Buy Alexandria Real Estate: May 2010

Many years ago, there was a movie called "Less than Zero."  It starred Andrew McCarthy and Robert Downey, Jr.  To be honest, I bring this up for no other reason except to put the title of this blog post in context.  I'm not even sure that I saw this 1987 movie and if I did, it obviously did not make that much of an impression.

More importantly, and to the point:

Mortgage interest rates on 30 year loans

are

Less than Five!

In a rate sheet sent to me today by one of my favorite Bank of America loan officers, a conforming 30 year fixed rate loan has a rate of 4.875%.  The 15 year fixed rate is at 4.25%.  Conforming jumbo loans are at a rate of 4.75% with one point.

Folks, these are great rates!  Let me say that again.  These are great rates!

Historic.  Epic,  Phenomenal.  Awesome.

Get a mortgage and buy a home!

I can refer you to some great mortgage lenders (and of course help you find your next home).

Oh, and please let me know what you thought about the movie "Less than Zero" if you've seen it.  I've got room on my Netflix queue if it's good.

Do you want to be a T.V. star?  Are you an HGTV junkie devotee?

Here's your chance:

HGTV is casting in the D.C. and Northern Virginia area for their show "My First Sale" and they contacted me to help spread the word.

HGTV's camera crew will be in D.C. and/or Northern Virginia to capture all the trials and tribulations, stress and success of prepping for sale, pricing, negotiating, and ultimately selling a home for the first time.

QUALIFICATIONS: 

• You must be FUN.
  
• You must have high energy.
  
• This must be your first time selling a home.
  
• You must be motivated to sell.
  
• You must be financially candid.
  
• You must hire me to sell your home. *

*  This last one is not really a requirement for HGTV's casting folks.  I just added that one in for good measure.

Taping for the show will begin in Spring 2010 and will continue through Winter 2010. 

If you meet the above qualifications and you're interested in being on television, let me know ASAP.  If you're camera shy, but want to sell your home in D.C. or Northern Virginia, feel free to contact me as well.  I'll be happy to discuss with you all your real estate questions.  You can reach me directly at 703-626-0715 or send me an email at brian@brianblock.com

She couldn't be happier!  Look at that smile! 

Katie who just recently purchased a condo in Arlington Virginia worked with me to buy a condo and we did it in time to take advantage of the Federal Homebuyer Tax Credit.

While the deadline for the tax credit may be over, interest rates are at historic lows making the current real estate market a great opportunity.

Wouldn't you like to star in my next video?

It must be all those people running along the National Mall, bicycling on the numerous bike paths around the region, rowing along the Potomac River and crowding the many gyms.

For the third year in a row, the Metropolitan DC area received the #1 ranking for the fittest city in the nation in the American College of Sports Medicine's (ACSM) American Fitness Index.

Ranking the 50 largest metropolitan areas, the poll is based on a variety of factors including community health policies, preventive health behaviors, federal reports, instances of exercise, health insurance coverage, and accessibility to public lands/parks.

So according to this report, the National Capitol Area is home to the nation's studs and babes!

80% had engaged in some sort of physical activity according to the poll.

So, if this motivates you to get off your couch, here's a list and links to some Washington D.C. area gyms you can join:

Bally Total Fitness

Curves

Fitness First

Gold's Gym

Lifetime Fitness

Results Gym

The Sport Club/LA

Sport & Health

Washington Sports Clubs 

So, you've gone through the steps and the process is moving along.

BUYERS:  You've searched around town.  You've found the house you want to purchase.  You've applied for your mortgage.  You've submitted an offer and it's been accepted by the seller.  Congratulations you have a ratified contract!

SELLERS:  You've had the sign up in your yard.  You've kept your home clean for all the showings by real estate agents and their clients.  You've been waiting anxiously.  You've countered the buyer's offer and now you've come to an agreement.  Congratulations you have a ratified contract!

In either scenario, you're now on the road to a real estate settlement -- that's the big day when everyone signs the papers, the deed is transferred, the seller gets their money, the buyer gets the keys and the house, and it's all official.

So, What to Expect When You're Expecting... a Real Estate Settlement?

Courtesy of The Settlement Group, one of the premiere settlement companies in Northern Virginia, here's a quick guide with some helpful hints for buyers and sellers to make the process leading to settlement go smoothly.

1.  Return information request forms to the settlement company promptly.  Once the settlement company receives your ratified contract they will send you an information request for basic information such as your name, social security number, marital status, mortgage lender, etc. 

2.  Notify the settlement company of any special needs (i.e., Power of Attorney, mail-away signing for out of town buyers or sellers, assignment of funds if there is a coinciding settlement)

3.  Forward a copy of the lender-issued Good Faith Estimate to the settlement company.

4.  Coordinate a settlement date and time with your REALTOR.

5.  Provide a copy of the buyer's Hazard Insurance to the lender as soon as possible.

6.  Contact the utility companies prior to settlement to transfer service effective the day of settlement.

7.  When packing, be sure to keep certain documents readily accessible.  (i.e., settlement documents, title policies, lender underwriting requirements)

8.  Contact the settlement company 24 hours prior to settlement for the amount of certified funds required to close.  Funds must be payable to the settlement company and must be in the form of a certified or cashier's check or bank wire.

9.  Bring a valid photo-ID to settlement.

Following these steps will ensure that things go smoothly between contract and closing.

Before you go to settlement, you'll also want to read What to Expect at the Closing Table in Northern Virginia.

Median home sales numbers usually provide a better gauge of home prices than does average sale price.  That's because median home sales price represents that half the homes in an area are selling above that price and half below, whereas average home prices can easily be skewed by a few very high, off the scale prices, or a few extremely low foreclosure sales.

To get an accurate picture of the median home sale prices and the real estate market in the Washington D.C. area and around the country, The National Association of REALTORS® has developed an interactive map that allows visitors to research local home prices.  This map is updated frequently and provides some other valuable information.

Here's a screenshot taken from the site.  You can click on the image to view the actual interactive map.

Provided by the National Association of REALTORS®

If you're interested in the median home prices in your particular county, city, town, or even subdivision or condo complex in Northern Virginia or D.C., contact me today at 703-626-0715 or by e-mail at brian@brianblock.com and I'll be happy to provide you with that research.

Why do you want to move?  Why does anyone want to move? 

Whatever the reason, it's a good thing that people move -- it keeps me in business!

Arun Barman, Research Economist at the National Association of REALTORS examined U.S. Census data and drew the following conclusions:

• 5.8 percent of those over the age of 16 moved, because they wanted to own a home rather than rent
  
• 13.5 percent of people moved for some "other family reason"
  
• 10.8 percent of people moved to establish their own household
  
• About a fifth of people moved for a job related reason
  

Copyright National Association of REALTORS®. Reprinted with permission.

When your next move involves the Washington D.C. or Northern Virginia areas, I am here to help!

Whether you're a native, a long-time resident, a tourist, or planning to move here, there's a lot to love about the Washington, D.C. area.  Besides selling homes, one of the jobs of a real estate professional (at least in my opinion) is to be an ambassador for the city or region, especially to people who are transferring in from other parts of the country.  Being an ambassador for D.C. and Northern Virginia comes very naturally for me because there's so much to love here.

This week thousands of REALTORS from around the country are visiting Washington D.C. for the National Association of REALTORS Mid-Year meetings.  I hope that they'll enjoy many of the wonderful sights, sounds, tastes, and experiences that I get to enjoy year round (and I'll be helping some of them do so).  When these agents go back to their part of the country and sell their client's homes, they may find that many of them are moving to the D.C. area.  After all, we've got one of the best job markets in the country. 

WARNING, WHAT FOLLOWS IS BLATANT SELF-PROMOTION: -- Hint to REALTORS:  For professional service and a generous referral fee, don't forget to refer your D.C. and Northern Virginia relocation clients to me!

Do You Love DC?

I Love D.C.

One of the best local blogs that I've come across and been reading for several years provides vast amounts of information about D.C and the local region, especially when it comes to things to do here, uncluding restaurants, entertainment, current events, and various other helpful tidbits.

That blog is called, appropriately, We Love DC.

This is a multi-author blog written by a bunch of folks who are truly passionate about living in the D.C. area.  You can get a real taste for life in the Nation's Capital by perusing We Love DC.

Here's a sampling of some of the recent posts:

DC's Unique Spots: Franciscan Monastery

Comedy in DC: Abbreviated Spring Edition

Eat Like Me: April's Best Dishes

We Love Weekends, May 1-2

DC Bag Tax Nets $150,000 For Anacostia River Clean Up

Go check out We Love DC for yourself.  You won't be disappointed. 

If you already live here, it may revive your enthusiasm for the region and show you some hidden gems that you didn't know existed.  If you don't live in D.C. yet, you might run for the phone or your laptop to call me (703-626-0715) or e-mail me (brian@brianblock.com) to ask for help buying a home in D.C. or Northern Virginia.

There are many reasons to move to Arlington, Virginia.  I detailed many of them almost 3 years ago in a fictional letter that I wrote to Paris Hilton encouraging her to move across the country.

Now, there's another reason: STRESS!

The Associated Press just released a report detailing the 20 most stressed and 20 least stressed counties in the United States with populations of over 25,000 people.  By stressed, their talking about economically stressed.

If you are currently living in California or Nevada, it's likely that your county is stressed.  Counties from these two states comprise 15 of the 20 most stressed counties.  The other counties are located in Michigan, New Mexico, and Illinois.

Most of the least stressed counties are in the MidWest.  However, the only East Coast county to make the cut is Arlington, Virginia ranking at #14 of the least stressed counties in America.

So leave the stress behind and consider a move to Arlington, Virginia or elsewhere in Northern Virginia region.  Buying a home here doesn't have to be stressful either, especially when you're working with a seasoned professional Northern Virginia real estate agent.

Are you wondering about Northern Virginia real estate and pondering what has sold recently?

Here's some information about the most expensive home sales in Northern Virginia (Arlington County, Alexandria City, Fairfax City, Fairfax County, and Falls Church City) for April 2010.  All information was obtained through MRIS.

Overall, there were 63 Northern Virginia home sales topping $1 million during April 2010, 11 more than  sold in March 2010.  It seems that the luxury market is picking up speed.

Currently, there are 787 homes on the market in Northern Virginia with list prices topping $1 million which is up significantly from the 721 that were on the market a month ago.

APRIL 2010'S MOST EXPENSIVE SALES

Single Family Detached Homes:

• 7815 Twincrest Court, McLean, VA -- Sold on April 23rd for $3,050,000
  This 12,000+ square foot home in The Reserve in McLean has 7 bedrooms and 7 full bathrooms, and a 4 car garage on .83 acre.  The lower level has a media room, recreation room and workout room.  The house sold for $445,000 below the asking price.
  
  
• 9106 Dara Lane, Great Falls, VA 22066  -- Sold on April 15th for $2,805,000
  On almost 2 acres in Great Falls, this 8,400+ square foot home has 5 bedrooms, 7 bathrooms on 3 levels.  The master suite has its own balcony, and there's a 4 car garage.
  
  
• 4670 N. 35th Street, Arlington, VA 22207 -- Sold on April 30th for $2,510,000
  Located in the Country Club Hills area of Arlington, this home was built in 1994 and is on over 1/2 an acre.  The home has 8 bedrooms and 7.5 bathrooms on 4 levels, with beautiful formal gardens.
  
  
  
• 421 Seneca Road, Great Falls, VA 22066 -- Sold on April 29th for $2,150,000
  This all-brick custom home was built in 2006 and is on 1.26 acres in Great Falls.  The master suite features his and hers bathrooms and room sized closets.  This home also has an elevator to its 4 floors.
  
  
• 1583 Maddux Lane, McLean, VA 22101 -- Sold on April 30th for $2,000,000
  Brand new!  This 5 bedroom, 4.5 bathroom home in McLean also has an unfinished loft which could be a 6th bedroom.  Located on 1/2 acre, this home sold for $200K below the asking price.

CLICK TO SEARCH FOR AVAILABLE SINGLE FAMILY HOMES IN NORTHERN VIRGINIA 

Townhouses: 

• 523 Duke Street, Alexandria, VA 22314 -- Sold on April 15th for $1,510,000
  April's most expensive townhouse was sold in Old Town Alexandria. This historic home was built in 1842 and features dramatic rooms with detailed woodwork.  The gourmet kitchen and den open to an intimate walled garden with a fountain.
  
  
• 1227 Stuart Robeson Drive, McLean, VA 22101 -- Sold on April 30th for $1,360,000
  Located in the Merryhill area of McLean, this end unit townhouse sold for $135K under the asking price.  The floor plan has formal living and dining rooms, a gourmet kitchen, and over 3,800 square feet of living space.
  
  
• 1709 N. 22nd Court, Arlington, VA 22209 -- Sold on April 29th for $1,075,000
  This townhouse in Palisades Park has 5 levels and was built in 1996.  With almost 2,300 square feet of space spread out over 3 bedrooms and 4.5 bathrooms, this townhouse also has a 2 car garage and is close to the Rosslyn metro and D.C.
  
  
• 607 Queen Street, Alexandria, VA 22314 -- Sold on April 29th for $1,075,000
  Another historic townhouse - this one built in 1810, features 2,129 square feet of living space on 4 levels.  The living room features built in bookcases and a wood fireplace.  The formal dining room has a gas fireplace and the home has pine floors throughout.
  
  
  SEE AVAILABLE TOWNHOUSES IN NORTHERN VIRGINIA

Condominiums: 

• 1460 Emerson Avenue #311, McLean, VA 22101 -- Sold on April 12th for $965,000
  Right in the heart of downtown McLean, this condo at Palladium at McLean comprises 2,092 square feet and was built in 2005.  With a wrap-around balcony, private elevator and two garage spaces, this condo also conveyed with a plasma television.
  
  
  
• 11776 Stratford House Place #309, Reston, VA 20190 -- Sold on April 5th for $900,000
  Located at Reston Town Center, this 2,330 square foot 3 bedrom, 3 bathroom condo has hardwood floors, walk-in closets and large windows on 3 sides.  It sold for just $50K under asking price.
  
  
• 1600 N. Oak Street #1610, Arlington, VA 22209 -- Sold on April 30th for $890,000
  On the 16th floor at the Belvedere condo in Rosslyn, this unit has terrific panoramic views of D.C. the monuments, and the Potomac River.  2,060 square feet of living space throughout 3 bedrooms and 3 bathrooms, this unit sold in 7 days.  The condo fee is $929/month.
  
  
  
• 1000 N. Randolph Street #609, Arlington, VA 22201 -- Sold on April 19th for $677,500
  Another 3 bedroom condo, this one located at The Berkeley -- it also has 3 balconies, a gourmet kitchen, crown molding, surround sound and is so close to the metro, theater, and restaurants.
  

SEE AVAILABLE CONDOMINIUMS IN NORTHERN VIRGINIA 

Contact Brian Block, Managing Broker, REALTOR/Attorney, RE/MAX Allegiance:
 Licensed in Virginia & Washington D.C.  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, Great Falls, Lorton, McLean, Springfield, Washington D.C., contact Brian today.