate agent can make a big difference. Let me know if I can help!
Recently I read a book written by Zillow.com guys Spencer Rascoff and Stan Humphries “Zillow Talk: The New Rules of Real Estate”. It was a very interesting read, because they were making a good attempt at interpreting tons and tons of real estate data that Zillow.com has been collecting for years. One of the chapters addressed pricing a home and perils of overpricing. It’s such an important subject – I wanted to share their insight and how it applies to Arlington.
“Pricing your house for sale is a lot like playing The Price Is Right. If you want to take home a prize – i.e., a quick sales for a great price – you should list your home for as close as possible, but not above, it market value. Just like on the game show, there is a real danger to overpricing”. Most sellers are more afraid of underpricing than overpricing. After all, no ones wants to sell his or her home for less that it’s worth. That’s why some sellers purposely overprice. They assume that by listing high, they’ll somehow drive up the sale price and net some extra cash. But in reality, this strategy rarely works. The very tactic that sellers hope to inflate the final sales price ends up lowering it instead.
I did some market analysis for townhomes market in Arlington and analyzed sales for 2014 and January, February of 2015 – a total of 333 sales. 21% of the listings had a price cut. On average – if a listing had a price cut it sold for 92% of it’s original list price (so if you were listed at $600,000 – your sales price would be $552,000). On average townhomes sold for 98% of their original sales price for the period I analyzed. Per Zillow guys “The data tells us that when a listing is overpriced, it tends to sell for less than it’s estimated market value. In fact, the more home is overpriced, and the larger the price cut it needs to sell, the bigger the impact on the final sales price.” A lot of sellers tell me – the buyer can always make an offer – but most buyers are too scared to insult the seller and will not be investing time and energy to go through the experience.
Overpricing a home don’t only cost you money; it also costs you time. For the market I analyzed it took 27 days on average to sell a townhome vs. 70 days for homes with a price cut – that’s twice as long. That may not seem like a big difference, but after the 1st month on the market a home becomes “stale” – with very few showings and a big questions from buyers “What’s wrong with it?” – not a great negotiating position for a seller.
So now what? You overpriced your house. Per Zillow guys:”If you overprice, it’s better to admit your mistake and cut the price all the way down to the true market value on one fell swoop. The alternative is death by a thousand cuts” – price cut after price cut – which only serves to drag out the ordeal and compound the problem”.
If you are a seller who wants to “test” the market – none of this matters to you, but if you’d like to move and sell your home at a great price – you should take these findings into consideration. One of the most important jobs for a Realtor is to help you figure out the market value of your home. No two homes are the same – so it’s never an exact science, but if you approach it from different angles – comparables sales in the neighborhood, assessed value/sold price of com parables homes, price per square foot, upgrades, inventory levels, etc – you can get a pretty good idea of what your price should be. Call me if you’d like a free estimate of the price of your home – I’m here to help!