When is the best time to sell my house?

Sellers always want to know: “When is the best time to sell my home?”. Many automatically think that spring is the best time: after winter is officially over, when their yards look the best, and as kids are finishing their school year. Surprisingly, putting your home on the market in the winter, specifically from January to March is more advantageous. According to a study by Redfin, this theory was confirmed. In their research, they tracked list to sales price, and days on market from October 2010 to December 2014 across several real estate markets. After analyzing four years of research, Redfin concluded that winter months offered sellers: higher percentage of “above asking” sales prices, less competition with other homes and more serious buyers than other times of the year. Along with potentially higher prices, homes were also on the market less time than other points during the year.

Redfin’s study also concluded that if sellers want to get more than their asking price, they have a better odds listing their home in December through March, compared to June through November. The reason for this, is simply competition and inventory available to buyers. When more housing options are available through the summer and fall months, buyers can choose between a number of homes. While some markets may differ, housing markets across the country saw better sales prices, in early months, compared to later in the year. Additional info on the Redfin study can be found here: Best time to list?

Although each individual seller’s situation and home is different, if you would like to know more about the best time to sell your house, contact us today for more details.

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Sold! 307 N Barton St, Arlington

Who says no one buys homes in the winter? We are having one of our busiest holiday seasons yet.

One of our most recent sales is 307 N Barton St in the sought after Lyon Park neighborhood in Arlington.

This home has story book charm, with open and inviting floor plan, modern updates and tons of living space. With 4 bedrooms, 3.5 full baths, a gourmet kitchen and renovated bathrooms, this home has it all. Cozy family room off the kitchen, with french doors opening to porch and back yard. Step down off porch onto a relaxing, fenced in-patio and backyard. Perfect for grilling and entertaining. The lower level features sunny living space along with two more spacious bedrooms, and two full baths. Over 2300 square feet of living space throughout the home.

Barton St in Lyon Park is an unbeatable location, within walking distance to a number of stores and restaurants. Its the perfect location, just minutes to Route 50, 395 and 66 as well as short commute to Henderson Hall, Ft Meyer, The Pentagon, Crystal City, Georgetown and less than 10 minutes to downtown DC. Nearby retail includes: Astor Mediterranean, Bon Chon Chicken, Spark Yoga, Piasano’s, Restaurant El Manantial, Masala Express, Sibarita, and Zpizza

Sales in Lyon Park range for single family homes range from $600K to over $1M depending on the size of the home, upgrades and lot. This home sold for $770,000 with $10,000 in seller subsidy in less than 10 days.

To learn more about selling your home, or questions about this listing, contact us today!

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Just Listed: 307 N Barton St

New this week in Arlington: our listing on 307 N Barton St!

This home is located in the desirable Lyon Park neighborhood, and features 4 bedrooms, 3.5 bath, open and inviting floor plan and plenty of living space. This home has story book charm, but also modern updates to include: gleaming hardwood floors, gourmet kitchen with granite counters and stainless appliances and breakfast bar, as well as updated bathrooms. Peaceful master bedroom on the main level with a large walk in closet. Cozy family room off kitchen with French doors to relaxing back porch and fenced yard with patio. Spacious lower level with recreation room, two bedrooms with attached bathrooms, separate laundry and additional storage.

Lyon Park, just a short distance from Clarendon, is one of North Arlington’s most exclusive places to live. An extremely walkable neighborhood, Lyon Park is home to numerous shops and restaurants including Whole Foods, Circa, Pottery Barn and Spark Yoga just to name a few. The 300-acre neighborhood, bounded by Arlington Boulevard on two sides, North Irving and North 10th Street, has a population of just over 5,000 residents. The Lyon Park Community Center holds up to 150 people and can be used for receptions, dinners and parties. The community center and park are owned by Lyon Park Citizens, and is the only private park open to the public. Many of the homes located here are from the 1920’s and 1930’s interspersed with new construction making for an architecturally unique neighborhood boasting with charm.

The home is also perfect location for quick access to Washington DC, The Pentagon, Ft Meyer, Henderson Hall, Crystal City and Alexandria. A short 5 minute drive to Clarendon Metro, and minutes away from Route 50, 66, and 395.

This home is listed for $769,900. Looking at sales for the year, the average list price for comparable Bungalows of with similar number of bedrooms and square feet in Lyon Park is around $760K, with the list to sale price about 98% and higher. Additionally, the average days on market is around 11.

Contact us today, for a provate showing or more details.

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SOLD: 1357 Emerald St NE!

The real estate near the H St corridor is HOT!

We closed on 1357 Emerald St last week, and are thrilled to finally share the details of this sale. We listed the home for $599k in September knowing that the neighborhood sales were between $599-$630K. Sales in this range were strong, so we knew we were in the ballpark.

After making the home active, we had an over whelming amount of buyers interested in the property. We had over 25 showings the first week, in addition to over 60 groups through our open houses that weekend. It was no surprise that we were expecting multiple offers, and true to our expectations, we received 5 offers on this lovely home.

The winning contract was for $669,500! Which is almost $70K OVER our list price! We were elated and our sellers couldn’t have been more happy for such strong terms. The sellers choice wasn’t just based on price, but favorable contingency terms. Now that this home is closed, this is a new benchmark for the Emerald Street sales! And there are still plenty of buyers out looking.

If you have questions about the market in your neighborhood, or DC please contact us for more details.

 

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Just Listed: 1613 Harvard St NW #115

Old world charm with modern renovations!

We just listed this lovely two bedroom, one bath condo at The Embassy in DC. The building is located on a tree lined street in Mount Pleasant, just minutes to the Columbia Heights Metro, restaurants, shopping and more.

The Embassy was built in 1925, and was recently converted into condos in 2011. The units feature beautiful period detail, wood floors with walnut inlay and high ceilings. In addition to these charming features, the condo also features modern updates to include: renovated kitchen with maple cabinets and stainless steel appliance and refreshed bathroom with pedestal sink and tile floor.

This unit boasts 1080 square feet, an elegant living/dining, two spacious bedrooms, and large walk in closets, and unit unit washer and dryer (that are rare to find in DC!) An over-sized storage locker also conveys with the unit.

The Embassy condo amenities include: grande lobby, fitness room, community area, bike storage and secured mail room.

The median list price for other two bedrooms/one bath condos sold in 2014 is: $524K. The highest sales price was $599k for a larger unit with an assigned parking space. Average days on market is around 10, but can vary on the time of year and level of active properties nearby.

This unit is listed at $524,990.

Contact us today for a private showing of this gorgeous condo!

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Licensed in VA, DC and MD

Did you know agents on our team are licensed in Virginia, DC and Maryland? All of our agents hold at least two licenses, so we can help our clients with real estate needs regardless of the location.

Photo: Select Leaders

Photo: Select Leaders

 

Realtors are required to complete the required licensing education, then pass the national and state specific exams in order to be officially licensed. State laws and business practices also vary by state, so its important to work with an agent who is aware of these differences and can help you make the most educated decision in your home buying/selling process. For example, some factors to consider: change in income tax, property tax, real estate tax, property disclosures/disclaimers, tenant rights and contract and closing procedures. These items can be tricky if you are working with an agent who is not familiar with differences and best practices from state to state.

Additionally, buying and selling a home is one of the most important events in your life, so make sure you work with a reputable agent who is knowledgeable and will educate you on the process. Our team strives for exceptional customer service, and stays up to date on changing policies and practices to ensure a smooth transaction for every client. In the DC Metro area, its even more important to hold multiple licenses, as clients may sell in one state and buy in another. Our team is well versed in real estate transactions in all three states, and can help guide you through this process. Contact us today for more details!

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Tax Assessment vs Market Value

Have you ever wondered what the difference is between the tax assessed value of a property, versus the fair market value? And how these two values compare to the appraisal value? You aren’t alone. Many sellers and buyers are confused about these values and how these values are determined and intertwinedimage

First, lets look at the definitions for all three:
Tax Assessment: The amount that your county assigns to your home based on the value of the land, and the building itself. The value is calculated using an algorithm of sales in your neighborhood, and county based on the size of your lot, size of your home, number of bedrooms, bathrooms, and any other major upgrades (additions/decks/garages, etc). This calculated value determines the property taxes you will pay each year.  The assessed value will changed based on how strong or weak the past year’s sales were, so typically it is a lagging indicator of the market, meaning it represents past values.

Market Value: The value at which a buyer is willing to purchase and the seller is willing to sell a home. This value is more subjective, and often linked to supply and demand in the specific area. Condition and upgrades will play a factor in the value, but ultimately the market value is the amount that both parties agreed to in a contract. A buyer may be willing to pay more for a home, if its in a desirable area with limited inventory. Similarly, if there is a surplus of inventory, or the home is located on a major road or has other challenging features, it may be sold at a lower value.

Appraised Value: This value is determined by an appraiser (usually 3rd party) to confirm or validate the market value for home buyer and/or a lender. The appraised value is generally calculated by using like kind properties, within a mile or so radius, looking specifically at sales for the previous three to four months. Adjustments are usually made up/down for more square feet, additional bedrooms, bathrooms, garage spaces and other upgrades. The appraiser may take supply and demand in account, but generally they are looking primarily at the condition/amenities of the home and how it compares to other sales in the immediate neighborhood.

So, while many buyers may not want to pay more than the “assessed value” of a property, the market value is usually higher. Additionally, a seller may order an appraisal before going on the market and refuse to sell for less than the appraised value, even if that may not be the correct market value. Tax assessment values and market values may vary depending on your neighborhood, county and state. While, tax assessments may be lower than market value by $50-$100K in some areas, the assessment and market values may be the same or higher in other areas.

moneyhouse

 

If you have questions about assessed values, vs market or appraisal values, please contact us for more information!

Photo Credit: Newsday.com and epcrossing.org

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SOLD! 305 Marshalls Venture

We are thrilled that our listing in Accokeek, MD finally settled this past week. This was an important sale for us, because we took it over from another agent, and it was also a referral from past clients. This home was on the market for over three months, before we took over the listing. We encouraged the sellers to stage the home, and then retook new photos afterward to refresh the listing and attract new buyers that may have over looked the home previously. After going back on the market, we had an increase in showings, and we were able to secure a contract  after diligent follow up with the buyer agent. The house listed by our team for around 40 days before receiving a contract.

In addition to selling their home in MD, we also helped these client purchase their new home in Virginia, through a coinciding settlement. While these types of transactions can be very tricky, juggling the sale of one home and purchase of another, let alone in different states, we worked closely with the clients to keep them updated every step of the way.  This sale also reminded us the importance of working with an experienced lender, and how critical “effective” communication is between agents and all parties in the transaction.

Marshalls Venture sold for $330,000 with seller subsidy. This was a new home, only four years old, but did have some challenges to include: only three bedrooms on upper level, and an unfinished basement. The home did have an open floor plan, bright sunroom off kitchen and was position on one of the larger lot (.46 acres) and backed to trees for added privacy.  Other homes in the nearby by have sold for $315,000-$399,000+ depending on their size, condition and amenities.

To learn more about coinciding settlements, or buying and selling in different states, please contact us for more information.

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Just Listed: 1021 Arlington Blvd #1131

Check out these views! We just listed this stunning penthouse in Arlington with unbelievable river and monument views.

This one bedroom/one bath unit is located at 1021 Arlington Blvd, in River Place East and boasts 716 square feet of living space. The lovely unit offers a open and inviting floor plan with fresh, modern paint in the living/dining area. Gourmet kitchen with granite counters, maple cabinets and stainless steel appliances. Spacious master bedroom with large closet. Updated bathroom with newer vanity and counter top, complete with shower/tub combo. Relaxing balcony off living room.

River Place is a Cooperative Community (Co-op), and offers very attractive amenities to residents which include: resort style outdoor pool, fitness room, billiards room, convenience store, dry cleaning valet, front desk in each building, 24 hour security, and outdoor picnic areas. The condo fee includes access to these amenities, and also covers all utilities.

Sales in this building are traditional lower than comparable units, in traditional condo buildings. Since January 2014, prices of one bedrooms with comparable living space have sold from $240K up to $293K. Average days on market is around 55.

This unit is listed for $249,990 and included a reserved garage parking spot.

This is an unbeatable location: 2 blocks from Rosslyn Metro, minutes to 50/66/395 and quick commute to The Pentagon, downtown DC, Georgetown, Arlington and Alexandria.

To learn more about the differences, visit this link on our website: Condos vs Coop

Contact us today for a private showing.

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