Thanks for taking the time to visit BobNelsonTeam.com. I hope you will find the information here helpful in your day-to-day life in the Northern Virginia area as well as in your home buying or selling process.
Give me a call at: (703) 999-5812 or send me an email at Bob@BobNelsonTeam.com
Thanks!
Bob
Experience what Great Falls is all about in this dream home with approximately 7,000 square feet of living space. The tranquil 2.9 acre setting includes a private pond with its own waterfall and sand beach. The home features a recently updated kitchen, a fabulous sunroom overlooking the pond, wrap around porch, oversized deck with Gazebo, large family room, carriage house with private apartment and much more. All this and just a short walk to River Bend Park and all the amenities offered by the Potomac River.
Five Reasons You Should Sell Your House TODAY!
Selling your house in today’s market can be extremely difficult. It is for that reason that every seller should take advantage of each and every opportunity that appears. Each fall, such an opportunity presents itself. This fall, that opportunity may be just too good to pass up.
Below are five reasons you should consider pricing your house to sell in the next 90 days. Meet with your real estate agent and mortgage professional today and see whether it is the right move for you and your family.
1. Entering this time of year, the buyers are more serious.
We all realize that buyers are not quick to pull the trigger on the purchase of a home today. There is no sense of urgency with the supply of eligible properties at all time highs. However, at this time of year, the ‘lookers’ are at the stores doing their holiday shopping. The home buyers left in the market are serious and are more apt to make a purchasing decision. Less showings – but to more motivated purchasers.
2. If you are moving up, you can save thousands.
The Chicago Tribune stated in an article last week that sellers who want to ‘trade up’ should act now:
It could be a bigger house, different neighborhood or a better school district, but it comes with a higher price tag. Do the math; this might be the right time.
A home that was once worth $300,000 may now be worth $240,000 in a market where prices have fallen 20 percent. Wow, you think, the seller is taking a bath. But that seller may also be a prospective buyer who wants a house that once was valued at $400,000. With an equivalent market drop and a realistic listing price, that house may now sell for $320,000. So, in effect, the person is losing $60,000 on the sale of one home but coming out ahead $20,000 on the purchase of another.
Keep in mind the spread may be even greater. There’s a smaller pool of potential buyers for more expensive homes, so sellers may be more willing to cut their price to get a deal done.
3. Interest rates just fell again – to 4.19%.
Professor Karl E. Case, the founder of the Case Shiller Pricing Index in an article in the New York Times last month actually did the math for us:
Four years ago, the monthly payment on a $300,000 house with 20 percent down and a mortgage rate of about 6.6 percent was $1,533. Today that $300,000 house would sell for $213,000 and a 30-year fixed-rate mortgage with 20 percent down would carry a rate of about 4.2 percent and a monthly payment of $833 … housing has perhaps never been a better bargain.
4. You beat the rush of inventory that is coming next year.
Every year there is an increase of inventory which comes to market from January through April as homeowners put their houses up for sale in preparation for the spring market. As an example, here is the number of listings available for sale in each of those months in 2010.
- January – 3,277,000
- February – 3,531,000
- March – 3,626,000
- April – 4,029,000
You won’t have to worry about this increasing competition if you sell now.
5. You have less ‘discounted’ inventory with which to compete.
This year, sellers of non-distressed properties have been given an early holiday present. With banks declaring a suspension on the sale of many distressed properties (foreclosures), there has been a large supply of discounted properties removed from competition. No one knows how long this self imposed moratorium will last. However, while it does, every homeowner has a better chance of selling their property.
Bottom Line
If you are looking to sell in the near future, there may not be a more opportune time than this fall. Serious buyers, great move-up deals and less competition from foreclosures creates the perfect selling situation. Don’t miss it!
As I have been saying (and writing about) during the past two years, our local real estate market will likely be the first to return to normalcy. This is based on the fact that our local economy continues to be a fairly strong once. A recent Washington Post Article entitled, “In Throes of Recession, D.C. Stands Apart”. I have also been warning that we may well see a spike up in prices for both first time home buyers and move up buyers. This due to what I believe will be a severe lack of new homes coming into the local inventory. Many first time buyers have been looking at foreclosures as a means of getting into the market. This is beginning to wane as those opportunities become less and less. While the number of foreclosures currently at 179 for Fairfax County may seem high, a total of 225 sold in October alone in 2009 compared to only 113 for September 2010. If you or someone you know is contemplating a purchase in the near term, I would suggest they consider doing so during the next three to four months. I fully believe that once our spring market kicks in, we may well see a spike in prices as the inventory gets eaten up quickly. This has already begun to happen with homes located inside the beltway in Virginia with homes receiving multiple offers and in some cases offers that include escalation addenda. We also have record level interest rates for 30 fixed mortgages.
While nationally, the real estate market continues to barely limp along, locally we have been quickly moving towards a greater balance between buyers and sellers. This, of course, depends on where you are considering buying or selling. The general feeling among my co-workers has been that the closer to the beltway, the stronger the market. There have been repeated stories of buyers paying more than asking price for homes located inside the beltway. While out with some clients on Tuesday, they told of friends who had withdrawn their offer on a home in Mclean once they learned that one of the three other offers included an escalation addendum stating that they would pay $5,000 more than the highest offer. Anyone familiar with the market during the 2003-2005 period may recall that this was very much the norm at that time. I have been saying for the past year that Northern Virginia may well be headed for a severe shortage in housing in the not too distant future. We have slowly been edging towards this potential shortage since builders have essentially stopped construction on new homes. This despite the fact that Northern Virginia continues to grow in population.
Whether you are considering selling or buying a home, you really do need to remain focused on the critical do’s and don’ts highlighted in a recent Rismedia article entitled: Be-Smart: Dos and Don’ts for Home Sellers and Buyers.
As Realtors, we often get asked questions regarding the accuracy of the Zillow website “Zestimates”. I typically respond by saying that the efficacy of these depends entirely on the neighborhood, location and condition of the home. The accuracy within Virginia ranges from a best case of 5.2 percent for Arlington to a worst case of 27.8 percent for Caroline County. Even within these figures, the numbers can really vary from street to street. Your best bet is to make certain you employ a Realtor who fully understands the local market and can help you establish a true fair market value for the home whether you are buying or selling. Click on the link to review the Accuracy of Zestimates.
Please take a look at Zillow Zestimate Accuracy Table by clicking on the link to see how they did with your county. Feel free to give a call or e-mail if you have any questions on these figures.
The real estate market in Great Falls, Virginia has seen a strong upsurge in sales during the second third of 2010. During the first four months of 2010, 42 homes sold with a price range of $525,000 – $2.805 million. Of these, 17 were priced under $1 million, 9 priced between $1.0 – 1.25 million, 13 between $1.25 – $2.0 m and three over $2 million.
During the second four months, a total of 101 homes an increase of almost 2.5 times the first four month. These had a price range of between $594,900 – $6.5 million. Of these, 43 were priced under $1 million, 18 $1.0 – $1.25 million, 34 between $1.25 – $2.0 million and six over $2 million. In addition, another 48 homes are currently under contract. Of these second four month sales, I have had a total of $5.3 million either sold or under contract at this writing.
With no job too large or too small, Great Falls Design Build does great work. I have known Jim Cassell for a great many years and have been happy to refer him to others. Just this month, he has finished a very complicated deck on my home. I typically try to serve as my own general contractor and do this type of work myself. Once Nancy and my sister-in-law Pat completed the drawings, I knew it wasn’t something I wanted to tackle. Once I received the quote from Jim for the work, it didn’t take me long to go ahead and agree to have him do the work. The deck came out great and really did exceed my expectation. Take a look at the Great Falls Design Build website to see some of their other projects. Please do let them know I have referred you.
I thought it might be fun to throw in some comments from previous clients. Please feel free to send my your thoughts.
I recently wrote a quick note to some folks who bought a Deck House in Reston. I had said I wanted to stop by and see what they had done to their new home. I knew from the moment we walked in the door that it was the perfect home for them. Here is what Gene wrote back to me.
Bob. Come by anytime. We have done a lot. It has been fun. Thanks for helping us get it. I have never lived in a house I love more. You are the man Bob. See you soon.
Needless to say, I can’t wait to get by and see the home again.
A young couple (who are soon to have their first baby) bought their first home in Reston earlier this year. We had looked at several homes together, but this particular townhome was an excellent value and in great shape. Here is what Megan recently sent me.
Hi Bob, we’re really enjoying the house. Of course you can stop by.
We’re out of the house until the evening most weekdays, so would over
the weekend work for you?
We’re sorry we haven’t been in touch, and we really appreciate all
you’ve done to help us get it.
I look forward to getting by and see it soon. It will be even more exciting next fall after the baby is born. I know they have to be extremely excited.
Priced at $4.785 million
This warm and elegant country manor home located in Hidden Springs, one of Great Falls, Virginia’s premier communities provides ample space to host diplomatic style receptions. The nearly 20,000 square feet of living space includes a spectacular main level master bedroom suite, library, kitchen/family room, pub, party room, billiards room, exercise room and so much more. The hilltop siting of this fabulous home on nearly six acres provides panoramic views of the surrounding horse country yet provides unparalleled privacy. Click on the photo above to view the Mouse on House Virtual Tour.
