Buy Alexandria Real Estate: March 2009

HERE I AM STUCK IN THE MIDDLE WITH YOU.

To be honest, it's not a bad place to be.  At all.

What we're talking about here is home affordabilty.  CNBC.com reports with some nifty online slideshows detailing

the Least Affordable Metro Areas &

the Most Affordable Metro Areas.

These lists are based on median home prices in each locale and median family income in those areas.  Based on 4th quarter 2008 data from the National Association of Home Builders/Wells Fargo Housing Opportunity Index, this survey examined the percentage of affordable homes in each metropolitan area.

While homes in the D.C. metropolitan area certainly are not inexpensive -- the average sales price for all homes in 2008 was $394,700 -- area homebuyers can take solace in the news that the Washington area did not make the Least Affordable Metro Areas list.  This is certainly due, in large part, to the very high median household income numbers present in the D.C. areas.  Six counties in the Metro-D.C. area are among the top ten from highest household income.  Topping that list are Loudoun County with a median income of $107,000 and Fairfax County with a median family income of $105,000.  Arlington County is not far behind at $95,000.

So what are the Least & Most Affordable Metro Areas?

Least Affordable                                       Most Affordable

New York, NY (no surprise here)                  Lansing/East Lansing, MI

San Francisco, CA                                      Sandusky, OH

San Luis Obispo, CA                                  Lima, OH

Nassau, NY                                               Springfield, OH

Los Angeles, NY                                        Indianapolis, IN

Ocean City, NJ                                          Bay City, MI

Santa Cruz, CA                                         Battle Creek, MI

Miami, FL                                                 Canton, OH

Anaheim, CA                                            Saginaw, MI

El Paso, TX                                               Utica, NY

If you are transferring to the D.C. area from any of the areas in the left-hand column, you should be excited that homes will be more affordable here than the place you left.  Should you come here from any of the cities on the right, at least know that your income is likely to be higher.

Either way, I AM STUCK IN THE MIDDLE WITH YOU.  (Got the song stuck in your head yet?  If not, click here to watch and listen)

With low interest rates, and home prices down to more affordable levels,

now IS the time to buy in the D.C. area.

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715.  If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

This morning while out showing homes to some very motivated clients, we happened upon a scene that I haven't seen since around mid-2005.  After viewing 3 or 4 rather lackluster homes on this rather rainy day in Northern Virginia, we drove down a hill and around the bend to a cul-de-sac.  At the end of this street stood a home, that on paper looked very good.  Indeed, my clients reviewed the MLS printout and decided to skip the rest of the homes on our tour and head directly to this one. 

Since this home just came on the market yesterday, we didn't expect the chaos that shortly ensued.  As we pulled in to the cul-de-sac in this usually quiet and not-so-trafficked residential area of Falls Church, we knew something was different when we saw 8 or 9 cars parked all around the circle.  And in the center, standing out in the drizzle, was an agent speaking to her clients (the stack of MLS printouts and reflection of the REALTOR pin on her blouse gave her away).  As we entered the home, without having to use my lockbox card, we were greeted by the site of an agent hurriedly telling her clients over the phone that they "MUST come right now to see this home!"

Upstairs and downstairs we ran into other agents and their clients viewing the home.  Unlike other foreclosed homes that I've viewed, this one was crawling with clients-- not cockroaches! 

I quickly followed my clients through the interior, peeked into the backyard, until I received "the telltale wink" from my clients that meant "Let's go write an offer!  NOW!  We like this one.  A lot."

And they should.  The previous owner paid $840,000 for this home in December 2005.  It's on the market for less than half that price.  We left the house, dodging agents and homebuying couples on the way out the door.  Everyone viewed each other with suspicion.  Are they going to write a contract?  Can we get one in too?  What should we offer? 

We hit the gas and peeled out (not really -- that just makes the story sound more exciting) and raced back to write an offer.  My clients lender e-mailed me their approval letter.  Initials.  Signatures.  Ready to go.

The listing agent returned my call.  2 offers already received.  He's gotten tons of calls.  And why not, at this fantastic price?

I e-mailed my clients offer over to the listing agent, and now we've got our fingers crossed and we're waiting.

A Rainy Day Real Estate Agent Traffic Jam! 

What does it mean?  Buyers getting off the fence?  Is it a fluke or is it a sign of things to come and sunnier days ahead?

This is one of my favorite times of the year in the Washington D.C. area.  It's the best time to come visit Washington.  To be honest, it may even be reason enough to move here (okay, I've got my own self-interest in mind, since I sell homes in Washington D.C. and Northern Virginia).

I'm talking of course about the arrival of the beautiful Cherry Blossoms!

According to the official website of the National Cherry Blossom Festival,

"The blooming of the cherry trees around the Tidal Basin in Washington, D.C. has come to symbolize the natural beauty     of our nation's capital city. The famous trees, a gift from Japan in 1912, signal Washington’s rite of spring with an        explosion of life and color that surrounds the Tidal Basin in a sea of pale pink and white blossoms. Thousands of city residents and visitors from across the nation and around the world come here to witness the spectacle, hoping that the trees will be at the peak of bloom for the Cherry Blossom Festival."

This year, the experts (are there really Cherry Blossom experts? I guess so) are predicting that the Cherry Blossoms will be in bloom from March 28th through April 11th, with the peak bloom between April 1st and April 4th. 

If you've never been to D.C. and seen the Cherry Blossoms in full bloom, you are missing out indeed.  It looks like a sea of pink cotton candy.  Families, friends, lovers, tourists, and office workers alike, take time out of their hectic days to leisurely stroll along the Tidal Basin in view of the Jefferson Memorial and the Washington Monument.  Having a picnic under the shade and beauty of the Cherry Blossoms is a fantastic way to while away a Spring afternoon.

Reserve early and paddle around the Tidal Basin on a paddle boat made for two.  Attend the 43rd Annual Smithsonian Kite Festival on the National Mall this Saturday, March 28th.  Participate in the Cherry Blossom Ten Mile Run on April 5th.  The day before, on Saturday the 4th, enjoy the Cherry Blossom Parade -- always a favorite.

The Cherry Blossoms are Coming!  The Cherry Blossoms are Coming!

Are you?

When looking for a townhouse, what do you consider luxury?

Do any of the following fit the description?:

• Almost 5000 square feet of living space
  
• Views of the river
  
• Close proximity to shops and restaurants
  
• Totally renovated
  
• Has a historic plaque
  
• Own a piece of history
  
• George Washington visited this home
  
• Overlooking the D.C. skyline and Potomac River
  
• Over $1 million

If you answered yes, then the place you want to go shopping for homes is Old Town Alexandria. 

There are townhomes available in Old Town Alexandria that match each of the descriptions above.  In fact, of the 142 townhouses currently on the market in the City of Alexandria, 114 of those are within Old Town (zip code 22314). 

All 27 Alexandria townhouses in the $1 million plus price range are situated in Old Town Alexandria.  They've been on the market an average of 108 days and are just beckoning for buyers.

Since the start of 2009, 23 townhouses have sold in Old Town Alexandria -- 4 of those for over $1 million.  An additional 35 Old Town townhouses are currently under contract, with another 4 of these priced over $1M.

Ready to look for an Old Town Alexandria townhouse or just want more information?

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715.  If you are interested in purchasing or selling a property in Old Town Alexandria or elsewhere in Northern Virginia, contact Brian today.

You've got a warranty on your car.  5 years, 50 thousand miles.  7 years, 70 thousand miles.

You bought the extended warranty on your new flatscreen t.v. and your computer.

Perhaps you even have a warranty on your smile from the dentist!

Did you know that you can get a warranty on your house?

That's right.  When you buy a home in Northern Virginia or D.C., you can opt to have the home come with a warranty.  In fact, in paragraph 33 of the Regional Sales Contract, you can decide whether you will pay for the home warranty yourself, or ask the seller to purchase it for you.

The home warranty is not provided and serviced by the seller of a home.  Once the seller has sold, they're gone.  They want nothing to do with that house anymore.  Thus, the repeated language in the contract that "the seller makes no warranties or representations..."  Home warranties are provided by third party warranty companies.

Why a home warranty?

When purchasing a home, there are many unknowns, and home warranties can really help with peace of mind.  Like everything else, homes require maintenance.  Even with home inspections and disclosures, you can run into unforeseeable problems after your purchase.  If it's a heating or cooling system or a plumbing problem, costs can quickly mount (we all know how much plumbers charge these days).  This costs arise at the very time you can least afford them -- after you've just spent all that money on your down payment and closing costs.

What does a home warranty cover and how does it work?

The typical home warranty covers all the major systems and appliances in your home.  Whether it's the washing machine, the refrigerator, or the hot water heater, the warranty's got you covered.  Most warranty companies do not cover structural aspects of the home. 

So, if your stove breaks, the sink leaks, or the A/C system stops working, instead of calling your plumber, electrician, or repairman, you call the warranty company.  They will send out a licensed contractor to repair or replace the problem.  You get charged a small deductible -- they vary from about $50-$100.  That's all you pay whether it's a small fix or the entire appliance or system needs to be replaced.

How's that for peace of mind?

There are several companies that offer home warranties and you have your choice of who to use.  Costs vary, but typically a home warranty will cost around $400 -- that covers you for one year, and you have the option to renew in the future.  And, if you can get the seller to pay for it as part of the negotiations, then it's really a no-brainer.

Here's a few of the companies that provide home warranties:

First American Home Buyers Protection Corporation:  www.firstamericanhomewarranty.com

American Home Shield:  www.americanhomeshield.com

2-10:  www.2-10.com

HMS:  www.hmsnational.com

Old Republic Home Protection:  www.orhp.com

Please consider having a home warranty.  Remember, your REALTOR does not fix dishwashers.

It's time for a new business card, time to update my profiles on the internet, and time to get ready for the beginning of a new adventure in real estate.

ANNOUNCING...

As of this past week, I'm now officially the

Managing Broker/Branch Vice President of our

RE/MAX Allegiance office

in McLean, Virginia

What does this mean for you?

CLIENTS & POTENTIAL CLIENTS:  Nothing changes in terms of our interactions, your purchase or sale transactions, my availability, etc.  I will be continuing to actively sell real estate, helping people in Northern Virginia and D.C. purchase and sell homes.  You'll continue to receive the consistently high level of service to which you've become accustomed.

OTHER NORTHERN VIRGINIA AGENTS:  Have you been thinking about a change?  Considering a move to RE/MAX?  How about RE/MAX Allegiance -- one of the most successful and busiest real estate brokerages in Northern Virginia?  I'd love to talk with you and explain all the benefits of working with the greatest group of agents.

What does this mean for me?

In addition to actively selling, I'll now be managing a great office of over 40 other real estate agents and brokers.  Yes, not only will I be responsible for dealing with any problems that arise in my own transactions, but I'll be dealing with everyone else's problems too. 

Please pass the Alka-Seltzer or Rolaids.

Seriously, I'm looking forward to the opportunity and the challenge.  I'm excited about using my knowledge and experience to help other agents with brokerage questions, educate and motivate agents to build their businesses and come up with innovative ways to market, help recruit agents to a great company and build our brand.  I'm especially excited about teaching what I know and learning from others.

ABOUT THE MCLEAN RE/MAX ALLEGIANCE OFFICE

Located at 6226 Old Dominion Drive in McLean, VA 22101, the McLean RE/MAX Allegiance office is smack dab in the center of the Chesterbrook Shopping Center across from a two-story Starbucks Coffee shop rumored to be among the busiest Starbucks in the country.

The McLean office currently has about 40 agents (We're looking to grow... give me a call).  The office is fortunate to be situated within one of the priciest zip codes in Virginia and indeed the country.  Learn more about McLean here: Meet McLean, Virginia: The Fourth Most Affluent Community in the U.S.

Ready to buy or sell in Northern Virginia?  Looking for new opportunities in real estate?

Please talk to the manager.

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715.  If you are interested in purchasing or selling a property in Northern Virginia including Arlington County, Alexandria City, Annandale, Burke, D.C., Fairfax County, Falls Church City, Lorton, McLean, Springfield, Washington D.C., contact Brian today.

Can you believe it?  March Madness is here again. 

To many, March means basketball.  College basketball and lots of it.  The time honored tradition of office pools, brackets, sweet sixteen, Final Four.  Even the uninitiated get involved and everyone supports their local college team.

It seems like it was just yesterday that the Virginia Association of REALTORS held the First Annual VARBuzz Real Estate Blog Brawl.  Well, guess what folks, it's time for the Second Annual VARBuzz Blog Brawl.

In the spirit of March Madness, the Virginia Association of REALTORS, through its own blog, VARBuzz is hosting the Second Annual Real Estate Blog Brawl. 

My friend, and VARBuzz Blogmaster Emeritus Ben Martin describes the Blog Brawl:

"The NCAA has their brackets, and so do we. The gloves are off. The yo-mamma jokes have been uttered. It’s time to vote.

Here’s how this works: We’ve seeded the brackets from the top vote-getter down to #32. In this round, there there are 16 contests to vote on broken out into two zones. You must vote in every pairing for each zone, and you only have to vote in one zone if you want to."

My blog, http://blog.brianblock.com is seeded #7 is Zone 3. 

So, get to it.

Vote for all of your favorite real estate blogs as many times as you want (from separate IP addresses) by Friday, March 20th at 8:59 a.m. EST.

Sounds like fun, doesn't it? 

There's lot of great real estate bloggers that you may already know and others that you can discover from all around the country.

Apparently, my round 1 competition has already sized me up.  Here's a direct quote from his comment on the VARBuzz blog:

"Wow,

I am the second seed of the fourth flight, pitted against a formidable nemesis. A man of advanced education, sales skill, humor and sexy dancing skill.

He also has a hot wife.

He seriously bribed his way with free drinks too last year. He has legacy. He certainly has game. He had 2 blogs in the competition in 2008.

Heather still won. Focus is a formidable weapon in competition, wouldn’t you agree Brian?

He is a lawyer, so his arsenal is stocked with bluster, mimicry and deception.

I’m honored to be in the Blog Brawl, and when I get into situations like this, I’m always just honored. Y’all are all too cool.

Get your real estate on,

LT"

I'm flattered and so is my wife.  It's on!  Now please go vote for me here in the 2nd Annual VARBuzz National Real Estate Blog Brawl.

Feel free to reblog this post at will.

Never iron a four leaf clover, because you don't want to press your luck.
-- Anonymous Irish saying

Finding the pot of gold at the end of the rainbow in the real estate market is NEVER about luck. To achieve your real estate goals, whether you are buying or selling, you need to know the numbers, and you need to understand the market.

So, what's happening in the Old Town Alexandria real estate market?

Here's a St. Patrick's Day snapshot ofreal estate sales in Old Town Alexandria, Virginia for the last 30 days.

Old Town Alexandria, Virginia Home Sales (Zip Code 22314):

• Active homes for sale: 219 (includes 68 new listings in the last 30 days).
  
• Homes sold in last 30 days: 28
• Average Sales Price: $495,996
• Median Sales Price: $445,000
• Average Days on Market: 78
• Average Sales Price/List Price: 95.50%

Search Homes for Sale in Alexandria

Contact Brian Block, REALTOR/Attorney, RE/MAX Allegiance: Licensed in Virginia & Washington D.C.
Cell: 703-626-0715. Specializing in helping buyers and sellers in Alexandria, VA.

If you're thinking about purchasing a home, you may wish that you had a crystal ball. You want to know when the market will reach a bottom. When will it start going back up again? What happened to the value appreciation that the real estate market experienced from 2000-2005? Is now a good time to buy a home?

Sure, it may have been a good move to purchase a home before the boom. But you didn't. Are you kicking yourself now?

Today's real estate market offers lowered prices and extremely low -- record low -- interest rates. While the answer to whether now is a good time to buy or not is always a question that needs to be answered based on your individual circumstances, my job is to make sure that you're not kicking yourself in 2 or 3 years when you look back on what today's market conditions were.

For a humorous take on the idea of kicking yourself over missed opportunities in the real estate market, watch this great RE/MAX television commercial. I saw the preview of it the other week at the RE/MAX Convention in Las Vegas. You may see it appearing on t.v. soon.

If you want to capitalize on some of the opportunities in today's real estate market, give me a call at 703-626-0715. Or click here to enter your home search criteria.

There are so many wonderful charities that do great work to help those that are not blessed with all of the advantages of life that you and I enjoy.  Whether you decide to donate time and money, they are a multitude of organizations that can use your help.  The needs of charity are even greater today during a tough economic time when many more people have less and less to give.

I'm a big proponent of charity.  You can read more about my charitable efforts here: Giving Back to the Community -- More Than Just Money.  Recently our real estate brokerage, RE/MAX Allegiance, set up a Premier Community Citizenship Committee to determine ways that we can get more involved with our local community and I'm happy to be serving on that committee.

Among other things, we've set the high goal of contributing $250,000 this year to the Children's Miracle Network.  Children's Miracle Network (CMN) is an alliance of premier hospitals for children and is a non-profit organization dedicated to saving and improving the lives of children by raising funds for 170 children's hospitals across North America.  RE/MAX International is a big sponsor of CMN and we're sponsoring it on a local level.  All of the money raised in the D.C. area goes to support the Children's National Medical Center, the only exclusive provider of pediatric care in the Washington Metro area.  Moreover, the Children's National Medical Center is the only freestanding children's hospital between Philadelphia and Atlanta.

A portion of every real estate commission that I earn from helping someone buy or sell a home gets contributed to the Children's Miracle Network.

For more information about contributing to the Children's Miracle Network and helping to support hospitals that help children, please contact me.

Or you can just buy or sell a home in Northern Virginia or D.C.