Buy Alexandria Real Estate: May 2008

You've prepared yourself for your home search and think you know what you want.  You've been watching the market for some time now and following prices, trends, and available homes.  You've done your research by reading Blog Articles for Buyers.

Taking the next step, you've outlined your criteria for your next home.  Not just your price range, location, beds and baths, but much, much more.  Down to the nitty-gritty.  You have your specific list of wants and needs.  Whether it's abundant closet space, cathedral ceilings, granite counters, hardwood floors, or proximity to your favorite restaurant, you've got it figured out.

Congratulations, you're approved for your mortgage loan!  You meet with your trusted Northern Virginia REALTOR to get the process started and begin looking at homes.

Now, it's time to ask yourself one question:

ARE YOU READY?

If you found a home today that matched all of your criteria including your price range, would you be ready to make an offer and write a check? (Don't forget to Bring Your Checkbook With You on Your Househunt).  As I've written before, Real Estate is a Process of Elimination.  It's fairly easy to narrow down your search and focus in on the properties that will work.

The question is -- when you see that right home, are you ready to buy it?  If so, great!  It's time to move on to the next stage of the homebuying process.  Contract & negotiation.  Luckily you hired a great negotiator.

If you are not ready, why not?

• Are you worried that there's a better home out there that you haven't seen yet?
  
• Are you still hesitant about your decision to buy?
  
• What's holding you back?

Northern Virginia homes are still selling and not staying on the market forever.  You can be patient in your home search, but just remember that the good ones go fast.  Chances are if you like it, so does someone else.

Make sure you ask yourself if you are ready.  You need to be honest with yourself and your REALTOR.

If you know you are ready, willing, and able, contact me today and we'll find that right home together.

Memorial Day typically represents a turning point in the year for most people.  According to traditional fashion etiquette, you are now allowed to wear white clothing, shorts, and linen.  I've never followed these rules to the letter, but then again I've also been known to order a glass of Cabernet or Pinot Noir with my poisson.

Memorial Day can also represent a turning point in the momentum of the real estate market.  Spring & Summer are traditionally the busiest times for real estate sales, as it's easier to market a home in the beauty of the warm seasons than in the dead of winter, people prefer to move when it's warm, and the end of the school semester frees up time for people to look for homes and concentrate on real estate.

What's the picture in Northern Virginia today, the day after Memorial Day?

(the traditional start of the Summer season, although the official 1st day of Summer according to the calendar is not until June 20th)?

INVENTORY IS UP!

Back on New Year's Day -- January 1, 2008, there were 14,816 homes on the market combining the inventories of Alexandria, Arlington County, Fairfax County, Falls Church, Loudoun County, and Prince William County.

Today, there are an additional 2,468 homes available!

Here's a breakdown of homes for sale by jurisdiction:

ALEXANDRIA CITY                  828 homes for sale

ARLINGTON COUNTY              936 homes for sale

FAIRFAX COUNTY                7,425 homes for sale

FALLS CHURCH CITY                55 homes for sale

LOUDOUN COUNTY             3,064 homes for sale

PRINCE WILLIAM COUNTY    4,976 homes for sale

An important factor to examine is absorption rates or how quickly homes are selling in each area.  Taking the number of sales for the first 5 months (almost) and dividing by 5 gives us the average monthly sales figures.  Then taking the current inventory and dividing by that result provides a picture as to how many months of inventory are on the market.  Six months of inventory is considered a balanced market.  More than 6 months and it is a buyer's market, less than six months means it is a seller's market.

Here's the stats for each area:

ALEXANDRIA CITY               7.3 months supply

ARLINGTON COUNTY           6.1 months supply

FAIRFAX COUNTY                8.9 months supply

FALLS CHURCH CITY           6.7 months supply

LOUDOUN COUNTY             9.4 months supply

PRINCE WILLIAM COUNTY   11.1 months supply

This data is important whether you are deciding to sell your home or purchase your next home in Northern Virginia.  These numbers represent an overall picture of the region.  However, it is crucially important to have the data for each particular area of a county, and even drill down to specific neighborhoods.  Real estate is hyperlocal -- this just cannot be emphasized enough.

If you are thinking about buying or selling a home in Northern Virginia, please feel free to contact me for specific information about your area of interest.

Brian Block         Northern Virginia Real Estate            703-626-0715

The official start of Summer is finally here!

MEMORIAL DAY WEEKEND

It's a time to honor the men and women of our armed forces for their service to our country and their brave sacrifices.  It's also a time for burgers, barbeques, and parades.

While many Americans are getting ready to hit the road for the weekend, others are laying out the lounge chairs and preparing the pool for the traditional opening of pool season.  At my condo in Alexandria Knolls West, pool preparations have been in full force for the last few weeks.  The water is sparkling blue and clean, the hot tub is filled, and the lounge chairs were set up yesterday to ready things for the weekend.  Similar efforts are taking place all over Northern Virginia.  While this weekend may not be warm enough to dive right in, be assured that the hot Summer weather is on its way.

Having your own pool or access to a community pool can be an important criteria in a Northern Virginia home search.  Whether you decide to purchase a condominium, townhouse, or single family home, there just may be a pool in your future, no matter your price range.  Read more about pools: Pool Party: What's the Price?

Here's links to some currently available Northern Virginia properties with pools:

CONDOMINIUMS W/COMMUNITY POOL

ALEXANDRIA KNOLLS WEST 2 BEDROOM 2 BATH CONDO

CARLYLE TOWERS (OLD TOWN ALEXANDRIA) 2 BEDROOM 2 BATH CONDO

CONTINENTAL CONDO (ARLINGTON) W/ROOFTOP POOL

MARINA TOWERS (ALEXANDRIA) POOL ON THE POTOMAC RIVER

TOWNHOUSES W/COMMUNITY POOL

CAMERON STATION (ALEXANDRIA) 3 BEDROOM 2 BATH TOWNHOUSE

FAIRLINGTON VILLAGE (ARLINGTON) 2 BEDROOM 2 BATH TOWNHOUSE

POTOMAC GREENS (ALEXANDRIA) 4 LEVEL TOWNHOUSE

TOWNES OF CAMERON PARKE (ALEXANDRIA) 4 BEDROOM 3.5 BATH TOWNHOUSE

SINGLE FAMILY HOMES

ALEXANDRIA 4 BEDROOM 2 BATH HOME W/POOL

SPRINGFIELD RAMBLER W/BIG INGROUND POOL

VIENNA 5 BEDROOM 3 BATH HOME W/POOL

ANNANDALE HOME W/GORGEOUS POOL

GREAT FALLS HOME ON 2.5 ACRES W/POOL

Ready to relax by the pool? 

Please click here to get started on your Northern Virginia pool & home search.

Young, Urban, Hip = Economic Prosperity

That's the D.C. metropolitan area.  Once thought of as just a government town, the District of Columbia and the surrounding areas of Northern Virginia and Suburban Maryland are now attracting that vital demographic of young, urban professionals between the ages of 18 and 34.  (Note: I turn 35 in July.  Does that mean I know longer fit into the category of young according to all these studies?)

Bizjournals.com named the Washington D.C. area as the third best place in the nation for job opportunities for young adults.  According to the article "Economic vitality goes to youthful metros," Washington has an insatiable need for lawyers, lobbyists, legislative aides (and other jobs that start with the letter "L") 

The article states that "having a high percentage of young adults can be an indicator of economic success.  It tells marketers where to concentrate their efforts, entrepreneurs where to start businesses, and college graduates where to look for work."

How does the youth influence the economics of the metropolitan area?

Consider this:

• Young markets (where more than 25 percent of residents are 18-34) have experienced 2.1 percent population growth per year since 2000 compared to a growth rate of 0.3 percent for old markets (defined as less than 22 percent young adults).

• Annual rate of job growth is 1.9 perent in young metros compared to 0.4 percent for old metro areas

• Personal income climbing at median pace of 3.4% /year in young markets compared to 2.8% in older markets.

The Young, Urban, and Hip are not ready for the far-out suburbs quite yet.  Witness the growth of new and stylish condos along the Orange and Blue Metro Lines in Arlington & Alexandria.  While a white-picket fence, 2.2 kids, and a large backyard may be in the future, today's wi-fi texting youth (apparently a group that I will soon be exiting as of July) prefers the convenience and low maintenance of condo living.

Looking for a Northern Virginia or D.C. condo?  CLICK HERE TO START YOUR SEARCH

The owners have just reduced the price to an unbeatable price for a 2 bedroom in this popular condo building located on the West End of Alexandria.

Terrific Price for Spacious Alexandria Condo

Location: Alexandria Knolls West

Hurry up and see the best priced and spacious 1405 square foot condo on the 8th floor at ever-popular Alexandria Knolls West. Enjoy the sunset, plant a garden, relax and BBQ on a wonderful 40 foot balcony and never run out of space with giant walk-in closets in the master bedroom. The kitchen features a breakfast nook. Renovated bathrooms and crown molding adorn the large living area.

Alexandria Knolls is convenient to I-395, the Capital Beltway, Old Town Alexandria and D.C. Utilities are included in the condo fee.

Information

Contact Information

Brian Block

brian@brianblock.com

703-626-0715

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Pricing

Asking Price: $270,000.00

Condo Fees: $642/month

Property Location

6101 Edsall Road #802
Alexandria, VA 22304
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Learn More about Alexandria Knolls West

View the Virtual Tour

Features

Bedrooms: 2

Bathrooms: 2

Year Built: 1975

Subdivision: Alexandria Knolls West

Located on Floor #: 8

Floors in Bldg: 18

School District: T.C. Williams

Square Footage: 1405

Agent Name: Brian Block

Broker: RE/MAX Allegiance

MLS #: AX6733523

Attributes

Appliances

Range/Oven

Full Refrigerator

Washer/Dryer

Dishwasher

Sink Disposal

Interior Amenities

Wet Bar

Huge Balcony

Walk-in Closets

Building Amenities

Swimming Pool

Guest Parking

Exercise Room

Tennis Court

Beautiful Grounds & Landscaping

Photo Gallery

View as SlideshowView Photo Gallery (15 Photos)

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EQUAL HOUSING OPPORTUNITY

VFLYER ID: 1621258

Come to the Open House this Sunday, May 25th from 1-4 p.m.! You'll have the opportunity to see this newly listed end townhouse in Townes at Cameron Parke. Great community close to Old Town Alexandria, metro stations, recreation areas. Right next to Lake Cook fishing area and Cameron Run Regional Park with miniature golf, waterslides, wavepool and batting cages. You don't want to miss this one, especially at this great price!

Brian Block | RE/MAX Allegiance | 703-626-0715 3861 Eisenhower Avenue, Alexandria, VA Terrific Townhouse Close to Old Town Alexandria 4BR/3.5BA Townhouse offered at $514,999 Year Built 2000 Sq Footage 2,160 Bedrooms 4 Bathrooms 3 full, 1 partial Floors 4 Parking Unspecified Lot Size 1,820 sqft HOA/Maint $92 per month DESCRIPTION What an opportunity! Come see this FANTASTIC, fully upgraded end townhouse at popular Townes at Cameron Parke. 4 finished levels boast 4 bedrooms, 3.5 bathrooms. Hardwood floors on main level. Ceramic tile and granite counters in the kitchen. Loads of storage space with walk-in closets and a huge attic area. Oversized 2 car garage, deck, neighborhood pool. This gorgeous home is close to everything including Old Town, Beltway, 2 Metro stations, shopping and movie theater! Overlooks stream, waterfall and lots of trees. see additional photos below PROPERTY FEATURES Central A/C Central heat High/Vaulted ceiling Walk-in closet Hardwood floor Tile floor Living room Bonus/Rec room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Granite countertop Attic Washer Dryer Laundry area - inside Balcony, Deck, or Patio Swimming pool Jacuzzi/Whirlpool COMMUNITY FEATURES Garage parking Clubhouse Swimming pool(s) ADDITIONAL PHOTOS Seller contact info: Brian Block RE/MAX Allegiance 703-626-0715 For sale by agent/broker Equal Opportunity Housing Posted: May 22, 2008, 2:46am PDT

So, you're ready to sell your house. 

You've been watching the market for quite some time.  In fact, if you are like most homeowners, you've put a lot of careful thought into the decision.  You didn't just wake up one morning and decide you wanted to sell.  Perhaps you've been considering it for weeks, months, or even longer. 

Just about everyone has the same goal when placing their home on the market for sale:  Sell it quickly for the highest dollar amount with the best terms and the least hassle.  Think about it for a half a second.  That's what you want, isn't it?

You've already figured out that you don't have the time and energy to do-it-yourself.  Sure, there are websites out there like ForSaleByOwner.com and FSBO.com where you can advertise your home all by yourself.  However, you realized that this does not give your home the most exposure to the marketplace and you'd be missing out on potential buyers.  Yes, you can pay some companies a small flat fee to put your home advertisement on the MLS.  However, you'd still be stuck scheduling showings of the home, negotiating the deal yourself, and likely end up frustrated and netting less money than if you worked with a REALTOR (even despite commissions).  CONGRATULATIONS!  That's step one.

Having made the decision to work with a real estate professional, you've called up several REALTORS and asked them to visit your home.  Each of them prepared what we call a CMA or Comparative Market Analysis to help you price your home accurately and competitively to get sold.

WAIT JUST A SECOND!  You shout.

As you increduously stare at the dollar figure presented to you by the agent, you stammer:

But... But... My Neighbors Got $X for Their House!

• THEY SOLD 2 YEARS AGO

The market was different back then.  Sales from 2 years ago are irrelevant to today's market.  Sales from 6 months ago may be irrelevant.  Does it matter that a year ago, you paid less than $3/gallon for gas?  That doesn't affect things today when you pump $3.82/gallon petroleum into your tank.  The real estate market changes rapidly and today's buyers do not care what your neighbors sold their home for in the past.  They never knew your neighbors.  Like you, they just want to get the best deal possible.

• DID YOU EVER GO INSIDE YOUR NEIGHBOR'S HOME?

Two houses can look practically the same on the outside, yet there can be a world of difference inside.  The same square footage, the same number of bedrooms and bathrooms, the same layout -- these are the big things to consider before looking inside the home.  Buyers want certain basics and narrow their search based on these broad criteria.  However when it comes to buying, it's the little things that matter.  Remember when you bought your home?  It was the granite counters, the hardwood floors, the remodeled bathrooms, and the fresh paint that sold you.  These details can make the difference between a 4 bedroom home for $450,000 and the same model for $569,000!

• IT'S NOT A COMPETITION

Some people view all of life as a competition.  Keeping up with the Joneses.  Do you want to sell your house so you can move to the next one?  Or do you want to impress your neighbors by getting the highest price ever?  Why did your neighbor's home sell for the price that it did?  How long did it sit on the market?  What were the circumstances?  Why do you need to sell?  What's your timetable?  Ask yourself these questions.  Maybe you have more equity and can afford to sell for a lower price.  It's not a competition.  Nobody will think that you are a loser because you sold for less than your neighbor.  Even if they do think so, who cares?  You're moving away and never have to see these neighbors again!

When interviewing REALTORS to sell your home, you may find that there may be one or two who tell you what you want to hear -- "Sure, we can price your home at $X."  You may be tempted to use their services.  Pricing your home at $X and selling your home are two different matters.  Sometimes, to get your home sold, you need to hear the cold, hard truth.

There are 5 things that are important in a home sale:  Location, Location, Location, Timing, and Price.

You can't change the location.  Timing is what it is and you may not have a choice. 

Concentrate on pricing it right.

Read the following blog posts:

Come on Down! You're the Next Contestant on The Price is Right

"We can always reduce the price later" -- Price Reductions are NOT A GOOD MARKETING PLAN for Northern Virginia Homes

If you want my love then take my advice... Adjust Your Price

If you are ready to sell your home, here's a treasure trove of advice:  Blog Articles for Sellers

Follow this advice, and soon your neighbors will be talking about how quickly you sold your home in this challenging market.

Good news! 

If you are trying to sell your home in Alexandria, the market is picking up.  Homes are selling faster each month.  Not lightning fast like 2004 when a sign post went up and the home was sold, but at an ever-increasing speed since the beginning of the year.

Alexandria, VA Home Sales -- Average Days on Market

January 2008 -- 108 Days
Feburary 2008 - 109 Days
March 2008 --     86 Days
April 2008 --       84 Days

Home that have sold in the last 30 days from April 18th until today were on the market an average of 59 days.

If you've been reading my blog, you'll recall that I informed you that now (the Spring & Summer) is the time to sell:  Gentlemen (and ladies), start your engines: It's time to sell!

In the race to sell quickly, townhouses are the champions.  Consider the chart below:

Here's some stats for Alexandria sales in the last 30 days:

Single Family Homes:  

22 Sales      Average Price $782,176      Sold at 95.91% of Asking Price       70 Days on Market

Condominiums:

70 Sales      Average Price $328,115      Sold at 96.03% of Asking Price       58 Days on Market

Townhouses:

51 Sales      Average Price $588,441      Sold at 97.03% of Asking Price       48 Days on Market

Current Townhouse Inventory in Alexandria:

As of May 18th, there are 256 townhouses on the market in Alexandria ranging in price from $189,900 to over $3 million.  The average listing price for all Alexandria townhouses is $682,557.

The following chart shows the Alexandria neighborhoods with the most townhouses on the market:

Townhouses are on the market and selling at Beauregard Station, Cameron Station, Fords Landing, Harborside, Hume Springs, Lynhaven, Old Town Alexandria, Potomac Greens, Stonegate, and Warwick Village.

If you're thinking about selling your Alexandria townhouse, there may not be a better time this year in terms of opportunity to sell quickly and for the best price. 

Read Blog Articles for Sellers for comprehensive information about selling your home and then contact me if you'd like to get started.

NOTE FOR BUYERS:  Alexandria homes are selling quicker than in the earlier part of 2008.  There's never a rush or any pressure to act quickly, but you should be aware that some of the best deals do not stay around forever.  If you're ready to get started on your Northern Virginia home search, click here for access to the best home search tool available.

Alexandria Knolls West is a great place to live -- take it from a REALTOR who actually lives in the building.

Not only do I live here, but I sell condos here too! I just helped a buyer buy a 1 bedroom condo at Alexandria Knolls West. We have the home inspection this weekend. How about that? A home inspection & an open house and I don't even have to leave my building this weekend! Can't beat that.

Stop on by on Sunday and see this terrific spacious and well-maintained condo

One of the greatest features (especially with the warm weather finally here) is the large balconies, some of the largest around in Northern Virginia. To learn more about the building click here:

Who Wants a Big Balcony? Alexandria Knolls West Condos have the Biggest!

Here's the information on unit 802 at Alexandria Knolls West.

Terrific Price for Spacious Alexandria Condo Location: Alexandria Knolls West Hurry up and see the best priced and spacious 1405 square foot condo on the 8th floor at ever-popular Alexandria Knolls West. Enjoy the sunset, plant a garden, relax and BBQ on a wonderful 40 foot balcony and never run out of space with giant walk-in closets in the master bedroom. The kitchen features a breakfast nook. Renovated bathrooms and crown molding adorn the large living area. Alexandria Knolls is convenient to I-395, the Capital Beltway, Old Town Alexandria and D.C. Utilities are included in the condo fee. Photo Gallery Information Contact Information Brian Block brian@brianblock.com 703-626-0715 Pricing Asking Price: $288,999 Condo Fees: $642/month Property Location 6101 Edsall Road #802 Alexandria, VA 22304 Links Learn More about Alexandria Knolls West View the Virtual Tour Features Bedrooms: 2 Bathrooms: 2 Year Built: 1975 Subdivision: Alexandria Knolls West Located on Floor #: 8 Floors in Bldg: 18 School District: T.C. Williams Square Footage: 1405 Agent Name: Brian Block Broker: RE/MAX Allegiance MLS #: AX6733523 Attributes Appliances Range/Oven Full Refrigerator Washer/Dryer Dishwasher Sink Disposal Interior Amenities Wet Bar Huge Balcony Walk-in Closets Building Amenities Swimming Pool Guest Parking Exercise Room Tennis Court Beautiful Grounds & Landscaping Powered by vFlyer.com EQUAL HOUSING OPPORTUNITY VFLYER ID: 1621258

Newly listed end townhouse in Townes at Cameron Parke. Great community close to Old Town Alexandria, metro stations, recreation areas. Right next to Lake Cook fishing area and Cameron Run Regional Park with miniature golf, waterslides, wavepool and batting cages. You don't want to miss this one, especially at this great price!

Brian Block | RE/MAX Allegiance | 703-626-0715 3861 Eisenhower Avenue, Alexandria, VA Terrific Townhouse Close to Old Town Alexandria 4BR/3.5BA Townhouse offered at $514,999 Year Built 2000 Sq Footage 2,160 Bedrooms 4 Bathrooms 3 full, 1 partial Floors 4 Parking Unspecified Lot Size 1,820 sqft HOA/Maint $92 per month DESCRIPTION What an opportunity! Come see this FANTASTIC, fully upgraded end townhouse at popular Townes at Cameron Parke. 4 finished levels boast 4 bedrooms, 3.5 bathrooms. Hardwood floors on main level. Ceramic tile and granite counters in the kitchen. Loads of storage space with walk-in closets and a huge attic area. Oversized 2 car garage, deck, neighborhood pool. This gorgeous home is close to everything including Old Town, Beltway, 2 Metro stations, shopping and movie theater! Overlooks stream, waterfall and lots of trees. see additional photos below PROPERTY FEATURES Central A/C Central heat High/Vaulted ceiling Walk-in closet Hardwood floor Tile floor Living room Bonus/Rec room Dining room Breakfast nook Dishwasher Refrigerator Stove/Oven Microwave Granite countertop Attic Washer Dryer Laundry area - inside Balcony, Deck, or Patio Swimming pool Jacuzzi/Whirlpool COMMUNITY FEATURES Garage parking Clubhouse Swimming pool(s) ADDITIONAL PHOTOS Seller contact info: Brian Block RE/MAX Allegiance 703-626-0715 For sale by agent/broker Equal Opportunity Housing Posted: May 22, 2008, 2:46am PDT